Reinsurance News
Legal & General secure £490mn Merchant Navy Officers Pension Fund buy-in
13th December 2017
The Trustee of the £3 billion Merchant Navy Officers Pension Fund (MNOPF) has secured a buy-in transaction with Legal & General, worth £490 million of members’ pension benefits. The buy-in hedges the benefits of all current pensioners against longevity risk. MNOPF Chair, Rory Murphy, said; “This buy-in enables us to more effectively ... Read the full article
Nearly a third of U.S. businesses experienced a data breach: Survey
13th December 2017
According to a recent survey for The Hartford Steam Boiler Inspection and Insurance Company (HSB), a division of global reinsurer Munich Re, 29% of U.S. businesses experienced a data breach in the previous year. The survey was conducted by Zogby Analytics for HSB, as part of a continuing effort by HSB ... Read the full article
Reinsurance reduces operational costs for life insurers: Swiss Re
13th December 2017
To improve profitability and value of life insurance products, life insurers have been effectively leveraging reinsurance and capital markets by transferring longevity risk exposures, according to Swiss Re's latest sigma report. Reinsurance and capital market solutions have made life insurers more competitive, improving profitability through reducing mortality, morbidity and longevity risk ... Read the full article
IranianRe in negotiations with SCOR, PartnerRe & Nasco Insurance
13th December 2017
IranianRe leadership has met key executives at SCOR, PartnerRe, and Nasco Insurance Group to negotiate potential partnerships, as Iran's biggest reinsurer follows a strategy of transferring risk to foreign reinsurers, according to the Financial Tribune. IranianRe Chief Executive Officer (CEO) and Deputy Chairman of the Board, Seyyed Mohammad Asoudeh, said ... Read the full article
Brit launches collateralised reinsurance platform in Bermuda, adds Jay Nichols to Board
13th December 2017
Specialty global insurer and reinsurer, Brit, has announced that Jay Nichols has joined the Board of its new Bermuda-based collateralised reinsurance platform, Sussex Capital. Through Sussex Re, Sussex Capital is a newly created special purpose insurer based in Bermuda, that will underwrite direct collateralised reinsurance, while providing collateralised reinsurance to Brit's ... Read the full article
Jerome Faure joins Chaucer board as non-exec
13th December 2017
International specialty insurance group Chaucer plc has named Jerome Faure as an Independent Non-Executive Director of Chaucer Syndicates Limited, the firms managing agency and operating company. Faure has held a number of senior roles at major reinsurance companies around the world, most recently with Endurance in Bermuda. Faure's career began with SCOR ... Read the full article
Third Point Re appoints Neil McConachie to its board
13th December 2017
Neil McConachie, a well-known reinsurance industry executive who previously helped to found Fidelis, has been added to the board of hedge fund backed Third Point Re. Third Point Re said that Neil McConachie has been appointed to the Board to replace Christopher L. Collins, who steps down from the ... Read the full article
Bermudians’ reinsurance price increases may not live up to expectations: KBW
12th December 2017
Bermudian investors' expectations for reinsurance rate increases at the January renewals may not live up to expectations, although optimism remains for improving casualty reinsurance rates, said Keefe, Bruyette & Woods (KBW) analysts after holding meetings with key re/insurers last week. KBW said it remains “cautious on the Bermudians” as the initial ... Read the full article
Kennedys boosts insurance practice with five hires from Mayer Brown
12th December 2017
International law firm Kennedys has announced further expansion of its insurance practice with the hiring of a five-strong team from Mayer Brown, enhancing the firm's multi-jurisdiction capabilities. The hires include David Chadwick, Ingrid Hobbs, Tim McCaw, Andrew McGahey, and Andrew Westlake, and takes the firm's partner hires for 2017 to 33. ... Read the full article
142,000 at risk households now benefit from Flood Re policies
12th December 2017
The latest data from the UK’s government-backed reinsurance scheme, Flood Re, shows that as at September 30th, 2017, the number of policies benefiting from Flood Re increased to 142,000. Flood Re aims to make flood insurance more accessible to property owners in the UK, and its latest data reveals that 77,000 policies ... Read the full article
Spirit Commercial extends reinsurance placement through 2019
12th December 2017
Spirit Commercial Auto RRG, Inc. (Spirit), a risk retention group that specialises in U.S.-based transportation liability insurance, has completed the extension of its reinsurance placement through 2019, in conjunction with Wesco Insurance Company. The extension will take Spirit through its eighth year of operations offering comprehensive liability insurance protection to trucking companies ... Read the full article
2017 California wildfire season could cost $180 billion: AccuWeather
12th December 2017
AccuWeather has warned that the 2017 California wildfire season could result in an economic cost of up to $180 billion, as the so-called Thomas wildfire adds to the expected $10 billion+ insured loss from the October California wildfires. Founder, President and Chairman of AccuWeather, Dr. Joel Myers, said; "Even before this spate ... Read the full article
Rupert Evans joins Aon Benfield’s Credit & Financial Risks division
12th December 2017
Rupert Evans will join reinsurance broker Aon Benfield from Liberty Speciality Markets (LSM) as a broker within its Credit & Financial Risks team, effective immediately. Evans has specialised in underwriting political risk, credit & surety business, and also has experience within other crisis management lines. He joins Aon Benfield from LSM, where ... Read the full article
Thomas Deane joins Stonybrook from JLT Capital Markets as a Director
12th December 2017
Thomas Deane has joined insurance industry-focused strategic advisory and investment banking firm, Stonybrook Capital from JLT Capital Markets, according to an announcement by Stonybrook's Principal and Managing Director (MD), Jospeh Scheerer. Deane joined JLT Capital Markets, a division of insurance and reinsurance broker JLT Group, in 2010, and was most recently ... Read the full article
Reinsurance investment in InsurTech rises to $1 billion in Q217: Valen Analytics
12th December 2017
Reinsurance investment into InsurTech rose to $1 billion in Q2 2017 - an indicator that reinsurers are accelerating the pace of innovation in an industry rife with disruption, according to a report on InsurTech market dynamics by Valen Analytics. After Google, Overstock, and other large platforms tried to enter the re/insurance ... Read the full article
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