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Latest Reinsurance News

Reinsurers cautioned over climate change risks to finance system: APRA

20th February 2017

The Australian Prudential Regulation Authority (APRA) admonished companies for a lack of action on risks from global warming, warning at the Insurance Council of Australia’s Annual Forum that climate change could “threaten the stability of the entire financial system.” "While climate risks have been broadly recognised, they have often been seen ... Read the full article

Willis Towers Watson to acquire French aviation broker OAAGC

20th February 2017

Willis Towers Watson is set to acquire French aviation broker, OAAGC - a move that will see Willis' aviation business expand to top aviation insurance and reinsurance broker in France. The acquisition would transfer the entire OAAGC team and book of business over to Willis, and offer OAAGC clients access to Willis’s ... Read the full article

Bruce Carnegie-Brown to replace Nelson as Chairman of Lloyd’s

20th February 2017

The specialist Lloyd's of London insurance and reinsurance marketplace has announced that Bruce Carnegie-Brown is to replace John Nelson as its new Chairman, effective June 2017. Following a meeting of the Council of Lloyd's Carnegie-Brown's appointment was approved unanimously, and subject to approval and consent from the Prudential Regulation Authority (PRA) and the Financial ... Read the full article

Russian National Reinsurance to seek global diversification, ratings

20th February 2017

The Russian National Reinsurance Company will seek to enter international reinsurance markets in order to diversify its book as it gains scale, according to the reinsurers President. Nikolay Galushin, President of the Russian National Reinsurance Company, said in an interview with Interfax that in future it will be desirable for the ... Read the full article

Insured losses reach AU$42 million after Sydney freak summer storm

20th February 2017

The Insurance Council of Australia (ICA) has reported insured losses of AU $42 million (US$32 million) and rising after a freak summer storm ravaged Sydney and parts of New South Wales. And insured loss estimates for the NSW bushfires have risen to AU$28.5 million (US $21 million) - a figure that ... Read the full article

Ogden rate revision to result in huge re/insurer reserve charge: Willis

20th February 2017

Insurance and reinsurance broker Willis Towers Watson (WTW) has warned that should the proposed Ogden discount rate revision to negative 0.5% occur, reinsurers that operate in the UK motor industry would most likely face a £4.9 billion reserve charge, while the annual cost of providing motor insurance would also increase. Analysis ... Read the full article

Ed brokers re/insurance for Iranian gas field projects

20th February 2017

Ed Broking, the London and global insurance and reinsurance brokerage, has completed the first arrangements in Iran that will see London market re/insurance capacity backing energy industry projects in the country since sanctions were in place. Since sanctions were eased in January it has now become possible for London market re/insurers ... Read the full article

Enstar to sell Pavonia Life to Global Bankers Insurance Group for $120m

20th February 2017

Bermuda based insurance, reinsurance and run-off specialist Enstar Group has announced a $120m agreement to sell its Pavonia Holdings (US), Inc. subsidiary to an affiliate of Global Bankers Insurance Group for $120 million. Enstar originally acquired the Pavonia business, which includes Pavonia Life Insurance Company of Michigan, Pavonia Life Insurance Company of ... Read the full article

Reinsurance News – Monday 20th February 2017

20th February 2017

Here’s your daily Reinsurance News for Monday 20th February 2017: Rise in large industrial claims driving reserve surprises, suggests J.P. Morgan Analysts at J.P. Morgan have warned that a rise in large industrial claims, particularly in the U.S., could be the driver of reserve charge surprises, as seen with insurer ... Read the full article

Trump, Brexit, & regulatory risk changes & concerns: A.M. Best

17th February 2017

Reinsurers on either side of the Atlantic have been watching in trepidation as the global political agenda takes an increasingly protectionist stance, A.M. Best highlighted key concerns in a recent report, outlining how these changing regulations have impacted the insurance and reinsurance industry. The rating agency's analysts examined some of the ... Read the full article

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