Reinsurance News
Generali finalises sale of PanEurope unit to LCCG
20th June 2018
Assicurazioni Generali SpA has completed the sale of its entire shareholding in its Ireland-based subsidiary, Generali PanEurope, to Life Company Consolidation Group (LCCG). Generali says the terms of the sale are in line with the transaction’s original announcement in December 2017, when it was revealed that Generali had agreed to ... Read the full article
UAC’s William Legge joins ACORD’s Asia Pacific governance committee
20th June 2018
William Legge, General Manager of the Underwriting Agencies Council, has been invited to join ACORD’s peak Asia Pacific governance committee. Established at ACORD’s 2018 board of directors’ meeting, the Asia-Pacific General Insurance (GI) Program Advisory Council (PAC) offers direction to the Asia-Pacific GI Program, which provides insurance process, messaging and data ... Read the full article
BMS to expand into Turkey and surrounding areas via new partnership
20th June 2018
BMS Group Limited, the independent specialist insurance and reinsurance broker, has entered into a tied representative agreement with Turkish specialist re/insurance broker Rönesans Reasürans ve Sigorta Brokerlik A.Ş. (Rönesans). The agreement will see the parties develop a joint marketing plan for Turkey, as well as offering jointly-branded products to clients in Turkey. Rönesans ... Read the full article
Bernina Re launches, names Michael McKnight as CEO
20th June 2018
Bernina Re, a recently established Bermuda domiciled reinsurance platform for Credit Suisse Insurance Linked Securities Ltd. (CS ILS), has named Michael McKnight as its Chief Executive Officer (CEO) and Chief Risk Officer (CRO). Bernina Re, which currently manages more than US $2 billion in trading volume, was launched as the flagship ... Read the full article
Hamilton Underwriting appoints Neil Lee-Amies as Head of Treaty
20th June 2018
Hamilton Underwriting, the managing agency of Syndicate 3334 and Lloyd’s operations of Hamilton Insurance, has appointed Neil Lee-Amies as its new Head of Treaty. Lee-Amies brings with him over 30 years’ experience in broking and underwriting. He joins from Chubb, having most recently served as Head of Marine and Energy Treaty ... Read the full article
2017 losses unmasked broader reinsurance price inadequacy: KBW
20th June 2018
The major hurricane and catastrophe losses of 2017 while not sufficient to significantly boost property catastrophe reinsurance rates, have unmasked the inadequacy of pricing more broadly across the sector, according to analysts. Reinsurance pricing did respond to the losses of 2017, but increases seen at the key January reinsurance renewals ... Read the full article
MS Amlin partners with Cytora for AI driven commercial property underwriting
20th June 2018
Global insurer and reinsurer MS Amlin has announced a new partnership with artificial intelligence (AI) firm Cytora, which sees AI technology deployed into commercial underwriting processes to improve and assist with the automation of decisions throughout MS Amlin's commercial property portfolio. The new partnership will see MS Amlin use Cytora's solutions ... Read the full article
A new reinsurance market norm suggests challenges will persist: Berenberg
19th June 2018
Analysts at Berenberg believe that 2018 has revealed that the reinsurance industry can no longer expect significant price hikes following large loss events, warning of a new normal underlined by an abundance of capacity from both traditional and alternative sources, that's ultimately hindering profitability. Historically, the occurrence of large loss events ... Read the full article
XL Catlin enters property underwriting agreement with Bamboo Insurance
19th June 2018
XL Catlin has entered into an underwriting agreement with Bamboo Insurance, a new InsurTech-focused program administrator, to provide property insurance in California. Bamboo will offer Home Owners HO-3 and Fire, Dwelling products through the XL Catlin Company, Catlin Insurance Company, Inc. John Welch, Chief Executive, Reinsurance North America at XL Catlin, commented ... Read the full article
Abu Dhabi Investment Authority to acquire 21.4% stake in PIC parent
19th June 2018
The Abu Dhabi Investment Authority (ADIA) has entered an agreement to acquire up to 21.4% of the shares of Pension Insurance Corporation Group, the parent company of Pension Insurance Corporation (PIC), from funds advised by private investment firm J.C. Flowers & Co. PIC is a specialist insurer and provider of bulk ... Read the full article
Lockton promotes Giblin to replace Skeen as President of San Diego unit
19th June 2018
Insurance broker Lockton has announced the promotion of Sallie Giblin as President of its San Diego operations, succeeding Jim Skeen, the founding President of the company's San Diego office. Giblin has been with Lockton for 12 years in a client relationship position, and her new role will see her lead a team of ... Read the full article
Emerging technologies to continue driving personal insurance landscape: Fitch
19th June 2018
A new report by Fitch Ratings has outlined the ways in which emerging technologies are to continue shaping the personal insurance landscape. Fitch determined that auto Insurance is the segment most frequently manipulated and influenced by tech innovation with current improvements to safety - rear-facing cameras, sensors, parking assist, collision avoidance ... Read the full article
Citizens defers increased rate package for Florida homeowners
19th June 2018
Citizens Property Insurance Corporation, the state-run not-for-profit insurer, has announced that its Board of Governors has voted to defer action on a proposed 2019 rate package that includes a statewide average increase of 7.9% for personal lines policyholders. The company says the proposed rate increases reflect the impact of escalating nonweather related ... Read the full article
TWIA buys $1.4bn reinsurance cover at 2018 renewal
19th June 2018
The Texas Windstorm Insurance Association (TWIA) has secured $1.4 billion of cover for its 2018 reinsurance programme via $1.0 billion in traditional reinsurance and the issuance of a $400 million, 3-year catastrophe bond. TWIA’s 2018 reinsurance program runs from June 1, 2018 to May 31, 2019, and provides $4.6 billion in ... Read the full article
Barbican adds Lauren Webb to cyber underwriting team
19th June 2018
Barbican Insurance Group has appointed Lauren Webb as a Class Underwriter for cyber within its team at Lloyd’s Syndicate 1955. Webb has 14 years’ underwriting experience, 7 of which have been in the cyber insurance sector, and joins Barbican from Chubb, where she most recently served as London Cyber Underwriting Manager. She ... Read the full article
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