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Zurich anticipates $175mn Hurricane Michael loss
8th November 2018
Zurich Insurance Group has released its results for the first nine months of 2018, in which it estimates that losses related to Hurricane Michael in the fourth quarter are likely to be around US $175 million. Category 4 Michael made landfall in the Florida Panhandle on October 10th as the strongest ... Read the full article
China’s Belt & Road Initiative huge opportunity for overseas insurers: Swiss Re
5th November 2018
China's ambitious Belt & Road Initiative (BRI) - an attempt by President Xi Jinping to spur investment in land and maritime trade routes that strengthen ties across Asia, the Middle East, Africa and Europe - is set to offer the insurance industry significant investment opportunities, according to a report by ... Read the full article
Aon, Etherisc and Oxfam partner on joint micro-insurance program in Sri Lanka
2nd November 2018
Re/insurance broker Aon is collaborating with Oxfam and InsurTech firm Etherisc on a joint program to deliver micro-insurance to small holder paddy field farmers in Sri Lanka using blockchain technology. The parties plan to leverage blockchain to automate parametric insurance products, which will simplify the claims process and remove the need ... Read the full article
Guy Carpenter Q3 underlying revenue up 11%, MMC up 3% at $1.6bn
25th October 2018
Guy Carpenter, the reinsurance broker and wholly owned subsidiary of Marsh & McLennan Companies, recorded $215 million of revenue in the third quarter, an 11% increase on an underlying basis, according to MMC's Q3 2018 results. For the nine months ended 30 September, Guy Carpenter's underlying revenue growth was 7%. Meanwhile, MMC's ... Read the full article
Saudi Re looks to further expand into Egypt market
25th October 2018
Saudi Re for Cooperative Reinsurance Company (Saudi Re), one of the leading reinsurers in the Middle East & North Africa (MENA) region, has said that it plans to further extend its presence in the Egyptian markets. The company said that it will target growth in the region by focusing on the ... Read the full article
Florence & Jebi impacts push QIC’s 9M combined ratio above 100%
24th October 2018
Qatar Insurance Group (QIC) has reported its financial results for the first-nine months of the year, which reveal how the impact of both hurricane Florence and typhoon Jebi in September on its Qatar Re and Antares units pushed the group's combined ratio above 100%. QIC, a leading insurer and reinsurer in ... Read the full article
Swiss Re appoints new CEO of UK & Ireland
23rd October 2018
Global reinsurance giant Swiss Re has announced the appointment of Tavaziva Madzinga as Chief Executive Officer (CEO) of Swiss Re in the UK & Ireland, effective January 1st, 2019. Currently, Madzinga is Market Executive for the Middle East & Africa across both P&C and L&H, and based in London, he will ... Read the full article
Pickel to succeed Wallin as CEO of Hannover Re’s E+S Rück
23rd October 2018
Hannover Re has announced that Michael Pickel is to succeed Ulrich Wallin as Chief Executive Officer (CEO) of E+S Rück, the subsidiary responsible for the Group’s business in Germany. Pickel has been a member of the Executive Board of Hannover Re since 2000 and is currently responsible for the Group’s property ... Read the full article
RFIB, UK reinsurers help AfDB secure $500m credit insurance deal
23rd October 2018
RFIB Group, along with a number of Lloyd’s & Company private reinsurers and the African Trade Insurance Agency (ATI) have helped the African Development Bank (AfDB) secure a $500 million credit insurance deal structured to cover a portion of the bank’s portfolio of non-sovereign operations throughout the continent. The insurance will ... Read the full article
Brexit’s ‘closed market’ trend will hurt re/insurers: Munich Re’s Menhart
22nd October 2018
The UK’s decision to leave the European Union and withdraw from the Single Market may represent part of a global political trend towards ‘closed societies’ that is likely to negatively impact re/insurers in the long-term, according to Michael Menhart, Chief Economist at Munich Re. Speaking during a presentation at Lloyd’s last ... Read the full article
Greenlight Re unit continues insurtech drive with Click2Sure investment
17th October 2018
Greenlight Re Innovations, part of the specialist hedge fund-backed property and casualty reinsurer Greenlight Capital Re, has invested in the digital insurance platform Click2Sure. South Africa-based Click2Sure has developed a comprehensive digital platform for distributing, managing and purchasing insurance at the point of sale. Launched by Daniel Guasco and Jacques Van Niekerk ... Read the full article
Pamela Thomson-Hall named Head of CEEMEA region, Willis Towers Watson
10th October 2018
Global insurance and reinsurance broker, Willis Towers Watson, has announced the appointment of Pamela Thomson-Hall as the Head of the Central and Eastern Europe, Middle East, and Africa (CEEMEA) region. At the same time, Thomson-Hall has also been appointed Head of Corporate Risk and Broking (CRB) for the CEEMEA region, and starts both ... Read the full article
Aon launches Americas Capital Advisory team, Kelly Superczynski to lead
2nd October 2018
Global re/insurance broker Aon has announced the launch of its Americas Capital Advisory team, aimed at strengthening re/insurers’ profitability in the face of low growth, shrinking underwriting margins and perpetually evolving rating agency criteria. Aon says the key goal of this Capital Advisory team is to help re/insurers address a broad ... Read the full article
Munich Re names Mari-Lizette Malherbe as CEO of UK life business
1st October 2018
Munich Re has appointed Mari-Lizette Malherbe as Chief Executive Officer (CEO) of Munich Re London (Life Branch), the company’s UK & Ireland life reinsurance business, succeeding outgoing CEO Andy Batley. Malherbe has over a decade of international experience in the reinsurance industry and joined the senior management team of Munich Re ... Read the full article
Zambia proposes 5% withholding tax for foreign reinsurers
1st October 2018
The African nation of Zambia has proposed introducing a 5% withholding tax for reinsurers based outside the country, which could amount to an annual value ZMK 40 million (USD $3 million) if imposed, according Zambia Daily Mail. In recent years, Zambia has been looking to control the outflow of reinsurance premiums ... Read the full article