Reinsurance News
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Brit hires former XL Catlin exec Tom Bongi to develop professional lines
14th August 2017
Brit has named Tom Bongi as Executive Vice President (EVP) of Professional Lines at Brit Global Specialty USA with effect from 14 August 2017. Bongi joins Brit from XL Catlin where he acted as Director of Underwriting, Global Professional Lines, leading underwriting operations across Professional Lines and Cyber Liability. In his new role ... Read the full article
GIC Re plans ambitious international growth including Lloyd’s syndicate
10th August 2017
Indian state-owned General Insurance Corporation (GIC Re) has announced ambitious plans to diversify its revenue base into the life segment and expand business lines throughout the global market, in a red herring prospectus. The firm recently filed an Initial Public Offering (IPO) constituting 14.22% of the firm’s post-offer paid-up equity share ... Read the full article
Ransomware attacks up by 50% in H1 2017: Beazley
7th August 2017
Insurer Beazley has said that during the first six months of this year ransomware attacks increased by 50% when compared with the previous year, with accidental breaches also continuing to drive a significant volume of losses. The insurer has released its H1 2017 Beazley Breach Insight report, which, based on its ... Read the full article
RenRe adds two to Board of Directors
3rd August 2017
RenaissanceRe Holdings Ltd. has announced the addition of Duncan P. Hennes and Dr. Valerie Rahmani to its Board of Directors, as independent directors, effective August 2nd, 2017. Hennes is the Co-Founder and Partner of Atrevida Partners, LLC, and Dr. Rahmani recently served as Chief Executive Officer (CEO) of Damballa, Inc., a cyber-security firm. Commenting on the appointments, James L. Gibbons, non-Executive ... Read the full article
Reinsurers’ reserves strong, but release levels “unsustainable”: Morgan Stanley
3rd August 2017
Reserving will continue to be a key debate in the reinsurance space as current release levels are "unsustainable" although reinsurers still remain mostly comfortably reserved, according to Morgan Stanley equity analysts. Analysts commented in the firm's latest market research report that most reinsurers are comfortably reserved, although with varying buffer levels ... Read the full article
Brokers must educate SMEs on rising security threats: A.J. Gallagher
1st August 2017
A report commissioned by Arthur J. Gallagher (A. J. Gallagher) reveals how unprepared UK small and medium-sized enterprises (SMEs) are to manage and respond to rising security threats, calling on the broker community to improve awareness and education of the exposures. UK SMEs are becoming increasingly aware of security threats to ... Read the full article
Allianz and InsurTech start-up Flock announce pay-as-you fly drone cover
1st August 2017
Allianz and InsurTech start-up Flock have announced the soon to come launch of the UK's first pay-as-you fly drone insurance that can be tailored to each flight through the Flock app and provides up to £10 million liability cover. The pay-as-you-fly drone insurance is the first product to be launched by ... Read the full article
Pool Re CEO urges re/insurers to adapt to evolving terror threat
31st July 2017
The terrorism re/insurance model needs to evolve in line with changing threats after the 2017 attacks in the UK showed gaps in business interruption (BI) cover and the potential vulnerability of motor insurers to terror threats, Pool Re Chief Executive Officer (CEO), Julian Enoizi told Bloomberg in an interview. After this ... Read the full article
Inaugural IFTRIP a defining moment for terror risk pools: Pool Re’s Enoizi
21st July 2017
Speaking ahead of the inaugural International Forum of Terrorism Risk Pools' (IFTRIP) conference, held in Paris on June 28th, 2017, Pool Re Chief Executive Officer (CEO), Julian Enoizi said that as the first formal collaboration event between the world's terrorism re/insurance entities it would be a defining moment for national ... Read the full article
Sonja Ochsenkuehn joins XL Catlin from AIG to lead Global Programs
10th July 2017
The global insurance division of insurer and reinsurer, XL Catlin, has announced the appointment of Sonja Ochsenkuehn from insurer AIG, as Head of Global Programs. Ochsenkuehn has worldwide responsibility for XL Catlin's insurance operations' Global Programs, which are key to the company's offerings to its clients. In fact, XL Catlin explains that last ... Read the full article
FERMA appoints six board members & confirms re-election of Willaert as President
7th July 2017
Jo Willaert has been confirmed as President of the Board of the Federation of European Risk Management Associations (FERMA) for a further two years, with the organisation also announcing the election of six Board members. The general assembly of FERMA met in Brussels on Friday June 30th, 2017, and have now ... Read the full article
Fidelis & former Hiscox Re exec Ashton launch specialty joint venture
3rd July 2017
Fidelis Insurance has announced the creation of a new specialty joint venture with Rob Ashton, former head of specialty at Hiscox Re Specialty, that will have a strong focus on the cyber reinsurance market. The new venture will begin writing business from January 1st, 2018, with a focus on niche specialty ... Read the full article
De-risking the right step for Novae: Peel Hunt
30th June 2017
Recent and ongoing steps taken to de-risk itself will benefit Lloyd's insurance and reinsurance specialist Novae Group, according to analysts at Peel Hunt. Novae "is taking the right actions to ease capital pressure, rebuild tangible equity and crystalize the intrinsic value of the business" the analysts explain, after reviewing the reinsurance ... 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
Allianz warns against complacency despite 50% decline in global shipping losses
15th June 2017
Analysis by Allianz Global Corporate & Specialty (AGCS), a division of global insurer Allianz, reveals that worldwide shipping losses declined by 50% in 2016 over the last ten years. However, with areas of concern appearing to be on the rise and budgets coming under increasing strain, the insurer warns against ... Read the full article