QBE
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The underwriter has worked at Hiscox, Lloyd’s, Chubb and Zurich. -
The platform aims to “bend the loss curve”.
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The carrier notified California regulators that it would stop renewing plans starting last month.
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Tim Barber joins from QBE Re, where he was head of North America.
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The broker announced the launch of its cross-class facility this week.
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She was most recently claims manager at QBE France.
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The carrier cited elevated cat and large-loss activity, including the LA wildfires.
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Bridges joins from QBE, where he spent over 17 years.
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Last year, the firm obtained a Class 4 license in Bermuda.
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Bridges had been at QBE for 17 years.
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The claim hits the downstream market following a loss-hit start to the year.
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There have been several personnel moves in the fast-growing tax insurance space recently.
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Andrew Kane has spent eight years at QBE.
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The carrier incurred claims from LA wildfires and flooding in Queensland.
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The facility provides follow capacity to US and international placements.
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The steep reduction in quantum stands to benefit specialty excess of loss reinsurers.
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Retention levels for reinsurance fell across the different geographies the carrier operates in.
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Fast Track is led by QBE and backed by Canopius, Arch and Beazley.
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Capacity will be available to 11 open-market lines of business.
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Anthony Norfolk joins from Swiss Re, where he was a senior engineering underwriter.
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The insurer will focus on UK regional growth and opportunities in cyber for the coming year.
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The insurer has renewed separate three and five-year arrangements.
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The appointment comes after the departure of Mark Benbow, who is joining Westfield.
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The move marks a return to underwriting for Michelle Boyd, who worked at Axa XL and HDI.
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The carrier’s lower hurricane exposure was driven by portfolio exits and optimisation.
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RiverStone is assuming $1.2bn of a $1.6bn legacy deal.
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A significant amount of new capacity has flowed into the political violence and terror market in recent months.
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The regulator alleges customers were promised discounts they did not receive.
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The reinsurer’s A&H head Simon Parkinson left earlier this year to join Redriff Underwriting.
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Negligence must be proved to cover any loss of life for passengers under P&I cover.
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QBE has “effectively stopped writing new business” in response to its New Caledonia loss.
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The legacy firm said the deal would strengthen its Bermuda operations.
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The transactions will de-risk all North America middle-market reserves up to 30 June 2024.
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The international business grew premiums by 12.5% over the period.
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Loss assessment is ongoing but the event looks likely to be a total loss.
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The Mexican state oil company delivered the upstream market its largest claim in 2023.
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Reinsurance sources say the pool targets the wrong aspects of Australian cat losses.
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Ambac Financial Corporation recently acquired a majority stake in Beat.
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The company will now focus on its better-positioned businesses.
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The carrier said nat-cat claims were running in line with plan assumptions.
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Nicola Schroder was head of environment and transition.
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The carrier is hiring after Simon Parkinson left to join start-up RedRiff.
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Catalina Romero and Iain Bird have been added to the trade credit team.
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Combined ratios have improved as prices rise and investments return to profit.
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The underwriter will report to Kristina Maffit.
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Coppola was also a member of the NA exec management board.
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Shallow will also become joint active underwriter for Syndicate 2999.
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Finan was VP of construction and infrastructure at Marsh.
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The Australian insurer will have $1.7bn of core XOL cover this year.
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The international business grew premiums by 17%.
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The carrier has been hiring after the launch of a new specialty practice.
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The A&H reinsurance underwriter was launched by Peter Wilkins at the end of last year.
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The carrier is rebuilding its energy underwriting team after a number of staff departures.
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Rice has been appointed as senior underwriter and head of business development for Europe.
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Carmen DeSilva will help build out QBE Re’s Bermuda specialty reinsurance business.
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Salvatore Sama has been named global product head for casualty, while Jane Farren has been named global head of financial professional lines.
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Andrew Guarnori joins from Swiss Re, while Ashish Ahluwalia was previously head of reserving.
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RedRiff Agency will underwrite A&H insurance and reinsurance through a Lloyd’s consortium led by Beat 4242.
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The broker said that cat losses were around $950mn in the year to October.
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Ablett is currently QBE’s global head of trade credit and surety and has headed up its global credit team since 2018.
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Agarwal joined QBE in 2019, and most recently served as group head of underwriting performance.
