Reinsurance News
PRA and UK Treasury consulting on extensive Solvency II reform package: Sam Woods
27th February 2018
Speaking at the annual conference of the Association of British Insurers (ABI), Sam Woods, Deputy Governor for Prudential Regulation and Prudential Regulation Authority (PRA) Chief Executive Officer (CEO) said consultations are now underway for an extensive package of reforms that aim to improve re/insurers' implementation of Solvency II. Woods said that ... Read the full article
W.R. Berkley Corporation names John Kearns as president of Mid-Atlantic Group
27th February 2018
W.R. Berkley Corporation has announced the appointment of John Kearns as president of the Berkley Mid-Atlantic Group, set to succeed Susan Grady with immediate effect. Kearns brings over 40 years experience in the property casualty insurance sector, and has most recently served as executive vice president in sales, marketing and underwriting ... Read the full article
Willis Towers Watson launches cyber solution for aviation industry
27th February 2018
Willis Towers Watson has launched a tailored cyber insurance solution for the general aviation industry, Willis Towers Watson Aerospace Cyber Guard. The product is available to North American-based general aviation companies, including charter operators, tour operators, flying clubs, flight schools, fixed-based operators, maintenance repair operators, small aviation-related manufacturing and fleet management ... Read the full article
Multinationals cite major concern over growing political risk: Marsh
27th February 2018
Geopolitical instability remains a top concern for multinational businesses in 2018 with events such as the North Korea missile crisis, Euroscepticism, and increased trade protectionism, driving political risk that could boost demand for credit and political risk re/insurance. Marsh's 2018 Political Risk Map found regions facing political turbulence or increased protectionist trends ... Read the full article
Federal Budget changes could hit crop insurers’ underwriting profits: KBW
27th February 2018
The proposed Federal Budget could negatively impact the crop insurance industry, with about $26 billion of the proposed savings affecting crop insurers through capped underwriting profits along with reduced eligibility and lower subsidies, according to Keefe, Bruyette & Woods. The revised budget hopes to make about $47 billion of Farm Bill-related ... Read the full article
‘Technology will completely disrupt insurance industry’ warns Kielholz, Swiss Re
26th February 2018
Walter Kielholz, Chairman of Swiss Re, has dedicated a significant portion of his message in the company’s 2017 financial review to cautioning the reinsurance industry on the uncertainties posed by technology. Kielholz cites “digitalization, big data, robotics artificial intelligence” as potential threats to the stability of the industry and suggests ... Read the full article
JLT Specialty appoints Leon Steenkamp as Head of Tax Insurance for M&A practice
26th February 2018
JLT Specialty has appointed Leon Steenkamp to Head of Tax Insurance within its Financial Lines Group Mergers and Acquisitions insurance practice. In his new role, Steenkamp will focus on growing the tax insurance business in the UK market, as well as supporting other JLT geographies. Ben Crabtree, Head of M&A Insurance for ... Read the full article
Travelers appoints Bruce Gifford to Enterprise Chief Data and Analytics Officer
26th February 2018
Travelers has announced the appointment of Bruce Gifford to the newly created role of Enterprise Chief Data and Analytics Officer. In his new role, Gifford will be responsible for accelerating the transformation of data into insights through technologies, including artificial intelligence tools and techniques. He is set to report to Michael Klein, ... Read the full article
Lockton appoints new head of Risk Practices
26th February 2018
Lockton Companies Inc. has appointed Mark Moitoso to head its Risk Practices organisation and support the insurance broker’s property and casualty (P&C) clients. Moitoso, who has over 25 years’ experience in the insurance industry, will manage Lockton’s team of national practice experts as executive vice president and Risk Practices leader. They ... Read the full article
USAA becomes latest Socotra investor
26th February 2018
USAA has become the latest investor in comprehensive cloud-native insurance core system Socotra, joining previous investors CrunchFund, Founders Fund, Greenoaks Capital, SciFi VC, SV Angel and Vulcan Capital, as well as angel investors Ron Conway, Michael Ovitz and Joe Lonsdale. Terms of the investment were not disclosed. Nathan McKinley, vice president of ... Read the full article
London Market Group names claims transformation as key 2018 TOM priority
26th February 2018
The London Market Group has revealed plans to make claims transformation a top priority for its Target Operating Model (TOM) in 2018 while continuing to focus on Brexit, electronic placing, and further development of the LMA Academy in Lloyd’s overseas hubs. Shirine Khoury Haq, Chief Operating Officer of Lloyd's and sponsor of ... Read the full article
Skuld reveals 9.4% growth in 2018 P&I renewals
26th February 2018
Marine insurer Skuld has revealed a 9.4% net increase in mutual P&I gross tonnage from 2017 to 2018 following January renewals which completed on 20th February. Skuld's continued growth in the January renewals brings its mutual P&I tonnage to 92 million gross tonnes (GT), and includes committed tonnage for delivery throughout 2018. Ståle Hansen, ... Read the full article
Phoenix to acquire £3.24bn insurance business from Standard Life Aberdeen
26th February 2018
The UK’s Phoenix Group has unveiled its plans to acquire the majority of Standard Life Assurance Limited and employee benefits arm Vebnet Limited for a total consideration of £3.24 billion, and to enhance their long-standing strategic partnership with current owners Standard Life Aberdeen (SLA). This transaction sees SLA complete their transformation ... Read the full article
QBE to sell Latin American operations to Zurich
26th February 2018
QBE Insurance Group Limited has announced plans to sell its Latin American operations to Zurich Insurance Group for a total aggregate price of US $409 million. The transaction includes operations in Argentina, Brazil, Columbia, Ecuador and Mexico, and will see Zurich become the leading insurer in Argentina and the third largest ... Read the full article
Hiscox expects continued rate momentum, eyes growth in 2018
26th February 2018
In what was a challenging year for the global reinsurance industry, re/insurer Hiscox saw its Hiscox Re & ILS segment remain profitable in 2017, with management anticipating further rate increases in 2018, as well as growth across all parts of the business. Hiscox saw its overall, pre-tax profit fall to £30.8 ... Read the full article
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