Reinsurance News
Global nat cats in Feb to cost at least hundreds of millions of dollars: Aon
9th March 2018
Aon Benfield’s monthly Global Catastrophe Recap report has evaluated the impact of Storm Emma and the freezing temperatures that hit large areas of Europe over February, and has predicted that the total financial costs will be at a minimum in the hundreds of millions of dollars (US), and will very likely be ... Read the full article
R&Q issues adverse development reinsurance to risk retention group
9th March 2018
Randall & Quilter Investment Holdings Ltd. (R&Q) has announced the issuance of a $70 million adverse development cover reinsurance policy to a U.S domiciled risk retention group (RRG). Written by Accredited Surety and Casualty Company, Inc. (Accredited), R&Q’s wholly owned A- admitted carrier, the reinsurance covers medical professional liability and general ... Read the full article
China to restrict insurance company shareholders
9th March 2018
The China Insurance Regulatory Committee (CIRC) has formally introduced a new set of rules that will enforce more transparent shareholding structures for insurance companies by restricting the ownership of large shareholders. Previously, a single shareholder could hold up to a 51% stake in an insurer, but from 10th April the CIRC’s ... Read the full article
Gallagher hires new UK public sector & education specialist
9th March 2018
Arthur J. Gallagher & Co (Gallagher) has announced the appointment of Steve Lewins to the newly created position of Client Director for Wales & West. Lewins brings 35 years’ experience to the role, in which he will be responsible for strengthening Gallagher’s public sector & education presence across Wales and South-West ... Read the full article
Ironshore expands OCIL partnership to include property lines
9th March 2018
Ironshore has expanded its Iron-Starr Excess Agency (Iron-Starr) partnership with Oil Casualty Insurance (OCIL) to include underwriting property lines. The broadened relationship with OCIL will enable Iron-Starr to grow syndicated capacity for commercial property risks, including natural catastrophe perils within the Bermuda market. Ian Smith, Ironshore Senior Vice President and Head of ... Read the full article
Canopius acquired by private equity consortium led by Centerbridge Partners
9th March 2018
Canopius has announced its completed acquisition by a private equity consortium that is led by Centerbridge Partners, L.P., and which includes private investment entity Gallatin Point Capital LLC. After receiving all necessary regulatory approvals to complete the deal, Canopius is again a standalone business that is led by Chairman, Michael Watson ... Read the full article
Willis launches re/insurance industry’s first Global Ecosystem Resilience Facility
9th March 2018
Willis Towers Watson has launched its newly developed Global Ecosystem Resilience Facility (GERF), the first global insurance facility to support the resilience of ecosystems with innovative finance and risk management solutions. Launched by Chief Executive Officer (CEO) John Haley at the Economist’s World Ocean Summit in Mexico, the GERF will provide ... Read the full article
Sompo International appoints new Loss Control leaders
9th March 2018
Sompo International has announced that Victor Sordillo, current Senior Vice President, Loss Control has been appointed Loss Control leader for all of Sompo International Insurance, and that Christine Sullivan will become Senior Vice President, Loss Control Leader, Sompo Global Risk Solutions (GRS). Sordillo joined the company as Loss Control Leader for ... Read the full article
Tailwinds to further drive up earnings for P&C re/insurers: Morgan Stanley
9th March 2018
P&C re/insurers are set for a profitability boost in 2018, driven by tailwinds of further rate improvements and M&A activity and deals that are spurred by the passage of the U.S. tax reform, according to Morgan Stanley. A net pricing increase of just 1-5% is expected to boost re/insurers earnings on ... Read the full article
LMA Marine Committee elects new members
9th March 2018
A recent ballot of Lloyd’s managing agents has elected three new members to Lloyd’s Market Association’s (LMA) Marine Committee, in addition to re-electing seven others. The committee will now welcome James McDonald, who serves as Global Head of Marine and Energy at Talbot, Richard Tomlin, who is currently Atrium’s Class Underwriter ... Read the full article
Written premium for commercial cyber liability to reach $6.2 billion by 2020
9th March 2018
Written premium for the commercial cyber liability market is estimated to reach $6.2 billion by 2020 with annual take-up rates forecast to grow by 20 to 30% over the next several years, according to Verisk Analytics. Maroun Mourad, President of commercial lines at Verisk's ISO business, said cyber liability risk is rapidly ... Read the full article
Asia’s economic growth creating life re/insurance opportunities, says SCOR’s Lepez
8th March 2018
Vincent Lepez, Deputy Chief Executive Officer (CEO) of SCOR Global Life Asia-Pacific, has suggested in a recent interview with A.M. BestTV that economic development across Asia is driving demand for further life insurance and reinsurance. Speaking at the 18th Asia CEO Insurance Summit, Lepez cited population growth, rising middle classes, and ... Read the full article
ASSA becomes latest re/insurer to join the Blue Marble Microinsurance consortium
8th March 2018
ASSA Compañía Tenedora, S.A. (ASSA) has joined Blue Marble Microinsurance, a consortium of eight companies collaborating to improve the socio-economic environment of the underprivileged through commercially viable insurance solutions. ASSA has become the latest re/insurer to join the Blue Marble consortium, currently consisting of American International Group; Aspen Insurance Holdings; Guy Carpenter ... Read the full article
Munich Re America CEO named Chairman of AIA’s Board of Directors
8th March 2018
The American Insurance Association (AIA) has elected Anthony Kuczinski, President and Chief Executive Officer (CEO) at Munich Reinsurance America, a division of global reinsurer Munich Re, as Chairman of its Board of Directors. Elected at AIA’s March, 2018 Board meeting, Kuczinski is set to succeed Chris Swift, Chairman and CEO at The ... Read the full article
Sanlam acquires SAHAM Finances in $1bn deal
8th March 2018
South African life insurer Sanlam Ltd has announced plans to acquire the remaining 53.4% stake in SAHAM Finances, the insurance subsidiary of SAHAM Group, in a US $1.05 billion acquisition deal. Sanlam already owns a 46.6% stake in SAHAM Finances, and the companies have been partners since February 2016. With a market ... Read the full article
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