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Nasdaq issues delisting warning to Maiden Holdings as challenges hit share price

23rd April 2019

The Nasdaq has issued a statement to Maiden Holdings, Ltd. informing the reinsurer that the bid price of its common stock had closed below the required minimum $1 per share for 30 consecutive days, notifying the firm that is has 180 calendar days to regain compliance with the rule. Specifically, on ... Read the full article

United Insurance anticipating $18mn Q1 cat losses

23rd April 2019

United Insurance Holdings Corp. (UPC Insurance), a property and casualty (P&C) insurance holding company, has announced that it is expecting to incur catastrophe losses of approximately $18 million for the first quarter ending March 31, 2019. The loss estimate is pre-tax (approximately $13 million after tax) and is net of expected ... Read the full article

Tokio Marine’s ProAG to acquire AmTrust crop MGA

23rd April 2019

Producers Ag Insurance Group (ProAg), part of the specialty insurance group Tokio Marine HCC, is to acquire crop managing general agent AmTrust Agriculture Insurance Services (AmTrust Ag), a subsidiary of AmTrust Financial Services. AmTrust Ag is headquartered in Kansas, US and manages multi-peril crop, crop hail, livestock and named crop peril ... Read the full article

Marsh, Guy Carpenter, JLT combine LatAm facultative reinsurance

23rd April 2019

It's been announced that Marsh and Guy Carpenter will combine their Latin American facultative reinsurance operations with those of JLT Group, following the completed acquisition of JLT by Marsh & McLennan Companies (MMC) on April 1st, 2019. The combined operations will be called Carpenter Marsh Fac Re, and will be ... Read the full article

AIG’s Dawn Gregg joins Everest Insurance as VP

23rd April 2019

Everest Insurance, a division of Bermuda-based reinsurer Everest Re, has appointed Dawn Gregg as Vice President of its risk management division. Gregg most recently served as Vice President at AIG, where she was responsible for the portfolio management of several regional offices. Based out of New York, Gregg will be tasked with ... Read the full article

Tony Ursano to depart TigerRisk

23rd April 2019

Reinsurance brokerage, risk and capital strategic advisory firm TigerRisk Partners LLC has announced that its President, Tony Ursano, will be stepping down and leaving the organisation. Ursano joined TigerRisk in 2015 to help build the company’s reinsurance broking and investment banking practices into a holistic risk solutions provider and advisor. Rod Fox, ... Read the full article

Swiss Re’s reinsurance unit solvency ratio drops 34 points in 2019

23rd April 2019

The Swiss Solvency Test (SST) ratio of Swiss Reinsurance Company Ltd dropped 34 points from 252% in 2018 to 218% in 2019, according to the company’s latest financial condition report. At the Group level, Swiss Re’s SST ratio fell from 269% in 2018 to 251% in 2019, driven by further decreases ... Read the full article

Covéa looking to diversify into reinsurance through M&A, reports Reuters

23rd April 2019

The Chief Executive Officer (CEO) of French insurance group Covéa, Thierry Derez, has said that the firm is eager to diversify into the reinsurance industry through acquisitions, reports Reuters. In January 2019, Covéa decided to abandon plans to pursue an acquisition of reinsurer SCOR after the firm rejected an offer ... Read the full article

Francesco Martorana appointed CEO of Generali’s asset management arm

23rd April 2019

Generali Insurance Asset Management S.p.A. Società di gestione del risparmio (GIAM), a division of the Italian insurance giant, has appointed Francesco Martorana as Chief Executive Officer. Martorana replaces Santo Borsellino, who becomes Chairman of the Board of GIAM as well as Head of Generali’s asset and wealth management business unit Martorana also ... Read the full article

Allstate’s Q1 cat losses hit $680 million in 2019

23rd April 2019

The Allstate Corporation has revealed estimated catastrophe losses of $381 million, pre-tax ($301mn after-tax) for the month of March 2019, comprised of seven events and unfavourable reserve reestimates of prior period cat losses. The seven events resulted in estimated catastrophe losses of $371 million for the month, with $10 million coming ... Read the full article

Trust Re appoints new CEO to succeed outgoing Fadi Abunahl

23rd April 2019

Trust International Insurance & Reinsurance Company (Trust Re) has announced the appointment of Talal Al Zain as Group Chief Executive Officer (CEO), succeeding Fadi Abunahl. Outgoing CEO, Abunahl, had led the Bahrain-based company for 12 years since 2006, having been with the Group for more than two decades. Abunahl will relocate ... Read the full article

Hail drives $15.4mn of catastrophe losses for Heritage in Q1

23rd April 2019

Heritage Insurance Holdings, Inc. expects to incur net catastrophe losses of approximately $15.4 million for the first-quarter of 2019, with more than 66% a result of a severe March 2019 hailstorm in Brevard County, Florida. The March 2019 hailstorm is expected to result in net catastrophe losses of approximately $10.2 million ... Read the full article

Global, dedicated reinsurance capital declined to $462bn in 2018: Willis Re

23rd April 2019

Total, dedicated reinsurance industry capital declined by 5% year-on-year in 2018, ending the year at $462 billion, according to Willis Re, the reinsurance broking arm of Willis Towers Watson. The reinsurance broker has released its 2018 Reinsurance Market Report, which shows a decline in the volume of dedicated, global reinsurance capital. According ... Read the full article

Liberty Mutual elects Jay Hooley to Board of Directors

23rd April 2019

Liberty Mutual Insurance has announced that Jay Hooley has been elected to the company’s Board of Directors. Hooley is the Chairman and former Chief Executive Officer (CEO) of State Street Corporation, the U.S financial services and bank holding company. As former CEO of State Street, Hooley was responsible for leading a company ... Read the full article

Munich Re Syndicate eyes Asia expansion with coverholder partnership

18th April 2019

Munich Re Syndicate Singapore, the Asia-Pacific arm of Munich Re's Lloyd’s syndicate, has announced a partnership with Singapore-based coverholder Nectar Specialty Risk (Nectar), a move that strengthens its ties in the region. Nectar offers professional lines products via a Nectar Pro, a Financial Lines business unit focused on emerging Asian markets ... Read the full article

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