Reinsurance News
Artex expands Asia reach with new Singapore office
29th January 2018
Artex has launched a new Singapore office, Artex Risk Solutions to oversee the growth of the insurer's Asia Pacific captive and risk solutions strategy, naming Vic Pannuzzo as Chief Executive. Nick Heys, Chief Executive Officer (CEO) of Artex International, commented; “we’re delighted to bring Vic into the Artex family. “With over 30 ... Read the full article
Japanese E-commerce group Rakuten to acquire Asahi Fire & Marine Insurance
29th January 2018
Japanese e-commerce group Rakuten is set to acquire Tokyo-based Asahi Fire & Marine Insurance after winning a bid of 44.9 billion yen, or $412 million. Rakuten plans to purchase Asahi's stocks from January 30 through March 13 for an offer price of 2,664 yen per share, and 10,656 yen per preferred ... Read the full article
Lloyd’s Syndicate Probitas 1492 launches in Mexico
29th January 2018
Probitas 1492 has become the first Lloyd's Syndicate to open in Mexico, joining the Representative Office of Lloyd’s in Mexico. The regional office will serve the wider Latin American region, and will initially focus on providing facultative reinsurance for casualty and property business. The strategy will be led by Gabriel Anguiano, who will ... Read the full article
Lloyd’s Inga Beale cites concern over Brexit uncertainties at the WEF
29th January 2018
As Brexit negotiations enter a second phase to focus on a trade deal once the U.K. leaves the European Union, Lloyd's Chief Executive Officer Inga Beale reiterated concerns over the impact on business of remaining Brexit uncertainties at the World Economic Forum (WEF) in Davos. She told the CNBC; "the government ... Read the full article
RSA names Tony Buckle & Rob Gibbs to lead UK&I commercial business
29th January 2018
RSA’s UK & International business has named Tony Buckle and Rob Gibbs as managing directors to lead UK & Ireland commercial business as Global Risk Solutions (GRS) and Commercial Risk Solutions (CRS) respectively. From 1st February 2018 Buckle will head up GRS, which provides insurance solutions from operations in the UK, Europe ... Read the full article
Alesco appoints Sebastian Graham to Partner of North American power unit
29th January 2018
Alesco Risk Management Services (Alesco) has announced the appointment of Sebastian Graham as a partner to head up the North American power business. His appointment takes effect from May 2018, and is the newest hire to Alesco’s expanding, specialist energy division. Jonathan Lyne, chairman of Alesco’s energy division, said; “it has been ... Read the full article
Pockets of re/insurance growth remain despite largely flat 1/1 rates: S&P
26th January 2018
Much of the hype around significant pricing gains for reinsurers at the January renewals has faded as demand overall was flat to marginally up, but hope remains for some higher demand from regional insurers focused on Florida and the Caribbean, as well as U.S. mortgage credit risk and other emerging ... Read the full article
U.S. P&C insurers to gain 15% on net income from tax regime
26th January 2018
With a 15% net income gain for U.S. P&C insurers expected for the first two years after the corporate tax rate reduction to 21%, Conning’s fourth quarter forecast for P&C insurers outlines a clear positive impact to the sector. The new tax regime will reduce the relative attractiveness of tax exempt ... Read the full article
“InsurTech ideas have to win industry approval as well as customer hearts”: Globaldata
26th January 2018
After UK InsurTech and pioneering brand for motor insurance, Guevara, went under - GlobalData analysts highlighted some of the key stumbling blocks of re/insurance start-ups that fail to get off the ground, stating the entity offered ideas the industry isn't yet ready for. As an early entrant into the UK InsurTech ... Read the full article
Aspen names David Cohen to lead Insurance, as CEO Postlewhite departs
26th January 2018
Aspen Insurance Holdings Limited, the Bermudian insurance and reinsurance group, has named David Cohen, President and Chief Underwriting Officer of Aspen Insurance, to lead the insurance business on a day-to-day basis, as Stephen Postlewhite is departing the firm. With the new responsibility of leading insurance at Aspen, Cohen will now report directly ... Read the full article
Changes to U.S. tax law threaten Bermudians’ competitive advantage
26th January 2018
Challenges are looming on the horizon for Bermuda re/insurers whose relative competitive advantage to U.S. firms stands to be somewhat diminished by the recent sweeping U.S. corporate tax law changes. In a report on the Bermudian market Fitch said; "U.S. tax reforms will shrink the profitability gap between Bermuda and U.S. ... Read the full article
Lockton names Debbie Goldstine EVP & U.S. Casualty leader
26th January 2018
Broker Lockton has announced the appointment of Debbie Goldstine as Executive Vice President (EVP) and U.S. Casualty leader. Goldstine has been with Lockton for 12 years, and most recently served as Senior Vice President (SVP) and U.S. excess casualty practice leader. In her new, expanded role, she will support the delivery of strategic ... Read the full article
Pioneer promotes Dave Sarnoski within Misc, Tech & Cyber Liability unit
26th January 2018
Pioneer Underwriters has promoted Dave Sarnoski to Senior Underwriter within its Miscellaneous, Technology and Cyber Liability division, reporting to David Lucey. Sarnoski will be responsible for E&O liability business within the West Coast region, and prior to his promotion was a Senior Underwriter, underwriting E&S technology and miscellaneous E&O risks. He started his career ... Read the full article
Aspen CEO “deeply disappointed” with 2017 performance
26th January 2018
Chris O’Kane, Chief Executive Officer, Aspen Insurance (CEO) said the firm is "deeply disappointed" with its financial performance in 2017 after the firm reported a pre-tax loss estimate of $135 million from California wildfires, net of reinsurance and reinstatement premiums,and a $245 million underwriting loss in Q4. Aspen's Q4 losses from ... Read the full article
Public-private sector collaboration vital to tackling climate protection gap
26th January 2018
The re/insurance industry has contributed significantly to building resilience to climate change, one of the biggest socio-economic threats faced globally, however, the successful transition to a low-carbon economy needs additional support and collaboration from third-party stakeholders to mitigate obstacles to overcoming the protection gap (disparity between economic and insured losses ... Read the full article
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