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Allianz planning huge UK insurance acquisition, Aviva and RSA both targets
18th June 2018
A report from The Sunday Times suggests Chief Executive Officer (CEO) of Allianz, Oliver Bäte, has been working with investment bankers for several months as he weighs up options on a list of potential deals. Allianz are said to be interested in pursuing a large UK insurance acquisition, with Aviva and ... Read the full article
Volante secures $900mn capacity deal for new underwriting teams
14th June 2018
Volante Global Limited, a multi-class international managing general agent (MGA) platform, has secured a $900 million treaty agreement with three A+ rated global carriers to provide capacity for nine new underwriting teams. The new teams are scheduled to launch on the Volante platform in the second half of 2018, and will ... Read the full article
Qatar Re suspends facultative underwriting at Dubai practice
11th June 2018
Qatar Re, the Bermuda-based reinsurer and subsidiary of Qatar Insurance Company (QIC) Group, has suspended the writing of all new and renewing facultative business from its branch office in the Dubai International Financial Centre. Facultative reinsurance will continue to be distributed throughout the Middle East & North Africa (MENA) region by ... Read the full article
Peak Re appoints Satoshi Ichihara as Chief Representative in Japan
11th June 2018
Peak Reinsurance Company Limited, the Hong Kong-based global reinsurer, has announced the appointment of Satoshi Ichihara as Chief Representative of Peak Re in Japan. Ichihara will now be responsible for supporting Peak Re’s business growth and development in Japan, and the company claims his appointment demonstrates its commitment to serving this ... Read the full article
Zurich’s Amanda Blanc named Chair of ABI
8th June 2018
The Association of British Insurers (ABI) has announced the appointment of Zurich’s incoming Chief Executive Officer (CEO), Europe, Middle East & Africa, Amanda Blanc, as Chair, effective October 2018. She becomes the first woman to hold the position of Chair in ABI's history. Blanc is due to begin her role at Zurich ... Read the full article
Intermediaries can create win-win value chain opportunities: RFIB & RTG CEO
7th June 2018
The Chief Executive Officer (CEO) of insurance and reinsurance broker RFIB and its parent the Risk Transfer Group (RTG), Steven Beard, is confident in the firm's ability to create opportunities throughout the value chain as it looks to expand its presence and capabilities as an intermediary. As part of its strategy to ... Read the full article
Global economic output at risk from man-made events larger than nat cats: Lloyd’s
7th June 2018
A collaborative study by Lloyd’s of London and Cambridge University suggests man-made risks like cyber-crime, interstate conflicts and market crashes are a bigger threat to global economic output than natural disasters such as hurricanes, floods, earthquakes and volcanoes. Lloyd's City Risk Index, mapping 22 threats across 279 cities - the "key ... Read the full article
DWF strengthens insurance practice with appointment of new Partner
6th June 2018
Multinational law firm DWF has announced the appointment of an experienced Insurance Partner Iftikhar Ali to its London office where he will specialise in construction, power and engineering claims. Ali joins from Simmons & Simmons after two years leading its construction all risks practice. Ali has operated as a specialist international ... Read the full article
Re/insurance industry set to grow faster than global economy: Munich Re
29th May 2018
The rate of growth of the global re/insurance industry is set to overtake the global economy in 2018 and 2019, with average annual premium growth forecast at 5.3%, compared with global GDP growth of 4.9%, according to Munich Re’s latest Insurance Market Outlook. Munich Re reported that life insurance is set ... Read the full article
RFIB owner seeks to double revenues by 2021, as it rebrands to Risk Transfer Group
22nd May 2018
CCP TopCo, the holding company of international insurance and reinsurance broker RFIB, has announced a rebrand of the business to the Risk Transfer Group (RTG). In an interview with Reinsurance News today, Chief Executive Officer (CEO) Steven Beard underlined RTG's relationship to RFIB, commenting, “The new brand is a functional name for ... Read the full article
Castel Specialty expands into political risk with new hire
21st May 2018
Castel Specialty, a division of club-style MGA formation platform Castel Underwriting Agencies, has expanded its portfolio with the launch of Castel Political Risk. The new cover will primarily relate to contract frustration and political risk, and will generally focus on business in Latin America, the Middle East, and Africa. The political risk ... Read the full article
Protectionism a challenge for re/insurers in emerging and mature markets
18th May 2018
Protectionism in the global insurance and reinsurance industry is often described as a hindrance to both emerging and mature market development, and despite the EU/U.S. covered agreement and other positive regulatory changes across the world, protectionism remains a challenge for industry players. Protectionist measures in the insurance and reinsurance industry were ... Read the full article
Beazley to offer new event cancellation product for charities
10th May 2018
Specialist insurer and reinsurer Beazley has developed a new event cancellation insurance product for registered charities to protect them against costs and loss of revenue related to the events they stage. The coverage has been tailored to charities by recognising income derived from donations made at events, which contribute significantly to ... Read the full article
April storms drive $2.3 billion economic loss in the U.S.
10th May 2018
Impact Forecasting, the catastrophe risk modelling unit of reinsurance broker Aon Benfield, has reported that severe April storms resulted in combined economic losses of $2.3 billion in the U.S., with approximately $1.5 billion of this covered by re/insurance. According to the firm's April Global Catastrophe Recap, five separate storm systems caused ... Read the full article
World Bank Group’s MIGA to share risk with Japan’s NEXI through reinsurance
9th May 2018
MIGA (Multilateral Investment Guarantee Agency), the political risk insurance arm of the World Bank Group, and NEXI, Japan's state-owned export credit agency, have entered an official agreement to share risk, through reinsurance, on investments made by Japanese firms in developing countries. The arrangement will see MIGA and NEXI purchase reinsurance policies ... Read the full article