Reinsurance News

In a reshuffle of their senior management team, Aspen Insurance Holdings has announced that Stephen Postlewhite, previously CEO of Aspen Re has been appointed CEO of Aspen Insurance following the retirement of Mario Vitale.  Thomas Lillelund, previously Managing Director, Asia Pacific, for Aspen Re succeeds Postlewhite as CEO of Aspen Re.  Lillelund had also served as Chairman of the Singapore Reinsurers' Association since May 2014.

The SRA and the International Underwriting Association of London (IUA) today announced an affiliation partnership that will enable both organisations to better serve their common membership.
 
The maiden issue of the Asia Reinsurance Pulse was launched today at the 13th SIRC, which had attracted a record 1,000 delegates from close to 50 countries.
 
Sponsored by the SRA, the Asia Reinsurance Pulse is a new annual research publication that aims to provide a unique overview of Asia-Pacific’s USD 50 billion non-life reinsurance market.
 
Industry veteran, Mr John Tan, announces his retirement from all executive positions that he held in Asia Capital Reinsurance (ACR) Group on medical advice. He will however remain on the ACR Board in the newly-created non-executive role of Founder and Senior Advisor. Fellow Board Member, Mr Hans-Peter Gerhardt, has been designated to assume the roles of ACR Group Chief Executive and Chief Executive of fully-owned subsidiary, Asia Capital Re, pending regulatory approvals.  
 
The Indonesian Financial Services Authority (Otoritas Jasa Keuangan or OJK) has finalised its set of domestic cession rules that are aimed at "improving and optimising capacity in the country".  The new rules are expected to be largely welcomed by industry players after intensive engagement and feedback gathered from the market, said OJK officials.
 
The long drawn out, and at times acrimonious, merger/takeover saga ends with Partner Re's announcement that it had 'reached a definitive agreement' with EXOR to sell all its outstanding common shares in a USD6.9b all-cash deal, which effectively ends the so-called 'amalgamation of equals' merger with AXIS. 
 
In sharp contrast to the 'doom and gloom' pronouncements that had pervaded the blogosphere recently suggesting the imminent demise of the traditional reinsurance industry, recent statements by senior executives of reinsurance companies announcing their second-quarter results paint a rosier picture pointing out that there are protection gaps out there for reinsurers to tap.
 
The White Mountains Insurance Group has sold its P&C insurance/reinsurance unit, Sirius International Insurance Group to CM International Holding, the Singapore-based investment arm of Beijing-based China Minsheng Investment Corp. Ltd for a reported USD2.24 billion.
 
The SRA joined hands with the rest of the Singapore insurance fraternity to mark the 50th year of Singapore's independence by organising a special charity golf tournament, "SG50 Insurance Golf - Swing for Charity" at the Singapore Island Country Club on 15 July 2015.
The continuing AXIS-Partner Re M&A saga takes a new twist as EXOR ups its bid for Partner Re to USD137.50 per share whilst raising its stake in Partner Re to 9.32%, making it the largest shareholder.