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GIC Re aims to raise $1.7 billion in its initial IPO
4th October 2017
State-run reinsurer General Insurance Corp of India (GIC Re) is aiming to raise up to $1.7 billion in its initial public offering, that is set to run from October 11-13th, according to a public notice, Reuters reported. The upcoming IPO will see the Indian government sell 107.5 million shares of GIC ... Read the full article
Dr. Mitchell-Wallace to leave SCOR for Lloyd’s Head of Risk Aggregation role
26th September 2017
The specialist Lloyd's of London insurance and reinsurance marketplace has named Dr. Kirsten Mitchell-Wallace as its new Head of Risk Aggregation, reporting to Jon Hancock, Director of Performance Management. Dr. Mitchell-Wallace will join Lloyd's from global insurer and reinsurer SCOR, where she is currently EMEA Regional Head for Catastrophe Management, based ... Read the full article
Total WannaCry losses pegged at $4 billion
25th September 2017
Ransomware attacks have reached a new peak this year, with WannaCry causing estimated global financial and economic losses of up to $4 billion and infecting 300,00 machines around the world, according to Trend Micro's security and threats report. 2017s WannaCry and Petya attacks show that cybercriminals are upping their game ... Read the full article
Uncertainty remains but London expected to be global re/insurance hub post-Brexit: A.M. Best
19th September 2017
Widespread uncertainty remains, but despite the UK's vote to leave the European Union (EU), global ratings agency A.M. Best expects London to maintain its status as one of the world's leading insurance and reinsurance hubs. In response to the UK's Brexit vote, a number of insurers and reinsurers have announced plans ... Read the full article
Pen Underwriting promotes Tom Downey to Chief Underwriting Officer
15th September 2017
Pen Underwriting, a multi-territory managing general agent (MGA), has promoted Tom Downey to Chief Underwriting Officer (CUO), with effect from 1 October 2017. Downey, who has been on Pen Underwriting’s executive team as Managing Director of Specialty since 2014, will now assume responsibility for underwriting, capacity management, pricing, analytics, risk & ... Read the full article
Re/insurance market must rise to the cargo challenge: Inga Beale, Lloyd’s CEO
15th September 2017
Inga Beale, the Chief Executive Officer (CEO) of the specialist Lloyd's of London insurance and reinsurance marketplace, has called for the re/insurance industry to step up to the challenges facing the cargo insurance industry, or risk losing out to new competitors. Research from Lloyd's underlines the decreasing profitability of the cargo ... Read the full article
Beazley increases social engineering cover to match growing demand
14th September 2017
Beazley has expanded its social engineering cover for the U.S. to match the growing market demand for protection from impersonation scams and other attacks that have been on the increase in recent years. The new policy for social engineering cover provides up to $5,000,000 in excess of underlying cover of at ... Read the full article
Opportunities exist for reinsurers to adapt to new insurance market landscape: EY
8th September 2017
As the global reinsurance market continues to experience a supply/demand imbalance, EY has warned of a number of threats to the industry's business model that could see some struggle to survive, although opportunities do exist to navigate the testing and changing marketplace. Global advisory firm EY, in a recent reinsurance industry ... Read the full article
Bretton Woods appoints Paul Fleming to senior broker & director
21st August 2017
London-based independent specialist broker Bretton Woods International has announced Paul Fleming's appointment to senior broker and director of the firm's board. As part of the executive team, Fleming will steer the direction of the broker and managing general agent in a range of specialist open market and programme placements including complex contingency ... Read the full article
Collaboration needed to address growing terror threat
21st August 2017
Australian Reinsurance Pool Corporation CEO Dr Chris Wallace highlighted the need for global collaboration and cooperation between the public-private sector to address the growing terrorism threat at the inaugural International Forum of Terrorism Risk Re Insurance Pools (IFTRIP*) Paris conference. “Terrorism is a global issue and the nature of threats is constantly ... Read the full article
Digital tech revolution could increase casualty catastrophe risk
17th August 2017
Casualty catastrophe reinsurers could be hit with higher claims costs as legislation for software and app manufacturers evolves to shift the focus onto consumer contractual protections in coming years. Willis Towers Watson's Pete Thomas, Reinsurance and risk management expert, warned of the potential impact to reinsurers of expected upcoming legislative changes ... Read the full article
Global commercial rates continue to decline, pressuring combined ratios: Marsh
16th August 2017
Commercial insurance rates declined, on average, for the seventeenth consecutive quarter in Q2 2017, driven by excess capacity and intense competition, according to the latest Marsh Insurance Market Index. Moderating renewal rate declines in the global commercial insurance market occurred in Q2 for the sixth consecutive quarter, declining, on average, across ... Read the full article
Brit hires former XL Catlin exec Tom Bongi to develop professional lines
14th August 2017
Brit has named Tom Bongi as Executive Vice President (EVP) of Professional Lines at Brit Global Specialty USA with effect from 14 August 2017. Bongi joins Brit from XL Catlin where he acted as Director of Underwriting, Global Professional Lines, leading underwriting operations across Professional Lines and Cyber Liability. In his new role ... Read the full article
GIC Re plans ambitious international growth including Lloyd’s syndicate
10th August 2017
Indian state-owned General Insurance Corporation (GIC Re) has announced ambitious plans to diversify its revenue base into the life segment and expand business lines throughout the global market, in a red herring prospectus. The firm recently filed an Initial Public Offering (IPO) constituting 14.22% of the firm’s post-offer paid-up equity share ... Read the full article
Fitch predicts continued premium rate declines in Asia as reinsurance competition intensifies
8th August 2017
Rating Agency Fitch has predicted a continued trend of softening reinsurance premium rates for the remainder of 2017 in Asia, as competition intensifies with both established reinsurers expanding operations in the region and increasing numbers of start-ups joining the playing field. Capital abundance has brought further declines to Asia's reinsurance premium ... Read the full article
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