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Reinsurance News – Wednesday 19th April 2017

19th April 2017

Here’s your daily Reinsurance News for Wednesday 19th April 2017: U.S. thunderstorm insured loss hits Q1 record at $5.7bn: Aon Benfield Data from Aon Benfield's Impact Forecasting shows that U.S. severe thunderstorms and convective weather in Q1 2017 is expected to have caused re/insurance industry losses of at least $5.7 billion. ... Read the full article

UK’s Flood Re scheme boosts flood insurance uptake

4th April 2017

Newly released data shows that since the introduction of Flood Re one year ago - a world flagship programme developed to provide at risk UK homeowners with more accessible and affordable flood cover - 80% of homeowners with previous flood claims saw a 50%  price reduction for available quotes. The scheme ... Read the full article

Coastal MGA Orchid announces new CEO and Chairman

28th March 2017

Specialty underwriter Orchid announced the promotion of Brad Emmons to Chief Executive Officer and Steven Carlsen as new Board of Orchid Chairman succeeding retiree Ken LeStrange. Emmons previously served as President of Orchid, and under his leadership, the firm reported more than doubling its size, expanding in geographic reach and product ... Read the full article

Kingstone’s voluntary NY flood solution brings more risk to private market

23rd March 2017

Property and casualty insurance holding company, Kingstone Company, Inc., has received necessary approval for its innovative voluntary flood solution for National Flood Insurance Program (NFIP) X-Zone residents in New York State, the company has announced. It's believed that this is the first voluntary flood solution in New York State, and enables NFIP X-Zone ... Read the full article

Border tax could raise Florida reinsurance rates by up to 31%

21st March 2017

The Florida insurance and reinsurance market could be set on its heels after the House GOP’s Tax Reform Tax Force proposed a 20% border-adjusted tax, that according to research institute Taxwatch, would raise reinsurance rates by up to 31%. The proposed border-adjusted tax could devastate the Floridian economy and re/insurance market where 91% ... Read the full article

Flood risk privatisation back on the U.S. political agenda

13th March 2017

The Housing and Insurance Subcommittee met recently to discuss the state of the U.S. National Flood Insurance Program (NFIP) and potential reforms, including the opportunity for the private sector to develop an effective private flood risk insurance market. The development of a private flood risk insurance and reinsurance market in the U.S. ... Read the full article

Reinsurance News – Wednesday 8th March 2017

8th March 2017

Here’s your daily Reinsurance News for Wednesday 8th March 2017: Ogden rate change further pressures unprofitable UK motor sector: A.M. Best Rating agency A.M. Best has warned that UK motor insurers and reinsurers are likely to experience the greatest impact from the reduction to the Ogden discount rate, with a number ... Read the full article

Reinsurance News – Thursday 16th February 2017

16th February 2017

Here’s your daily Reinsurance News for Thursday 16th February 2017: Qatar Re promotes two to chief underwriting officer positions Reinsurer Qatar Re has announced two promotions, including Luke Roden to CUO, Short Tail Classes, and Michael van der Straaten to CUO, Long Tail & Speciality Classes. MS Amlin ... Read the full article

Palomar gets first successful rate filing with AIR U.S. flood model

15th February 2017

Specialty insurer Palomar has used AIR Worldwide’s U.S. probabilistic flood model to obtain a first-ever successful rate filing for flood. Palomar has become the first admitted firm to successfully offer a stand-alone residential flood insurance product in California, after its first-time launch of AIR’s flood model, Flood Guard. The programme was first released by ... Read the full article

MS Amlin the first Lloyd’s syndicate to underwrite backed by Flood Re

15th February 2017

Global specialty insurance group MS Amlin has become the first Lloyd's of London syndicate operator to underwrite homeowners policies backed by the government's flood reinsurance scheme, Flood Re. MS Amlin signed up with the UK Government backed Flood Re to support its underwriting of flood risks assumed through mid to high ... Read the full article

Demotech warns Florida insurers could face rating actions

7th February 2017

Rating agency Demotech has announced it will suspend its recommendations for Florida property insurers after two recent court decisions, Johnson and Sebo, have intensified the impact from the assignment of benefits (AOB) epidemic. The rating agency has advised Florida insurers to review their protocols, saying the court decisions had revised claims ... Read the full article

Rating agency & regulatory changes to increase reinsurance demand: Aon

11th January 2017

Recent developments with rating agency criteria, and regulatory changes across the world has resulted in a narrowing of the gap between differing capital requirements for reinsurers, which is expected to increase demand for reinsurance protection in the near future, according to Aon Benfield. Reinsurance brokerage Aon Benfield, in a recent Reinsurance Market ... Read the full article

HCI Group names Harmsworth Senior Vice President of Finance

15th December 2016

Florida headquartered insurance and reinsurance focused holding company HCI Group has appointed finance veteran Mark Harmsworth as its senior vice president of finance. Harmsworth has 30 years of experience in a diverse range of finance and operational roles, having held multiple executive-level positions during his career at both publicly and privately ... Read the full article

Reinsurance News – Friday 2nd December 2016

2nd December 2016

Here’s your daily Reinsurance News for Friday 2nd December 2016: Krefta to become CEO of Hiscox Bermuda, Hiscox Re & ILS Insurer and reinsurer Hiscox has announced that Jeremy Pinchin is to return to London, and leave his position as CEO of Hiscox Bermuda and CEO of Hiscox Re and ... Read the full article

Reinsurance News – Tuesday 22nd November 2016

22nd November 2016

Here’s your daily Reinsurance News for Tuesday 22nd November 2016: Expected to be second-costliest year on record for Japan quake as magnitude 7.4 strikes coast Japan has been hit by another earthquake, which struck off the coast of the Fukushima prefecture, resulting in a tsunami warning for the region, ... Read the full article