Reinsurance News
Sompo International sets up EU HQ in Luxembourg as Brexit response
21st November 2017
Bermuda based specialty insurance and reinsurance firm Sompo International, which was formerly named Endurance, is preparing for a post-Brexit world with the establishment of a new European headquarters in Luxembourg. Sompo International is setting up a new entity registered in Luxembourg, SI Insurance (Europe), which will underwrite both insurance and reinsurance ... Read the full article
Hiscox underwriters told to push for price rises, even if top line shrinks
21st November 2017
Underwriters at insurance and reinsurance firm Hiscox have been told by senior management that they must push for price rises, following recent major catastrophe losses, even if it is at the expense of top line. Hiscox has been among the most bullish in pushing for price increases across insurance and reinsurance ... Read the full article
Everest Re CEO Dominic Addesso has contract extended to end of 2019
20th November 2017
Bermuda headquartered reinsurance specialist Everest Re Group, Ltd. has announced that its Chief Executive Officer Dominic Addesso will be staying on right through 2019, after having his contract extended. Everest Re said that the firm's employment agreement with Dominic J. Addesso, President and Chief Executive Officer, is going to be extended ... Read the full article
Florida’s AOB issue less of a problem with hurricane Irma: Citizens
20th November 2017
Jennifer Montero, the Chief Financial Officer (CFO) of Florida's insurer of last resort, Citizens Property Insurance Corporation (Citizens), has said that the region's assignment of benefits (AOB) problem isn't as much of an issue with hurricane claims. In recent times, Florida has suffered from an insurance claims abuse epidemic, known as ... Read the full article
Advantage Insurance appoints new CFO, adds new Board member
20th November 2017
Advantage Insurance Inc. has announced the appointment of Tamara K. Kravec as its new Chief Financial officer (CFO), as well as the addition of Colin Devine to its Board of Directors. Kravec will have responsibility for the firm's financial reporting, corporate development, corporate strategy, treasury, and also investor relations activities. She has ... Read the full article
Prime Holdings gets approval to write specialty lines in New Hampshire & Rhode Island
20th November 2017
Prime Holdings Insurance Services' subsidiary, Prime Insurance Company (Prime), has received approval to write specialty lines insurance coverage in New Hampshire and Rhode Island. "We are thrilled to have received authorisation to conduct business in the states of New Hampshire and Rhode Island," said Rick Lindsey, President, Chairman, and Chief Executive ... Read the full article
Sompo Canopius releases new drilling well sidetrack product
20th November 2017
Sompo Canopius has launched a new drilling well sidetrack (DWST) product that responds to the specific needs of upstream energy clients, providing cover for a range of critical well scenarios that are typically not covered under standard well control policies. The DWST cover will mitigate well cost escalation that occurs if ... Read the full article
MSK & Hannover Re unit partner for actuarially sound cyber risk pricing
20th November 2017
German actuarial specialists Meyerthole Siems Kohlruss (MSK) and E + S Rück, the German unit of global reinsurance giant Hannover Re, are partnering to develop tools to assist with pricing of cyber risks. In a two-pronged partnership, the pair are developing a pricing model for cyber risk underwriting as well as ... Read the full article
Aspen expects significant rate increases, 20%+ in loss-affected lines
20th November 2017
Aspen Insurance Holdings Limited (Aspen) has said that it expects to see rate increases of up to 20% and higher in reinsurance lines and up to 20% in primary lines of business, following market dislocation after high levels of catastrophe losses in the third-quarter of this year. Insurer and reinsurer Read the full article
Hudson Structured Capital Management invests $15mn in Goji platform
20th November 2017
Hudson Structured Capital Management has invested $15 million in online home and auto insurance distribution platform Goji's smart technology, which blends predictive data analytics and personal lines insurance broker services. Goji's data-driven home and automobile insurance platform enables Goji agents to match coverage needs of its preferred buyers with Goji's integrated ... Read the full article
Reinsurers warned not to ignore reserve issues
20th November 2017
The question of how Q3 losses impact pricing has largely overshadowed the reserve issues, however, Morgan Stanley warned the industry not to ignore problems of weakening reserves as the downwards reserve development trend continued in 2017, and is expected to carry into 2018. Favourable prior year reserve development slowed in Q3 2017 ... Read the full article
Pen Underwriting expands specialist cover in Ireland with QBE deal
20th November 2017
Pen Underwriting has reached an agreement with QBE in which the Australian reinsurance giant will provide capacity for hazardous goods and environmental industries within the property & casualty (P&C) segment in Ireland. The partnership will take effect from January 1st 2018, giving Pen's brokers and their clients in Ireland access to ... Read the full article
Steven Beard named as RFIB & Limehouse holding company CFO
20th November 2017
Steven Beard has been appointed to Chief Financial Officer (CFO) of RFIB and Limehouse holding company and to Chief Executive Officer (CEO) of newly created services company, George Yard Services (GYS), effective December 4th, 2017. Beard joins from a role as Group CEO of technology and professional services firm Agilisys, which ... Read the full article
Markel completes its acquisition of State National
20th November 2017
Financial services, specialty insurance and reinsurance group, Markel Corporation has completed its $919 million acquisition of fronting, program and lender service insurance specialist, State National Companies, Inc. Markel announced its agreement to acquire State National on July 26th 2017, so the transaction has been completed in a relatively short amount ... Read the full article
MAPFRE RE strengthens Asia presence with Tokyo office
20th November 2017
MAPFRE RE plans to strengthen its Asia presence with a new representative office in Tokyo, to be led by Jun Matsuoka, a Japan-based re/insurance veteran. MAPFRE RE’s APAC regional manager, Jesús Galeote, said; “this opening allows us to consolidate even further our already close relationships with companies in the Japanese market, ... Read the full article
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