Reinsurance News

Qatar Re approved to open new London branch office

11th January 2018

Qatar Reinsurance Company Limited (Qatar Re), the Bermuda based reinsurer of the QIC Group, has received its approvals to open a branch office in London, as it seeks expansion into the UK market. Both the Qatar Central Bank and the UK's Prudential Regulation Authority (PRA) have authorised Qatar Re to carry ... Read the full article

Casualty market calms after HIM but reinsurers push for improved T&Cs: Willis Re

10th January 2018

The global casualty market remains orderly and has calmed down somewhat from the initial impacts of third-quarter hurricanes, however, the trend of improved terms and conditions (T&C) for reinsurance buyers is now slowing, and even reversing in some instances, according to Willis Re. In its recent 1st View report, reinsurance broker ... Read the full article

The Hartford reveals $850mn tax, $180mn cat impacts in Q4

10th January 2018

The Hartford has revealed an expected $850 million charge on Q417 financial results from the impact of lower U.S. corporate tax rates on the company's net deferred tax assets. The company anticipates a further pre-tax $180 million in Q4 losses for the most part due to California wildfires. These factors would reduce ... Read the full article

XL Catlin appoints Simon Price to Head of M&As for EMEA

10th January 2018

XL Catlin has appointed Simon Price, who joins from Marsh’s Private Equity and M&A practice, to Head of Mergers and Acquisitions Insurance for Europe, the Middle East and Africa (EMEA). In his London-based role, Price will oversee XL Catlin's EMEA business and all international business placed through the London market. Commenting, Brian Benjamin, ... Read the full article

Stone Point Capital & the Karfunkel-Zyskind Family propose AmTrust acquisition

10th January 2018

Private equity funds managed by Stone Point Capital, Barry Zyskind Chairman and Chief Executive Officer of AmTrust Financial Services, George Karfunkel and Leah Karfunkel (the Karfunkel-Zyskind Family), have jointly proposed to acquire all outstanding shares of AmTrust common stock. The Karfunkel-Zyskind Family currently owns or controls approximately 43% of the outstanding ... Read the full article

Arch Capital reveals $60-75mn Q4 catastrophe loss impact

10th January 2018

Arch Capital Group has released an estimated $60 to $75 million impact from the California wildfires and other catastrophes to Q4 results and an additional estimated $15 to $20 million charge on net deferred tax assets related to the impact of lower U.S. corporate tax rates beginning in 2018. The estimated losses ... Read the full article

Ajit Jain named to Berkshire Hathaway board as Vice-Chair Insurance

10th January 2018

Changes are afoot at Warren Buffett's conglomerate Berkshire Hathaway today, with two new board director positions being created, one of which sees long-time reinsurance chief Ajit Jain becoming Vice Chairman of Insurance Operations. Ajit Jain has led the reinsurance business at Berkshire Hathaway for some years now, having joined the Berkshire ... Read the full article

Beach & Associates acquired by Acrisure

10th January 2018

Reinsurance brokerage Beach & Associates is to be acquired by U.S. retail consulting and insurance broking group Acrisure, LLC, who will acquire 100% of Beach’s equity from existing shareholders, including private equity specialists Aquiline Capital Partners. Beach will retain its name, identity and approach under the new ownership, operating as an ... Read the full article

Willis Towers Watson names Patrick Murphy as Global Head of Cargo & Specie

10th January 2018

Willis Towers Watson has named Patrick Murphy, who joins from a role as Global Marine Practice Leader at Integro, as Global Head of Cargo and Specie within its Marine Corporate Risk and Broking Division. Murphy will lead client management, technical, placement and risk management specialists, supporting Willis Towers Watson marine clients in risk ... Read the full article

Munich Re’s Ergo sells legal insurance subsidiaries to Allianz

10th January 2018

German insurance and reinsurance group Munich Re has sold three of its ERGO Group operated legal insurance subsidiaries to Allianz Group. ERGO Group AG has sold its legal protection insurance subsidiary DAS Switzerland and the assets of DAS Luxembourg and Slovakia to Allianz, as it seeks to rationalise its primary insurance ... Read the full article

Aon names Edward Smerdon as Head of Legal and Technical

10th January 2018

Aon has named Edward Smerdon as Head of Legal and Technical for the Financial and Professional Services division of its London-based Global Broking Centre (GBC). Smerdon is a specialist in complex coverage, with an emphasis on financial lines insurance including directors & officers, financial institutions, and professional and employment practice liabilities. Commenting ... Read the full article

AIG shows appetite for large M&A deals: Reports

10th January 2018

Insurance giant American International Group (AIG) has reportedly regained its appetite for large mergers & acquisitions (M&A)  deals, with a significant war chest of billions ready to put to work, since new CEO Brian Duperreault came on board. Bloomberg first reported that AIG had been in the running ... Read the full article

Coverys names Georgia Tsiakki as Chief Risk Officer

10th January 2018

Coverys newly acquired Lloyd's business, Coverys Managing Agency, has named Georgia Tsiakki as Chief Risk Officer, set to join later in 2018. Commenting on the appointment, Coverys Managing Agency, Chief Executive Officer, Robin McCoy, said; “I am delighted that an insurance professional of Georgia’s calibre has agreed to join us. “As part of ... Read the full article

Newline Group hires new Senior Underwriter for D&O liability

10th January 2018

Specialty insurer Newline Group has announced the appointment of Andrew Pecover as Senior Underwriter for the Directors & Officers Liability insurance solution. Pecover is based in London and reports to Newline Group's Chief Underwriting Officer (CUO), Stephen Gordon. He most recently served as a Financial Lines Class Underwriter at MS Amlin, and brings over ... Read the full article

Munich Re & easyJet develop business interruption cover for flight cancellation risks

9th January 2018

Reinsurance giant Munich Re and low-cost carrier airline easyJet have collaborated to create a new insurance product that is designed to provide business interruption style coverage to airlines when major flight cancellation issues occur. The comprehensive cover is being described as the first product to protect airlines against the costs of ... Read the full article

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