Reinsurance News
Commercial property rate increases ease following sharp rises: Willis
16th April 2018
Insurance and reinsurance broker Willis Towers Watson has reported that rate increases for commercial property re/insurance are easing after sharp rises in response to 2017’s record-breaking natural catastrophe losses, although it predicts that buyers will continue to face upward pricing pressure over 2018. In its 2018 Insurance Marketplace Realities report, the ... Read the full article
PartnerRe names Chris Shanahan EVP, Corporate Development, US Life
16th April 2018
Bermuda domiciled reinsurer PartnerRe has announced the appointment of Chris Shanahan as Executive Vice President (EVP), Corporate Development, US Life, effective May 2018. Operating within the company's Life business unit, Shanahan will report to Alan Ryder, PartnerRe's Chief Executive Officer (CEO) of North America Life. In his new role, he will be ... Read the full article
Specialty cyber analytics and underwriting firm, Envelop Risk launches
16th April 2018
A new global specialty cyber insurance analytics and underwriting company has launched, called Envelop Risk. Envelop Risk announced the launch of its business at the RSA conference in San Francisco, explaining that it provides cyber risk underwriting to insurers and reinsurers, and partners with cyber security companies to deliver bespoke cyber ... Read the full article
Guernsey Finance looks to strengthen London ties with representative appointment
16th April 2018
Guernsey Finance has announced the appointment of its new London Representative, naming Adrian Norman as its newest team member, based in London. The island's promotional agency announces the appointment of Norman as it continues to deepen its presence in London, stating that it expects connections with the city to expand further ... Read the full article
Global reinsurance capital up 2% to $605bn: Aon Benfield
16th April 2018
Global, overall reinsurance capital increased by 2% year-on-year to reach $605 billion at the end of 2017, according to reinsurance broker Aon Benfield's April Reinsurance Market Outlook. According to Aon Benfield's analysis, much of the growth came from the alternative reinsurance market, which grew by $8 billion from the end of ... Read the full article
Richard Deguettes joins Liberty Specialty Markets from AIG as General Manager for France
16th April 2018
Liberty Specialty Markets, part of Liberty Mutual Insurance, has named Richard Deguettes as General Manager for France, effective mid-May 2018 and reporting to the firm's Head of Europe, Kadidja Sinz. Deguettes will be based in Paris, France, and brings 25 years of industry experience to the role. He joins Liberty Specialty ... Read the full article
Generali completes sale of Panama and Colombia operations
16th April 2018
Italian headquartered global insurer Assicurazioni Generali S.p.A. has announced the closing of the sale of both its Panama and Colombia operations, for a consideration of approximately €170 million (US $210mn). Both transactions were originally announced during the second-half of 2017, and are part of the company's strategy to "rationalize its international ... Read the full article
Sompo GRS offers U.S umbrella product to HUB risk purchasing group
16th April 2018
Sompo Global Risk Solutions (GRS) is to offer umbrella insurance on U.S accounts in the commercial real estate and hospitality industries to a new casualty insurance risk purchasing group developed by HUB International Limited (HUB). Sompo GRS, which is a subsidiary of Bermuda-based specialty property and casualty (P&C) re/insurer Sompo International, ... Read the full article
AIG appoints XL Catlin’s Vidovich as Chief Claims Officer
16th April 2018
American International Group (AIG) has announced that Anthony Vidovich, current Head of Claims at XL Catlin, is to become its new Chief Claims Officer, General Insurance. Vidovich will now be responsible for guiding the strategic direction of General Insurance Claims at AIG, overseeing governance and policy, settlement authorities, claims handling, and ... Read the full article
Market transition underway, but who knows if rate firming will persist: Chubb’s Greenberg
13th April 2018
After years of falling rates in the global property and casualty (P&C) industry, prices are starting to firm in some areas in response to 2017 catastrophe events, although it remains unclear just how long the positive rate momentum will last, according to Evan Greenberg, the Chairman and Chief Executive Officer ... Read the full article
Argo Group names Giovanni Tucci as Managing Director of Ariscom
13th April 2018
Argo Group International Holdings has announced the appointment of Giovanni Tucci as Managing Director of the recently acquired Ariscom. Tucci will lead the Italian specialty insurer, which was purchased by Argo in March 2018, from April 30th and will report to Matt Harris, Head of Europe, Middle East and Asia ... Read the full article
EY partners with InsurTech company Concirrus on AI-driven marine solutions
13th April 2018
EY has announced that it will collaborate with InsurTech company Concirrus to support the adoption of behavioural-based underwriting and risk management in marine insurance, using artificial intelligence (AI) powered software. The partnership is intended to help modernise the marine sector’s traditional demographic based underwriting models, which rely on data like the ... Read the full article
Global Risk Partners acquires brokerage Thomas Sagar Insurances
13th April 2018
Global Risk Partners Ltd has announced the acquisition of Thomas Sagar Insurances Ltd (Sagar) for an undisclosed fee, after receiving necessary regulatory approval. Founded 60 years ago, Saga is a Burnley-based chartered insurance broker and the acquisition expands Global Risk Partners northern footprint for retail broking. Mike Bruce, Global Risk Partners Chief Executive Officer (CEO), ... Read the full article
Technology is redefining value chain roles, says Aon Benfield CEO Andersen
13th April 2018
Eric Andersen, Chief Executive Officer (CEO) of reinsurance broker Aon Benfield, has asserted that the integration of increasingly advanced InsurTech and data analytics is reshaping the re/insurance industry value chain and redefining the roles of brokers, insurers, and reinsurers within it. In an interview with A.M. BestTV at the Dubai ... Read the full article
CCR’s profit falls following higher 2017 catastrophe losses
13th April 2018
CCR, a state-backed reinsurer that covers the French insurance market against natural disasters, has published its 2017 results, revealing a challenging year for the company that saw its net profit fall by 68% due to an exceptional tax expense, exacerbated by insured losses of €2.04 billion. Insured losses were up from €1.10 ... Read the full article
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