Reinsurance News
UAE insurance regulator revises framework for reinsurance use
6th December 2017
The United Arab Emirates' (UAE) Federal Insurance Authority (IA) has published draft regulations for a new reinsurance regime that revises requirements for local insurers' management of reinsurance. Tom Bicknell, a Dubai-based specialist in insurance regulation at Pinsent Masons, said the recognition of reinsurance as a distinct category of risk carriers is an ... Read the full article
FM Global appoints Randy Hodge to Senior Vice President of underwriting & reinsurance
6th December 2017
Commercial and industrial property insurer, FM Global, has appointed Randy Hodge to Senior Vice President of underwriting and reinsurance. In his new role, Hodge will be based in FM Global's corporate offices in Johnston, R.I. Bret Ahnell, FM Global executive vice president, said; “Randy’s proven leadership abilities and more than 27 ... Read the full article
SOBC Sandall acquires American Safety Risk Retention Group
6th December 2017
SOBC Sandell has announced the acquisition of 100% of American Safety Risk Retention Group of Vermont as of December 1st, following regulatory approval for Change of Control in Vermont Department of Financial Regulation (DFR). SOBC Sandell said it worked closely with the Vermont DFR on the transaction. Stephanie Mocatta, SOBC Sandell CEO, ... Read the full article
Swiss Re Corporate Solutions & Argo Group back cyber insurer Coalition
6th December 2017
Cyber risk insurance solution provider Coalition launched today with its cyber solutions backed by capacity from Swiss Re Corporate Solutions and Argo Group. Coalition was co-founded by technology entrepreneurs Joshua Motta and John Hering, and provides a full range of cybersecurity products for small to midsize businesses (SMBs) as well as comprehensive ... Read the full article
Navigators expands European presence with Spain office
6th December 2017
Navigators International has expanded its European presence with the opening of a Spain office, to be headed up by Carlos Peña Kaiser as Country Manager. Using its newly capitalised retail insurer, Navigators International, the carrier hopes to target Spain-domiciled companies. The move comes as part of a strategy of geographic expansion of ... Read the full article
JLT Re names Desmond Bohan as Senior Vice President
6th December 2017
JLT Re has appointed Desmond Bohan, who joins from Frates, to Senior Vice President (SVP) as the broker looks to expand its program business. Bohan will be responsible for the continued expansion and development of JLT Re’s Program practice in North America, as the reinsurer continues to build its specialized program group ... Read the full article
UK life insurance sector revised to stable: Fitch
6th December 2017
Fitch Ratings has revised its outlook for the UK life insurance sector to stable from negative, as a result of the individual annuity market stabilising and ongoing demand for savings and asset management products. Firms remaining in the annuity market are expected to make significant use of longevity reinsurance to minimise ... Read the full article
FEMA set for full $1.024 billion NFIP flood reinsurance recovery
6th December 2017
The U.S. Federal Emergency Management Agency (FEMA) is set to recover the full $1.024 billion under its 2017 flood reinsurance program for the National Flood Insurance Program (NFIP), as its estimates show the entire layer blown by losses from hurricane Harvey. The 2017 reinsurance program was placed in January 2017 and ... Read the full article
Swiss Re’s ReAssure buying 1.1m Legal & General life policies for £650m
6th December 2017
ReAssure, the closed life book consolidator specialist unit of global reinsurance firm Swiss Re, is to acquire 1.1 million life insurance policies from Legal & General in a deal worth UK £650 million. The transaction strengthens ReAssure's position in the United Kingdon and the firm says it is consistent with its ... Read the full article
Hyperion gets $400m+ investment from Québec pensions
5th December 2017
International insurance group Hyperion, which counts broking divisions Howden and RKH, and underwriting division DUAL, at its core, has received an investment of over $400 million from pension funds in Québec managed by Caisse de dépôt et placement du Québec (CDPQ). CDPQ is a long-term, institutional investor with a liking for ... Read the full article
Life/annuity industry sees 50%+ income increase year-on-year
5th December 2017
The U.S. life/annuity (L/A) industry’s net income for the first nine months of 2017 $30.9 billion more than doubled compared to the same period last year, according to AM. Best. 2017's outstanding earnings were down to the $44.3 billion decline in total expenses and federal and foreign taxes having been offset ... Read the full article
Actuarial firm MSK hires Rolf Kuhn for Austria role
5th December 2017
Meyerthole Siems Kohlruss (MSK), the German actuarial specialist firm, has announced the appointment of Dr. Rolf Kuhn as a strategic consultant focused on Austria. Kuhn is experienced in the insurance and reinsurance industry in Austria, having acted as a member of the executive board of local company Helvetia Insurance for a ... Read the full article
AIG hires Tom Bolt from Berkshire Hathway for Chief Underwriting Officer role
5th December 2017
Insurance giant AIG has poached Tom Bolt from his most recent role as President, UK and Southern Europe, Berkshire Hathaway Specialty Insurance Company (BHSI) to join the insurer as Chief Underwriting Officer, General Insurance. Bolt, who prior to Berkshire Hathaway was the director of performance management at Lloyd's of London, will ... Read the full article
Hiscox Re hires Megan McConnell as Director of Underwriting
5th December 2017
Megan McConnell, who as we reported yesterday is departing the Paraline group, is to emerge in a new reinsurance role as Director of Underwriting at Hiscox Re in London. McConnell had worked for International Catastrophe Insurance Managers, LLC (ICAT) since 2005, but it was announced yesterday that she is leaving ... Read the full article
Compre announces changes to senior leadership
5th December 2017
Legacy specialist re/insurer Compre has announced that Nick Steer, the firm's founding director, will step down as CEO. Tom Colraine, chairman of Compre Group, commented; “the board are delighted to be promoting Will Bridger and Mark Lawson as co-CEO’s. Their joint role plays well to Will and Mark’s respective leadership strengths ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
