Reinsurance News
Ed appoints Marcus Taylor to Head of Reinsurance for Asia Pacific
5th February 2018
Ed has named Marcus Taylor, who joins from a managerial reinsurance role with IAG, to Head of Reinsurance for Asia-Pacific. Taylor is set to be based out of the firm's Singapore office and report to Kieran Angelini-Hurll, Chief Executive Officer (CEO) of Reinsurance and Stephen Britten, CEO of Asia-Pacific. Angelini-Hurll said; “Marcus is ... Read the full article
Prudential Financial & Scottish Widows reach $1.8 bn longevity reinsurance deal
5th February 2018
Prudential Financial company, the Prudential Insurance Company of America (PICA), and Scottish Widows, a subsidiary of Lloyd's Banking Group, have agreed on a longevity reinsurance agreement in which PICA will assume longevity risk for approximately $1.8 billion of Scottish Widows annuity liabilities. David Lang, Prudential’s lead negotiator for the transaction, said; ... Read the full article
Aon Benfield names Leonora Siccardi as Chief Operating Officer, UK
5th February 2018
Reinsurance broker Aon Benfield has promoted Leonora Siccardi, appointing her to the role of Chief Operating Officer of Aon Benfield UK, in addition to her role as EMEA & UK Head of Client Services. Siccardi will report to Nick Frankland, UK CEO of Aon Benfield, and Maggie Westdale, CFO of Aon ... Read the full article
Willis Towers Watson names Tim Rees as new cyber leader
5th February 2018
Willis Towers Watson has expanded its UK cyber unit with the appointment of Tim Rees as Client Engagement and Strategy Leader for the UK Cyber Risk Solutions business. Based in London and reporting to Anthony Dagostino, Global Head of Cyber Risk, Rees will be responsible for developing the firm's integrated approach ... Read the full article
Lloyd’s proposes to mandate use of electronic placement
5th February 2018
The specialist Lloyd's of London insurance and reinsurance marketplace has announced that it plans to proceed with electronic placements to increase efficiency in the market. "The London Market has made great strides towards modernisation. We have invested time and money in the London Market Target Operating Model (TOM) programme and delivered ... Read the full article
Barbican expands U.S. property offering with new Bermuda underwriting unit
5th February 2018
Barbican Insurance Group has expanded its U.S. property offering with the launch of a new Bermuda unit to underwrite direct and facultative portfolio of business on an excess and surplus lines basis with a focus on the U.S. property market. The Barbican Bermuda team will concentrate on Fortune 1000 corporations as ... Read the full article
Storm Friederike to deal a blow to German insurers’ earnings
5th February 2018
German P&C insurers' earnings have been dealt a blow by Storm Friederike's estimated insured losses of around EUR 1 billion, presenting a headwind for its 2018 earnings which are already constrained by low-interest rates, according to a Moody's Investor Service report. Based on this estimate, analysts believe losses could translate into ... Read the full article
Bermuda to attract M&A and start-up activity in 2018: Fitch Ratings
5th February 2018
Fitch expects further Bermuda M&A activity in 2018 as entities seek out ways to manage the challenges of the continued competitive market environment under the additional strain of the recent catastrophe losses. Bermuda market M&A has often centered on non-Bermuda companies buying into Bermuda as a way to deploy capital abroad and ... Read the full article
Optimism over bottoming out of reinsurance rates could be “foolhardy”: A.M. Best
2nd February 2018
Some re/insurance industry experts and analysts have been extolling the much awaited possibility of a bottoming out of the re/insurance pricing cycle after record-setting 2017 losses and ensuing uptick in some January 2018 rates, A.M. Best however called long-term optimism "foolhardy" given the abundant levels of reinsurance capacity. The rating agency ... Read the full article
Miller expands Asia team with appointments of John Moncavage & Piers Hughes
2nd February 2018
Miller Insurance Services LLP has announced the appointments of business executives John Moncavage and Piers Hughes to its Singapore office to help drive growth throughout the Asia-Pacific. Moncavage is set to lead Miller’s credit and political risks initiative in the Asia-Pacific region, working closely with Nigel Cross and the team in Singapore, as ... Read the full article
KBW confirm “cautious” stance on Bermudians following renewals disappointment
2nd February 2018
Keefe Bruyette & Woods (KBW) confirmed their previous “cautious” stance on Bermudians amidst January renewals that showed weak industry-wide pricing power. Analysts cited a disappointing renewal season, with a risk-adjusted average rate increase of about 5% - which dashed expectations for Bermudians after the massive $136-140 billion of estimated 2017 catastrophe ... Read the full article
Zurich appoints Lillian Labbat to head of U.S. Trade Credit & Political Risk unit
2nd February 2018
Zurich North America has announced the appointment of Lillian Labbat as head of the Trade Credit & Political Risk unit within Specialty Products in North America Commercial Insurance, with immediate effect. In her New York based role, Labbat will assume responsibility for the political risk and single risk trade credit underwriting teams ... Read the full article
India could become local re/insurance hub: reports
2nd February 2018
India could be home to the next wave of reinsurers, according to IRDAI Chairman T S Vijayan who is optimistic that the influx of foreign reinsurers into India and the establishment of new reinsurance hubs and government programmes to spur widespread re/insurance uptake could make India a local re/insurance hub. With ... Read the full article
Tokio Marine Kiln names Alex Jomaa as cyber underwriter
2nd February 2018
Tokio Marine Kiln (TMK) has strengthened its cyber team with the appointment of Alex Jomaa as cyber underwriter, set to take up the role immediately and report to head of enterprise risk Laila Khudairi. Jomaa joins from CFC Underwriting where he was cyber liability underwriter responsible for underwriting a worldwide cyber portfolio. Khudairi welcomed Jomaa ... Read the full article
European re/insurers stable despite intensely competitive market: A.M. Best
2nd February 2018
Western European re/insurers enjoy stable ratings and an operating environment that's showing signs of picking up as economic activity increases across the Eurozone, but players are still walking the tightrope of a saturated and highly competitive, pressurised market. Despite limited growth prospects and a continued backdrop of low investment returns, A.M. ... Read the full article
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