Pru Announces $6 Billion in Longevity Reinsurance Transactions
: The Prudential Insurance Company of America, a unit of Prudential Financial Inc., said it entered longevity reinsurance contracts with Rothesay Life Plc. in the second half of 2019 to backstop $6 billion in two bulk annuities...
Date: February 18, 2020
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QBE Chief Executive: Higher Rates Boost Profit Despite Australian Cats, North American Crop Losses
: QBE Insurance Group Ltd. saw strong rate increases that boosted 2019 profit despite increased catastrophe losses in Australia and weather-related North America crop insurance losses, said the group’s chief executive officer.
...
Date: February 18, 2020
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EU Places Cayman Islands on International Tax Compliance Blacklist
: The European Commission has placed the Cayman Islands on a 12-country tax compliance blacklist, saying the island nation does not have adequate regulatory guardrails in place to properly administer collective investment vehic...
Date: February 18, 2020
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Secure Retirement Institute: US 2019 Annuities Sales Strongest Year Since Economic Crisis
: Total U.S. annuities sales in 2019 of $241.7 billion reached their highest peak since 2008, according to the Secure Retirement Institute’s Fourth Quarter U.S. Annuities Sales Survey.
In the fourth quarter, sales dropped 8% ...
Date: February 18, 2020
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Ardonagh Group Subsidiary to Acquire Bennetts Motorcycling Services
: The Ardonagh Group said its subsidiary, Atlanta Investment Holdings C Ltd., intends to acquire Bennetts Motorcycling Services Ltd., part of Saga Services Ltd.
Founded in 1930, Bennetts is a bike insurance specialist providi...
Date: February 18, 2020
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Former Lloyd’s CEO Beale Elected to Crawford & Co. Board of Directors
: The board of directors of Crawford & Co. said Inga Beale will join the board as an independent director.
Beale is the former chief executive officer of Lloyd’s, a post she held for five years before stepping down in 2018. ...
Date: February 18, 2020
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Legal & General Puts £100 Million in Pension Risk Transfer Money Into Affordable Housing
: Legal & General used £100 million (US$130 million) in proceeds from its pension risk transfer operations to provide long-term debt financing to its affordable housing business in the first step of the insurer’s plans to use m...
Date: February 18, 2020
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Swiss Re Partners With IKEA to Offer Home Insurance
: Swiss Re Ltd.’s digital platform iptiQ has partnered with the Swedish home furnishings chain IKEA to offer home insurance directly to consumers through the furniture distributor’s website, the carrier said in a statement.
T...
Date: February 18, 2020
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Berkshire Hathaway Specialty Insurance Names Head Customer and Broker Engagement for Germany
: Berkshire Hathaway Specialty Insurance has expanded its European team and named Daniel Weinmann as head of customer and broker engagement in Germany.
Weinmann has more than 20 years of insurance experience. He was most rece...
Date: February 18, 2020
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Catastrophe Modelers Estimate Losses From Europe’s Winter Storm Ciara-Sabine at US$2 Billion
: Catastrophe modelers are estimating insured property losses of up to €1.9 billion (US$2.06 billion) from Winter Storm Ciara-Sabine, which hit the United Kingdom and parts of Continental Europe Feb. 8-11.
Insured property lo...
Date: February 14, 2020
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AM Best Affirms Credit Ratings of MAPFRE Panamá S.A.
: AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” of MAPFRE Panamá S.A. (MAPFRE Panamá) (Panama City, Panama). The outlook of these Credit Ratings (ratings) rem...
Date: February 14, 2020
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Lancashire CEO: Capacity Adequate for Right Risks in Hardening Market
: With the market finally hardening across virtually all classes, Lancashire Holdings Ltd. Chief Executive Officer Alex Maloney said his company plans to grow this year.
“We still believe there is much work to be done before ...
Date: February 13, 2020
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Aegon CEO: Second-Half Income Grows Threefold Despite Hits From Interest Rates, Bond Spreads
: Aegon N.V. more than tripled its second-half net income as commercial business strengthened despite the negative effect of low interest rates, said the life and pensions group’s chief executive officer.
The group achieved ...
Date: February 13, 2020
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Sun Life Sees Fourth-Quarter Profits Rise on Wealth Management
: Fourth-quarter net income attributable to Sun Life Financial Inc. rose 24% to C$719 million (US$542 million), as group retirement services saw quarterly sales rise 19% over the previous year to fuel a growth in Canadian wealt...
Date: February 13, 2020
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Zurich CEO: Profits Improve as Rising Rates Exceed Claims Inflation
: Rising rates at Zurich Insurance Group exceeded claims inflation, supporting growth and improved underwriting results, Chief Executive Officer Mario Greco said during a year-end earnings call.
Earlier business mix changes ...
Date: February 13, 2020
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AIG CEO: Strategic Program ‘Won’t Be Linear’ as General Insurance Turnaround Continues
: American International Group Inc. achieved a strong turnaround in its general insurance segment, as the group accelerates its long-term strategic plan in 2020, said its chief executive officer.
The market cycle is “improvin...
Date: February 13, 2020
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AM Best Revises Outlooks to Negative For New India Assurance Company Limited
: AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of New India Assurance Company Limited (New India) (India).
...
Date: February 13, 2020
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Walkers Bermuda Partner: Cryptocurrency Risks Find Home in Captive Market
: Cryptocurrency risks are proving difficult to place in the commercial market, but are finding coverage through captives, said Peter Dunlop, partner, insurance and reinsurance team of Walkers Bermuda. He spoke with AM BestTV a...
Date: February 12, 2020
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Darag Completes Two Runoff Acquisitions in UK Expansion
: Darag Group Ltd. said it completed two acquisitions that contribute to its growth plan in the United Kingdom.
The legacy acquirer completed its acquisitions of the Underwriter Insurance Co. Ltd. and One Re Ltd., Darag said...
Date: February 12, 2020
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Mapfre CFO: Profit Surges Despite Higher Catastrophe Losses
: Premium growth is strong across Mapfre S.A.’s Latin American and Iberian operations as the group proceeds with its U.S. reorganization, said the group’s chief financial officer.
The Madrid-based group suffered higher catast...
Date: February 12, 2020
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