Reinsurance News
Montecito mudslides cause over $421mn in re/insured damages
3rd April 2018
California’s Insurance Commissioner Dave Jones has announced that the Montecito mudslides, which hit California’s Santa Barbara County in January 2018, have already resulted in over 2,000 insurance claims that total more than $421 million in losses. The mudslides carried tonnes of mud and debris through the Montecito community, destroying or damaging ... Read the full article
Tokio Marine HCC appoints Susan Rivera as Chief Operating Officer
3rd April 2018
Tokio Marine HCC has announced the appointment of Susan Rivera as Executive Vice President and Chief Operating Officer (COO). Rivera joins Tokio Marine from V3 Insurance Partners LLC, where she was a founding shareholder, and has served as President and Chief Executive Officer (CEO) since 2009. In her new role, she will ... Read the full article
EXIM Bank develops $1bn risk-sharing programme with leading reinsurers
3rd April 2018
The Export-Import Bank of the United States (EXIM), the official U.S export credit agency (ECA) and a wholly owned federal government corporation, has announced the launch of a landmark $1 billion reinsurance programme with private-sector re/insurers. EXIM Bank worked with a group of 10 reinsurers to complete the programme, led by ... Read the full article
Castel adds global property facultative reinsurance offering
3rd April 2018
Castel Specialty, a unit of the MGA platform Castel Underwriting Agencies Limited, that supports individual underwriters and their books of niche business, has added a global property facultative reinsurance offering. Paul Witzenfeld, previously head of North American property at Pen Underwriting, has joined Castel Specialty and brought with him an underwriting ... Read the full article
White Mountains buys majority stake in NSM Insurance Group
3rd April 2018
White Mountains Insurance Group has announced that it will acquire a majority equity stake in NSM Insurance Group, a specialty re/insurance program administrator, in a transaction that values NSM at approximately $388 million. NSM places over $500 million in premiums annually, and serves as a critical intermediary in the specialty re/insurance ... Read the full article
Renewal pricing “broadly flat” at April 1st: Willis Re
3rd April 2018
Reinsurance renewal pricing was seen as "broadly flat" at the April 1st contract negotiations, as the reinsurance market continued to be affected by excess levels of capital and pricing as a result has disappointed reinsurers, according to broker Willis Re. In its latest reinsurance renewals report, broker Willis Re explains that ... Read the full article
Fidelis hires new senior underwriter Alison Clarke from Zurich
3rd April 2018
Fidelis continues to build out its London underwriting team with the announcement today that it has hired Alison Clarke from Zurich, who joins the Fidelis Insurance London underwriting team as Senior Underwriter. Clarke will be tasked with helping the firm to continue expanding its bespoke product offering, as well as taking ... Read the full article
Acappella Syndicate 2014 names Active Underwriter, appoints Deputy
3rd April 2018
Acappella Syndicate 2014, a Lloyd’s Syndicate managed by Pembroke Managing Agency Limited, has announced the appointment of David Jones as Active Underwriter and Matthew Bellamy as Deputy Active Underwriter. Jones will apply his 37 years’ experience in the London re/insurance market to his new position, which includes senior roles at Markel ... Read the full article
Unabating market competition & Brexit create headwinds for UK non-life insurers
3rd April 2018
Rating agency A.M. Best's outlook on the UK non-life insurance market is negative as intense market competition persists in the face of uncertainties from legislative changes and the impact of Brexit. These factors account for a difficult operating environment and consequently A.M. Best forecasts earnings for non-life insurers could take a ... Read the full article
Google, Amazon & Apple’s moves into healthcare could create opportunities
3rd April 2018
Google, Amazon, and Apple have all taken moves into the U.S. healthcare industry in recent months with a variety of tech-driven initiatives, and partnering with these new market entrants could provide re/insurers with new inroads into the market, according to GlobalData. Danielle Cripps, Life & Pensions Analyst at GlobalData, said; “the ... Read the full article
SCOR promotes Rousseau to Deputy CEO of Global P&C, reshuffles execs
29th March 2018
French reinsurance firm SCOR has made some senior appointments in its Global P&C division, the most prominent of which is the promotion of Laurent Rousseau to Deputy CEO of SCOR Global P&C. Rousseau will also join the reinsurer's Executive Committee from April 1st 2018 and additionally take on the role of ... Read the full article
Marsh names Sue Woolterton as Head of Specialties
29th March 2018
Marsh has appointed Sue Woolterton to the newly created position of Head of Specialities, to be based in the firm’s second largest UK office in Norwich. Woolterton, who has been with Marsh since 1987, will now be responsible for developing Marsh’s UK Specialties Division, which covers its marine, energy, aviation, construction, ... Read the full article
Artificial Intelligence risks may outweigh benefits, reports Allianz
29th March 2018
In a new report, Allianz Global Corporate & Specialty (AGCS), a division of global insurer Allianz, has claimed that the advantages offered by increasingly integrated Artificial Intelligence (AI) applications in the re/insurance industry may be outweighed by the potential threats they bring. AGCS claims that increased vulnerability to malicious cyber-attacks and ... Read the full article
Flood Re suspends premium price increases
29th March 2018
Flood Re, the UK's flood reinsurance facility, has announced that this year it will freeze the premium prices it charges to insurers when they cede policies to the scheme, instead of imposing its usual annual increase in premium thresholds. This is the first time Flood Re has suspended premiums increases, as ... Read the full article
The Institutes partners with International Insurance Society to create more robust platform
29th March 2018
Insurance and reinsurance education and research provider The Institutes has announced the formation of a strategic partnership with the International Insurance Society (IIS), a global forum for re/insurance industry stakeholders. The affiliation will benefit both parties, as it will allow The Institutes to more broadly distribute its designations, certifications, and courses, ... Read the full article
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