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Reinsurance News

Hudson Insurance unit to use AIR Worldwide’s Fund Designation Service

9th January 2018

A Hudson Insurance Group unit, Hudson Crop, has selected AIR Worldwide's Fund Designation Service for optimisation of its crop portfolio risk management. The service provides fund designation alternatives to assist companies in choosing the best option for their risk-return target and profile and thus enhance stakeholder value under yield, price, and crop ... Read the full article

Blackstone Insurance Solutions launches with Blunt hired as CEO

9th January 2018

The former President of New York Life's Investments Group, Chris Blunt, has been named as a Senior Managing Director and Chief Executive Officer (CEO) of Blackstone Insurance Solutions, a newly created business segment of investment firm, Blackstone. The new division, Blackstone Insurance Solutions, has been created to deliver the firm's investment ... Read the full article

2017 was the costliest and warmest year on record for U.S. climate risk

9th January 2018

With 16 climate disasters each with losses at over $1 billion, total economic losses for U.S. climate disasters reached $306 billion, making 2017 both the costliest and warmest year on U.S. records, according to the U.S. Department of Commerce National Oceanic and Atmospheric Administration end of year recap. The western U.S. ... Read the full article

Willis names Louise Pennington large account leader, Corporate Risk & Broking

9th January 2018

Global insurance and reinsurance industry brokerage, Willis Towers Watson, has announced the appointment of Louise Pennington to a newly created role, as large account leader for its Corporate Risk and Broking segment. In her new role, Pennington will take responsibility for the firm's large account growth strategy and value proposition, and ... Read the full article

A.M. Best maintains stable outlook for personal lines segment

9th January 2018

A.M. Best has maintained its stable outlook for the personal lines segment as it expects companies to be able to effectively navigate challenging market dynamics, despite the high level of catastrophe losses in 2017. 2017 was a challenging time for personal lines players, as both auto and homeowners' lines suffered from ... Read the full article

Singapore Life acquires $4.5bn business portfolio from Zurich Life Singapore

9th January 2018

Singapore Life Pte. Ltd. is to acquire the business portfolio of Zurich Life Singapore, an agreement that sees the former take responsibility for all of Zurich Life Singapore's clients' policies, totalling roughly SGD6 billion (US$4.5 billion). The agreement represents coverage for life, critical illness, and disability benefits, and all policyholders that ... Read the full article

Richard Coulson named Chief Underwriting Officer of Fidelis

9th January 2018

Richard Coulson has been promoted to the role of Chief Underwriting Officer (CUO) of Fidelis Underwriting Limited (FUL), reporting to Chief Executive Officer (CEO) of FUL, Daniel Burrows, effective immediately. Coulson joined Fidelis in 2015 as Head of Specialty, before being appointed Director of FUL Underwriting in 2017. Before Fidelis, he worked ... Read the full article

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

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