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Trading Risk April 2018

  • Roy Wright has resigned as CEO of the US National Flood Insurance Program (NFIP) to lead an industry-funded non-profit group that promotes defences against property destruction by natural disasters.
  • Artex said that one of its founders Peter Mullen will be re-joining the company as CEO-elect, taking over leadership of the insurance services firm from March 2019.
  • Horseshoe Group's Mike Baker has been appointed to lead the manager's new London office.
  • Aspen Re Americas CEO and chairman of reinsurance Brian Boornazian will step down at the end of April.
  • LGT ILS Partners has hired Philip Borgia from Aon Benfield to join its deal sourcing and analysis team, the company confirmed.
  • Fidelis has appointed Alison Clarke as a senior underwriter in its London market underwriting team.
  • The UK's Prudential Regulation Authority (PRA) has hired former Tullett Prebon ILS structurer and originator Antonio Guevara to work on ILS.
  • Heritage Insurance has appointed Tim Johns as president and CEO of Hawaiian residential hurricane insurer Zephyr Insurance Company.
  • Brit Insurance's Bermuda head of property treaty Julia Henderson has left the company, according to sources.
  • The oversupply of reinsurance capacity for Japanese wind, flood and earthquake perils capped any anticipated post-HIM rate rises in what turned out to be a broadly flat April renewal, according to Willis Re.
  • The property direct and facultative market achieved rate increases of 20-30 percent on loss-hit US business at the April renewal, but underwriters were still nonetheless disappointed.
  • Reinsurers were pushed back in their attempts to increase US property rates at the April renewal, with loss-free cedants even demanding slight decreases, Willis Re said in its 1st View report.
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