Reinsurance News
Aegon completes sale of two run-off businesses to Wilton Re
29th June 2017
Global insurance and financial services specialist Aegon has completed the sale of its two largest U.S. run-off insurance businesses to Wilton Re, the U.S. life reinsurance firm that specialises in the acquisition of in-force portfolios. In a transaction first announced back in May, Aegon has sold its payout annuity business ... Read the full article
Reinsurance industry helps World Bank secure $500m pandemic facility backing
29th June 2017
The global reinsurance industry has collaborated with and assisted the World Bank's launch of specialist bonds to support the $500 million Pandemic Emergency Financing Facility (PEF), which is designed to rapidly disburse funds to eligible countries facing a major disease outbreak. In response to the high financial, social and economic loss driven ... Read the full article
Guy Carpenter opens unit for Asia Pacific retrocession
29th June 2017
Guy Carpenter has announced the launch of a new unit, GC Asia Pacific Retro, offering retrocession services in the Asia Pacific region. The unit will link with Guy Carpenter's marine and aviation Global Specialties units in the region and provide retrocession property solutions, capital raising, and product and capacity development. Kevin Fisher, ... Read the full article
PartnerRe announces retirement of Tad Walker and Marvin Pestcoe
29th June 2017
Two senior and longstanding executives from reinsurer PartnerRe are to retire the company announced, with Tad Walker, CEO Property & Casualty and Marvin Pestcoe, Chief Risk and Actuarial Officer, both leaving at the end of Q1 2018. PartnerRe, the Bermudian reinsurance firm owned by the Agnelli family-owned EXOR investment group, is ... Read the full article
North P&I Club names Andrew Hearne as Underwriting Deputy Director
29th June 2017
North P&I Club has named Andrew Hearne as Underwriting Deputy Director, as part of an underwriting team expansion effort to accommodate its market growth. Hearne will begin his role working with North's European team, based out of the club's Newcastle upon Tyne head office. Commenting on his appointment, Hearne said; "North has ... Read the full article
AXIS Insurance appoints Jim DeSimone to Senior Vice President of Primary Casualty
29th June 2017
AXIS Insurance - a segment of AXIS Capital Holdings Limited - has hired James (Jim) DeSimone as Senior Vice President of Primary Casualty. In his New-York based role, DeSimone will manage the underwriting team responsible for Primary Casualty in the Northeast and Midwest regions and report to Janet Jordan-Foster, Executive Vice President of ... Read the full article
InsurTech recognised as threat to re/insurance revenues by 86% in survey
29th June 2017
Of respondents to a new survey on attitudes to the adoption of technology in financial services, a huge 86% of insurance and reinsurance company executives questioned said that believe InsurTech threatens at least 20% of their revenues. PwC’s 2017 Global FinTech survey found that the insurance and reinsurance sector ... Read the full article
Florida Hurricane Catastrophe Fund saves on 2017 reinsurance placement
28th June 2017
Acting on behalf of the Florida Hurricane Catastrophe Fund (FHCF), the State Board of Administration (SBA) announced its completed reinsurance placement, ahead of the 2017 hurricane season, to help provide its statutory maximum limit of $17 billion of fully liquid funding. The FHCF liquidity breakdown consists of $14.9 billion in cash, the ... Read the full article
Sompo Canopius hires credit & political risk underwriter from AmTrust
28th June 2017
Global specialty insurance and reinsurance firm Sompo Canopius AG has announced the hiring of Tim Watson from AmTrust to be a credit & political risk underwriter for the company, effective immediately. Watson comes to Sompo Canopius from his most recent role as a political risk and credit underwriter at AmTrust at ... Read the full article
MS Amlin to shift EU business to Belgium in wake of Brexit
28th June 2017
Global specialist insurance and reinsurance firm MS Amlin is to shift and redomicile its European business from London to Belgium, as a response to Brexit, although the firm's global headquarters will remain in the UK. The Amlin Insurance Societas Europaea (S.E.) (“AISE”) business will move to Belgium, a country where MS ... Read the full article
Ogden rate & market innovation: UK Economic Secretary Steven Barclay
28th June 2017
The UK Economic Secretary Steven Barclay said yesterday in a speech at the Association of British Insurers conference, the government is consulting on how to set the Ogden rate for England and Wales, to ensure a "better and fairer system for claimants and defendants." Barclay said; "We are currently considering the ... Read the full article
RenRe co-founder Currie appointed to Executive Chairman of Ascot Group
28th June 2017
Bermuda-based Ascot Group Limited (AGL) has announced Neill Currie's appointment to Executive Chairman, with effect from 21st June. In his role as Executive Chairman, Currie will work with AGL’s management and board of directors to grow its operations and capabilities. Prior to his appointment, Currie was co-founder and CEO of RenaissanceRe Holdings ... Read the full article
Antares promotes three to Lloyd’s managing agency board
28th June 2017
Antares, the Qatar Insurance Company owned Lloyd's of London managing agency, has announced some promotions and the appointment of three employees as new board members. The appointments have been made to "meet the evolving needs of the managing agency and promote internal talent," the company said. David Hobbs has been promoted to ... Read the full article
Innovative risk distributors as winners in the tech-age: John Doyle, Marsh
28th June 2017
Speaking at the MMC Young Professionals Forum, President of Marsh LLC, John Doyle, highlighted distributors of risk as winners of the tech-driven future saying that as the industry faces disruption middle market distribution will make gains as it "continues to consolidate." Doyle called attention to data and distribution as major drivers of change ... Read the full article
Munich Re partners with Community Association Underwriters of America
28th June 2017
Reinsurance giant Munich Re is partnering through its U.S. Specialty Markets branch with the Community Association Underwriters of America (CAU), a managing general agency and division of Alliant Specialty Insurance Services. From July, Munich Re's US-affiliated carriers will insure CAU’s existing business and also offer its client base a number of ... Read the full article
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