Reinsurance News
Highland Insurance Solutions names James Tran as new Head of Global Agriculture
26th July 2017
Highland Insurance Solutions (HIS) which partners with Tokio Marine Kiln (TMK) has announced the appointment of James Tran to Head of Global Agriculture. Tran will head up the growth and development of HIS' crop reinsurance segment, working closely with TMK's reinsurance underwriters in London and Singapore. Carl Herrmann, HIS Chief Executive Officer, ... Read the full article
Markel to acquire State National for $919 million
26th July 2017
Financial services and insurance group, Markel Corporation has announced that it will acquire fronting and program service insurance specialist, State National Companies, Inc. for approximately $919 million. Under the definitive agreement, which has been unanimously approved by both Markel and State National Boards', Markel will purchase all of the outstanding shares ... Read the full article
Ironshore launches Project Cargo Consortium to service China’s Belt & Road Initiative
26th July 2017
Ironshore’s Pembroke Managing Agency has launched a Project Cargo Consortium with a capacity limit of up to U.S. $178 million to expand Lloyd’s China platform for increased coverage of the Belt & Road Initiative. The cargo consortium aims to service one of the world's greatest infrastructure programmes; ... Read the full article
AIR Worldwide announces release of severe thunderstorm model for Australia
26th July 2017
Catastrophe risk modeller AIR Worldwide has released the industry's first Australia severe thunderstorm model, offering re/insurers a comprehensive view of risk by incorporating the three sub perils of hail, tornado, and straight-line wind. The new model simulates daily severe thunderstorms activity based on historical occurrence rates and local and seasonal weather ... Read the full article
Collaboration between re/insurers & cyber modellers a “positive step” says A.M. Best
26th July 2017
In light of a recent cyber risk report produced by the Lloyd's of London marketplace and cyber risk analytics firm, Cyence, rating agency A.M. Best has welcomed the collaborative effort to improving the understanding and management of cyber risk, describing the report as "a positive step forward." The report, Counting the ... Read the full article
Regulator puts stop to Suncorp acquisition of Tower
26th July 2017
The New Zealand Commerce Commission said today that it has "declined to grant clearance to Vero Insurance New Zealand Limited to acquire up to 100% of the shares in Tower Limited." Vero, a subsidiary of Suncorp, had looked set to complete its acquisition of Tower Insurance of New Zealand, after Read the full article
Ben Dunning joins Robus Risk Services as a Director
26th July 2017
Captive insurance management, fiduciary and financial advisory firm, Robus Risk Services Limited, has hired Ben Dunning as a Director. Dunning will serve as Director of Finance and 'Client Lead' on a range of client-managed entities at Robus Risk Services, explains the firm in a statement. He started his career at insurance ... Read the full article
Lloyd’s competitive position challenged: A.M. Best
26th July 2017
Rating agency A.M. Best says that the "increasingly difficult operating environment" poses a challenge to the Lloyd's of London insurance and reinsurance market's competitive position. Despite benefiting from its structure, scale and access to business, the Lloyd's business model faces pressures like every other insurance and reinsurance entity today. A.M. Best warns ... Read the full article
QIC’s underwriting income drops 40% on Ogden & large risk losses
25th July 2017
Qatar Insurance Company (QIC) has revealed that its net underwriting income declined by 40% in the first-half of 2017 when compared with the previous year, which the firm says was driven by large losses and the UK government's decision to lower the Ogden Discount Rate to -0.75%. QIC Group's net underwriting ... Read the full article
Buffett’s Berkshire Hathaway in talks to acquire IRB Brasil Re stake: Reports
25th July 2017
Bloomberg has reported that Warren Buffett's Berkshire Hathaway is in talks to acquire a stake in Brazilian reinsurer, IRB Brasil Resseguros S.A. (IRB Brasil Re), after the Rio de Janeiro-based firm launched an initial public offering (IPO) on Friday July 7th, 2017. Reinsurance News reported that IRB Brasil Re, Brazil's largest ... Read the full article
Global reinsurers’ interest in India government crop scheme dampens
25th July 2017
Indian government officials have raised concerns over potentially inadequate reinsurance supply for the Pradhan Mantri Fasal Bima Yojana (PMFBY), the government-sponsored crop insurance scheme, as global reinsurers appear to be losing interest in supporting the scheme. Money Control cited industry sources who said global reinsurers operating in India have reduced exposure ... Read the full article
Pioneer adds Stephanie Doggart as a Marine Underwriter, Preferred Partners unit
25th July 2017
Insurer Pioneer Underwriters has hired Stephanie Doggart from IGI UK as a Marine Underwriter within its Preferred Partners division. Doggart will report to Sophie Chapman, Head Underwriter of Preferred Partners and will be based in the firm's London office. She brings 20 years of marine industry experience to the role, and joins Pioneer from IGI ... Read the full article
Ironshore International appoints Krishnan Ethirajan to Chief Operating Officer
25th July 2017
Ironshore International has appointed Krishnan Ethirajan to Chief Operating Officer (COO) - a role he's set to take on in addition to his current position as COO of IronServe. IronServe is a segment that delivers support in specialized underwriting, finance and technological support throughout the firm's global platform. Mark Wheeler, Chief Executive ... Read the full article
Insurance Europe voices support of EC’s sustainable finance goals
25th July 2017
Following the release of a report from the European Commission’s (EC) High-Level Group on Sustainable Finance, and a recent EC public hearing, Insurance Europe has said the insurance industry is ready to collaborate and engage with policymakers to support their goals. The EC's High-Level Group on Sustainable Finance was launched in ... Read the full article
Beach names Julian Goldberg as senior Vice President
25th July 2017
Beach & Associates has named Julian Goldberg, joining from RenaissanceRe Syndicate 1458, as newly appointed Senior Vice President (SVP). As Beach SVP Goldberg will be London-based, reporting to partner, Adam Hedley, and will help steer the firm's growth and management of its casualty reinsurance business and product development. Hedley commented; “Beach’s growing ... Read the full article
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