Reinsurance News

Munich Re Specialty eyes U.S underwriting expansion, appoints new RGI CEO

26th July 2018

Munich Re Specialty Group (MRSG), a division of Munich Re, has announced plans to expand its underwriting platform in North America; appointing John Hennessy as Chief Executive Officer (CEO) and President of its subsidiary Roanoke Group Inc. (RGI). Hennessy brings 25 years’ experience to the Schaumburg, Illinois-based role and will be ... Read the full article

Beazley launches new Lloyd’s consortium for U.S wage & hour risks

26th July 2018

Specialist insurer Beazley has launched a new consortium at Lloyd’s to provide increased capacity for wage & hour risks and to expand the range of choices available to U.S organisations. The Concorde Consortium will underwrite risks on a surplus lines basis, building on Beazley’s existing expertise in employment practices liability (EPL), ... Read the full article

Burns & Wilcox hires Jeffrey Cunningham as Environmental Insurance broker

26th July 2018

Burns & Wilcox, the North American wholesale insurance broker and underwriting manager, has appointed Jeffrey R. Cunningham as a Senior Broker for Environmental Insurance in its New York City office. He will be tasked with continuing to expand the company’s Environmental Insurance practice, and will report to Anna Kodryanu, Associate Managing ... Read the full article

JLT CEO says broker is preparing for a no-deal Brexit: Reuters

26th July 2018

The Chief Executive Officer (CEO) of global insurance and reinsurance broker JLT Group, Dominic Burke, has reportedly told Reuters that the firm is "working on a position of a no-deal Brexit." Exactly what the UK's vote to leave the European Union (EU) means for the country and its financial services industry ... Read the full article

Price increases slow but sanity is returning to the market: Lancashire CEO

26th July 2018

Alex Maloney, the Group Chief Executive Officer (CEO) of Lancashire Holdings Limited, has said that while the firm has been able to take advantage of rate increases across most lines of business, pricing continues to decline from the peak witnessed at the January renewals. The specialty insurance and reinsurance group has ... Read the full article

Fosun considers acquisition of Belgian re/insurer Ageas

26th July 2018

Fosun International Ltd., the Chinese conglomerate and investment company, is considering an acquisition of Belgian re/insurer Ageas in order to expand its international footprint, according to sources at Bloomberg. The Shanghai-based company is also reportedly discussing alternative options with advisors, such as splitting Ageas with an acquisition partner or increasing its ... Read the full article

IUA backs mutualisation of motor terrorism risks in UK

26th July 2018

The International Underwriting Association (IUA) has lent its support to a recent vote by UK motor insurers to mutualise risks for terrorism claims that will see the Motor Insurance Bureau (MIB) handle all claims for victims of vehicle-related terrorist events from January 2019. All UK motor insurers are members of ... Read the full article

Alliant Insurance bolsters Construction Services Group

26th July 2018

Alliant Insurance Services, the U.S specialty insurance brokerage firm, has bolstered its Construction Services Group with the appointments of Bill Noonan and Brent Hartman as Managing Directors, and Danielle Maxey as Account Executive. All three appointments join Alliant from the construction and retail division of global re/insurance broker Willis Towers Watson ... Read the full article

FEMA increases NFIP cat bond reinsurance value to $500mn

26th July 2018

The U.S Federal Emergency Management Agency (FEMA) has significantly increased the scope of the capital markets reinsurance that it has secured for the National Flood Insurance Program (NFIP) via the issuance of its first catastrophe bond to $500 million. Issued via FloodSmart Re, a Bermuda domiciled special purpose insurance vehicle, Read the full article

Credit Agricole buys 5% of Creval, acquires Global Assicurazioni

26th July 2018

France-based insurer Credit Agricole Assurances (CAA) has bought a 5% stake in Italian banking firm Credito Valtellinese (Creval), as part of a long-term and exclusive partnership. As part of the deal, CAA will acquire the entire share capital of Creval's insurance subsidiary Global Assicurazioni (GA). Prior to the closing of the ... Read the full article

SCOR’s H1 results highlight positive but fading price momentum

26th July 2018

Global insurer and reinsurer SCOR has reported its second-quarter and first-half 2018 results, which reveals a hit to its net income as a result of the U.S. tax reforms, as well as the continued deceleration in P&C pricing following the impacts of 2017 catastrophe events. The French re/insurer today reported net ... Read the full article

Sciemus renamed as Occam, as CEO Welsh departs

26th July 2018

Specialty Lloyd’s of London managing general agent (MGA) Sciemus is to be renamed Occam Underwriting, with current Chief Executive Officer (CEO) Rick Welsh leaving his position after 3 years at the firm. Lance Gibbins, who has been Chairman and co-CEO since 2016, will succeed Welsh as CEO following his resignation from the ... Read the full article

RenRe reports significant decline in 2017 loss estimates, boosts net income

26th July 2018

Bermudian reinsurer RenaissanceRe Holdings Ltd (RenRe) reported better than expected results for the second-quarter of 2018, driven by a substantial drop in its estimated losses from 2017 catastrophe events. The reinsurer has announced a decrease in net claims and claims expenses incurred of $128.6 million, which, after factoring in assumed reinstatement ... Read the full article

Report urges re/insurers to engage with synthetic biology sector: Lloyd’s

26th July 2018

A new emerging risks report from the specialist Lloyd's of London insurance and reinsurance marketplace and Drs John Heap and Karen Polizzi of Imperial College London, urges re/insurers to engage with the expanding synthetic biology sector to support the development of new technologies and new risk transfer solutions. In recent times, ... Read the full article

Japan’s life insurers offer answers to global peers in era of low interest rates: Moody’s

25th July 2018

In an era of perennially low interest rates life insurers should look to Japan, where the industry has remained largely profitable despite facing consistently low rates for over two decades, Moody’s says. The report states that Japanese life insurers have adjusted to perpetually low rates by developing highly-effective liability management strategies. Major ... Read the full article

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