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Reinsurance News

Randall & Quilter writes reinsurance policy for U.S. carrier for $6.5 million premium

4th July 2017

Randall & Quilter Investment Holdings has underwritten a collateralised facultative reinsurance policy for a large U.S. P&C carrier for a premium of $6.5 million. The reinsurance was underwritten from a cell within R&Q's wholly-owned subsidiary, R&Q Quest Insurance, with encumbered assets of $8.5 million. Chairman & Chief Executive Ken Randall, commented;"We are pleased ... Read the full article

Lloyd’s new chairman Carnegie-Brown; embrace change or become obsolete

4th July 2017

Speaking at the MMC Young Professionals Forum in his first speech as Lloyd’s new chairman, Bruce Carnegie-Brown said the re/insurance industry needed to ramp its efforts to change and innovate or risk falling prey to disruption by external players. He drew on challenges of industry disruption from his previous role as ... Read the full article

InsurTech & AI use of data to disrupt re/insurance: Willis Towers Watson

4th July 2017

While InsurTech expands data volume through providing a personalised link to clients, Artificial Intelligence will amplify the value of data sets by extracting more information, generating insights, and analysing and recognising patterns far beyond the capabilities of human intelligence. The use of InsurTech coupled with Artificial Intelligence is reshaping the meaning and ... Read the full article

R&Q completes acquisition of AstraZeneca Insurance

3rd July 2017

Randall & Quilter Investment Holdings has announced the completion of its acquisition of AstraZeneca Insurance Company, AZICO after receiving all necessary approvals from regulators. The global non-life insurer and legacy or run-off reinsurance solutions specialist intends to undertake a Part VII Transfer of AZICO's remaining insurance business to one of the Randall & ... Read the full article

Price Forbes enters Chilean market via stake in Cooper Gay Chile

3rd July 2017

Independent, specialist Lloyd's of London brokerage, Price Forbes Holdings Limited (Price Forbes), has entered the Chilean market via the acquisition of an equity interest in reinsurance broker Cooper Gay Chile, which serves large corporate clients and reinsurance markets in the country. The company's strategic entry into the Chilean marketplace will be led ... Read the full article

Chaucer acquires Australian specialty underwriting agency SLE Holdings

3rd July 2017

Specialist insurer Chaucer has expanded its regional distribution with the acquisition of Sydney-based underwriting agency and Lloyd's coverholder, SLE Holdings. SLE writes specialty property and casualty products, focusing on sports, leisure and entertainment markets. John Fowle, Chief Executive Officer (CEO) of Chaucer, said; "We are delighted to welcome the SLE team to our ... Read the full article

SCOR reinsures Zurich’s longevity swap for Skanska pension fund

3rd July 2017

Zurich Assurance has signed a longevity hedge swap with Skanska Construction Services Trustee covering £300 million of liabilities, with Mercer acting as lead advisor to the trustee on the deal. 75% of the longevity hedge was reinsured by SCOR, with Zurich retaining the rest. Jim Sykes, Chief Executive Officer (CEO) of Zurich ... Read the full article

IAG warns of increased reserve releases for full-year 2017

3rd July 2017

Insurance Australia Group Limited (IAG) has raised its reported margin guidance range for full-year 2017 to 13.5% - 15.5% in response to an expected increase in reserve releases, following the completion of its preliminary review of prior period reserve releases for the financial year ended 30th June, 2017. The insurer's latest preliminary review ... Read the full article

ArgoGlobal expands presence in MGA market with MGAA sponsorship

3rd July 2017

Lloyd's of London insurer and member of Argo Group, ArgoGlobal, is to serve as a gold sponsor of the Managing General Agents' Association (MGAA), as it continues its commitment to expanding its presence in the MGA marketplace. The MGAA is a UK-based not-for-profit organisation that is dedicated to "representing true MGAs," ... Read the full article

No cyber insurance surge following WannaCry: Research

3rd July 2017

The recent ransomware cyber attack named WannaCry has not stimulated much of an uptick in demand for cyber insurance coverage, according to research carried out among brokers. The survey of 250 UK insurance brokerages shows that after the WannaCry cyber attack there has been little increase at all in the number ... Read the full article

Swiss Re Corporate Solutions Brasil Seguros S.A. begins operations

3rd July 2017

A joint venture between Swiss Re Corporate Solutions, the commercial insurance arm of reinsurance giant Swiss Re, and Bradesco Seguros S.A., which was first announced in October 2016, has completed and officially started operations in Brazil.  Bradesco Seguros S.A.'s commercial large-risk portfolio has now been integrated into Swiss Re Corporate Solutions Brasil ... Read the full article

David Edwards to join JLT Re’s credit & political risk team

3rd July 2017

Reinsurance broker and consultancy JLT Re has announced David Edwards will be joining JLT Re's Credit & Political Risk team from Guy Carpenter where he acted most recently as Managing Director of Credit, Bond and Political Risk. Commenting on the appointment Nick Jay, Divisional Head, Marine, Energy & Political Risk, JLT Re ... Read the full article

Compre sets up Malta PCC for legacy deals

3rd July 2017

Independent insurance and reinsurance legacy or run-off transaction specialist Compre has established a protected cell company (PCC) in Malta, which it intends to use for transactions involving portfolios of discontinued non-life insurance and reinsurance business. Compre said this morning that it has received approval from the Maltese Financial Services Authority (“MFSA”) ... Read the full article

Re/insurers advised to prepare for EU’s new citizens data privacy rules

3rd July 2017

Celent has advised insurers to review compliance with the EU's new citizens data privacy rules, the General Data Protection Regulation (GDPR), which is due to be implemented in May 2018. The GDPR is designed to protect EU citizens data privacy and is expected to change the approach firms take to handling data. The ... Read the full article

Robert Childs named Deputy Chairman of Lloyd’s

3rd July 2017

Robert Childs, a Non-Executive Chairman of insurance and reinsurance firm Hiscox, has been appointed to the position of Deputy Chairman of Lloyd’s of London, taking up the position immediately. Childs takes over from Paul Jardine, who retired from the Deputy Chairman role earlier this year following nine years of service. Childs ... Read the full article

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