PartnerRe has become the latest reinsurer to launch a so-called sidecar – a special purpose company the reinsurer will use to facilitate third-party investors to participate in collateralized reinsurance deals.
The Montpelier Re-backed Blue Capital Global Reinsurance Fund, which invests in catastrophe exposed collateralised reinsurance-linked contracts and other ILS investments, is looking to raise more funds through a series of placements of new shares. One market participant said the placement illustrated the still growing demand for ILS products among investors.
A significant mismatch still exists between the risk appetite of insurers and their risk limit structure, according to a survey of insurance executives globally which assessed their enterprise risk management (ERM) practices.
The Arab Spring and political turbulence in some parts of the Middle East and North Africa (MENA) has not dented the long-term prospects for the insurance industry in this area with strong growth still expected on the back of a combination of low insurance penetration and rapidly growing energy, infrastructure and healthcare sectors.
XL Group has appointed Matthew Huels into its surplus lines team as vice president and general liability line of business head. Based in Chicago, he joins from CoverX Specialty in Chicago where he served as vice president and Midwest primary casualty manager. He will report to Roxanne Mitchell, president of XL Group's Surplus Lines business. "To successfully serve hard-to-place risks that rely on the Surplus Lines market, you need intuitive, seasoned underwriters. That’s why we’re pleased to attract the underwriting talent that we do,” said Mitchell.
Ming Lee, the president and chief executive of catastrophe modelling firm AIR Worldwide has been named Honoree of the Year by The Chinese American Insurance Association (CAIA).
Towers Watson has appointed Andy Smith, a former underwriting director at RSA, has as a senior consultant in its underwriting consultancy operation. In his role at RSA, Smith held the position for the UK corporate business and, more recently, for its international division, covering Canada, Scandinavia, Ireland and Italy.
The British Insurance Brokers’ Association (BIBA) has made Steve White, head of Compliance and Training at BIBA, its new chief executive, with effect from May 1, 2013. He replaces Eric Galbraith. Graeme Trudgill, BIBA’s head of corporate affairs, will also be promoted to the main board of BIBA. “We have a very demanding board and a clear strategic direction. My first responsibility will be to articulate that to our members and stakeholders and then get on with the job of implementation,” said White.
Aon Risk Solutions has signed a unique co-insurance agreement with Berkshire Hathaway International Insurance that provides clients fast and efficient access to AA+ rated capacity for all eligible business placed by Aon Risk Solutions where the Lloyd’s market participates.
Florida state-backed insurer, Citizens is looking to repeat the success of its first cat bond issued in 2012, with a second bond issuance under Everglades Re this year.