Reinsurance News
Casualty reinsurance
Casualty reinsurance provides insurers with protection against large, unexpected losses from liability-based risks.
Casualty lines of business include claims arising from legal responsibility for injury or damage to others, including auto liability, medical malpractice, D&O (Directors & Officers), as well as product liability, errors and omissions (E&O), and many more niche liabilities.
The casualty reinsurance market is a significant component of the global reinsurance market and its risks have a far longer-tail than many catastrophe or specialty lines.
As such, casualty reinsurers are highly specialised and the casualty market also makes use of run-off and legacy reinsurers, to enable them to gain finality on elements of their casualty reinsurance portfolios.
Read all our casualty reinsurance news below.
Neil Monahan joins AXIS Re from Swiss Re as SVP, Professional Liability, U.S.
23rd August 2017
AXIS Re, the reinsurance arm of AXIS Capital Holdings Limited, has appointed Neil Monahan, formerly of Swiss Re, as Senior Vice President (SVP), Professional Liability, U.S., reporting to Jon Colello. In his new role, Monahan will be responsible for leading the reinsurer's professional liability reinsurance underwriting operations in the U.S., and will be based ... Read the full article
Digital tech revolution could increase casualty catastrophe risk
17th August 2017
Casualty catastrophe reinsurers could be hit with higher claims costs as legislation for software and app manufacturers evolves to shift the focus onto consumer contractual protections in coming years. Willis Towers Watson's Pete Thomas, Reinsurance and risk management expert, warned of the potential impact to reinsurers of expected upcoming legislative changes ... Read the full article
Political uncertainty can influence casualty catastrophe reinsurance treaties
15th August 2017
Reinsurers should revisit U.S. casualty catastrophe reinsurance products in response to government administration changes that are expected to influence the legal, social, and economic conditions impacting treaties policies, Willis Towers Watson reinsurance risk management specialist Pete Thomas advised. "History tells us that every time there is change from a democrat to ... Read the full article
Beach names Julian Goldberg as senior Vice President
25th July 2017
Beach & Associates has named Julian Goldberg, joining from RenaissanceRe Syndicate 1458, as newly appointed Senior Vice President (SVP). As Beach SVP Goldberg will be London-based, reporting to partner, Adam Hedley, and will help steer the firm's growth and management of its casualty reinsurance business and product development. Hedley commented; “Beach’s growing ... Read the full article
Sirius strengthens casualty team with Erik Soria as new Vice President
25th July 2017
Sirius Group has strengthened its casualty reinsurance team with the appointment of Erik Soria, who joins from QBE Re Bermuda, to Vice President of Casualty. In his Bermuda based role, Erik will underwrite the firm's casualty portfolio, reporting to Sirius Bermuda CEO Warren Trace. Trace commented on the appointment; “I have known ... Read the full article
Liberty Specialty Markets hires new casualty reinsurance underwriter
24th July 2017
Liberty Specialty Markets (LSM), the London headquartered unit of Liberty Mutual Insurance Group, has hired Angus Hampton as an Underwriter for the firms Casualty Reinsurance Division. Hampton, who moves over from Ascot where has worked as an assistant underwriter since 2014, will be based in Liberty Specialty Market's London headquarters and ... Read the full article
Demand for casualty reinsurance increases at mid-year renewals: Willis Re
20th July 2017
Commenting on trends in the casualty market after the 2017 mid-year renewals, Willis Re said demand for reinsurance is increasing as the cyber market expands and global demand is stimulated by pending regulation in the European Union (EU) and Australia. As underlying cyber coverage expands with first party exposures, reinsurers appear ... Read the full article
Everest Re hires Kelly from Hiscox to lead international casualty facultative reinsurance
23rd June 2017
Everest Re Group, Ltd. has hired Matt Kelly to lead its international casualty facultative reinsurance unit, a role that will see him responsible for worldwide Casualty facultative underwriting, outside of the U.S. and Canada. Kelly will be based in Miami in his new role as Vice President and Head of the ... Read the full article
Reinsurers advised caution on casualty catastrophe treaties: Willis Towers Watson
16th June 2017
Willis Towers Watson reinsurance risk management specialist, Pete Thomas, has cautioned reinsurers to review casualty catastrophe treaties in light of administration changes. He said experience has proven that when big changes are evident in society, they have a significant knock-on effect on how effective and comprehensive coverage against political and social risk, ... Read the full article
SCOR hires Graeme Scott from Markel as EMEA Casualty CUO
16th May 2017
French reinsurance firm SCOR has announced the appointment of Graeme Scott as its EMEA Casualty Chief Underwriting Officer, hiring him from his most recent position as Head of Inwards Reinsurance at Markel International. Scott joins SCOR today and will be based in London for the reinsurer, where he will lead a ... Read the full article
Hamilton Re acquires renewal rights to Canopius Bermuda’s excess casualty book
24th April 2017
Bermuda-based Hamilton Re, part of the Hamilton Insurance Group, has acquired the renewal rights to Sompo Canopius' excess casualty insurance book of business and also takes the two underwriters, Stephen Hartwig and Jeremy Wright, across to the firm. Hamilton Re will take on renewing the Canopius Underwriting Bermuda Limited ... Read the full article
Larger losses, digitalisation & tech are reshaping liability risk landscape: Allianz
31st March 2017
Companies around the world are increasingly susceptible to larger liability losses and the advancement of technology has the potential to drive a shift in the liability risk landscape, warns Allianz Global Corporate & Specialty (AGCS), a division of Allianz. After analysing 100,000 insurance claims from more than 100 countries between 2011 and ... Read the full article
Hiscox Re finding opportunities in casualty & speciality lines
6th March 2017
Insurer and reinsurer Hiscox has reported a record year for profit in 2016 despite tough market conditions and helped by the performance of its Hiscox Re and insurance-linked securities (ILS) unit where it found opportunity for growth in casualty and specialty business lines. Overall, the re/insurer reported a record £354.4 million profit ... Read the full article
XL expects $75m Ogden Rate hit on UK motor reinsurance book
1st March 2017
XL Group Ltd. said that it estimates the impact of the recent Ogden Rate change to be around $75 million, contained within its UK motor reinsurance book. XL does not underwrite much in the way of UK motor insurance or reinsurance business now, but has some exposure from business underwritten on ... Read the full article
Ironshore Specialty Casualty execs take on new product line responsibilities
27th February 2017
Ironshore Specialty Casualty has announced that executives Dawn Puro and Sonny Powers will assume new product line responsibilities, effective immediately. Puro, Senior Vice President (SVP) of Specialty Casualty at the firm's New York office has been named Product Line Manager, Public Entity lines and Powers, Vice President and Product Line Manager ... Read the full article
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