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Rothesay Life reinsures £12 billion annuity book for Prudential
14th March 2018
Life, annuities, pension and longevity re/insurer Rothesay Life has reinsured a £12 billion chunk of Prudential plc's annuity book managed under the M&G Prudential brand. Prudential today announced that it will be demerging its UK & Europe business M&G Prudential from the overall Prudential plc group, resulting in two separately-listed companies. The ... Read the full article
Prudential Corporation Asia hires new Chief Operating Officer
13th March 2018
Prudential Corporation Asia (PCA), the Hong Kong-based life insurance business unit of Prudential plc, has announced the appointment of Robin Spencer as Chief Operating Officer. In his new role as a member of the PCA Executive Team, Spencer will be responsible for supporting an efficient operating model for the company, optimising ... Read the full article
Profitable growth for re/insurers in the CIMA zone: A.M. Best
12th March 2018
Ratings agency A.M. Best has reported that insurers and reinsurers within the Conférence Interafricaine des Marchés d’Assurances (CIMA) zone, exhibited steady profitable growth despite a challenging operating environment characterised by significant economic and political headwinds. The agency’s report notes that, although this lower economic activity has reduced growth, relatively low claims ... Read the full article
Sanlam acquires SAHAM Finances in $1bn deal
8th March 2018
South African life insurer Sanlam Ltd has announced plans to acquire the remaining 53.4% stake in SAHAM Finances, the insurance subsidiary of SAHAM Group, in a US $1.05 billion acquisition deal. Sanlam already owns a 46.6% stake in SAHAM Finances, and the companies have been partners since February 2016. With a market ... Read the full article
Nicola Harris named Head of Energy, EMEA, XL Catlin
6th March 2018
XL Catlin’s insurance operations has appointed Nicola Harris to Dubai-based Head of Energy, EMEA, to head up the provision and design of insurance solutions for the Energy sector across EMEA, while leading a team of underwriters based in Dubai, Paris, Amsterdam and Madrid. Huw Jones, Global Head of Energy at XL Catlin, ... Read the full article
Multinationals cite major concern over growing political risk: Marsh
27th February 2018
Geopolitical instability remains a top concern for multinational businesses in 2018 with events such as the North Korea missile crisis, Euroscepticism, and increased trade protectionism, driving political risk that could boost demand for credit and political risk re/insurance. Marsh's 2018 Political Risk Map found regions facing political turbulence or increased protectionist trends ... Read the full article
Allianz results dented by 2017 catastrophes
16th February 2018
Insurance giant Allianz's fourth-quarter and full-year 2017 results have been dented by the impacts of major catastrophe events, including the California wildfires, hurricanes Harvey, Irma and Maria, as well as European windstorms and other events. Natural catastrophe losses rose to EUR 1.1 billion for the insurer in 2017, up from EUR ... Read the full article
Sustainability of current retakaful model to be tested: A.M. Best
14th February 2018
The retakaful market remains small and extremely challenging with companies struggling to compete with conventional reinsurers, putting the sustainability of the retakaful model in doubt, according to international ratings agency, A.M. Best. Retakaful is the Islamic alternative to reinsurance, and owing to greater interest for Islamic insurance (takaful), A.M. Best highlights ... Read the full article
Lloyd’s appoints three new directors to Franchise Board
6th February 2018
Lloyd's of London has announced the appointments of Mike Bracken, Nigel Hinshelwood and Fiona Luck onto the Franchise Board as non-executive directors for three-year periods, with effect from 1st March 2018. Welcoming the appointments, Lloyd's Chairman, Bruce Carnegie-Brown said; “These are great appointments for Lloyd’s. Mike, Nigel and Fiona bring experience ... Read the full article
MENA offers attractive growth opportunities despite growing headwinds: A.M. Best
1st February 2018
The Middle East & North African (MENA) region offer attractive growth opportunities, however the credit quality of re/insurers operating in the territory is likely to be tested over the next few years as a result of the increasing geopolitical uncertainty, A.M. Best said in a Special Report on MENA. Analysts pointed ... Read the full article
Nephila looks to expand weather risk business with Nephila Climate launch
30th January 2018
Nephila Holdings Ltd, the parent company of the world's largest insurance and reinsurance-linked fund manager, Nephila Capital Ltd, has expanded its weather and ESG-driven operations with the launch of Nephila Climate (NCx), a new specialty unit dedicated to weather risk transfer and climate resilience solutions. Nephila has announced that head of its ... Read the full article
Alesco expands energy division with two new partners
30th January 2018
Alesco Risk Management Services (Alesco) has announced the appointment of two further partners within its growing energy division, Alison Schwab and Mark Smith. Schwab, who brings more than a decade of experience in energy casualty and a unique knowledge of the US retail market, began her new role on 22 January ... Read the full article
RSA names Tony Buckle & Rob Gibbs to lead UK&I commercial business
29th January 2018
RSA’s UK & International business has named Tony Buckle and Rob Gibbs as managing directors to lead UK & Ireland commercial business as Global Risk Solutions (GRS) and Commercial Risk Solutions (CRS) respectively. From 1st February 2018 Buckle will head up GRS, which provides insurance solutions from operations in the UK, Europe ... Read the full article
Chubb announces key appointments to its Accident & Health senior leadership team
15th January 2018
Chubb has announced two key appointments to its Accident & Health senior leadership team, naming Veronique Brionne as Senior Vice President (SVP) of Accident & Health (A&H) for Continental Europe (CE) and Andrew Nisbet as SVP A&H UK & Ireland. In her Paris-based role, Veronique will assume responsibility for all of Chubb’s ... Read the full article
Willis appoints Alex Steele & Russell Nicholson to Guernsey Financial Institutions Practice
15th January 2018
Willis Towers Watson has announced the appointment of Alex Steele and Russell Nicholson to their Guernsey Financial Institutions practice. Steele and Nicholson will assume joint responsibility for Client Relationships in Guernsey, while Anthony Kay will undertake the same role in Jersey. Chris Jackson, Global Head of FINEX FI Middle Market commented on ... Read the full article