Reinsurance News
Argo establishes new construction business unit
12th June 2018
Bermuda-based speciality re/insurance underwriter Argo Group International Holdings (Argo Group) has announced it is establishing Argo Construction as a stand-alone underwriting business, in reaction to the rapidly growing construction sector. Under the leadership of Jim Cornwall, Senior Vice President (VP), Argo Construction will provide contractors with project-specific and ongoing coverage, including ... Read the full article
Alesco bolsters Middle East & Africa presence with new Partner, Nadim Semaan
12th June 2018
Specialist insurer Alesco Risk Management Service (Alesco) has bolstered its presence in the Middle East and Africa with the hiring of Nadim Semaan as Partner. He is set to join in July and will report to Managing Partner, Simon Clarkson. This is a newly created role within Alesco and will see ... Read the full article
Most U.S commercial lines’ premium rates trending positively: IVANS
12th June 2018
The premium renewal rates for a majority of major U.S commercial product lines are trending positively, according to new data for the month of May, compiled by IVANS, a division of Applied Systems. IVANS Index results for May showed that the only major lines to experience a downturn in their premium ... Read the full article
Swiss Re to acquire 13.81% stake in Kenyan insurer, Britam
12th June 2018
Global reinsurance giant Swiss Re is to acquire a 13.81% stake in Britam Holdings, Kenya's largest company in the life insurance and pension annuity sector, for an undisclosed fee. According to an announcement, Swiss Re will acquire 348,504,000 ordinary shares in Britam from one of its key shareholders, Plum LLP. Once the ... Read the full article
Gallagher acquires majority interest in Swiss broker Hesse & Partner AG
12th June 2018
U.S. global insurance brokerage and risk management firm Arthur J. Gallagher & Co. (Gallagher) has announced the acquisition of a 65% stake in Zurich-based specialist commercial insurance broker Hesse & Partner AG and Hesse Consulting GmbH (Hesse). Terms of the transaction were not disclosed. Founded in 1997, Hesse specialises in the ... Read the full article
Indian regulator to allow reinsurers to invest in foreign sovereign bonds
12th June 2018
The Insurance Regulatory and Development Authority of India (IRDAI) may permit reinsurance companies to invest in overseas financial instruments, such as sovereign bonds, in an effort to reduce the risk of their global portfolio and promote the country as a major reinsurance hub, according to the Economic Times. A source close ... Read the full article
Tokio Marine HCC set to purchase Qdos Contractor
12th June 2018
HCC International Insurance Company, a subsidiary of the specialty insurance group Tokio Marine HCC, has signed up to purchase Qdos Contractor, part of the Qdos Group. The transaction’s completion is expected by Q4 2018. Qdos Contractor provides insurance products and services to the U.K. independent contractor and freelancer market via its ... Read the full article
Brit names Michael Gould as new Chief Operating Officer
12th June 2018
Brit Ltd, the global specialty re/insurer, has announced the appointment of Michael Gould as its new Chief Operating Officer (COO). Gould has more than 35 years’ experience in senior operational roles, and joins Brit from Lloyd’s syndicate Talbot Underwriting, where he also served as COO, and was responsible for improving responsiveness ... Read the full article
Lottoland pays out €90mn prize via Fortuna Insurance subsidiary
12th June 2018
Online lotto operator Lottoland has issued a pay-out of €90 million to the winner of the EuroJackpot’s top prize via its Fortuna Insurance PPC subsidiary, which uses financial instruments such as insurance-linked securities (ILS) and collateralised reinsurance to guarantee top prizes. The win represents the largest pay-out in Lottoland’s five-year history, ... Read the full article
AmTrust names Daniel Hickey as Chief Underwriting Officer
12th June 2018
AmTrust Financial Services has announced the appointment of J. Daniel Hickey as Group Chief Underwriting Officer (CUO). Hickey will now be responsible for overseeing the company’s global underwriting activities. Additionally, he will be tasked with implementing a consistent and disciplined underwriting approach that is aligned with AmTrust’s strategic objectives. He first joined AmTrust ... Read the full article
EPUL positions new terrorism cover as alternative to Pool Re
12th June 2018
London-headquartered commercial property MGA European Property Underwriting Limited (EPUL) has announced the launch of a flexible UK and Northern Ireland terrorism solution meant to offer a more cost-effective alternative to Pool Re. With a minimum premium of £25, compared to £100 under Pool Re, the new terrorism policy provides material damage ... Read the full article
Wide ranges and divergent hurricane loss estimates 2017’s biggest surprise: Karen Clark
11th June 2018
After years without a major U.S. landfalling hurricane, Harvey, Maria, and Irma devastated parts of the region and the Caribbean in the second-half of 2017. But perhaps the biggest surprise of the 2017 storm season was the wide ranges and divergent modelled loss estimates for the events, according to Karen ... Read the full article
Zurich invests in Insurtech startup Coverwallet
11th June 2018
Zurich has acquired a minority stake in U.S. based Insurtech startup Coverwallet, an online platform founded in 2015 that simplifies the purchase and management of insurance for businesses. This announcement builds upon an agreement between the two companies in February that saw the launch of Zurich, Powered by Coverwallet (ZPC) - ... Read the full article
XL Catlin appoints Andrew Coutts as Global Practice Leader for Cargo
11th June 2018
XL Catlin has announced the appointment of Andrew Coutts to the position of Global Practice Leader for Cargo. The London-based role will see him responsible for managing its global underwriting team, providing clients and brokers with underwriting and claims service. Coutts joins from Brit Global Specialty, where he served as Cargo ... Read the full article
Qatar Re suspends facultative underwriting at Dubai practice
11th June 2018
Qatar Re, the Bermuda-based reinsurer and subsidiary of Qatar Insurance Company (QIC) Group, has suspended the writing of all new and renewing facultative business from its branch office in the Dubai International Financial Centre. Facultative reinsurance will continue to be distributed throughout the Middle East & North Africa (MENA) region by ... Read the full article
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