Reinsurance News
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Swiss Re could use more ADC reinsurance to reduce Corporate Solutions volatility: analysts
10th July 2019
Analysts at Barclays and JP Morgan are anticipating that Swiss Re may purchase further adverse development cover (ADC) to protect the underwriting result of its Corporate Solutions business, which was hit particularly hard by recent catastrophe losses. The move will likely come as part of a broader overhaul of the unit’s ... Read the full article
Global Atlantic hires Deutsche Bank exec as CTO
3rd July 2019
Life and annuity re/insurance firm Global Atlantic Financial Group has announced the appointment of Padma Elmgart as Chief Technology Officer (CTO) and Managing Director, effective June 17. Elmgart most recently served as a senior Chief Information Officer at Deutsche Bank Americas, where she led teams in designing and implementing tech to ... Read the full article
Richard Phelps joins Aon’s Enterprise Client Group in London
13th June 2019
Global insurance and reinsurance broker Aon has named Richard Phelps as an Enterprise Client Group Leader in the UK, based in London. In his new role, Phelps will report to Jim Herbert, Co-Global Head of Aon's Enterprise Client Group. He joins from Barclays Investment Bank, where he held numerous senior client-focused ... Read the full article
AXA further reduces stake in U.S. life business
5th June 2019
Global re/insurer AXA has further reduced its stake in its US life insurance business, AXA Equitable Holdings (EQH), with the sale of 40 million shares to Morgan Stanley and Barclays. AXA has also granted the underwriters a 30-day option to purchase up to an additional 6,000,000 shares of EQH’s common stock. Read the full article
Bredahl joining TigerRisk Partners as President & COO
14th May 2019
Rob Bredahl, who resigned from reinsurer Third Point Re only a few days ago, has already resurfaced as the new President and Chief Operating Officer of reinsurance brokerage, risk and capital strategic advisory TigerRisk Partners. Bredahl will join TigerRisk as from the middle of June and in addition to the ... Read the full article
Miller adds Richard Griffiths as Political Risk Insurance Specialist
1st May 2019
Global re/insurance broker Miller has added Richard Griffiths as Credit and Political Risk Insurance Specialist, a position that will see him develop the use of non-payment Insurance for banks looking to manage risk and capital effectively. Griffiths started out in 1983 at Barclays Bank, working in the company’s London, and Hong Kong ... Read the full article
Palomar sets sights on $97m-$110m IPO
10th April 2019
Palomar Holdings, a specialty property insurance provider backed by Genstar Capital, has set its sights on raising between $97 million and $110 million for its upcoming initial public offering (IPO) of common stock. The company had initially been targeting $50 million for the IPO, driven by the opportunity to increase its ... Read the full article
Palomar Holdings files for $50mn IPO
18th March 2019
Palomar Holdings, a specialty property insurance provider backed by Genstar Capital, has filed for an initial public offering (IPO) with a placeholder amount of $50 million. The company, which is based in La Jolla, California, submitted preliminary documents to the Securities and Exchange Commission on Friday to pursue the IPO. It plans ... Read the full article
Covéa board firmly rejects “groundless” SCOR accusations
31st January 2019
After a statement from Covéa this week put an official end to its hopes of successfully navigating a takeover of SCOR, prompting the latter to pursue legal action, the company’s board of directors have firmly rejected what they describe as groundless acquisitions and reaffirmed its unanimous support for ... Read the full article
SCOR seeks prosecution of Covéa & Thierry Derez
29th January 2019
French reinsurance giant SCOR has announced that it plans to initiate criminal actions against Covéa and its Chief Executive Officer (CEO) Thierry Derez following the rejection of an €8.2 billion takeover bid in August 2018. The acquisition offer from Covéa, which is currently SCOR’s largest shareholder, was labelled as “hostile ... Read the full article
RSA names Karen Caddick as Group & UK HR Director
23rd January 2019
RSA Group, one of the largest UK commercial insurers, has announced the appointment of Karen Caddick as Group & UK HR Director. She replaces Cathy Lewis, who has served in the role since 2016 and is due to retire from executive work this year. “With a strong track record inside and outside of ... Read the full article
Marsh & McLennan issues $5bn senior debt to fund JLT acquisition
9th January 2019
Broking and advisory giant Marsh & McLennan Companies, Inc. (MMC) has outlined plans to issue $5 billion of senior debt to fund its previously announced $5.6 billion acquisition of Jardine Lloyd Thompson Group (JLT). The offering consists of six tranches of senior notes with maturities of up to 30 years. MMC stated ... Read the full article
Enstar boosts acquisition war chest with enlarged $1bn credit facility
22nd August 2018
Bermuda based insurance, reinsurance, run-off and legacy transaction specialist Enstar Group Limited has boosted its acquisition war chest with the signing of a new credit facility that can provide up to $1 billion of capital. The arrangement sees Enstar Group and certain subsidiaries enter into a five year unsecured $600 million ... Read the full article
Swiss Re hires ex-BAML analyst Olivia Brindle to P&C Analytics Solutions team
16th August 2018
Global reinsurance firm Swiss Re has hired a recognised industry equity analyst from Bank of America Merrill Lynch, appointing Olivia Brindle to the firms P&C Analytics Solutions team. Brindle joined Swiss Re this month and will be based in Zurich, taking on the role of Senior P&C Analytics Solutions Manager within ... Read the full article
QBE Insurance Group reshapes senior management team
11th April 2018
QBE Insurance Group Limited has announced a major reshaping of their senior management team as Inder Singh succeeds Michael Ford as Chief Financial Officer (CFO), Peter Grewals is appointed as Chief Risk Officer (CRO), Liam Buckley as Head of Culture and Talent, Matt Mansour as Chief Information Officer, and Anders ... Read the full article