Reinsurance News
Trebuchet (Armour) leads on acquisition of BICO’s legal expense insurance business
12th March 2018
Trebuchet Group Holdings Limited, an investment vehicle owned by the founders and principals of Bermudian insurance and reinsurance services, investing, run-off and legacy specialists Armour Group, is leading the acquisition of a controlling interest in the legal expense insurance business of Canadian firm BICO Risk Management Inc. A consortium led by ... Read the full article
Validus Specialty develops commercial D&O policy
12th March 2018
Validus Specialty Underwriting Services, Inc. has announced that it has added an admitted, private company Commercial Directors and Officers (D&O) policy to its product portfolio, and that, concurrently, Julianne McAdams has joined the company as Senior Underwriter of Commercial Directors and Officers Liability. The new customisable policy will provide broad coverage ... Read the full article
Insurance Europe welcomes sustainable finance plans
12th March 2018
Insurance Europe has expressed support for the European Commission’s Action Plan, which focuses on using insurance and investments to finance growth in support of the Commission’s objectives of promoting a more sustainable world. Olav Jones, deputy director general of Insurance Europe, said: “The European Commission’s efforts to connect finance with the ... Read the full article
Analysts predict increases in P&C reinsurance pricing and demand
12th March 2018
Insurance and reinsurance Industry analysts Keefe, Bruyette & Woods (KBW) and Morgan Stanley have suggested that the outlook for property and casualty (P&C) reinsurance is positive both in terms of pricing and demand. KBW notes that, although January 1st 2018 reinsurance rates were below most companies’ post-Q3 2017 expectations, reinsurance pricing ... Read the full article
Canopius expands Managing Agents team
12th March 2018
Canopius AG, a subsidiary of Sompo Holdings Inc., has announced that Mike Duffy has been appointed Chief Executive Officer (CEO) of Canopius Managing Agents, and that Sarah Willmont will become Chief Underwriting Officer (CUO) of Canopius Managing Agents and Active Underwriter of Syndicate 4444. Duffy will also retain his position as ... Read the full article
Willis Towers Watson appoints Paul Bailie to lead Bermuda captive business
12th March 2018
Insurance and reinsurance broker Willis Towers Watson has announced the appointment of Paul Bailie as head of its Bermuda Captive practice, set to lead business development and delivery of the company’s value proposition and provide strategic guidance to Bermuda captive and insurance management clients. Bailie will report to Paul Owens, managing ... Read the full article
Beach names leaders for new specialty & wholesale platform
12th March 2018
Insurance and reinsurance brokerage Beach has announced the formation of a new specialty and wholesale platform, that will be led by John Sutton and Toby Humphreys, former joint leaders at Integro UK. Humphreys served as Chairman and Sutton as President of International Operations at Integro UK, and both joined the firm ... Read the full article
Swiss Re backs innovative coral reef insurance solution
12th March 2018
Global reinsurance giant Swiss Re has supported the development of an innovative new parametric insurance solution designed to help the conservation of the Mesoamerican Reef, which includes protecting the coral reef and beach sand against the impacts of major hurricanes. The new insurance solution was announced at the 2018 World Ocean Summit ... Read the full article
Moody’s predicts consolidation and technology will drive industry’s future
12th March 2018
Moody’s has predicted in a recent report that industry consolidation is likely to continue at the scale observed since 2015, and that emerging technologies will transform the insurance and reinsurance business model and create new opportunities. Although it concedes there are fewer obvious targets or combinations for consolidation than in previous ... Read the full article
Slovenia’s Sava Re acquires Serbian construction insurer
12th March 2018
Sava Re, a leading Slovenian re/insurer, has announced that it has acquired the majority shareholding in rival insurer Energoprojekt Garant a.d., Begrade for an undisclosed sum. Parent company Energoprojekt Holding a.d., Belgrade offered to sell Slava Re 93% of the shares in its insurance subsidiary, which specialises in construction and liability ... Read the full article
Allianz appoints Iván de la Sota to Board of Management
12th March 2018
The Supervisory Board of Allianz SE has announced that Iván de la Sota is to join the company’s new Board of Management division, and will assume the role of Chief Business Transformation Officer. The division will help Allianz exploit the growing demand for digital insurance and investment solutions, and de la ... Read the full article
“Significant opportunity” for insurers to benefit from alternative investments: Fitch
12th March 2018
Rating agency Fitch has highlighted “significant opportunity” for insurers to build their investment exposure to other asset classes through arrangements with alternative investment managers, following a recent trend of life insurers increasing allocations to alternative investments. U.S. alternative investment managers' (IMs) growing relationships with life insurance companies through investment advisory agreements ... Read the full article
AXA will buy more reinsurance to reduce XL risks, says CEO Buberl
9th March 2018
In a recent analyst call, AXA Chief Executive Officer (CEO) Thomas Buberl suggested that the company will reduce the risks attached to the newly acquired XL by buying more reinsurance. This week AXA announced plans to acquire XL Group Ltd. for $15.3 billion, and this latest statement offers some indication ... Read the full article
Heritage sees reinsurers offering flat mid-year renewal rates: CEO Lucas
9th March 2018
Speaking during the firm's fourth-quarter 2017 earnings call, Chairman and Chief Executive Officer (CEO) of Heritage Insurance Holdings, Inc., Bruce Lucas, highlighted the Floridian carrier's unique position in the market that has seen its reinsurers offer flat rates for hundreds of millions of dollars of limit. After the devastating impacts of ... Read the full article
Re/insurance M&A trend to persist in 2018: Clyde & Co
9th March 2018
The global insurance merger & acquisitions (M&A) growth trend was back on the uptick in the second-half of 2017 after a slow start to the year, and 2018 so far has seen the trend continue with the closure of major deals including AXA's acquisition of XL for $15.3 billion. The ... Read the full article
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