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Investigations have revealed more damage than first thought from the July explosion.
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The international unit experienced an average renewal premium rate increase of 9.4% during the first half.
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The carrier said it anticipated central estimate developments of around $180mn, including $40mn of crop adverse development.
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Peter Wilson brings more than 40 years’ experience in the insurance industry.
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The Mexican state-owned oil company has been the source of several large energy claims.
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The carrier has hired Melanie Mason from Liberty Mutual to replace Lisa Wolfe as property underwriting manager in Canada.
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There is stiff competition in the renewables space as carriers look to establish positions in a growth market.
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The executive will work as director of underwriting for the specialty casualty division.
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The Singapore aviation hub is part of a strategic regional focus for the aviation team from Chubb Global Markets.
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QBE Re said it was investing in the business with the creation of three new roles.
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The Net-Zero Insurance Alliance has been urged to overhaul its objectives as the string of high-profile carrier departures continues.
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The firm noted prior-year development on cat events that primarily occurred in late 2022.
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AM Best also affirmed the financial strength rating of A (Excellent) and the long-term ICR of the group.
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Cook will be responsible for building more effective customer and broker relationships and managing strategic partnerships with retrocessionaires.
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The underwriter will be based in southern California and lead global strategy in cyber for the insurer.
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Plus the latest executive moves and all the top news of the week.
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Sir Keith Skeoch takes over from Tim Ingram, who has retired after nine years as chairman.
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The cross-line facility launch – in a generally firm market – suggests that the tech-driven era of facilitisation is continuing to gain pace.
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The facility will be the largest to launch since Aon Client Treaty in 2016.
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The underwriter will work on developing the Bermuda platform and strengthening the global property proposition.
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The deal includes a diversified book of international and NA financial lines, European and NA reinsurance portfolios, and several US discontinued programs.
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The syndicate said that claims were “marginally worse” than expected in 2022, but manageable.
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The result represented a 4.2-point deterioration from previous mid-point forecasts.
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Erica Kofie and David Warr move up in the cyber team.
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The group restructured its aggregate reinsurance protection and simplified the top layers of its main cat treaty.
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The deal regards international and North America financial lines, European and North American reinsurance portfolios, and several US discontinued programs.
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The carrier’s D&I data showed that the mean gender pay gap fell in 2022, although it acknowledged there was more work to do on its ethnicity representation.
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More rain is forecast for Auckland, with three 'heavy rain warning – red' notices issued today.
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Among other promotions, Seb Rice has been appointed commercial head of trade credit.
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The firm’s family-leave policy now allows UK employees to receive 26 weeks at normal basic salary for both paternity and maternity leave and up to 52 weeks of parental leave.
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Based in North America, Julie Wood will lead QBE’s global distribution capabilities.
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In a review of financial services firms’ D&I policies that highlighted shortcomings, the regulator said policies need to be holistic, and not generic.
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The carrier has become the latest in a string of reinsurers unwilling to write retro at 1 January.
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US transactional liability SVP Toria Lessman will lead the European build-out.
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The insurer’s expected full-year combined ratio is 94% and constant currency GWP growth 10%.
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The claim will add pressure to an already stressed downstream market facing resurgent loss activity.
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The deal follows a decision to withdraw from some direct Irish business.
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The process provides further evidence of larger deal sizes becoming more frequent in the legacy space.
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The OS 35 has P&I coverage in place with QBE’s British Marine, which will shoulder clean-up costs from the incident.
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Bernd Luckey’s appointment comes amid a number of senior moves within the construction market.
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Chris Killourhy joined QBE in June 2015 and has held several roles in the company, including chief actuarial officer and CFO of QBE’s Australia Pacific division.
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Cat claims for the half amounted to $175mn including the impact of the Ukraine conflict.
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The carrier said the movement was driven by unfavourable bond performance and reserve deterioration.
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The carrier is working with the ASIC after a review found evidence of unfair policy pricing.
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Leroy Hobson has more than 25 years’ experience in the surety market, having held head of surety roles at Zurich, Chubb and Aon.
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The company also promoted Jane Farren to vice president of US financial and professional lines and made permanent Tim Barber’s role as general manager for North America.
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The Next Gen platform is expected to be completed in February.
