Reinsurance News
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Specialty reinsurance premiums grow as traditional business takes a hit: Fitch
22nd May 2017
International financial services rating agency, Fitch Ratings, has highlighted a trend of non-life reinsurers moving into specialty lines, as they seek pockets of premium growth to offset stiff competition in more traditional business lines. Fitch Managing Director, Jim Auden, said industry competition had weakened market pricing significantly in the last three ... Read the full article
Terms & conditions show signs of weakening in 2017: Fitch
18th May 2017
The persistent soft reinsurance market environment is again resulting in the weakening of terms and conditions (T&Cs), as market participants increasingly utilise multiyear protection, extended hours clause, and the inclusion of risks that aren't fully understood by the industry, according to Fitch Ratings. Throughout the softening reinsurance market cycle there have ... Read the full article
Reinsurance buying driven by expansion into new lines: A.M. Best
18th May 2017
Europe's 20 largest cedants have been increasing their reinsurance purchasing as they grow their product offerings with new lines of business that typically require greater technical and financial support, said A.M. Best Senior Director, Carlos Wong-Fupuy, commenting on the rating agency's latest reports on large European insurers' reinsurance ceding trends. As cyber, ... Read the full article
IUA says London insurance business growth needs boost
12th May 2017
International Underwriting Association (IUA) Chief Executive Officer (CEO) Dave Matcham, has added his voice to concerned London industry players who say coming years will be crucial to strengthening London's long-term relationship with emerging markets of Asia and Latin America, after the 2017 London Matters report revealed the city's been falling ... Read the full article
Lloyd’s Inga Beale calls on the City of London to support re/insurance modernisation
10th May 2017
Lloyd's Chief Executive Officer (CEO), Inga Beale, has said London's access to talent and emerging markets must be prioritised if the city's re/insurance industry is to thrive in future years. And while these factors could become increasingly challenged in an era of populism and protectionism, Beale said she believes Brexit could ... Read the full article
Global reinsurers taking market share from London: LMG
9th May 2017
Global reinsurers have taken a share of the re/insurance market from London, as factors like a high concentration of specialist insurers and Brexit have contributed to its shrinking market presence in emerging markets and threaten a continual reduction of its global market share. The London Market Group (LMG) and The Boston Consulting ... Read the full article
AGCS appoints new offshore energy underwriter in London
5th May 2017
Allianz Global Corporate & Specialty (AGCS), a division of insurer and reinsurer Allianz, has announced the appointment of Zoe Massie as Offshore Energy Underwriter, based in the firm's London energy team. In her new role Massie will report to Tracey Hunt, AGCS Regional Head of Energy, London. Massie started her insurance ... Read the full article
Risk preparedness at lowest level since 2007: Aon
3rd May 2017
Reinsurance broker Aon Benfield has said firms are at their lowest levels for risk preparedness since 2007 - when it first began to assess the risk environment for businesses in its bi-annual global risk management survey. This is down to firms not yet having caught up with the speed of the ... Read the full article
Rate of European reinsurance purchase to gradually decline: A.M. Best
25th April 2017
Commenting on A.M. Best's latest market briefings, senior director, Carlos Wong-Fupuy, said the trend of large European insurers increasingly ceding business to reinsurers to offset soft market conditions and Solvency II requirements is expected to slow in the coming year. European insurers had been relying on reinsurance to enlarge their capacity for product ... Read the full article
Markel becomes second syndicate to join Lloyd’s India platform: Reports
24th April 2017
Markel is set to become the second syndicate to join Lloyd's India operations, after the specialist insurance and reinsurance market kicked off its India market expansion in April with MS Amlin as the first syndicate to join its newly launched domestic India reinsurance branch, the India Express has reported. Markel International Underwriter, ... Read the full article
Hiscox appoints new Chief Information Officer
19th April 2017
Insurance and reinsurance group Hiscox has appointed a new Chief Information Officer (CIO), naming Ian Penny, previously CTO of Barclays in the role. At Hiscox, Penny will be in charge of the Group's IT, with a team of 300 under his leadership and will report directly to CEO Bronek Masojada. Penny replaces ... Read the full article
Reinsurance News – Wednesday 12th April 2017
12th April 2017
Here’s your daily Reinsurance News for Wednesday 12th April 2017: Traditional reinsurance capital declined by $3 billion in Q4 2016: Aon During the final quarter of 2016 the volume of traditional reinsurance capital declined by $3 billion, while the level of alternative capital increased by $3 billion, meaning overall reinsurance capacity ... Read the full article
MGA Ascent Underwriting appoints claims director
10th April 2017
Niche product specialist managing general agency Ascent Underwriting, which offers cyber reinsurance solutions among its range of products, has appointed Mark Bowers, previously of Tokio Marine Kiln, as its claims director. Bowers joins Ascent Underwriting with immediate effect and will take on responsibility for maintenance and development of the companies claims ... Read the full article
Reinsurance News – Monday 10th April 2017
10th April 2017
Here’s your daily Reinsurance News for Monday 10th April 2017: $2 billion insured losses for severe U.S. weather events in March: Aon Benfield Global insured catastrophe losses from severe winter weather in the U.S. in March is expected to reach $2 billion, according to Aon Benfield. Japanese reinsurance renewals ... Read the full article
Reinsurance News – Friday 7th April 2017
7th April 2017
Here’s your daily Reinsurance News for Friday 7th April 2017: Favourable terms seen at April reinsurance renewal: Aon Buyers of reinsurance protection witnessed favourable terms at the 1st April 2017 renewals with record levels of capacity maintaining pressure on pricing, according to Aon Benfield. U.S. severe weather losses $2bn+ in ... Read the full article
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