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Canopius expands Managing Agents team

12th March 2018

Canopius AG, a subsidiary of Sompo Holdings Inc., has announced that Mike Duffy has been appointed Chief Executive Officer (CEO) of Canopius Managing Agents, and that Sarah Willmont will become Chief Underwriting Officer (CUO) of Canopius Managing Agents and Active Underwriter of Syndicate 4444. Duffy will also retain his position as ... Read the full article

Willis Towers Watson appoints Paul Bailie to lead Bermuda captive business

12th March 2018

Insurance and reinsurance broker Willis Towers Watson has announced the appointment of Paul Bailie as head of its Bermuda Captive practice, set to lead business development and delivery of the company’s value proposition and provide strategic guidance to Bermuda captive and insurance management clients. Bailie will report to Paul Owens, managing ... Read the full article

Beach names leaders for new specialty & wholesale platform

12th March 2018

Insurance and reinsurance brokerage Beach has announced the formation of a new specialty and wholesale platform, that will be led by John Sutton and Toby Humphreys, former joint leaders at Integro UK. Humphreys served as Chairman and Sutton as President of International Operations at Integro UK, and both joined the firm ... Read the full article

Swiss Re backs innovative coral reef insurance solution

12th March 2018

Global reinsurance giant Swiss Re has supported the development of an innovative new parametric insurance solution designed to help the conservation of the Mesoamerican Reef, which includes protecting the coral reef and beach sand against the impacts of major hurricanes. The new insurance solution was announced at the 2018 World Ocean Summit ... Read the full article

Moody’s predicts consolidation and technology will drive industry’s future

12th March 2018

Moody’s has predicted in a recent report that industry consolidation is likely to continue at the scale observed since 2015, and that emerging technologies will transform the insurance and reinsurance business model and create new opportunities. Although it concedes there are fewer obvious targets or combinations for consolidation than in previous ... Read the full article

Slovenia’s Sava Re acquires Serbian construction insurer

12th March 2018

Sava Re, a leading Slovenian re/insurer, has announced that it has acquired the majority shareholding in rival insurer Energoprojekt Garant a.d., Begrade for an undisclosed sum. Parent company Energoprojekt Holding a.d., Belgrade offered to sell Slava Re 93% of the shares in its insurance subsidiary, which specialises in construction and liability ... Read the full article

Allianz appoints Iván de la Sota to Board of Management

12th March 2018

The Supervisory Board of Allianz SE has announced that Iván de la Sota is to join the company’s new Board of Management division, and will assume the role of Chief Business Transformation Officer. The division will help Allianz exploit the growing demand for digital insurance and investment solutions, and de la ... Read the full article

“Significant opportunity” for insurers to benefit from alternative investments: Fitch

12th March 2018

Rating agency Fitch has highlighted “significant opportunity” for insurers to build their investment exposure to other asset classes through arrangements with alternative investment managers, following a recent trend of life insurers increasing allocations to alternative investments. U.S. alternative investment managers' (IMs) growing relationships with life insurance companies through investment advisory agreements ... Read the full article

AXA will buy more reinsurance to reduce XL risks, says CEO Buberl

9th March 2018

In a recent analyst call, AXA Chief Executive Officer (CEO) Thomas Buberl suggested that the company will reduce the risks attached to the newly acquired XL by buying more reinsurance. This week AXA announced plans to acquire XL Group Ltd. for $15.3 billion, and this latest statement offers some indication ... Read the full article

Heritage sees reinsurers offering flat mid-year renewal rates: CEO Lucas

9th March 2018

Speaking during the firm's fourth-quarter 2017 earnings call, Chairman and Chief Executive Officer (CEO) of Heritage Insurance Holdings, Inc., Bruce Lucas, highlighted the Floridian carrier's unique position in the market that has seen its reinsurers offer flat rates for hundreds of millions of dollars of limit. After the devastating impacts of ... Read the full article

Re/insurance M&A trend to persist in 2018: Clyde & Co

9th March 2018

The global insurance merger & acquisitions (M&A) growth trend was back on the uptick in the second-half of 2017 after a slow start to the year, and 2018 so far has seen the trend continue with the closure of major deals including AXA's acquisition of XL for $15.3 billion. The ... Read the full article

Global nat cats in Feb to cost at least hundreds of millions of dollars: Aon

9th March 2018

Aon Benfield’s monthly Global Catastrophe Recap report has evaluated the impact of Storm Emma and the freezing temperatures that hit large areas of Europe over February, and has predicted that the total financial costs will be at a minimum in the hundreds of millions of dollars (US), and will very likely be ... Read the full article

R&Q issues adverse development reinsurance to risk retention group

9th March 2018

Randall & Quilter Investment Holdings Ltd. (R&Q) has announced the issuance of a $70 million adverse development cover reinsurance policy to a U.S domiciled risk retention group (RRG). Written by Accredited Surety and Casualty Company, Inc. (Accredited), R&Q’s wholly owned A- admitted carrier, the reinsurance covers medical professional liability and general ... Read the full article

China to restrict insurance company shareholders

9th March 2018

The China Insurance Regulatory Committee (CIRC) has formally introduced a new set of rules that will enforce more transparent shareholding structures for insurance companies by restricting the ownership of large shareholders. Previously, a single shareholder could hold up to a 51% stake in an insurer, but from 10th April the CIRC’s ... Read the full article

Gallagher hires new UK public sector & education specialist

9th March 2018

Arthur J. Gallagher & Co (Gallagher) has announced the appointment of Steve Lewins to the newly created position of Client Director for Wales & West. Lewins brings 35 years’ experience to the role, in which he will be responsible for strengthening Gallagher’s public sector & education presence across Wales and South-West ... Read the full article

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