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AIG appoints Aspen’s Thomas Lillelund as CEO for Europe

9th August 2018

American International Group has appointed Thomas Lillelund, former Chief Executive Officer (CEO) of Aspen Re, as CEO of its recently authorised European arm, AIG Europe S.A. Headquartered in Luxembourg, AIG Europe S.A is a new legal entity for AIG’s business in the European Economic Area (EEA) and Switzerland that aims ... Read the full article

Swiss Re’s potential ReAssure IPO is credit positive: Moody’s

9th August 2018

Moody’s has claimed that an initial public offering (IPO) of ReAssure, Swiss Re’s UK closed book business, would be credit positive for the reinsurance giant as it would reduce its exposure to credit and market risk and free up risk capital for deployment elsewhere. Swiss Re’s Chief Executive Officer (CEO), Christian ... Read the full article

Argo adds ex-Allied CFO Thomas Bradley to its Board of Directors

9th August 2018

Global specialty re/insurer Argo Group International Holdings has appointed Thomas A. Bradley to its Board of Directors. Before retiring in July 2017 Bradley served as Chief Financial Officer and Executive Vice President of Allied World Assurance Company Holdings for five years Prior to that, Bradley served as Executive Vice President and Chief ... Read the full article

Break deadlock in UK Parliament or risk Brexit no-deal nightmare: Kennedys

9th August 2018

International law firm Kennedys has warned of a nightmare no-deal scenario should the UK government fail to break the current political deadlock, whilst defining six areas it believes are key to safeguarding future investment, talent and innovation in the insurance industry. In a report based on interviews with senior industry figures, ... Read the full article

Revised reinsurance strategy to support greater profits at AIG, say executives

8th August 2018

Global insurer American International Group (AIG) expects its revised underwriting and reinsurance strategies to drive an improved mix of business at the firm alongside better risk selection, with the insurer actively engaging with its reinsurance partners on opportunities for the remainder of the year. During its Q2 2018 earnings call, AIG ... Read the full article

Insured losses from Oman’s Cyclone Mekunu reach $281mn

8th August 2018

New data from Oman’s Capital Market Authority (CMA) shows that insured losses from Cyclone Mekunu, which hit the country in May 2018, have reached OMR 108 million (USD 281 million), according to the Times of Oman. Cyclone Mekunu was the most intense tropical cyclone to make landfall in the Arabian Peninsula ... Read the full article

Compass Underwriting joins with bike insurer Bikmo on gig economy cover

8th August 2018

Compass Underwriting, an independent Accident and Health (A&H) underwriting agency, has partnered with specialist bicycle insurance intermediary Bikmo to provide an accident and injury product for self-employed couriers in the gig-economy. The cover has been designed specifically for gig-economy platforms such as Deliveroo – one of Bikmo’s existing clients – to ... Read the full article

Global insurance pricing up again in Q2: Marsh

8th August 2018

Insurance and reinsurance broker Marsh's latest Global Insurance Market Index, reveals that global commercial insurance rates increased, on average, for the third consecutive quarter in the second-quarter of 2018, with property and financial and professional (FinPro) lines driving increases, once again. Marsh notes that overall, the global insurance market remained stable ... Read the full article

Swiss Re launches parametric tsunami derivative for Japan businesses

8th August 2018

Commercial risk transfer and insurance solutions provider Swiss Re Corporate Solutions, a division of the global reinsurance firm, has launched a parametric tsunami derivative solution for organisations based in Japan. The product provides a pre-agreed amount within 40 days after arrival based on the height of the tsunami, as recorded and ... Read the full article

Aon to deliver Arabian Peninsula Earthquake model on Simplitium’s ModEx platform

8th August 2018

Simplitium, a provider of risk analysis services, has announced that the new Arabian Peninsula Earthquake model from Aon’s catastrophe model development centre, Impact Forecasting, is to be delivered on its multi-vendor ModEx platform. The Arabian Peninsula Earthquake model covers Saudi Arabia, Kuwait, UAE, Qatar, Bahrain, Oman and Yemen and provides a ... Read the full article

Sampo Group announces new CFO, insurance business surges

8th August 2018

Sampo Group, a Nordic financial and insurance company, has announced that Knut Arne Alsaker will be replacing Peter Johansson as its Chief Financial Officer. Johansson retires on January 1, 2019 after 33 years with Sampo; he has been a member of the firm’s Executive Board since 2001. Alsaker is currently CFO of ... Read the full article

Prudential takes on $1.4bn of pension longevity risk from Aviva

8th August 2018

Prudential Retirement, part of Prudential Financial, has reinsured longevity risk for approximately £1 billion (nearly $1.4 billion) in pension liabilities from Aviva Life and Pensions, the first such transaction between the two companies. The deal comes amid a rising appetite for de-risking in the U.K as attractive pricing and enhanced capacity ... Read the full article

Munich Re stays on track despite significant rise in major man-made losses

8th August 2018

Global reinsurance giant Munich Re has announced its results for the second-quarter and first-half of 2018, revealing a larger than expected hit from major man-made losses that dented the performance of its property casualty reinsurance segment. Overall, the reinsurer has reported Q2 profit of €728 million and H1 2018 profit of ... Read the full article

Aspen appoints Emil Issavi to lead reinsurance business

8th August 2018

Bermuda-headquartered Aspen Insurance Holdings has announced the appointment of Emil Issavi as President and Chief Underwriting Officer of Aspen Re, effective immediately. Issavi succeeds Thomas Lillelund and brings over 20 years’ experience to the role, including 12 at Aspen. “We are delighted to name Emil as our new leader for Aspen Re,” ... Read the full article

AmWINS appoints Swiss Re’s Robert Petrilli as President of Underwriting

8th August 2018

Speciality insurer AmWINS Group has announced the appointment of Robert Petrilli as President of its Underwriting division, effective immediately. Petrilli will be overseeing 11 operating companies, representing over $1.7 billion in underwriting premium; the largest MGA platform in the U.S. “Our underwriting division has seen incredible expansion over the last 24 months, ... Read the full article

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