Insurance
AIG takes James Nash from Guy Carpenter to lead Japan
Insurance giant American International Group, Inc. (AIG) has announced the hire of James Nash, a well known reinsurance industry senior executive who most recently worked for broker Guy Carpenter in Asia Pacific. Nash had worked at the reinsurance broker for almost 35 years, including with around 15 years of experience in senior roles in Japan.…
Read MoreGC Securities hires Carlo Magnani from Willis Re Securities
GC Securities has added a new hire in Carlo Magnani, who joins the reinsurance capital markets focused company from his most recent role at rival Willis Towers Watson. Magnani joins GC Securities in its London office and will have a focus on capital markets backed reinsurance solutions including insurance-linked securities (ILS), we understand. GC Securities…
Read MoreAon Reinsurance Solutions hires Pett from Nephila in Bermuda
Aon’s Reinsurance Solutions division has announced the hire of Stephen Pett in Bermuda, who joins the broker from his most recent position with insurance-linked securities (ILS) fund manager Nephila Capital. Pett joins Aon as a Vice President and broker and will focus on instruments such as industry loss warranties (ILW’s) other specialty reinsurance products. Pett’s…
Read MoreTropical Storm Sally to be 8th named storm to make U.S. landfall
U.S. Gulf Coast residents from Louisiana to Florida should prepare for Tropical Storm Sally, which is forecast to strengthen into a hurricane before making landfall on Tuesday. There is uncertainty over the specific timing and location of Sally’s landfall, as well as its ultimate intensity level. Severe weather conditions will last, however, for several days…
Read More2020 “feels more familiar” – Rupert Swallow, Gallagher Re
The backing of newcos and recapitalising of existing re/insurers by private equity is a return to more traditional practices, thinks Rupert Swallow, CEO of newly rebranded Gallagher Re. The prospect of a Class of 2020 is a reflection of constraints in the ILS market, thinks Rupert Swallow, CEO of Gallagher Re (the newly rebranded name…
Read MoreRetro market to seek greater precision & clarity on coverage: Marcell, Aon
Retrocessional reinsurance markets are likely to seek greater precision and clarity on what they are covering at the renewals in 2021, according to Andy Marcell, CEO, Aon Reinsurance Solutions. This is likely to entail a switch back to offering more retro reinsurance coverage on a named-peril basis, as well as a re-examination of key terms…
Read MorePolicyholder Surplus Matters: Here’s Why
Perhaps the most emotionally compelling data point invoked by those who would compel insurers – through litigation and legislation – to pay business-interruption claims explicitly excluded from the policies they wrote is the property/casualty insurance industry’s nearly $800 billion policyholder surplus. Many Americans hear “surplus” and think of a bit of cash they have stashed…
Read MoreSally forecast to track as hurricane to New Orleans area Gulf Coast landfall
Hurricane Sally is forecast to form in the Gulf of Mexico and some forecasts suggest the potential for rapid intensification, with at minimum a Category 1 hurricane landfall now anticipated on the central Gulf Coast, not far from New Orleans. Sally formed at the weekend as a tropical depression, then crossed the Florida keys and…
Read MoreLeadenhall assists on physical climate risk disclosure guidelines
The Climate Measurement Standards Initiative (CMSI), an Australian led collaboration on the physical risks of climate change and their disclosure, has developed a set of open-source, voluntary guidelines to help banks, financial institutions and insurers better assess the risk and quantify the costs of climate-related damage. London-headquartered insurance-linked securities (ILS) and reinsurance linked investment manager…
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