Reinsurance News
Insurance news
Insurance news of relevance to the reinsurance market.
Our focus is on insurance and reinsurance news for large account, commercial and specialty lines, as well as pure reinsurance and retrocession news, analysis, insight and interviews.
Endeavour Insurance Services announces series of additions to North America team
16th February 2018
Delegated authority specialist and Lloyd’s broker Endeavour Insurance Services has announced the expansion of its USA and Canada appointments with a series of new appointments. Endeavour has named Victoria Cooch as Business Development and Support Handler, and Ben Ward as Trainee Broker set to join the U.S. team. In the Canadian team ... Read the full article
Latin American protectionism could threaten re/insurance growth prospects: Carnegie-Brown
16th February 2018
Despite Latin American market conditions of low insurance penetration and strong economic growth being favourable for an upsurge of re/insurance demand, the region's protectionist stance could put a damper on efficient risk transfer and consequently hinder socio-economic development, Lloyd's chairman Carnegie-Brown warned at a recent Lloyd’s Meet the Market event in Miami. Carnegie-Brown ... Read the full article
LIIBA & EY urge brokers to be ready for Brexit
15th February 2018
The London and International Insurance Brokers’ Association (LIIBA) and EY have released a report to advise on the significant uncertainty that still surrounds regulation for intermediaries, and their authorisation process for placing and servicing European risk from the UK post-Brexit. Christopher Croft, Chief Executive Officer (CEO) of LIIBA, said that although ... Read the full article
U.S. property insurers’ hopes for double-digit rate hikes dampened: Willis
15th February 2018
U.S. property insurers' hopes for double-digit rate hikes on catastrophe-exposed insurance programmes following 2017’s record natural catastrophe-related losses could be dampened, as an abundance of both traditional and alternative capital continues to flood the market and weaken the potential for widespread market firming, according to Willis Towers Watson. In a U.S. property ... Read the full article
Chambers apointed director of innovation & corporate development at AEGIS London
15th February 2018
John Chambers, The AEGIS London director of underwriting, is set to take on the newly created role of director of innovation and corporate development. In his new role, Chambers will oversee development of AEGIS London’s OPAL platform, its online quote-and-bind system for coverholders and brokers and the expansion of AEGIS London’s ... Read the full article
Hiscox appoints David McLaughlin to Chief Financial Officer for U.S.
14th February 2018
Hiscox has announced the appointment of David McLaughlin, who joins from Fiserv, to Chief Financial Officer (CFO) in the U.S. McLaughlin brings more than 20 years of operational and financial experience to the role, including having held a number of divisional CFO positions at Fiserv, and most recently covering their Digital ... Read the full article
Kemper to acquire Infinity in $1.4 billion merger deal
14th February 2018
Kemper Corporation has entered into a merger agreement to acquire auto insurer Infinity Property and Casualty Corporation in a cash and stock transaction, valued at approximately $1.4 billion. The implied total consideration is about $1.3 billion, or $121.01 per Infinity share. Infinity is a provider of auto insurance focused on serving the ... Read the full article
Allianz closes 10-year proxy revenue swap for Invenergy wind farm
9th February 2018
Allianz Global Corporate & Specialty’s (AGCS) alternative risk transfer unit (Allianz) has closed a 10-year proxy revenue swap for Invenergy's Upstream Wind Energy Center to ensure stable revenues despite uncertainty of intermittent wind resource. Allianz cooperated with Nephila and REsurety to provide an innovative financing solution for the renewable energy company's ... Read the full article
January storms expected to cost European insurers over $2 bn
9th February 2018
The Atlantic storm systems that impacted Western and Central Europe in January are expected to cost European insurers more than $2 billion, according to Aon's latest catastrophe report. The German Insurance Association (GDV) said the most significant windstorm Friederike, was the costliest windstorm in the country since Windstorm Kyrill in 2007, ... Read the full article
IFRS 17 could temporarily increase European insurers’ cost of capital: Fitch
8th February 2018
The new international accounting standard for insurance contracts to be implemented in 2021, IFRS 17, could temporarily increase the cost of capital for European insurers due to investors' concerns over IFRS restatement effects. In an audience poll of investors, insurance issuers, bankers and others with an interest in the insurance market ... Read the full article
Cunningham Lindsey appoints David Waller to Environmental Specialist Practice Group Leader
8th February 2018
Cunningham Lindsey has announced the appointment of David Waller as Environmental Specialist Practice Group Leader, set to lead a team of global experts providing specialist adjusting, consultancy and guidance in all types and sizes of environmental losses. In his new role, David will focus on driving the firm’s expertise and capability ... Read the full article
U.S. property/casualty insurance suffers 30% net income drop in 2017
8th February 2018
The U.S. property/casualty insurance industry saw its net income after taxes drop 30% in 2017 after the industry was hit with record-setting catastrophe losses, according to ISO and the Property Casualty Insurers Association of America (PCI). The net underwriting losses reached $20.9 billion, far exceeding the $1.7 billion underwriting loss for nine-months ... Read the full article
Bascule Underwriting launches multi-territory MGA
8th February 2018
Bascule Underwriting in partnership with Prospect Insurance Brokers has launched a multi-territory international managing general agent (MGA). Ex-jockey William Hill, the founder and chief executive of Bascule, said; “we believe a flexible MGA structure, driven by market leading technology, is well suited to this niche class of business, enabling us to deliver ... Read the full article
Brit names Christopher Ballantyne as Vice President of Delegated Claim Authority
7th February 2018
Brit has named Christopher Ballantyne as Vice President of Delegated Claim Authority set to head up the oversight and performance management of Brit's North American claims service providers and support Brit’s London-based claims team. In his new role, Ballantyne will report to Mike Barry, Head of Short Tail Claims. Matthew Wilson, Chief Executive ... Read the full article
Safety National Casualty announces series of changes to executive team
7th February 2018
Safety National Casualty Corporation has announced several organisational changes to executive and upper management set to take effect from April 1, 2018. Gene Maier, Executive Vice President and Chief Underwriting Officer, will retire after a successful 33-year career with Safety National, set to be succeeded by Gus Aivaliotis, current Senior Vice ... Read the full article
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