Daily Willis Review | 30 May 2018

Daily Willis Review | 30 May 2018
  • Bermuda launches $100 million infrastructure fund
  • Generali launches employee benefits branch in Luxembourg
  • Malaysian Re partners with Argo Managing Agency
  • QBE Europe granted approval to establish Belgian subsidiary
Bermuda launches $100 million infrastructure fund
Insurance firms in Bermuda have raised almost $100 million for the Bermuda Infrastructure Fund, to upgrade the island’s infrastructure, The Royal Gazette  has reported.

The fund is the idea of Brian Duperreault, Chief Executive Officer American International Group (AIG), supported by Don Mackenzie, New Venture Holdings CEO, and Arch Capital Group Chief Investment Officer Preston Hutchings.

The Bermuda Infrastructure Fund aims to improve ports, docks, roads, bridges, industrial facilities and healthcare facilities on the island.

Founding members of the fund include AIG, Arch Capital, XL Catlin, Axis, RenaissanceRe, Hamilton Insurance Group, Argus and BF&M.

Mr. Duperreault said: “Don, Preston and I are delighted to be able to announce the formation of this fund, which represents an investment in Bermuda by the insurance and reinsurance industry.”

David Burt, Premier of Bermuda, said: “The establishment of the infrastructure fund is a vote of confidence in Bermuda and in the co-operative approach to governance that this Government has taken.”

Generali launches employee benefits branch in Luxembourg
Generali has established a new branch in the Grand Duchy of Luxembourg dedicated to its employee benefits business.

The new branch will operate as the insurance and reinsurance operation of the company and will consolidate Generali’s position in the multinational corporate segment.

The company said the new operation will accelerate Generali’s expansion in the international middle market segment and help launch new initiatives in the fields of health and wellness, business travel assistance, voluntary employee benefits and pensions.

It said that the branch is in line with the strategic objectives of the Generali Group to consolidate its leadership in the employee benefits sector.

Frédéric de Courtois, Chief Executive Officer Generali Global Business Lines and International, said: “The creation of this new branch is another important step towards the strengthening of our position in the Employee Benefits market.”

Malaysian Re partners with Argo Managing Agency
Malaysian Reinsurance Berhad and Argo Managing Agency have signed a Memorandum of Understanding (MOU) which sees the former providing underwriting and technical support, Reinsurance News  has reported.

Argo Managing Agency, a member of Argo Group, manages ArgoGlobal Syndicate 1200 and Ariel Re Syndicate 1910 at Lloyd’s.

As part of the partnership, Malaysian Re and Syndicate 1200 will collaborate on developing and distributing specialty products for the Malaysian and regional markets.

Zainudin Ishak, President and Chief Executive Officer, Malaysian Re, said: “I am excited to be working closely with Argo.

“This partnership is strategic in nature and a key component of Malaysian Re’s Business Transformation 2020 (T20) in asserting our regional market leadership and fulfilling the company’s long-term vision to become the regional leading reinsurer.”

Dominic Kirby, Managing Director of Argo Managing Agency, said: “We are excited about our partnership with Malaysian Re and look forward to mutually profitable growth and launching more innovative products for the Malaysian market in the near future.”

QBE Europe granted approval to establish Belgian subsidiary
QBE Europe has announced it has received a license from the National Bank of Belgium to establish a new Belgian subsidiary.

The subsidiary is part of the company’s post-Brexit plans to ensure QBE will maintain passporting rights across Europe.

It said QBE Europe will leverage its existing base in Brussels to ensure a seamless transition for its customers across Europe.

Richard Pryce, Chief Executive Officer of QBE European Operations, said: “Our priority throughout the Brexit process has been to provide seamless continuity and certainty for our customers and staff, whatever the final terms of the UK’s exit.

“I am delighted that our Brexit program is on track and that we have reached this important stage in our plan to continue to provide a full service capability offering to our customers.”