Reinsurance News
Palomar Specialty expands Flex Choice earthquake cover to Mississippi & South Carolina
15th February 2018
Palomar Specialty Insurance has announced the expansion of its Flex Choice residential earthquake insurance product into Mississippi and South Carolina from its current offer in Arkansas, Illinois, Indiana, Kentucky, Missouri Tennessee and Utah. Flex Choice allows consumers to tailor make residential earthquake coverage to meet their specific needs. The bespoke earthquake cover offers homeowners ... Read the full article
MultiStrat completes another casualty linked security transaction
15th February 2018
MultiStrat has announced the completion of its latest casualty linked security (CLS) transaction that was backed by a $14 billion alternative asset manager, which will invest $28 million in a Bermuda domiciled segregated account to support re/insurance liabilities associated with $160 million of estimated written premiums. According to an announcement on ... Read the full article
AFL Insurance Brokers appoints Barry Rowland & Chris Cavani to property team
15th February 2018
Independent Lloyd’s broker AFL Insurance Brokers (AFL) is expanding its wholesale property team with the appointment of re/insurance professionals Barry Rowland and Chris Cavani. Rowland joins AFL as Director, Property & Casualty from a role with reinsurance broker JLT Re as a Facilities and Binder Partner. Cavani joins from Alston Gayler where ... Read the full article
Erica Davis joins JLT Re as Senior Vice President of U.S. Cyber & E&O unit
15th February 2018
Reinsurance broker JLT Re has named Erica Davis as Senior Vice President (SVP), set to lead the Cyber and E&O practice for JLT Re in North America. Davis joins JLT Re from Zurich, where she most recently acted as SVP and Head of Specialty E&O after serving in a number of ... Read the full article
Market has “turned a corner” but 2018 will still be challenging: Lancashire CEO
15th February 2018
The re/insurance market has "turned a corner" following the major catastrophe losses of 2017, but despite this the CEO of Lancashire Holdings expects 2018 will be another challenging year for the industry. Lancashire reported a negative year for 2017, with return on equity falling to -5.9% for the year. But the ... Read the full article
Chambers apointed director of innovation & corporate development at AEGIS London
15th February 2018
John Chambers, The AEGIS London director of underwriting, is set to take on the newly created role of director of innovation and corporate development. In his new role, Chambers will oversee development of AEGIS London’s OPAL platform, its online quote-and-bind system for coverholders and brokers and the expansion of AEGIS London’s ... Read the full article
Market conditions suggest continued re/insurer M&A interest in 2018: Fitch
14th February 2018
Fitch Ratings is anticipating continued interest in merger and acquisition (M&A) activity among insurers and reinsurers in 2018, driven by ongoing competition, the impacts of the U.S. tax reform, and the effects of catastrophe losses in 2017. Fitch said that AIG's announced $5.6 billion takeover of Validus could foreshadow further ... Read the full article
Hiscox appoints David McLaughlin to Chief Financial Officer for U.S.
14th February 2018
Hiscox has announced the appointment of David McLaughlin, who joins from Fiserv, to Chief Financial Officer (CFO) in the U.S. McLaughlin brings more than 20 years of operational and financial experience to the role, including having held a number of divisional CFO positions at Fiserv, and most recently covering their Digital ... Read the full article
Pool Re launches Vulnerability Self-Assessment Tool
14th February 2018
Pool Re has announced the launch of the Vulnerability Self-Assessment Tool (VSAT), a risk self-assessment tool that enables Pool Re member insurers to offer a 5% premium discount to insureds which implement risk mitigation measures. VSAT is available to all Pool Re member insurers for risks falling due on or after ... Read the full article
Kemper to acquire Infinity in $1.4 billion merger deal
14th February 2018
Kemper Corporation has entered into a merger agreement to acquire auto insurer Infinity Property and Casualty Corporation in a cash and stock transaction, valued at approximately $1.4 billion. The implied total consideration is about $1.3 billion, or $121.01 per Infinity share. Infinity is a provider of auto insurance focused on serving the ... Read the full article
Could SoftBank investment fund Swiss Re / XL deal? – KBW
14th February 2018
Following news that global reinsurer Swiss Re is in talks with SoftBank over a minority investment in the reinsurer, and rumours that XL Group is an M&A target for large re/insurers, analysts at Keefe, Bruyette & Woods (KBW) have questioned the potential for a deal between Swiss Re and XL ... Read the full article
Sustainability of current retakaful model to be tested: A.M. Best
14th February 2018
The retakaful market remains small and extremely challenging with companies struggling to compete with conventional reinsurers, putting the sustainability of the retakaful model in doubt, according to international ratings agency, A.M. Best. Retakaful is the Islamic alternative to reinsurance, and owing to greater interest for Islamic insurance (takaful), A.M. Best highlights ... Read the full article
Hub targets growth with launch of first eight industry specialty practices
14th February 2018
Global insurance brokerage, Hub International Limited (Hub), has launched its first eight industry specialty practices, based on industries that are positioned for growth and where the firm has solid expertise. As well as being based on industries that hold good growth potential and where Hub has expertise, the eight specialty practices ... Read the full article
Michael Abramson named Partner & Risk Transfer Specialist, Hymans Robertson
14th February 2018
Michael Abramson has joined Hymans Robertson from Prudential as a Partner and Risk Transfer Specialist, based in the firm's London office. Most recently he was Prudential's Director of Wholesale Transactions, and brings roughly 15 years of industry experience to his new role. While at Prudential he was responsible for the firm's ... Read the full article
Brit expands and renews Versutus sidecar for 2018
14th February 2018
Brit has announced the fourth annual renewal and continued expansion of its Versutus 2018 sidecar, the vehicle now boasts $187 million of invested capital. Versutus offers access to Brit’s underwriting franchise through two sub series, one covering worldwide property catastrophe reinsurance business and the other covering North American property binders. The renewal ... Read the full article
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