Reinsurance News
U.S. tax plan could act as mini Border Adjustment Tax
7th November 2017
The lower corporate tax rate and its application to underwriting profits ceded to foreign affiliates, as proposed in the House Republicans' tax plan, could act as a mini Border Adjustment Tax. Offshore reinsurers and higher-margin U.S. lines of business that are ceded to foreign affiliates such as P&C are expected to ... Read the full article
Beazley launches financial lines product sets for Asian market
7th November 2017
Specialist London-based insurer and reinsurer, Beazley, has launched both financial institutions and management liability solutions for the Asian marketplace. The financial institutions suite of products offers a seamless set of policies, including directors and officers (D&O) liability, professional indemnity protection for crime, and also tailored protection for investment management firms and ... Read the full article
AIG appoints new CEO for North America General Insurance; and new Lexington CEO
7th November 2017
Insurance giant American International Group, Inc. (AIG) has announced the appointment of Lex Baugh as Chief Executive Officer (CEO), North America General Insurance, reporting to Peter Zaffino, CEO, General Insurance. The appointment is effective immediately, and sees Baugh take responsibility for the oversight of AIG's U.S. and Canada General Insurance operations. Baugh ... Read the full article
Allianz’s captive insurance blockchain prototype shows efficiency potential
7th November 2017
Allianz Risk Transfer (ART), a division of Allianz Global Corporate & Specialty (AGCS), which is part of global insurer Allianz, has created and successfully implemented a blockchain prototype solution for a global captive insurance program of an existing ART client. ART collaborated with Ernst & Young (EY) as blockchain advisory service ... Read the full article
Mapfre acquires stake in responsible investment asset manager
7th November 2017
Spain domiciled insurer Mapfre has acquired a 25% stake in French responsible investment manager, La Financiere Responsable (LFR), a strategic agreement that provides the latter with access to Mapfre's global network while enhancing the insurer's responsible investing. The agreement combines Mapfre's long-term commitment to corporate social responsibility with LFR's proprietary tools ... Read the full article
MGA Nexus Group appoints Charles Penruddocke to Deputy Chairman
7th November 2017
Specialty Managing General Agent (MGA) Nexus Group has appointed Charles Penruddocke to Non-Executive Deputy Chairman of Nexus CIFS and Equinox Global. He joins from a role wih MS Amlin Bermuda as Head of Specialty Lines and Global Product Lead. The appointment comes off the back of Nexus’ continued expansion in the Trade ... Read the full article
Kewsong Lee to resign from Arch Capital
7th November 2017
Kewsong Lee has resigned from Arch Capital Group's Board of Directors following his promotion at Carlyle Group LP to co-CEO, with effect from January 1st, 2018. Constantine (Dinos) Iordanou, Chairman and CEO of ACGL, said; “we thank Kewsong for his outstanding service to the Company. "He has been a director since our ... Read the full article
Asia Capital Re sale to Chinese investors called off
7th November 2017
ACR Capital Holdings Pte. Ltd., the parent company to Asia Capital Re, said today that it has called off its sale to Chinese investors Shenzhen Qianhai Financial Holdings Co. Ltd. and Shenzhen Investment Holdings Co. Ltd. has been called off. ACR said that its existing investors "remain committed to firmly supporting ... Read the full article
Hiscox sees rate increases of up to 50%; lowers HIM loss estimate
7th November 2017
Global insurer and reinsurer, Hiscox, has lowered its loss estimate for hurricanes Harvey, Irma, and Maria, and says the events have led to rate increases of between 10% and 50%, and sometimes more, in loss-affected and loss-exposed U.S. property lines. With third-quarter catastrophe events estimated to have cost the industry $100 ... Read the full article
Premature to forecast post-catastrophe rate rises: JLT
7th November 2017
Insurance and reinsurance broker JLT Group said this morning that it is "premature to draw conclusions" as to how much re/insurance rates may rise following the spate of recent catastrophe losses. The brokerage said that due to the timing of both insurance and reinsurance renewals, the impacts of catastrophes including hurricanes ... Read the full article
Reinsurance Group of America backs cryptocurrency startup Bitspark
7th November 2017
Hong Kong domiciled FinTech that provides cryptocurrency brokerage services to global Money Transfer Operators (MTOs), Bitspark Limited, has secured funding from Reinsurance Group of America's (RGA) innovation accelerator, RGAx. Bitspark's money exchange technology and placement in the blockchain sector offers a unique perspective on international cash-based remittance transactions. The announced funding from RGAx will see ... Read the full article
AmTrust uses up its $400m Premia loss development reinsurance
7th November 2017
AmTrust Financial Services, Inc. said it has fully utilised the $400 million loss development reinsurance coverage that it entered into with Premia Holdings Ltd. subsidiary, Premia Reinsurance Ltd. in July. The agreement provided AmTrust with adverse net loss reserve development reinsurance protection of up to $400 million, in excess of ... Read the full article
Hampden to offer freehold capacity on Verto Syndicate 2689
6th November 2017
Hampden has agreed with Asta and Lloyd's to offer freehold capacity on Verto Syndicate 2689 for 2018, after reconsidering the terms of participation for the syndicate. Verto's business plan for 2018 has been approved as submitted with capacity of £115 million and an Economic Capital Assessment (ECA) of 92.4% which represents ... Read the full article
Willis Towers Watson appoints Evariste Yeung Head of P&C, North Asia
6th November 2017
Global insurance and reinsurance broker, Willis Towers Watson (WTW), has named Evariste Yeung as Head of Property and Casualty (P&C), North Asia, effective 25th September, 2017. Yeung is based in Shanghai and reports to Managing Director of WTW's Insurance Consulting and Technology business in Asia-Pacific, Richard Collis. In his newly created position, ... Read the full article
Gareth Davies joins Lockton in Bermuda from JLT
6th November 2017
Global insurance and reinsurance broker, Lockton, has announced the appointment of Gareth Davies, formerly Chief Executive Officer (CEO) of JLT Bermuda, as Senior Vice President (SVP), Property, Bermuda. Davies has more than 20 years of property broker experience in Bermuda, and has expertise in facultative reinsurance as well as alternative property ... Read the full article
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