Reinsurance News
AXIS realigns and appoints Group Chief Underwriting Officer
23rd January 2018
AXIS Capital Holdings Limited has announced enhancements to its operating model, which includes the launch of a new Global Underwriting and Analytics unit (GUA) and the appointment of Eric Gesick as Group Chief Underwriting Officer (CUO). The announcement comes after AXIS' recent takeover of Novae, and marks a continuation and acceleration of its ... Read the full article
Mike Sibthorpe named CEO of Insurance & Reinsurance, Nexus Underwriting
23rd January 2018
Specialty Managing General Agent (MGA) Nexus Group has named Mike Sibthorpe as Chief Executive Officer (CEO) of Insurance and Reinsurance at Nexus Underwriting Management, and announced a reshuffle of its management team. The appointment is effective from April 2018 and also makes the former Chief Underwriting Officer (CUO) for AmTrust at Lloyd’s ... Read the full article
Cloud service provider failure could cost $15bn, says Lloyd’s
23rd January 2018
A new report from the Lloyd's of London insurance and reinsurance market in collaboration with catastrophe risk modeller, AIR Worldwide, reveals that businesses in the U.S. could lose as much as $15 billion were a leading cloud service provider to experience a downtime of at least three days. The new report, ... Read the full article
Liberty Specialty Markets promotes Chris Sawyer to Asia-Pacific Manager
23rd January 2018
Liberty Specialty Markets (LSM) has promoted Chris Sawyer to Manager of Global Financial Risks for the Asia-Pacific region. He will transition from a London based role as Country and Credit Risk Manager of Global Financial Risks, and relocate to Singapore in the first-quarter of 2018. Sawyer is to replace Andrew Beechey, who ... Read the full article
Analysts’ commentary suggests AIG / Validus deal is positive, overall
23rd January 2018
Insurance and reinsurance market analysts' comments on AIG's proposed $5.56 billion takeover of Validus Holdings underlines a positive stance on the transaction, with AIG making fundamental changes to its commercial P&C segment and maintaining confidence in previous reserve comments. Following the announcement, AIG management held an investor call, during which ... Read the full article
Paragon Insurance appoints Andrew Peterson to lead MGA Reinsurance Operations
23rd January 2018
Multi-line specialty Managing General Agency (MGA), Paragon Insurance LLC has named Andrew Petersen as Regional President and Executive Vice President of Reinsurance Operations. Prior to joining Paragon, Peterson acted as Chief Corporate Development Officer of Atlas General Holdings, LLC, a San Diego based general agency, since 2012. He brings extensive industry experience ... Read the full article
Trend of upwards revisions of firms’ 2017 loss reports begins: Jefferies
23rd January 2018
Upwards revisions to company loss reports from alternative capital providers and smaller reinsurers are expected to fill the $20 billion gap between industry loss estimates and aggregate company losses for hurricanes Harvey, Irma and Maria (HIM), according to Jefferies. After Markel CATCo's CATCo Reinsurance Opportunities Fund and the Blue Capital ... Read the full article
Advantage Insurance expands Vermont Captive unit
23rd January 2018
Advantage Insurance has opened a Vermont office and sponsored a new protected cell Captive Insurance company, Advantage Insurance of Vermont PCC, to support its growing Captive Insurance service business within the Vermont domicile. Les Boughner, Chairman of Advantage’s Business Insurance division, said; "Our new Vermont presence complements our existing operations in ... Read the full article
Aviva announces a number of new leadership appointments
23rd January 2018
UK domiciled insurer Aviva has announced a number of leadership changes, which includes the appointment of Colm Holmes, currently Chief Executive Officer (CEO) of Aviva UK General Insurance, as President and CEO of Aviva Canada. As well as becoming President and CEO of Aviva Canada, Holmes will continue to head the ... Read the full article
QBE expects $1.2 billion loss for 2017, combined ratio climbs
23rd January 2018
Significant catastrophe activity in the fourth-quarter of 2017 combined with two, one-off non-cash items has seen QBE report an expected full-year 2017 loss of roughly $1.2 billion. For the year, QBE now expects to report a combined operating ratio (COR) of approximately 104%, which is above the target range of 100% ... Read the full article
Lloyd’s insurers positive on January renewal outcome: RBC Capital Markets
23rd January 2018
Lloyd's insurers' outlook for the remainder of the year is positive as January renewals make for a promising start after a number of years of falling prices, said RBC Capital Markets analysts after meetings with Beazley and Lancashire. Direct and facultative property business saw the greatest price increases although catastrophe insurance prices have ... Read the full article
TigerRisk hires Marc Beckers of Aon Benfield to lead European operations
23rd January 2018
Reinsurance and risk capital advisory TigerRisk Partners LLC has made a senior hire from Aon Benfield, appointing Marc Beckers as its new head of European operations. Beckers takes on the role of Partner and Head of EMEA for TigerRisk Partners, a position that will see him tasked with growing TigerRisk's profile ... Read the full article
2017 catastrophes a “perfect opportunity” for reinsurers to showcase adaptability
22nd January 2018
Guy Carpenter's Vice Chairman David Priebe called the recent catastrophic events a "perfect opportunity" for reinsurers to showcase their ability to adapt solutions to the unique risk profiles of individual clients, a reminder that the flip side of every major disaster is an opportunity for the innovative and entrepreneurial. 2017's record ... Read the full article
RMS puts Thomas Fire loss estimate at up to $2.5 billion
22nd January 2018
Catastrophe risk modelling firm RMS has said that the Thomas Fire, which impacted Southern California's Ventura and Santa Barbara counties in December 2017, will result in a loss of between $1 billion and $2.5 billion. The Thomas Fire destroyed 1,063 structures and damaged roughly 280 structures, quickly becoming the largest wildfire ... Read the full article
Potential for AIG to expand in new business segments after Validus takeover
22nd January 2018
AIG management has discussed the firm's proposed takeover of Validus Holdings during a recent investor call surrounding the deal, underlining the potential for growth in new business segments supported by Validus' experienced leadership. Following the announcement of a proposed $5.56 billion acquisition of Validus by AIG, the latter's Chief Executive ... Read the full article
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