Reinsurance News
Private equity specialist Kelso selling most of its Third Point Re stake
14th November 2017
Specialist private equity investor Kelso & Company is selling almost 70% of its stake in Bermudian hedge fund backed reinsurance firm Third Point Re, in a secondary offering of 15 million shares. At yesterday's closing price of $16.80, the 15 million shares will raise Kelso around $252 million. The shares represent approximately ... Read the full article
Chord Re launches as reinsurance focused MGA with Neon capacity
14th November 2017
Chord Re, a new managing general agency (MGA) underwriting start-up, has been launched by Stefan Long, formerly Head of Aspen Re London, and will begin underwriting with the backing of Neon's syndicate capacity. Chord Re has been set up as a joint-venture between its management team, Neon Underwriting Limited and insurance ... Read the full article
70% of climate change damage not covered by re/insurance
14th November 2017
On a global level insurance is failing to cover 70% of climate change damage, and this percentage rises to 98% for developing nations, warned climate experts at the 23rd Conference of the Parties (COP23) to the United Nations Framework Convention on Climate Change (UNFCCC). At an official side-event, COP23, organised by the ... Read the full article
Sompo International hires two casualty reinsurance underwriters
13th November 2017
Sompo International, the Bermuda headquartered specialty insurance and reinsurance firm formerly named Endurance, has announced the addition of two newly hired senior casualty reinsurance underwriters. Alison Wood and Lorene Phillips have both joined the Sompo International Global Casualty Reinsurance team in the role of Senior Vice President, International Casualty Underwriter. The ... Read the full article
Applied Research Associates pairs with Simplitium & Oasis to offer U.S. hurricane risk model
13th November 2017
Applied Research Associates (ARA) has joined forces with Simplitium and Oasis to offer a cost-effective solution for re/insurers' U.S. hurricane risk modelling. ARA and Simplitium have formalised an agreement for ARA’s cat risk modelling software, HurLoss TM, which ensures the availability of the U.S. hurricane model on the catastrophe risk modelling ... Read the full article
Munich Re underlines microinsurance growth in Latin America & Caribbean
13th November 2017
Preliminary findings of a recent study on microinsurance across Latin America and the Caribbean (LAC), published by the Munich Re Foundation and the Microinsurance Network, highlights substantial growth in take-up rates in recent times, but warns that more must be done to enable the poorest and most vulnerable with access ... Read the full article
Dale gets approval for Lloyd’s reinsurance sidecar SPA
13th November 2017
Dale Underwriting Partners has received approval from Lloyd's for its new special purpose arrangement (SPA), a vehicle that will act as a kind of reinsurance sidecar for Dale's Syndicate 1729. The SPA will reinsure a portfolio of contingency and specialty property business that has been underwritten into Dale syndicate 1729 by ... Read the full article
FEMA selects AIR Worldwide flood risk model for NFIP
13th November 2017
The Federal Emergency Management Agency (FEMA) has selected AIR Worldwide’s Inland Flood and Storm Surge risk models for the United States to help it to get a better understanding of the National Flood Insurance Program’s (NFIP) loss potential. By taking up the AIR flood risk model, FEMA will benefit from a ... Read the full article
Chubb appoints Barry Beard as Head of Global Services & Complex Multinational UK & Ireland
13th November 2017
Chubb has named Barry Beard as Head of its newly created role of Global Services and Complex Multinational UK and Ireland, in which he'll lead the firm's multinational network and UK and Ireland services. The role aims to help clients deal with complex multinational captive programmes, using Chubb's broad product portfolio, advanced technology ... Read the full article
Alize launched as specialty lines underwriting service provider in Bermuda
13th November 2017
Alize Ltd., a new start-up has been launched in Bermuda, targeting the provision of actuarial and underwriting services to assist in the placement of specialty lines reinsurance and retrocession. Led by Brian Gulbransen, who has left his position as a Partner at reinsurance broker Capsicum Re, Alize Ltd. will work with ... Read the full article
AXA streamlines governance model, appoints new executives
13th November 2017
AXA Group has simplified its operating model to empower its entities to operate closer to their clients, and has appointed new executives to its leadership team to steer the new streamlined Corporate Centre. The AXA Group will now be organised around 5 geographies; France, Europe, the U.S., Asia, and International; it ... Read the full article
Agora Underwriting approved for its full Lloyd’s Syndicate 3268
13th November 2017
Agora, the Lloyd's of London underwriting operation run by its active underwriter Mike Pritchard, has been approved for a full syndicate at Lloyd's, an upgrade from the Special Purpose Arrangement (SPA) it had previously operated as. Agora Syndicate 3268 has now been approved by Lloyd’s to begin underwriting business that attaches ... Read the full article
Coverys appoints Keith Bryceland to Underwriter of Syndicate 1975
13th November 2017
Medical professional liability insurer Coverys has named Keith Bryceland as Active Underwriter of Coverys Syndicate 1975. Bryceland brings over 25 years of experience to the London-based Syndicate, specializing in underwriting global professional liability insurance and reinsurance. Bryceland most recently served as Senior Underwriter at Chubb Syndicate 2488, underwriting all classes of professional ... Read the full article
Global reinsurance pricing set to turn, be more precise
13th November 2017
Panelists at the 2017 Bermuda Reinsurance Conference said that with Hurricanes Harvey, Irma, and Maria as well as the Mexico City earthquake creating what increasingly appears to be a capital event for the global reinsurance industry - pricing may have finally reached a turning point. "Either way, the industry may be evolving ... Read the full article
Reinsurers’ M&A strategies could be hit by recent capital loss events
10th November 2017
As reinsurers cope with significant third-quarter catastrophe-related losses, research analysts speaking at the 2017 Bermuda Reinsurance Conference said they believed that although the hit to reinsurer balance-sheets would be less severe than in previous high-loss years, it would impact firms' M&A strategies. "It seems like, if you look at the hits ... Read the full article
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