Reinsurance News
Crosswinds Re to be dissolved
22nd June 2018
Crosswinds Holdings Inc. has announced that it is to distribute all of its available capital to shareholders and dissolve the company, which would also result in its reinsurance subsidiary, Crosswinds Re, being dissolved. Via an update on its previously disclosed assessment of strategic alternatives, Crosswinds has announced that its Board has unanimously ... Read the full article
LMA Personal Accident Commitee appoints Stephan Ranzetta & Paul De Vido
22nd June 2018
Lloyd’s Market Association (LMA) has announced that Stephen Ranzetta and Paul De Vido have been elected to its Personal Accident Commitee, following a recent ballot at Lloyd’s. Da Vido is a senior class underwriter, A&H at XL Catlin while Ranzetta serves as class underwriter, A&H at Vibe Syndicate Management. The pair ... Read the full article
UK and China consider cooperating on Belt and Road insurance projects
22nd June 2018
UK and Chinese re/insurance companies are anticipating further cooperation as the countries look set to deepen their coordination on projects under the Belt and Road Initiative (BRI), according to Xinhua Net. Proposed by Chinese President Xi Jinping in 2013, the BRI aims to build a new platform for international cooperation by ... Read the full article
Everest Insurance unifies contingency business and expands offering
22nd June 2018
Everest Insurance, the specialty insurance division of Everest Re Group, has announced the expansion of its global contingency business under one consolidated framework. Through its Specialty Insurance Group (SIG), Everest Insurance offers a variety of contingency solutions for event cancellation, non-appearance, and several other customised insurance coverages. Everest Insurance says it will ... Read the full article
Blackstone announces two senior hires for Insurance Solutions business
22nd June 2018
Investment firm Blackstone has appointed Erich Schram as Senior Managing Director, Head of Credit Origination and Trading and Kevin Relihan as Managing Director, Head of Relationship Management at its recently established Blackstone Insurance Solutions (BIS) group. BIS delivers Blackstone’s private credit and alternative investment management expertise to insurers, helping firms meet ... Read the full article
AmTrust stockholders approve amended merger deal
22nd June 2018
AmTrust Financial Services has announced that its stockholders have approved its proposed merger transaction with Evergreen Parent, L.P. for the amended offer price of $14.75 per share in cash for all outstanding shares. Evergreen Parent L.P. is an entity formed by private equity funds managed by Stone Point Capital LLC, together ... Read the full article
Allstate estimates catastrophe losses of $278mn for May
22nd June 2018
The Allstate Corporation, one of the largest primary insurers in the U.S, has estimated that its catastrophe losses for the month of May 2018 were $278 million, pre tax ($220 million after-tax). The pre-tax figure consists of $224 million in losses from 12 catastrophe events over the month of May, in ... Read the full article
Parametric re/insurance potential in commercial risks highlighted
21st June 2018
A new report from Airmic in collaboration with reinsurance giant Swiss Re's commercial insurance arm and insurance and reinsurance brokerage Marsh, highlights the potential for parametric re/insurance solutions to become more mainstream in the commercial space. Parametric insurance remains more common place in the alternative reinsurance, or insurance-linked securities (ILS) sector, ... Read the full article
Tokio Marine Kiln restructures A&H team
21st June 2018
London-headquartered specialist insurer Tokio Marine Kiln (TMK) has announced it's in the process of reshaping its Accident & Emergency (A&H) unit. The restructuring sees long-serving, former departmental head of A&H Tim Prifti resign from his position, with Holly Strettle incoming as interim departmental head. The firm has said the re-organisation is so ... Read the full article
U.S. domiciled AIA and PCI enter merger negotiations
21st June 2018
The American Insurance Association (AIA) and the Property Casualty Insurers Association of America (PCI) have announced that they have entered merger discussions to create a unified U.S re/insurance trade organisation. A merged trade association would represent approximately 60% of the U.S property and casualty (P&C) market, creating an influential voice that ... Read the full article
Mutual Reinsurance Bureau announces name change
21st June 2018
In order to align itself for continued success in the future, joint reinsurance association Mutual Reinsurance Bureau is dropping the Bureau from its name, announcing a name change to Mutual Re. The announcement reveals that although the official name will stay the same for legal documents such as Interests & Liabilities, ... Read the full article
Amazon, Berkshire Hathaway, JPMorgan name CEO of new healthcare company
21st June 2018
Amazon, Berkshire Hathaway and JPMorgan Chase have appointed Dr. Atul Gawande as Chief Executive Officer (CEO) of the trio’s non-profit, U.S. employee healthcare partnership. The role, effective July 9, will see Gawande serve from the new company’s headquarters in Boston. Warren Buffett, Jeff Bezos and Jamie Dimon - CEOs of Berkshire ... Read the full article
Commercial insurance industry must adapt to secure longevity: Airmic CEO Ludlow
21st June 2018
The commercial insurance industry’s longevity relies on its adaptability to emerging challenges unique to the fourth industrial revolution, according to Airmic Chief Executive Officer (CEO), John Ludlow. Speaking at Airmic’s annual conference in Liverpool, Ludlow pointed out that rapidly changing business models and the rise of cyber-technology is creating new risk ... Read the full article
LIIBA names Sarah Peppiatt and Steve Williams as new committee chairs
21st June 2018
The London and International Insurance Brokers’ Association (LIIBA) has named Sarah Peppiatt and Steve Williams as the new chairs for two of its committees. Both committees are actively involved in modernisation initiatives that aim to make London an easier place to do business, particularly in regard to Placing Platform Limited (PPL), ... Read the full article
Everest offers discounted cyber policy to Center for Internet Security members
21st June 2018
Everest Insurance has announced a joint initiative with the Center for Internet Security (CIS) to offer a premium discount on its new Everest Cyber Elevation Policy to eligible CIS SecureSuite members. CIS is a non-profit entity that uses a global IT community to safeguard private and public organisations against cyber threats. Over ... Read the full article
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