AM Best Upgrades Credit Ratings of Santa Lucía S.A. Compañía de Seguros y Reaseguros
: AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” from “a-” for Santa Lucía S.A. Compañía de Seguros y Reaseguros (Santalucía) (Spain). The o...
Date: December 12, 2018
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Axis Capital Extends CEO’s Contract by Five Years
: Axis Capital Holdings Ltd. said it extended its employment agreement with Albert A. Benchimol, president and chief executive officer, by five years to the end of 2023.
The group’s employment agreement with Benchimol, dated...
Date: December 12, 2018
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Scor Combines Life Segment Global Markets and Clients Solutions Teams
: Scor Global Life said it combined its global markets and client solutions teams under one leadership structure and made several related appointments.
The life reinsurance arm of Scor SE promoted David O’Brien to deputy head...
Date: December 12, 2018
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Negotiators Reach Covered Agreement Between US, United Kingdom as Brexit Nears
: Negotiators for the United States and the United Kingdom have reached a final covered agreement to protect international insurers and reinsurers that might be exposed to adverse market conditions with the anticipated U.K. exi...
Date: December 12, 2018
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AM Best Affirms Credit Ratings of Solidarity Bahrain B.S.C.
: AM Best has affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb” of Solidarity Bahrain B.S.C. (Solidarity Bahrain) (Bahrain). The outlook of the FSR is sta...
Date: December 12, 2018
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Aspen Shareholders Accept Apollo’s $2.6 Billion Takeover Bid
: Shareholders of Bermuda-domiciled Lloyd’s insurer and reinsurer Aspen Insurance Holdings Ltd. have accepted a US$2.6 billion cash takeover bid from private equity funds controlled by New York-based Apollo Global Management.
...
Date: December 11, 2018
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Hyperion Names Interim Chief Financial Officer
: Hyperion Insurance Group said Richard Houghton will join the business as interim group chief financial officer, effective Dec. 10.
Houghton will undertake “a full handover” from Oliver Corbett, before Corbett leaves the gro...
Date: December 11, 2018
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University of Illinois Finds Road From China Leads Through Lloyd’s
: Not long after Jeffrey Brown became dean at the Gies College of Business at the University of Illinois at Urbana-Champaign in 2015, he was presented with an issue that brought back memories of his days as a risk management in...
Date: December 11, 2018
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Royal London’s Chief Executive Officer, Chairman to Depart
: Royal London Group said Phil Loney will step down as group chief executive officer by the end of 2019.
Rupert Pennant-Rea will also leave the U.K. life insurer at the end of 2018, Royal London said in a statement. Pennant-...
Date: December 11, 2018
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Eleven Insurance Groups Seek Two-Year Delay on IFRS
: A coalition of 11 insurance industry trade associations is seeking a two-year delay in the implementation of IFRS 17, which is designed to improve the insurance underwriting processes.
In a letter to the International Accou...
Date: December 10, 2018
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Peak Re Sponsors the Formation of Sidecar Lion Rock Re
: Peak Reinsurance Co. Ltd. has launched a sidecar transaction through the newly formed Lion Rock Re Ltd. to provide collateralized retrocession for the company.
Bermuda-based Lion Rock Re has raised US$75 million in capital ...
Date: December 10, 2018
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Swiss Re Names Life and Health Products Head
: Paul Murray was named head of life and health products for Swiss Re.
The appointment begins immediately, said Swiss Re in a statement. Murray succeeds Russell Higginbotham, who became Swiss Re’s chief executive officer of ...
Date: December 7, 2018
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BestWeek: AIG’s CEO Says General Insurance Revamp On Track; 4Q Cat Losses Near $800M
: American International Group Inc. expects to show a slight profit in its general insurance segment going into 2019 as the group appoints a new chief financial officer and continues to reorganize its general insurance business...
Date: December 7, 2018
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CNA Hardy Gains Approval for Post-Brexit Luxembourg Subsidiary
: CNA Hardy said it has won approval to transfer European business to its new Luxembourg subsidiary, the final step in implementing its post-Brexit solution.
CNA Insurance Co. (Europe) S.A., the new entity of CNA Insurance Co...
Date: December 7, 2018
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Lloyd’s: Court Approval of Brussels Subsidiary a ‘Positive Step Forward’
: After receiving court approval for what is known as a Part VII transfer of business to its Brussels subsidiary, Lloyd’s said it has taken a “positive step forward” in its post-Brexit strategy.
Lloyd’s said the decision by ...
Date: December 7, 2018
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Allianz: Financial Assets Growth Fosters Insurance Demand in Asia
: The upswing of private household gross financial assets has delivered dynamic growth across Asia, with an increasing need for pension and property protection, according to a global wealth report by Allianz.
Gross financial...
Date: December 7, 2018
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Prudential Plc’s Eastspring Opens China Office
: The Asian investment management arm of U.K.-based Prudential plc has opened a wholly foreign owned enterprise office to serve high net worth individuals and institutional investors in China.
Eastspring Investments has $195 ...
Date: December 6, 2018
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Brokerslink CEO Resigns; Incoming Chairman to Guide Transition
: Jacqueline Legrand resigned as chief executive officer of Brokerslink AG.
Legrand’s resignation, effective Dec. 6, comes after she spent six years based in Europe, the broker network said in a statement. Brokerslink said s...
Date: December 6, 2018
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Beazley Puts California Wildfire Claims at $40 Million
: Specialist Lloyd’s underwriter Beazley plc estimated its claims from the recent wildfires in California at US$40 million.
In a trading update, Beazley also said its investment return for the year to the end of November was ...
Date: December 6, 2018
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AM Best Removes from Under Review, Upgrades Credit Ratings of XL Group Ltd, Its Main Property/Casualty Subsidiaries and XLIT Ltd
: AM Best has removed from under review with developing implications and upgraded the Financial Strength Rating (FSR) to A+ (Superior) from A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “aa-” from “a+”...
Date: December 6, 2018
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