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Reinsurance News

July losses reach into billions of dollars after record heat, rainfall: Aon

13th August 2019

The impact of hurricane Barry combined with a series of severe thunderstorms in the U.S., monsoonal flooding across parts of Asia, and a record-breaking heatwave in parts of Europe contributed to billions of dollars of insured losses in the month of July, according to re/insurance broker Aon. Hurricane Barry made landfall ... Read the full article

FedNat adds two Independent Directors to Board

13th August 2019

Both David Michelson and David Patterson have been selected as candidates to serve as Independent Directors on the Board of FedNat Holding Company (FedNat). The additions of both Michelson and Patterson remain subject to regulatory approval, and once this has been received, the Board will immediately expand to nine members and ... Read the full article

GlobalData sees long-term benefits as re/insurers step away from coal

13th August 2019

Data and analysis firm GlobalData has said that despite losing out in the short-term, the re/insurance industry's transition away from coal is expected to result in considerable long-term benefits. In an effort to reduce climate change and support greater use of renewable energy, global insurers and reinsurers have started moving away ... Read the full article

Globe adds Peter Rossell as Head of Engineering Underwriting

13th August 2019

UK-based managing general agent (MGA) Globe Underwriting has announced the appointment of Peter Rossell as Head of Engineering Underwriting. The growth of Globe’s engineering portfolio is part of a wider strategy to broaden its client offering and will focus on construction and operational power business. Rossell joins with over 40 years’ experience ... Read the full article

Employers Holdings adds Antonello as EVP, Chief Actuary

13th August 2019

Employers Holdings, a US small business insurance specialist, has appointed Katherine H. Antonello as Executive Vice President, Chief Actuary. Antonello most recently served as the Chief Actuary for the National Council on Compensation Insurance. Prior to that, she held various positions with Lumbermen’s Underwriting Alliance and served as its Vice President and ... Read the full article

Swiss Re to open Ivory Coast underwriting office

13th August 2019

Global reinsurance giant Swiss Re is set to open an underwriting office in Abidjan, Ivory Coast following regulatory approval from the Inter-African Conference of Insurance Markets (CIMA). Expected to be fully operational by October 1, the office will be headed by Swiss Re’s current Head of West Africa, Awa Koné. Swiss Re ... Read the full article

Aon advises HSBC on £7bn pension longevity swap with Prudential

13th August 2019

Aon has announced its involvement as an advisor in the recently-completed longevity swap transaction between The Prudential Insurance Company of America (PICA) and the HSBC Bank (UK) Pension Scheme. The longevity swap is the second largest transaction ever completed for a UK pension scheme, and concerns longevity risk in relation ... Read the full article

AXA XL adds Zurich’s Arezes to Property Insurance team in Canada

13th August 2019

Global re/insurer AXA XL has announced the appointment of Jennifer Arezes to its Property Insurance team in Canada as the firm targets national growth of its P&C Large Property business. She will work alongside Ian Rutherford, Head of Property, Canada and Urs Uhlmann, Chief Executive Officer and Country Manager of AXA ... Read the full article

LatAm reinsurance market improves technical performance: Fitch

13th August 2019

With an absence of high catastrophe insured losses in 2018, Fitch analysts say its rated reinsurers in Latin America registered an overall improvement in technical profitability. Despite some claims from 2017 events still having been paid during 2018, the combined ratio for LatAm reinsurers was registered at 97.5% at YE 2018, ... Read the full article

Munich Re subsidiary Roanoke partners with sports tech firm Stack

12th August 2019

Roanoke Travel Insurance, a subsidiary of Munich Re Specialty Group North America, has partnered with sports technology and registration platform provider Stack Sports, in a move that will power SecureFee Registration Cancellation Insurance. SecureFee provides financial protection to athletes faced with circumstances such as injury, illness, transportation and other plan altering ... Read the full article

Canopius to integrate Arturo’s deep-learning property analytics

12th August 2019

Specialty insurer and reinsurer Canopius AG has entered into a partnership with artificial intelligence (AI) and deep-learning property analytics start-up, Arturo. According to an announcement on the new arrangement, Arturo's deep-learning property analysis capability will be integrated into Canopius. The integration is expected to provide the re/insurer with physical property characteristic and ... Read the full article

Lard Friese proposed as Wynaendts successor as Aegon CEO

12th August 2019

The Supervisory Board of Aegon has announced its intention to propose the appointment of Lard Friese as Chief Executive Officer (CEO) to the Annual General Meeting (AGM) of Shareholders, succeeding Alex Wynaendts. Friese will rejoin the firm as CEO-designate effective March 1st, 2020 and will succeed Wynaendts at the AGM to ... Read the full article

Talanx lifts FY19 net income outlook after strong first-half result

12th August 2019

Reinsurance giant Hannover Re's parent, The Talanx Group, has raised its outlook for Group net income in 2019 to above €900 million on the back of a strong first-half performance, supported by a greater contribution from its reinsurance division despite the impact of losses. For the first-half of 2019, the company's ... Read the full article

PERILS raises Townsville flood loss estimate to AUD 1.2bn

12th August 2019

Catastrophe loss data aggregator PERILS has raised its property loss estimate for the floods that hit the Australian city of Townsville earlier this year to AUD 1.217 billion (USD 822 million). PERILS’ third estimate, which does not include losses from motor and other lines of business, represents a AUD 176 ... Read the full article

Lockton adds Aon’s Barber to lead global healthcare practice

12th August 2019

Global re/insurance brokerage Lockton has appointed William Barber to lead an international healthcare practice focused on driving collaboration and integration across its London teams and international network. It’s hoped the practice, formed as part of the company’s professional and financial services offering, will enable Lockton to bring the best of the ... Read the full article

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