Reinsurance News
AmWINS reveals new CEO & leadership changes
17th January 2018
AmWINS Group, Inc. has announced the appointment of Scott M. Purviance as its new Chief Executive Officer (CEO), replacing M. Steven DeCarlo, effective May 1st, 2018. Currently the firm's Chief Operating Officer (COO), Purviance has been part of the AmWINS leadership team since 2001, and served as Chief Financial Officer (CFO) from ... Read the full article
Growing prevalence of risk-based capital regimes to drive reinsurance demand: Aon Benfield
17th January 2018
Aon Benfield's 2018 reinsurance market outlook forecasts a continued modest upturn in reinsurance demand globally driven by the growing prevalence of risk-based capital regimes and emerging areas of risk transfer. Reinsurance demand could also benefit from modest global economic growth alongside heightened risk awareness following a record-setting catastrophe loss year. Additional demand ... Read the full article
Beazley hopes for 2017 profit despite catastrophes
17th January 2018
Specialist and Lloyd’s focused re/insurer Beazley plc has said that it expects to record a pre-tax profit for the full-year 2017, in a trading update, despite the impacts of major catastrophe loss events. Beazley had previously reported that there was a chance that it would record an underwriting loss for ... Read the full article
Tax changes in Italy could boost catastrophe reinsurance demand
16th January 2018
Catastrophe reinsurance demand from Italian cedants could increase as insurers benefit from the new taxation regime, which gives catastrophe insurers premium exemption from the 22.5% insurance premium tax and makes 19% of premium tax-deductible. Fitch Ratings said the changes to the tax regime will offer new incentives for customers in Italy ... Read the full article
General Electric hit with $6.2 billion charge on legacy insurance portfolio
16th January 2018
General Electric has been hit with a GAAP after-tax charge of $6.2 billion, or $7.5 billion when adjusted to the new tax rate, tied to a legacy insurance portfolio. In addition, the company's finance unit will make statutory reserve contributions of $15 billion over seven years to fill a shortfall in ... Read the full article
Report highlights CRO role shift from technical expert to business advisor
16th January 2018
The role of the Chief Risk Officer (CRO) has rapidly evolved in both scope and importance in the years since the financial crisis to now play a more centric role in shaping business strategy, according to a joint paper by the Lloyd's Market Association’s (LMA) Chief Risk Officer Committee and ... Read the full article
Specialty insurer JenCap Holdings acquires MGA Genesee General
16th January 2018
Specialty insurer JenCap Holdings LLC (JCH) has announced plans to acquire privately-held managing general agency (MGA) and broker, Genesee General. Financial terms for the transaction, which is expected to close this month, were not disclosed. John Jennings, President and Chief Executive Officer (CEO) of JCH, said; "Genesee President Roger Ware has created a leading ... Read the full article
Alternative capital driving potentially flatter underwriting cycle: Fitch
16th January 2018
Fitch Ratings believes the expansion of alternative, or third-party capital has changed the dynamics of the reinsurance market, resulting in modest rate increases at the recent January 1st renewals and driving a potentially flatter underwriting cycle. The extremely active 2017 Atlantic hurricane season combined with powerful earthquakes in Mexico and devastating ... Read the full article
Thomas Miller Specialty in exclusive talks over Navigators’ indemnity unit purchase
16th January 2018
Navigators Management (UK) and Thomas Miller Specialty have entered into exclusive discussions over Thomas Miller Specialty's acquisition of Navigators’ fixed-premium protection and indemnity business. Guy Pierpoint, Chief Executive Officer, Thomas Miller Specialty, said; “This is a logical and progressive step for Thomas Miller Specialty, enabling us to create scale in a ... Read the full article
Inga Beale confirms January 2019 as launch date for Lloyd’s Brussels subsidiary
16th January 2018
Lloyd's of London Chief Executive Officer (CEO) Inga Beale confirmed that the marketplace is set to begin operations in Brussels next January. Lloyd's announced in March 2017 that it had selected Brussels, Belgium, as its European Union home with the aim being to be ready to underwrite business there for the 1st ... Read the full article
Brit appoints Rich Hartman to SVP of Construction Professional
16th January 2018
Brit has announced the appointment of Rich Hartman as Senior Vice President (SVP), Construction Professional at Brit Global Specialty USA (BGSU), with effect from 2nd January 2018. Based in BGSU’s New York office, Hartman, who brings over 35 years' insurance industry experience and expertise in the construction sector, will report to ... Read the full article
XL Group names Leila Madeiros as Head of Compliance & Regulatory Affairs, Bermuda
16th January 2018
XL Group has announced the appointment of Leila Madeiros as Head of Compliance & Regulatory Affairs, Bermuda, she joins from a role as Senior Vice President, Deputy Director and Corporate Secretary of the Association of Bermuda Insurers and Reinsurers (ABIR). Madeiros joins in April and reports to Sean McGovern, XL Group’s Chief ... Read the full article
Health InsurTech Oscar Health & AXA announce multi-year reinsurance agreement
16th January 2018
Health InsurTech start-up Oscar Health has entered into a multi-year quota share reinsurance arrangement with AXA's International Employee Benefits Division, according to reports. The new deal is designed to assist Oscar Health's growth plans, after the firm increased its individual market presence in the states, according to reports in Healthcare Analytics ... Read the full article
Zurich, Allianz & Munich to gain from U.S. corporate tax cut: JP Morgan
16th January 2018
Zurich, Allianz, and Munich could see significant increases to net profit from the U.S. corporate tax rate cut from 35% to 20%, according to JP Morgan. Analysts estimate the potential uplift to net profit at 6-8% for Zurich - which has the largest U.S. exposure from U.S. subsidiaries - 5% for ... Read the full article
European reinsurers expected to show rate increases of 1.5%: Deutsche Bank
16th January 2018
Following initial commentary from the January 1st 2018 renewals season, analysts at Deutsche Bank remain positive on the European reinsurance sector, and are standing firm on expected price increases of 1.5% over the next two years and expects companies to report strong volume growth. Citing first data points on January renewals ... Read the full article
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