Reinsurance News
XL Catlin expands North American Aviation Insurance team with key appointments
3rd August 2017
XL Catlin has expanded its Canada Aviation Insurance team with the appointment of David Watts as Vice President of Canadian Aviation Manager, Stephanie Hope as Aviation Underwriter and Alex Barker as Manager of Aviation. Timothy Bartos was announced new Vice President Senior Underwriter for the U.S. team, based in New York. Commenting ... Read the full article
Continued softening & expansion of terms in energy re/insurance
3rd August 2017
The energy insurance and reinsurance sector has witnessed continued softening of prices and expansion of terms and conditions at recent renewals, helping protection buyers to more positive dealings with risk transfer partners, according to JLT Group’s Lloyd & Partners unit. The offshore and onshore energy insurance market has softened rapidly, nearing ... Read the full article
Allianz in advanced talks with LV= over stake in general insurance operations
3rd August 2017
Following media reports insurer LV= has confirmed that it is in advanced talks with Allianz over the potential sale of a "significant minority stake" in its general insurance business. The British insurance company announced today that discussions with Germany-based insurer Allianz are ongoing, but stressed that there's no certainty any deal will ... Read the full article
Reinsurers’ reserves strong, but release levels “unsustainable”: Morgan Stanley
3rd August 2017
Reserving will continue to be a key debate in the reinsurance space as current release levels are "unsustainable" although reinsurers still remain mostly comfortably reserved, according to Morgan Stanley equity analysts. Analysts commented in the firm's latest market research report that most reinsurers are comfortably reserved, although with varying buffer levels ... Read the full article
Inga Beale to become the next Chartered Insurance Institute President
3rd August 2017
Lloyd's Chief Executive Officer (CEO), Dame Inga Beale, was elected to 121st president of the Chartered Insurance Institute (CII) at the insurance body's Annual General Meeting held in London yesterday. She is set to succeed John Moore MBE, Chartered Insurance Broker and Chairman at Thomas Carroll Group. Beale said she has chosen New Talent ... Read the full article
Beazley appoints Santiago Jaramillo as Engineering Focus Group Leader
3rd August 2017
Beazley has announced Santiago Jaramillo as Engineering Focus Group Leader for the U.S. and Latin America. In his new role Jaramillo will manage the firm's building portfolio in the U.S., collaborating with the San Francisco and Atlanta builders' risk teams who will be reporting to him from 1st of August. Jaramillo, who ... Read the full article
Travelers elects Alan Schnitzer as new Board of Directors Chairman
2nd August 2017
Alan Schnitzer has been unanimously elected as the Travelers Companies Board of Directors' next Chairman, set to succeed John Dasburg, who is returning to a role as independent Lead Director. Dasburg, commented; “During this time of unprecedented change for the insurance industry, the Board believes that the company and its shareholders are ... Read the full article
Big data to transform consumer proposition through bespoke coverage
2nd August 2017
There are many ways big data and technology promise to revolutionise the re/insurance process and policies, but for the consumer, possibly one of the biggest transformations will come from re/insurers' ability to offer a product that’s tailor-made to individual use as technological advances increase data volume and analytics. As growing databases ... Read the full article
Greenlight Re CEO signals entry into reinsurance subscription markets
2nd August 2017
Simon Burton, Greenlight Capital Re, Ltd.'s new Chief Executive Officer (CEO), has discussed upcoming changes to the firm's underwriting approach and appetite, highlighting plans to move into the transactional reinsurance subscription markets in London, Bermuda and the U.S. The new strategy is a first for the hedge-fund style reinsurance company, and ... Read the full article
Berkshire Hathaway Specialty Insurance opens Dublin office, names P&C manager
2nd August 2017
Berkshire Hathaway Specialty Insurance Company (BHSI), a division of Warren Buffett's Berkshire Hathaway, has announced the launch of a new Dublin, Ireland office and the appointment of Cormac McNamara as the unit's Property & Casualty (P&C) Manager. McNamara joins the firm with 24 years of insurance industry experience across the UK and ... Read the full article
Alesco builds out energy team with four senior hires
2nd August 2017
Insurance and risk management brokerage, Alesco Risk Management Services (Alesco), has expanded its energy market capabilities with a number of senior hires in its energy division. Recently with broker Willis, David Hallows joins the firm in August and brings more than 30 years of experience to Alesco, and has been named as ... Read the full article
S&P skeptical on P&C reinsurers’ use of M&A to offset market challenges
2nd August 2017
S&P Global Ratings has set its outlook for P&C re/insurance M&A as neutral with a slight negative bias, while re/insurers often see M&As as a viable growth option, the agency remains skeptical as to how effective this strategy of upscaling to offset market challenges really is. As global property and casualty ... Read the full article
Lloyd’s of London sued over Kanye West tour
2nd August 2017
U.S. rapper Kanye West's touring company, Very Good Touring, Inc., is reportedly suing the specialist Lloyd's of London insurance and reinsurance marketplace for $10 million (roughly £7.6 million) over his cancelled tour last November after he was admitted to hospital, according to numerous industry reports. Reports claim the touring company is suing ... Read the full article
California Earthquake Authority demand for reinsurance grows as insurance sales boom
2nd August 2017
The California Earthquake Authority (CEA) has increased its capacity by over $15 billion after seeing a continued trend of major increases to earthquake insurance sales that began last year, when the CEA's policies in force grew by over seven times the 10 year average gain to 52,000. As the CEA ensures its sufficiently capitalised ... Read the full article
Guy Carpenter appoints CEO and Chairman for Asia Pacific region
2nd August 2017
Reinsurance brokerage Guy Carpenter has announced two senior promotions in the Asia Pacific region, naming Tony Gallagher as CEO of the Asia Pacific Region and Richard Jones as Chairman of the Region. Gallagher, who was most recently CEO of the Pacific Region at Guy Carpenter, takes on his new role as ... Read the full article
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