Reinsurance News
Jan 1st reinsurance price increases a good and positive start for reinsurers: Moody’s
8th January 2018
Reinsurance price increases at the January 1st, 2018 renewals season are "a good start for the reinsurance industry," and, combined with efforts to lower operating costs, should lead to improved combined ratios for global reinsurance players, according to Moody's Investors Service (Moody's). Citing Willis Re's 2018 reinsurance renewals report, which states ... Read the full article
U.S. commercial P&C rates up by an average of 2% in Q4: MarketScout
8th January 2018
Analysis from MarketScout reveals that U.S. commercial property and casualty (P&C) insurance rates increased by an average of 2% in the fourth-quarter of 2017, compared with a 1% increase in the previous quarter and a 1.3% decline in Q4 2016. After the devastating impacts of third-quarter 2017 catastrophe events, underlined by ... Read the full article
Stonybrook assists sale of Maidstone Insurance to Special Diversified Opportunities Inc.
8th January 2018
U.S. domiciled insurer, Maidstone Insurance Company, has been sold to Special Diversified Opportunities Inc., in a deal that was assisted by Stonybrook Capital. Stonybrook Capital, which is an affiliate of Weild & Co., was named the exclusive sell-side financial advisor to Northwood Ventures, a venture capital and buyout investor, in its sale of Maidstone. Northwood Ventures Managing ... Read the full article
Xceedance appoints Travis MacMillian to Chief Business Officer
8th January 2018
Re/insurance service provider Xceedance has named insurance industry veteran Travis MacMillian as Chief Business Officer set to lead global business development on optimisation of clients' operations and technology transformation. Arun Balakrishnan, Chief Executive Officer (CEO) at Xceedance, commented on the appointment; “Travis has broad market and operational experience in carrier environments and ... Read the full article
Cunningham Lindsey promotes David Seng to CEO of Singapore
8th January 2018
International claims management and loss adjuster, Cunningham Lindsey, has promoted David Seng to Chief Executive Officer (CEO) of its Singapore operation, replacing Robert Williams, effective immediately. In his new role, Seng will be responsible for leading the Singapore team to enhance the client and partner relationships via the improvement of the ... Read the full article
Willis Re’s PRISM-Re tool upgraded to include silent cyber
8th January 2018
PRISM-Re, the cyber risk portfolio modelling tool from reinsurance broker Willis Re, has been upgraded to now include silent cyber, providing insurers and reinsurers with a more comprehensive view of cyber exposures. Willis Re, the global reinsurance arm of insurance and reinsurance brokerage Willis Towers Watson, first launched PRISM-Re in February ... Read the full article
MS Amlin launches Bermuda-based special purpose reinsurer
8th January 2018
Specialist global insurer and reinsurer, MS Amlin, has announced the launch of a new Bermuda-based special purpose reinsurer, called Viribus Re Ltd. The new reinsurer has been established to provide collateralised capacity support for MS Amlin Syndicate 2001's global reinsurance ... Read the full article
Pioneer establishes Latin America hub, names four new regional SVPs
8th January 2018
Pioneer Underwriters has launched its regional hub in Latin America and announced the hiring of four insurance and reinsurance industry professionals as Senior Vice Presidents (SVP), based in Mexico City. Complementary to the firm's global facultative underwriting operations in London, Pioneer Underwriters has announced the establishment of its Latin America hub ... Read the full article
W.R. Berkley subsidiary announces key promotions
8th January 2018
W. R. Berkley Corporation has named David Lockhart as president of its subsidiary Gemini Transportation Underwriters (Gemini), set to succeed Rocco Modafferi who has been promoted to chairman of Gemini. Lockhart joined Gemini as a senior vice president in 2014 and became executive vice president in 2017. Commenting on the appointments, which ... Read the full article
Nicole Lim promoted to AXIS Insurance Deputy Chief Underwriting Officer, Singapore
8th January 2018
AXIS Insurance, a subsidiary of AXIS Capital Holdings, has promoted Nicole Lim to Deputy Chief Underwriting Officer, CUO, for Singapore with immediate effect. Lim was promoted from a role as Vice President of Underwriting for AXIS' Singapore office. As CUO she will oversee AXIS' Singapore insurance business, reporting to Rory MacGregor, the former ... Read the full article
Suncorp sees loss from Melbourne hail storm as high as $170m
8th January 2018
Australian insurer Suncorp has revealed that it expects to suffer a loss of between $160 million and $170 million from the severe storm and hail that struck the Melbourne, Victoria region in December, which has taken the firm past its natural catastrophe budget for the first-half of the year. Suncorp said ... Read the full article
eReinsure adding blockchain service to its reinsurance platform
8th January 2018
eReinsure, a provider of reinsurance related technology solutions, is to offer its clients a blockchain based solution on its widely-used platform, providing users a simple way to embrace distributed ledger technologies. eReinsurer said this morning that its platform was widely used at the renewals, with 6,741 reinsurance professionals at 489 companies ... Read the full article
CEO in-waiting Booth to depart Randall & Quilter
8th January 2018
Non-life legacy and run-off acquisition and management, programme services and investments specialist Randall & Quilter Investment Holdings Ltd. has announced that its CEO in-waiting Tom Booth is departing the company. Randall & Quilter had announced back in October that Booth, the current Chief Financial Officer of the firm, was expected to ... Read the full article
FEMA secures $1.46 billion of flood reinsurance for 2018
5th January 2018
The U.S. Federal Emergency Management Agency (FEMA) has increased the size of its flood reinsurance program for 2018, securing $1.46 billion of coverage for the National Flood Insurance Program (NFIP). The 2018 NFIP reinsurance program has been placed with 28 private reinsurers and will provide the NFIP with coverage across two ... Read the full article
Everest Re appoints Jonathan Zaffino President and CEO of Everest Insurance
5th January 2018
Bermuda-based reinsurer Everest Re Group, Ltd. has announced the appointment of Jonathan M. Zaffino as President and Chief Executive Officer (CEO) of Everest Insurance Division, effective immediately. Zaffino joined Everest Re in 2015 and most recently served as President of the North America Insurance Division. In his new role as President and CEO ... Read the full article
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