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Economic losses from June flooding in south-eastern China hits almost $2bn: Aon

17th June 2019

Severe flooding from heavy rainfall that hit a number of provinces in south-eastern China during the first two weeks of June is expected to result in economic losses of almost $2 billion (CNY13.35 billion), with the majority of this unlikely to be covered by insurance protection. The latest weekly catastrophe report ... Read the full article

Cyber insurance to drive innovation, take industry by storm: Appleby’s Tim Faries

14th June 2019

The structures and products developed to tackle cyber risk over the next five years will take the global re/insurance market by storm and drive forward innovation, according to Tim Faries, Bermuda Managing Partner at global law firm Appleby. In a conversation with Faries at Appleby’s Bermuda offices, he explained how the ... Read the full article

IAG adds George Savvides to Board as Independent Non-Exec Director

14th June 2019

Australian primary insurer Insurance Australia Group Limited (IAG) has announced the appointment of George Savvides as an Independent Non-Executive Director of its Board. It’s hoped that Savvides’ appointment will enable the company to bolster customer satisfaction, business simplification and agility. He joins with extensive executive experience, serving as Chief Executive Officer of ... Read the full article

Athene co-founder Frank Gillis to retire as CEO of life business

14th June 2019

Athene Holding Ltd., one of Bermuda's leading retirement services companies, has announced that company co-founder Frank ‘Chip’ Gillis is to retire at the end of 2019. He will step down from his role as Chief Executive Officer (CEO) of Athene Life Re, but will continue his involvement with Athene as Executive ... Read the full article

Brazilian reinsurers Terra Brasis Re & Austral Re to merge

14th June 2019

Reports have revealed that Brazilian reinsurance companies Terra Brasis Re and Austral Re have now agreed to a merger, which is set to create the second largest reinsurer in Brazil. Reinsurance News reported in August of last year that the two companies were in talks over a potential merger. At ... Read the full article

Enstar adds XL Catlin’s Myron Hendry to Board

14th June 2019

Bermuda based re/insurance, run-off and legacy transaction specialist Enstar Group has announced the appointment of Myron Hendry to its Board as a class II Director, effective July 1. Hendry's appointment was recommended to the Board by Enstar’s Nominating and Governance Committee, which is comprised entirely of independent directors. Hendry most recently served ... Read the full article

Liberty partners with Edge Case Research on autonomous vehicle tech

14th June 2019

Liberty Mutual Insurance has announced an investment and new strategic partnership with Edge Case Research, a firm that helps companies go to market with autonomous vehicle technologies and services. Liberty Mutual's venture capital arm, Liberty Mutual Strategic Ventures, participated in the recent seed financing of the firm, which was established by ... Read the full article

Insurers can expect $65m in exposure value from stricken oil tankers: Russell Group

14th June 2019

Risk management company Russell Group has warned that cargo insurance companies can expect to experience a high exposure value following recent attacks on two oil tankers in the Gulf of Oman. The explosions that hit Japanese product tanker, Kokuka Courageous and the Norwegian tanker, Front Altair on Thursday occurred just weeks ... Read the full article

Aspen Insurance launches cyber risk management platform

14th June 2019

Aspen Insurance, the insurance arm of Bermudian re/insurer Aspen Insurance Holdings Limited, has announced the launch of its cyber risk management platform SSIMPLE. The SSIMPLE platform includes existing components of Aspen’s Apex insurance policy and incident response capabilities, and is designed to help clients prevent, detect and respond to privacy and ... Read the full article

CEOs of Aviva, Prudential, Ping An & PICC elected to Geneva Association Board

14th June 2019

Four new members have been elected as Directors to the Board of leading international insurance industry think tank the Geneva Association. The new additions, elected on May 30 at a General Assembly in Buenos Aires, includes Chief Executive Officers from Aviva, Prudential, Ping An and PICC. Maurice Tulloch is CEO of Aviva. ... Read the full article

Munich Re’s Serge Calfa joins EC3 Brokers MEA as regional director, treaty

14th June 2019

EC3 Brokers MEA has appointed Munich Re's Serge Calfa to the newly-created role of regional director of treaty, effective June 1st, 2019. In this role, Calfa reports to Steve Hart, Senior Executive Officer, and is based in the company's Dubai office. London-headquartered EC3 Brokers announced the launch of its Middle East ... Read the full article

Allianz Africa’s Delphine Traoré named President of the African Insurance Organisation

14th June 2019

Delphine Traoré, the Chief Operations Officer (COO) of Allianz Africa has been named President of the African Insurance Organisation, effective June 12th, 2019. Traoré has served as Vice President of the organisation since 2018, and succeeds Managing Director of Ghana Union Assurance, Aretha Duku. She first joined the Regional Executive Board of ... Read the full article

S&P turns stable on Lloyd’s due to underwriting improvements

14th June 2019

S&P Global Ratings has revised the outlook on its ratings for Lloyd’s of London from negative to stable, citing improved underwriting performance driven by the efforts of the new leadership team. The revision applies to Lloyd’s, the Society of Lloyd’s, and its core subsidiaries, and S&P has also affirmed its issuer ... Read the full article

Sompo Singapore adds Pui Phusangmook as CEO

14th June 2019

The Singapore business of Sompo Holdings has announced the appointment of Pui Phusangmook as its Chief Executive Officer, effective June 1. Phusangmook, who has been working in Singapore since 2001, brings over 25 years’ experience in the financial services sector. He was previously the Executive Vice President, General Manager, General Insurance and ... Read the full article

Compre completes trio of run-off acquisitions

14th June 2019

Insurance and reinsurance legacy specialist, Compre has signed three transactions involving the share of the Gibbon Pools held by Basler Versicherung AG (Baloise), Helvetia Swiss Insurance Company Ltd. (Helvetia), and an undisclosed European insurance group. Under the transactions, Compre has acquired each company's shares of the Gibbon Pools, which is made ... Read the full article

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