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Reinsurance News

Universal gets greenlight for New York underwriting operations

21st June 2017

The New York State Department of Financial Services has given Universal Insurance Holdings approval to begin underwriting property insurance in New York through its wholly-owned subsidiary Universal Property & Casualty Insurance Company (UPCIC). Universal Insurance Holdings Chairman and Chief Executive Officer Sean P. Downes said this marks an important step in ... Read the full article

Markel CATCo CEO Tony Belisle extends contract to 2020

21st June 2017

Markel CATCo Investment Management Ltd. Chief Executive Officer (CEO) Tony Belisle will be extending his contract with the firm to the 31st December 2020 after which he'll transition to an indefinite rolling annual basis contract. Belisle, whose original contract would have expired by 31st December 2018, commented; "I am proud of ... Read the full article

Vibe targets re/insurance entrepreneurs with MGA incubator launch

21st June 2017

The Vibe group of insurance and reinsurance focused service providers and companies has launched an MGA incubation platform, as it targets helping re/insurance entrepreneurs to more easily enter the market. Vibe MGA Management Ltd. (Vibe MM) aims to become an independent MGA incubator offering a supportive environment to help insurance entrepreneurs ... Read the full article

Willis Towers Watson appoints Gavin Hill to Risk Consulting & Software Senior Consultant

21st June 2017

Willis Towers Watson has announced the appointment of Gavin Hill as Senior Consultant of its Risk Consulting & Software business. Hill joins Willis from a role as Senior Technical Specialist at the Prudential Regulatory Authority (PRA) for the Bank of England where he played a leading role in the PRA’s supervisory team, developing extensive ... Read the full article

Reinsurance broking veteran O’Halleran joins InsurTech VC’s board

21st June 2017

Michael O'Halleran, a reinsurance broking industry veteran and former chairman of Aon Benfield, has joined the board of advisors of Insurtech focused venture capital (VC) fund ManchesterStory. O'Halleran is joining the ManchesterStory Group, a venture investing specialist in insurance related financial technology (fintech) and healthcare tech, as a special advisor and ... Read the full article

QBE warns on emerging market claims, LatAm legacy losses

21st June 2017

Australian insurance group QBE has warned the market that it anticipated a loss in its Emerging Markets unit, due to the impact of "significantly higher than expected claims activity during the first five months of the year." QBE said that it now expects its Emerging Markets division will report a combined ... Read the full article

Re/insurance regulation must be future proof & technology neutral: Insurance Europe

20th June 2017

Insurance Europe said the European Commission should ensure regulation is future proof and technology neutral after a recent consultation on Fintech appears to have left the commission poised to tackle unjustified obstacles to digital innovation. The European re/insurance federation emphasized that regulation should be "technology neutral," - focused on activity, not technology, to ensure ... Read the full article

Willis Towers Watson bolsters Corporate Risk & Broking team in North America

20th June 2017

International insurance and reinsurance brokerage Willis Towers Watson has bolstered its Corporate Risk and Broking (CRB) division in North America, with a number of new appointments. Alex Littlejohn has been named CRB West region leader, and will also serve as the CRB market leader in San Francisco. She joined the firm ... Read the full article

Evolving property/casualty industry at inflection point: VJ Dowling

20th June 2017

Disruptive technologies are driving widespread change across the insurance and reinsurance industry and the property/casualty (P/C) sector is now at an inflection point of the ongoing change, Vincent J. Dowling, Jr. told attendees at the Marsh & McLennan Companies Young Professionals’ Global Forum, 2017. "I have been following the property/casualty industry ... Read the full article

Indian regulator to review right to first refusal for international reinsurers

20th June 2017

The rule giving state-owned Indian reinsurer General Insurance Corporation of India (GIC Re) first picks to reinsurance treaties is set to be reviewed in December of this year. The announcement is likely to renew foreign reinsurers' hopes that the Indian playing field will become more level as it moves closer to a ... Read the full article

Cost of UK motor reinsurance to rise on back of Ogden costs: RBC

20th June 2017

Analysts at RBC Capital Markets say that motor insurers operating in the UK are likely to face higher reinsurance renewal costs in January 2018, as the cost of the Ogden Rate change is factored in. The Ogden Rate change is estimated to have cost insurers and reinsurers £3.5 billion in ... Read the full article

B.P. Marsh invests in Ruggieri backed distribution startup XPT

20th June 2017

B.P. Marsh & Partners has invested $6 million into a New York based specialty lines insurance distribution company, XPT Group LLC (XPT). The investment represents a 35% shareholder gain in insurance distributor XPT, described as "a newly established operation which is in active discussions with a number of parties over potential minority or majority investments ... Read the full article

Ed makes five appointments as it expands professional and executive risks business

20th June 2017

Reinsurance broker Ed has made five new appointments as it looks to expand its professional & executive risk operations, which will be led by Paul Richards as Managing Director. The broker has named James Baird as Director, Neal Hughes as Divisional Director, Rupert Alabaster as Divisional Director, and James Faith as Producer/Broker. Chris ... Read the full article

R&Q assumes $43m in liabilities from California insurer in reinsurance contract

20th June 2017

Randall & Quilter Investment Holdings (R&Q) has written a loss portfolio transfer reinsurance contract to cover a California-based insurance group's livery, trucking, and contractors’ liability programme issued from 2007 to 2015. The deal includes R&Q assuming about $43 million in undiscounted liabilities as well as the carrier's claims handling. Ken Randall, Chairman ... Read the full article

Florida insurers propped up by reinsurance capacity at all-time high: KBRA

20th June 2017

Abundant reinsurance capacity at ever-decreasing pricing has been a lifeboat for Florida insurers at the 2017 second quarter renewals, after their profitability has been shaken by rising water-loss and fraudulent AOB claims, the Kroll Bond Rating Agency (KBRA) highlighted in its Floridian market report. Floridian primary insurers were given a much-needed boost by ... Read the full article

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