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Reinsurance News

IAG announces sale of its interest in SBI General Insurance

18th October 2019

Insurance Australia Group Limited (IAG) has announced an agreement to sell the entirety of its 26% interest in its joint venture with the State Bank of India, SBI General Insurance Company, through two transactions. The transaction includes an agreement with Napean Opportunities LLP, which is part of Premji Invest, to acquire ... Read the full article

QBE joins cyber modelling, prediction platform Corax

18th October 2019

QBE Europe, part of the QBE Insurance Group, is set to begin leveraging cyber exposure data and loss analytics provided by Corax. QBE will look to use the Corax platform to underwrite and manage cyber risk exposure. Founded in 2014, the cyber risk modelling and prediction platform has been available to the ... Read the full article

Berkshire (BHSI) announces leadership hires in Madrid

18th October 2019

Berkshire Hathaway Specialty Insurance Company (BHSI), a division of Warren Buffett's Berkshire Hathaway, has announced three leadership appointments in Madrid, including Diego Espinosa as head of property, Juan Madrid as head of casualty, and Tomás Blas as head of technical lines. Espinosa joins with over a decade of experience from RSA ... Read the full article

Re/insurers not offering cyber cover also face financial impacts: GlobalData

18th October 2019

Even re/insurers who do not offer cyber coverage could find themselves being impacted financially due to ambiguous policy wording, according to data and analytics firm GlobalData. Analysts noted that re/insurance firms may find themselves exposed to cover the cost of cyber-related claims on traditional policies such as business interruption. The UK cyber ... Read the full article

Maiden Re looks to re-domesticate to Vermont

17th October 2019

In an effort to create a more efficient structure, the principal operating subsidiary of Maiden Holdings, Ltd., Maiden Reinsurance Ltd. (Maiden Bermuda), has submitted all the required filings to re-domesticate from Bermuda to the State of Vermont in the U.S. Currently, Maiden is looking to complete the re-domestication process on or ... Read the full article

Swiss Re and Pioneer co-develop innovative telematics solution

17th October 2019

Global reinsurance giant Swiss Re has collaborated with car electronics company Pioneer to develop a first-of-its-kind telematics solution designed to provide insurers with more and improved personalised risk assessment. The innovative, co-developed solution is to be included in Swiss Re's telematics suite and as a result of the new partnership, the ... Read the full article

CNA names James Chief Risk & Reinsurance Officer, Miralles to lead Warranty

17th October 2019

U.S. commercial property and casualty (P&C) insurer, CNA, has announced a couple of management changes in Enterprise Risk Management (ERM) and Warranty, including the appointment of Mark James as Chief Risk and Reinsurance Officer. In his new role, James assumed leadership of the firm's ERM function and maintains leadership for the ... Read the full article

Guy Carpenter appoints Samengo-Turner as Global Facultative Leader

17th October 2019

Guy Carpenter, the reinsurance broking arm of Marsh & McLennan Companies, has announced the appointment of Dominic Samengo-Turner as Global Facultative Leader, while Simon Delchar takes over as Head of Marsh JLT Specialty, Asia. Samengo-Turner will relocate to London and will report to John Trace, Chief Executive Officer (CEO), North America, ... Read the full article

Typhoons to boost Japanese reinsurance rates, but not market-wide: Barclays

17th October 2019

The substantial industry losses stemming from Japanese typhoons in 2019 will provide a boost to affected regional lines, but are unlikely to trigger a sharp recovery in wider property and casualty (P&C) reinsurance prices, according to analysts at Barclays. With insured losses from Typhoons Faxai and Hagibis now pegged at between ... Read the full article

TRIPRA expiration could cause “domino effect” of price rises: Marsh CEO

17th October 2019

John Doyle, President and CEO at Marsh, has warned that a failure to renew the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) could cause a “domino effect” of price increases across multiple re/insurance lines. Doyle recently testified before the United States House Committee on Financial Services to advocate for a timely ... Read the full article

RLI earnings down in Q3 despite underwriting improvements

17th October 2019

US property and casualty (P&C) insurer RLI Corp. has reported a 17.9% decrease in net earnings during the third quarter of 2019, despite significant improvements in its underwriting performance. RLI recorded net earnings of $32.3 million in Q3 2019, down from $39.4 million for the same period last year. However, the company ... Read the full article

RSG wraps up acquisition of hotel-focused program manager

17th October 2019

Ryan Specialty Group, an international specialty insurance organisation, has completed its previously-announced acquisition of Suitelife, a program manager based in West Chester, PA that specialises in hotels. Founded in 2010, Suitelife offers package, liability, property, umbrella, auto and workers’ compensation coverages to hotels, resort properties and private resort communities. Its program management ... Read the full article

Legal cannabis boom considerable opportunity for Lloyd’s: Clyde & Co

17th October 2019

With upcoming regulatory developments in the US and Canada expected to facilitate a significant growth of the legal cannabis industry over the next five years, Global law firm Clyde & Co sees considerable opportunities for insurers at Lloyd’s. Sales are already projected to grow as much as ten-fold to reach $40 ... Read the full article

DARAG Guernsey purchases Thames Water captive

17th October 2019

DARAG Guernsey, part of run-off specialist DARAG, is set to acquire captive re/insurer Thames Water Insurance Company Limited (TWICL) from its parent Kemble Water Finance. The captive will be renamed DARAG Insurance (Guernsey) Limited and serve as a consolidator for certain future DARAG non EEA legacy deals, including captive acquisitions and ... Read the full article

CCRIF SPC adds Guatemala to Facility

17th October 2019

The CCRIF SPC (formerly called the Caribbean Catastrophe Risk Insurance Facility) has added the Government of Guatemala to the Facility, taking the total number of member countries to 22. After the signing of a Memorandum of Understanding (MoU) with the Council of Ministers of Finance of Central America, Panama and the ... Read the full article

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