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Global rise in political risk exposures, WTW survey finds
25th September 2018
A survey of senior executives from 40 leading firms across multiple industry sectors, conducted by Oxford Analytica for re/insurance broker Willis Towers Watson, has reported a global rise in risk exposures as a result from geopolitical tensions. 55% of organisations with revenues greater than $1 billion reported at least one political ... Read the full article
Swiss Re Corporate Solutions hires Berger from Allianz for CEO as Galvagni steps down
24th September 2018
A new CEO has been hired for reinsurance firm Swiss Re's Corporate Solutions division, as current Chief Executive Agostino Galvagni has decided to step down from the position at the end of 2018. Galvagni is set to leave Swiss Re and the company is replacing him with Andreas Berger, who it ... Read the full article
Germany backs new WFP and ARC climate insurance initiative
21st September 2018
The United Nations World Food Programme (WFP) has signed its first climate risk insurance policy with the Africa Union’s African Risk Capacity (ARC), with €10 million of funding provided by the German Government. The policy, called ARC Replica, is a unique climate risk financing mechanism that is supported by WFP and ... Read the full article
MENA region still growth prospect despite ongoing challenges: A.M. Best
20th September 2018
The Middle East and North Africa (MENA) region remains an attractive growth prospect for reinsurers due to its underlying market growth and low penetration rates, despite persistent challenging conditions, according to a recent report by A.M. Best. The rating agency noted that a number of recently established reinsurers in the MENA ... Read the full article
AXA LM completes 92% stake acquisition of Emirates Re
20th September 2018
Specialist run-off acquirer and manager AXA Liabilities Managers has finalised its previously-announced 92.68% majority stake acquisition of the Retakaful business Emirates Re. Gross reserves of the Emirates Re total $69 million and are composed mostly of Middle East & North African, Asian and Indian-based property, motor, accident, energy and marine risks. Conducted ... Read the full article
AFL named as Trade SSA Insurance Partner
14th September 2018
Independent Lloyd’s broker AFL Insurance Brokers has been selected as the Insurance Partner for the online Trade SSA platform. The platform, which has attracted over 6,000 organisations from across sectors and industries, was launched to automatically connect users with buyers, suppliers and distributors throughout Africa and the UK. “Experience, trusted advice, innovation and ... Read the full article
TransRe looks to bolster European presence with Luxembourg subsidiary
10th September 2018
Transatlantic Holdings (TransRe), the reinsurance arm of the Alleghany Corporation, has announced plans for a subsidiary in Luxembourg as it looks to reorganise and strengthen its European presence. The new, simplified corporate structure will see TransRe Zurich re-domiciled and renamed while TransRe’s continental European offices in Munich, Paris, Zurich, and Dubai ... Read the full article
IDF appoints Ekhosuehi Iyahen as its first Secretary General
6th September 2018
The Insurance Development Forum (IDF), a partnership of the World Bank Group, the United Nations Development Programme, and global insurers, has appointed Ekhosuehi Iyahen as its first Secretary General, effective 1 October 2018. The organisation says Iyahen will be a visible and central point of contact for the IDF, establishing and ... Read the full article
Parametric drought insurance product to launch in Senegal
4th September 2018
The Start Network, an international network of Non-Governmental Organisations (NGO), has announced the launch of a new parametric insurance product designed to protect individuals in Senegal affected by drought. The product, due to be introduced for the 2018-2019 agricultural season, will trigger payouts when rainfall levels fall below a certain threshold. ... Read the full article
Canopius partners with Anvil Underwriting on credit and political risk
31st August 2018
Global specialty lines re/insurer Canopius has entered into a partnership with Anvil Underwriting Ltd, a managing general agent (MGA) specialising in credit and political risk. The partnership, which is effective from 3 September, will allow Anvil to underwrite credit insurance, contract frustration, and political risks on behalf of Canopius. The agreement will ... Read the full article
Swiss Re’s Frank O’Neill to step down as CEO for UK & Ireland
31st August 2018
Swiss Re has announced that Frank O’Neill, current Chief Executive Officer (CEO) for UK & Ireland, has decided to step down from his position, effective 4 September 2018, in order to pursue an opportunity outside of Swiss Re. The company said that a search to find a successor to O’Neill is ... Read the full article
Mitsui Sumitomo increases shareholdings in Sri Lanka’s Ceylinco Group to 15%
31st August 2018
Mitsui Sumitomo Insurance Co., Ltd. (MSI), a member of MS&AD Insurance Group, has acquired an additional 9% of common stock in Ceylinco Insurance PLC, the largest insurance group in Sri Lanka, for approximately 3 billion rupees (US $42 million), increasing its total shareholdings to 15%. MSI originally invested in Ceylinco Group, ... Read the full article
Kenya Re eyes further global expansion amid strong local competition
30th August 2018
Kenya Reinsurance Corporation (Kenya Re) is eyeing expansion into new markets across the globe to boost income amid increasingly strong competition both locally and abroad, according to Business Daily Africa. Jadiah Mwarania, Chief Executive Officer (CEO) of Kenya Re, said the company was looking to open regional offices in new markets, ... Read the full article
Hannover Re CEO Wallin to retire, be replaced by Henchoz from Swiss Re
22nd August 2018
The CEO of global reinsurance Hannover Re, Ulrich Wallin, is to step down and retire from the firm in 2019 and will be replaced by Jean-Jacques Henchoz of Swiss Re. The company said this morning that Jean-Jacques Henchoz will become a member of the Hannover Re Executive Board from 1st April ... Read the full article
Syndicate 2525 hires Nick Ryan as London market Claims Manager
20th August 2018
DL Dale & Others, Syndicate 2525, the specialist employers’ and third party liability Lloyd’s insurer managed by Asta Managing Agency, has appointed Nick Ryan as London market Claims Manager. Ryan joins Syndicate 2525 from QBE, where he spent 17 years in various claims roles, most recently serving as Claims Manager for ... Read the full article