Tag: reinsurance

Swiss Re announces that it has completed the 2018 public share buy-back program of up to CHF 1.0 billion purchase value, authorized by the Annual General Meeting on 20 April 2018 and which it launched on 7 May 2018. Since 7 May 2018, Swiss Re has repurchased 11 214 761 of its shares for a… Continue reading Swiss Re Completes Public Share Buy-Back Program 2018

AXA SA said Tuesday that AXA XL, its property & casualty and specialty risk division, will potentially cut 711 jobs in Europe as part of a plan to reorganize its structure. The French insurer said the plan was the next phase of the integration of several of its divisions, which will combine separate teams and… Continue reading AXA XL to Potentially Cut Hundreds of Jobs in Europe as Part of Reorganization

Large catastrophe losses and ongoing loss creep resulted in pricing hikes of up to 35% for the retrocession segment at the January 2019 renewals, as investors pushed for higher returns amid a predominantly flat rating environment, according to A.M. Best. Analysts said that property catastrophe retrocession was the brightest spot at the 1/1 renewals, with… Continue reading Investor Losses Drive Retro Pricing Hikes Amid Flat 1/1 Market: A.M. Best

German reinsurer Munich Re’s fourth quarter profits fell 56 per cent year-on-year to €238m as the group was hit by the California wildfires in November and turbulent financial markets at the year-end. The fourth-quarter performance was in line with analyst expectations. For the full year, Munich Re announced a sixfold profit increase to €2.3bn as… Continue reading Munich Re Quarterly Profits Drop on Wildfires and Choppy Markets

Scor SE slumped the most in more than a decade in Paris trading after rival Covea abandoned efforts to buy the French reinsurer, ending one of the country’s most acrimonious takeover attempts in recent years. Covea said that a transaction with Scor, in which it owns an 8.2 percent stake, is no longer among its… Continue reading Reinsurer Scor Slumps Most in Decade as Covea Abandons Takeover Plan

Reinsurance broker Lockton Re has announced that Jerry Ridge is to lead the firm as Head of Reinsurance, following the retirement of George Carrington this Spring. As Head of Reinsurance at Lockton Re, Ridge will lead the firm’s 60 dedicated reinsurance professionals across the UK and the U.S., as the company continues down its growth… Continue reading Jerry Ridge to be Head of Reinsurance at Lockton Re

Markel CatCo CEO Tony Belisle and Bermuda CEO Alissa Fredricks have both left the company after an internal review found the executives had violated company policies relating to an undisclosed personal relationship. As previously reported, the investment manager is the subject of governmental inquiries into loss reserves recorded at the company and its subsidiaries in… Continue reading Belisle and Fredricks Out of Markel CatCo Over Personal Relationship

Guy Carpenter has unveiled a new business unit – Global Capital Solutions Group – with JLT Re’s Ed Hochberg taking a top role. Hochberg who has held the role of CEO of North America at JLT Re since March 2015 – will become head of the Global Capital Solutions practice following the completion of JLT’s… Continue reading Guy Carpenter Names Hochberg Head of New Capital Solutions Unit Post-JLT Takeover

AIG got its new core US casualty quota share home at around the targeted 50 percent placement level it had targeted after securing widespread support from major reinsurers including heavyweights Swiss Re and Munich Re, The Insurer can reveal. According to sources, the official ceding commission was maintained at the 25 percent set in the… Continue reading AIG Completes Giant Casualty Treaty; Swiss Re Leads