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Reinsurance price increases could be short-lived: Aon Benfield

9th January 2018

Despite pricing in the global reinsurance industry increasing at the January 1st renewals after third and fourth-quarter 2017 catastrophe events, reinsurance broker Aon Benfield expects this trend to be short-lived as capital continues to enter the market, and warns it could have a lasting impact on the reinsurance market. According to ... Read the full article

United Insurance renews quota share & aggregate catastrophe reinsurance cover

9th January 2018

United Insurance Holdings Corp. (UPC Insurance) has renewed both its quota share reinsurance agreement and its aggregate excess of loss reinsurance arrangement for 2018. The new, 2018 quota share reinsurance agreement is effective December 31st, 2017, and protects UPC through its wholly owned insurance subsidiary, United Property and Casualty Insurance Company (UPCIC). A new, ... Read the full article

AXIS Managing Agency takes oversight of Novae syndicate and SPS

9th January 2018

AXIS Managing Agency Ltd., the managing agent arm of international insurance and reinsurance firm AXIS Capital that oversees the group's Lloyd's of London operations, has now taken over management and oversight of the Novae operations at Lloyd's. AXIS Capital acquired Novae Group in 2017, inheriting new Lloyd's operations to add ... Read the full article

RGA’s innovation accelerator to acquire LOGiQ3 Group

9th January 2018

Reinsurance Group of America's (RGA) innovation accelerator subsidiary, RGAx, has announced an agreement to acquire the LOGiQ3 Group of companies, which includes LOGiQ3Corp., APEXA, Cookhouse Lab, and Tindall Associates Inc. (TAI). The group of companies acquired by RGAx provides technology, consulting, and outsourcing solutions to the life insurance and reinsurance industry in North ... Read the full article

Jan 1st reinsurance price increases a good and positive start for reinsurers: Moody’s

8th January 2018

Reinsurance price increases at the January 1st, 2018 renewals season are "a good start for the reinsurance industry," and, combined with efforts to lower operating costs, should lead to improved combined ratios for global reinsurance players, according to Moody's Investors Service (Moody's). Citing Willis Re's 2018 reinsurance renewals report, which states ... Read the full article

U.S. commercial P&C rates up by an average of 2% in Q4: MarketScout

8th January 2018

Analysis from MarketScout reveals that U.S. commercial property and casualty (P&C) insurance rates increased by an average of 2% in the fourth-quarter of 2017, compared with a 1% increase in the previous quarter and a 1.3% decline in Q4 2016. After the devastating impacts of third-quarter 2017 catastrophe events, underlined by ... Read the full article

Stonybrook assists sale of Maidstone Insurance to Special Diversified Opportunities Inc.

8th January 2018

U.S. domiciled insurer, Maidstone Insurance Company, has been sold to Special Diversified Opportunities Inc., in a deal that was assisted by Stonybrook Capital. Stonybrook Capital, which is an affiliate of Weild & Co., was named the exclusive sell-side financial advisor to Northwood Ventures, a venture capital and buyout investor, in its sale of Maidstone. Northwood Ventures Managing ... Read the full article

Xceedance appoints Travis MacMillian to Chief Business Officer

8th January 2018

Re/insurance service provider Xceedance has named insurance industry veteran Travis MacMillian as Chief Business Officer set to lead global business development on optimisation of clients' operations and technology transformation. Arun Balakrishnan, Chief Executive Officer (CEO) at Xceedance, commented on the appointment; “Travis has broad market and operational experience in carrier environments and ... Read the full article

Cunningham Lindsey promotes David Seng to CEO of Singapore

8th January 2018

International claims management and loss adjuster, Cunningham Lindsey, has promoted David Seng to Chief Executive Officer (CEO) of its Singapore operation, replacing Robert Williams, effective immediately. In his new role, Seng will be responsible for leading the Singapore team to enhance the client and partner relationships via the improvement of the ... Read the full article

Willis Re’s PRISM-Re tool upgraded to include silent cyber

8th January 2018

PRISM-Re, the cyber risk portfolio modelling tool from reinsurance broker Willis Re, has been upgraded to now include silent cyber, providing insurers and reinsurers with a more comprehensive view of cyber exposures. Willis Re, the global reinsurance arm of insurance and reinsurance brokerage Willis Towers Watson, first launched PRISM-Re in February ... Read the full article

MS Amlin launches Bermuda-based special purpose reinsurer

8th January 2018

Specialist global insurer and reinsurer, MS Amlin, has announced the launch of a new Bermuda-based special purpose reinsurer, called Viribus Re Ltd. The new reinsurer has been established to provide collateralised capacity support for MS Amlin Syndicate 2001's global reinsurance ... Read the full article

Pioneer establishes Latin America hub, names four new regional SVPs

8th January 2018

Pioneer Underwriters has launched its regional hub in Latin America and announced the hiring of four insurance and reinsurance industry professionals as Senior Vice Presidents (SVP), based in Mexico City. Complementary to the firm's global facultative underwriting operations in London, Pioneer Underwriters has announced the establishment of its Latin America hub ... Read the full article

W.R. Berkley subsidiary announces key promotions

8th January 2018

W. R. Berkley Corporation has named David Lockhart as president of its subsidiary Gemini Transportation Underwriters (Gemini), set to succeed Rocco Modafferi who has been promoted to chairman of Gemini. Lockhart joined Gemini as a senior vice president in 2014 and became executive vice president in 2017. Commenting on the appointments, which ... Read the full article

Nicole Lim promoted to AXIS Insurance Deputy Chief Underwriting Officer, Singapore

8th January 2018

AXIS Insurance, a subsidiary of AXIS Capital Holdings, has promoted Nicole Lim to Deputy Chief Underwriting Officer, CUO, for Singapore with immediate effect. Lim was promoted from a role as Vice President of Underwriting for AXIS' Singapore office. As CUO she will oversee AXIS' Singapore insurance business, reporting to Rory MacGregor, the former ... Read the full article

Suncorp sees loss from Melbourne hail storm as high as $170m

8th January 2018

Australian insurer Suncorp has revealed that it expects to suffer a loss of between $160 million and $170 million from the severe storm and hail that struck the Melbourne, Victoria region in December, which has taken the firm past its natural catastrophe budget for the first-half of the year. Suncorp said ... Read the full article

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