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Bruce Love joins Liberty Specialty’s Casualty Treaty division from Munich Re

6th November 2017

Liberty Mutual Insurance subsidiary, Liberty Specialty Markets (LSM), has announced the hiring of Bruce Love from Munich Re as Director, Assumed Reinsurance, Casualty Treaty, based in the firm's Stamford, Connecticut office. Love will report to Thomas Greene, the company's Head of Casualty, Reinsurance, and will have responsibility for production, underwriting and ... Read the full article

Pioneer launches property E&S unit, hires David Phillips to lead operation

6th November 2017

Pioneer Underwriters, which operates as a risk carrier and managing agent currently with the backing of Liberty Syndicate 4472, has launched its new Property E&S unit, which is to be led by David Phillips. Phillips will be based in Alpharetta, Georgia, and brings more than 20 years of property insurance expertise ... Read the full article

Reinsurers need to manage expense & invest in InsurTech: PwC

6th November 2017

In the consistently competitive, challenged and evolving reinsurance market, companies need to focus on cost optimisation and reducing expenses, in order to remain agile and be able to take advantage of future opportunities, according to PwC. Add on the impacts of recent catastrophic losses, which are estimated to total an industry-wide ... Read the full article

Berkshire Hathaway suffers $3bn cat hit, drives re/insurance to underwriting loss

6th November 2017

Warren Buffett's conglomerate Berkshire Hathaway has suffered around $3 billion of losses from the recent major catastrophe events, which has driven his re/insurance businesses to an underwriting loss for the quarter. Berkshire Hathway now faces the prospects of suffering its first full-year underwriting loss in 15 years, as the impacts of ... Read the full article

Ignore recent cat activity at your peril, warns Alleghany President, Hicks

6th November 2017

Weston M. Hicks, President of Alleghany Corporation, has warned against dismissing third-quarter catastrophe events as an anomaly, events that depleted more than a third of the company's underwriting profits earned in the prior five years. The impact of catastrophe events in the third-quarter of 2017 resulted in losses for Alleghany of ... Read the full article

Bermuda reinsurers’ show increased catastrophe resilience

3rd November 2017

Bermuda-domiciled carriers' resilience to catastrophe events has shown consistent year-on-year improvement with capital level growth exceeding gross catastrophe exposure, according to a recent report from the Bermuda Monetary Authority (BMA). While gross catastrophe exposure for Bermuda's reinsurance sector increased by about 9% year-on-year, capital levels also increased at a slightly higher ... Read the full article

ICA appoints Richard Enthoven as President and Chairman of the Board

3rd November 2017

The Board of the Insurance Council of Australia (ICA) has announced a two-year appointment of Richard Enthoven as President of the Insurance Council and Chairman of the Board. He was previously Deputy President, and served as Acting President last month following the departure of Anthony Day from Suncorp. Gary Dransfield, Chief Executive ... Read the full article

Restrictions for global players on the rise in EMEA markets: A.M. Best

3rd November 2017

The fallout of low oil prices, the Russian crisis of 2014 to 2017, the UK’s exit from the EU, and the Trump administration’s swing towards protectionism have all contributed to mounting economic & geopolitical pressures, impacting re/insurers by driving an anti-globalisation shift. A.M. Best highlighted the trend towards protectionist measures on ... Read the full article

Swiss Re CFO says climate change has altered the risk landscape

3rd November 2017

After Swiss Re reported a nine-month net loss close to half a billion dollars from recent catastrophes, Chief Financial Officer (CFO), David Cole, warned that climate change had altered the risk landscape. The reinsurer expects natural catastrophe claims from events such as hurricanes Harvey, Irma and Maria, and Australia's Cyclone Debbie ... Read the full article

Rates need to reflect changing risk perception, suggests industry execs

3rd November 2017

The pricing of catastrophe risks in the insurance and reinsurance sector needs to reflect the increased severity and frequency of events, and the extremely costly third-quarter could lead to a change in risk perception, according to industry executives. Historically, the occurrence of significant price increases across the reinsurance market happens at ... Read the full article

$3bn of cat losses & huge $836mn reserve charge hit AIG in Q3

3rd November 2017

As well as catastrophe losses of $3 billion, insurance giant AIG took another large adverse development charge in the third-quarter of 2017, of $836 million, resulting in an operating loss worse than expected. The insurer fell to an operating loss of $1.1 billion in the third-quarter of 2017, compared with an ... Read the full article

Artex expands Cayman Islands platform with Chandler Insurance takeover

3rd November 2017

Artex Risk Solutions, a provider of insurance, reinsurance, and alternative risk management solutions, has announced the acquisition of Cayman Islands domiciled Chandler Insurance Management. The acquisition brings over 20 years of captive insurance management experience in the Cayman Islands to Artex, expanding its platform in the region. Commenting on the acquisition, Chief ... Read the full article

Safety National Re hires key executives for Professional Liability Treaty division

3rd November 2017

Safety National Re has announced the addition of two new key executives within its Professional Liability Treaty division, naming Lydia Wilmot as Vice President (VP) and Stephanie Wizner as Assistant Vice President (AVP). The appointments come as part of a move to expand professional specialty capabilities at the firm. “We welcome Lydia ... Read the full article

Recent events a reminder of the effectiveness of reinsurance: David Priebe, GC

3rd November 2017

The series of recent catastrophes in Mexico, the U.S. and the Caribbean will generate more opportunities for the reinsurance industry as they demonstrate its necessity as a protection for primary risk bearers, and as an efficient tool for managing large-scale capital events. The recent loss events have the potential to make ... Read the full article

Attune appoints Martha Dreiling & Richard Stamets to leadership team

3rd November 2017

Attune has announced two key appointments, naming Martha Dreiling as Head of Analytics and Corporate Operations and Richard Stamets as Head of Underwriting Strategy. Dreiling joins from a role as Senior Vice President of Operations at OnDeck - an online lender for small businesses. In her new role, she'll be responsible to oversee ... Read the full article

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