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Aegon selling its two largest US run-off businesses to Wilton Re

22nd May 2017

Global insurance and financial services specialist Aegon is selling its two largest U.S. run-off insurance businesses to Wilton Re, the U.S. life re/insurer that specialises in the acquisition of in-force portfolios. Aegon is selling its payout annuity business and Bank Owned / Corporate Owned Life Insurance business (BOLI/COLI), to Wilton Re, ... Read the full article

Specialty reinsurance premiums grow as traditional business takes a hit: Fitch

22nd May 2017

International financial services rating agency, Fitch Ratings, has highlighted a trend of non-life reinsurers moving into specialty lines, as they seek pockets of premium growth to offset stiff competition in more traditional business lines. Fitch Managing Director, Jim Auden, said industry competition had weakened market pricing significantly in the last three ... Read the full article

IRB Brasil Re to pursue initial public offering (IPO)

22nd May 2017

Brazilian reinsurance firm IRB Brasil Resseguros S.A. (IRB Brasil Re) is resuming the process of going public having received approval from shareholders to register for an initial public offering (IPO). The reinsurer is backed by the Brazilian government, which owns 27% of IRB Brasil Re, and a number of major financial ... Read the full article

WannaCry was the first true cyber catastrophe event: RMS

19th May 2017

RMS cyber risk management expert, Tom Harvey, called the recent WannaCry ransomware attack that hit businesses across the globe the world's "first ever cyber-catastrophe," he told Reinsurance News it demonstrates the systemic nature of the risk with "a single vulnerability resulting in hundreds of thousands of infected machines across over ... Read the full article

Canada Life Reinsurance announces new executive appointments

19th May 2017

Canada Life Reinsurance has named Jeff Poulin as Executive Vice President, Reinsurance, replacing John Occleshaw, while Derek Popkes has been appointed Chief Operating Officer (COO) of Reinsurance at the firm. After spending almost two decades with Canada Life (part of the Great-West Lifeco Group of companies), including five years as Head ... Read the full article

Speed of execution key in Zurich annuity reinsurance deal: RGA

19th May 2017

The speed with which Reinsurance Group of America helped Zurich Insurance Group subsidiary Farmers Farmers New World Life to the recent $2.3 billion annuity reinsurance transaction was key and demonstrates the reinsurers ability, it said today. Yesterday we reported on the completion of the $2.3 billion annuity reinsurance transaction, ... Read the full article

XL Catlin boosts Canadian Environmental Insurance team with hires from AIG & Zurich

19th May 2017

Insurer and reinsurer XL Catlin has bolstered its Canadian Environmental Insurance division with the appointments of Marc Estrada as Environmental Team Lead, and Brian Hughes as Assistant Vice President, Environmental Underwriting. The pair will be based in the firm's Toronto, Canada office, and will both report to Joseph Madigan, Environmental Regional Manager for Canada, XL Catlin. Estrada joins ... Read the full article

Reinsurer reserve redundancies continue to deteriorate

19th May 2017

Reinsurance market conditions have remained challenging in 2017 as the soft pricing environment persists, and analysts at Fitch Ratings have noted further deterioration of overall reserve redundancies across the non-life space, suggesting companies are less able to utilise reserves to bolster weak underwriting returns. The decline in reinsurance industry reserves has ... Read the full article

Beazley, Talbot, and Chaucer develop Asian Political Risk Consortium

19th May 2017

Lloyd's of London re/insurers Beazley, Chaucer, and Talbot have collaborated on the launch of a Political Risk Consortium in Asia, providing capacity of up to $130 million for individual risks. The new Political Risk Consortium in Asia will offer increased capacity for a variety of political and contract frustration exposures. Offering ... Read the full article

Allied World appoints Jodi Garratt to Australia Property Assistant Vice President

19th May 2017

Allied World Assurance Company has announced Jodi Garratt's appointment to Assistant Vice President of Property in Australia. In her new role, Garratt will focus on complementing existing local product lines with new property solutions for small and medium-sized enterprises throughout Australia; she will report to Carolyn Shreeve, Vice President and Head of ... Read the full article

Re/insurers must engage with InsurTech & AI: Celent

19th May 2017

As the InsurTech industry becomes an increasingly important part of insurance and reinsurance, the industry is in its experimental phases of introducing artificial intelligence (AI) for processes and advisory purposes, replacing traditional practices. To answer questions on AI usage by insurers, financial services advisory firm Celent, released a report, looking at the extent clients ... Read the full article

Zurich unit in $2.3bn annuity reinsurance deal with RGA Re

18th May 2017

A subsidiary of Zurich Insurance Group has entered into a $2.3 billion reinsurance arrangement on a closed book of annuities with Reinsurance Group of America. The recently announced transaction saw Farmers New World Life, a subsidiary of Zurich, enter into an agreement with Reinsurance Group of America to reinsure a portion ... Read the full article

Canadian consulting firm CGI appoints Paul Wishman to Vice President, Global Insurance

18th May 2017

Canadian Global Information technology consulting firm, CGI, has appointed Paul Wishman, an expert in leading digital growth and transformation of UK insurance brands, to Vice-President of Global Insurance. As CGI Vice President, Wishman will work to improve and accelerate clients' digital transformation and help insurance companies develop their digital vision and execution ... Read the full article

JLT Re hires Messenger as EVP in North America team

18th May 2017

JLT Re (North America) Inc., part of the reinsurance broking arm of JLT Group, has announced the hire of Greg Messenger as Executive Vice President in Chicago, Illinois. Messenger was most recently with Guy Carpenter, before which he worked at Aon Benfield and has over 35 years of industry experience, having ... Read the full article

Liberty Specialty Markets promotes Burns to Head of Business Development, Commercial

18th May 2017

Liberty Mutual Insurance Group subsidiary, Liberty Specialty Markets (LSM), has announced the promotion of Laura Burns to Head of Business Development, Commercial. Burns joined LSM in 2010 and prior to her new appointment served as Broker Account Manager at the firm. In her new role she will be responsible for managing ... Read the full article

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