Reinsurance News

Aon Benfield Buys Safe Brokers to Enhance Presence in Greece, Cyprus

Aon Benfield, the reinsurance intermediary and capital adviser of Aon plc, has acquired Safe Brokers to strengthen its investment in the Greek and Cypriot markets. Safe Brokers is an independent reinsurance broker with facultative and treaty premium of approximately EUR15 …

Hedge Funds Need to Be Wary of Push Into Catastrophe Risks: XL Group

Hedge funds looking for new investments may be pushing too fast into insurance, said Michael McGavick, the chief executive officer of XL Group plc. McGavick joins Franklin Montross, the CEO of Berkshire Hathaway Inc.’s General Re, and Ace Ltd.’s Evan …

Hedge Funds Move Into Catastrophe Reinsurance

Hedge funds are muscling their way into the market to share the cost of cleaning up after natural catastrophes, but skeptics are questioning whether they will stick around ahead of the next “big one” as underwriting returns fall. Hedge funds …

Montpelier Reports Third Quarter Financial Results

Montpelier Re Holdings Ltd., the Bermuda-based provider of short-tail reinsurance and other specialty lines, reported operating income for the third quarter ended September 30, 2014, of $39.9 million, or $0.86 per common share, compared with $71.5 million, or $1.38 per …

Aon Benfield Launches Arabian Earthquake Model

Impact Forecasting, Aon Benfield’s catastrophe model development unit, launched a catastrophe model to estimate the financial impact of earthquakes in the Arabian Peninsula. The demand for catastrophe modeling in the countries of Gulf Cooperation Council (GCC) is increasing as a …

Cunningham to Become CEO of IAT Reinsurance

IAT Reinsurance Company Ltd., the privately owned Bermuda insurer, announced that Peter R. Kellogg is retiring as chief executive officer, a position he has held since the company’s founding in the early 1980s. William Cunningham will assume the role of …

Hamilton Insurance Buys 2 TIG Insurance Units

Hamilton Insurance Group Ltd., the reinsurer that counts Sanford “Sandy” Weill as non-executive chairman, acquired two units from Prem Watsa’s Fairfax Financial Holdings Ltd. as part of a push into primary coverage. Hamilton acquired Valiant Insurance and Valiant Specialty Insurance, …

Best Upgrades Ratings of Taiping Reinsurance

A.M. Best has upgraded the financial strength rating to A (Excellent) from A- (Excellent) and the issuer credit rating to “a” from “a-” of Taiping Reinsurance Company Limited (TPRe) (Hong Kong). The outlook for both ratings is stable. The ratings …

Schumacher Appointed CFO at SI Re

Signal Iduna Reinsurance AG (SI Re), a Swiss reinsurer based in Zug, Switzerland, has appointed Patrick Schumacher as its new chief financial officer and member of the executive team. Schumacher succeeds Beat Landtwing, former CFO of SI Re, who retired after …

Best Places Gulf Re Under Review

A.M. Best has placed the financial strength rating of A- (Excellent) and the issuer credit rating of “a-” of Gulf Reinsurance Limited (Gulf Re) (United Arab Emirates) under review with negative implications. The action follows an accepted appeal by Gulf …