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Allianz results dented by 2017 catastrophes
16th February 2018
Insurance giant Allianz's fourth-quarter and full-year 2017 results have been dented by the impacts of major catastrophe events, including the California wildfires, hurricanes Harvey, Irma and Maria, as well as European windstorms and other events. Natural catastrophe losses rose to EUR 1.1 billion for the insurer in 2017, up from EUR ... Read the full article
Sustainability of current retakaful model to be tested: A.M. Best
14th February 2018
The retakaful market remains small and extremely challenging with companies struggling to compete with conventional reinsurers, putting the sustainability of the retakaful model in doubt, according to international ratings agency, A.M. Best. Retakaful is the Islamic alternative to reinsurance, and owing to greater interest for Islamic insurance (takaful), A.M. Best highlights ... Read the full article
Lloyd’s appoints three new directors to Franchise Board
6th February 2018
Lloyd's of London has announced the appointments of Mike Bracken, Nigel Hinshelwood and Fiona Luck onto the Franchise Board as non-executive directors for three-year periods, with effect from 1st March 2018. Welcoming the appointments, Lloyd's Chairman, Bruce Carnegie-Brown said; “These are great appointments for Lloyd’s. Mike, Nigel and Fiona bring experience ... Read the full article
MENA offers attractive growth opportunities despite growing headwinds: A.M. Best
1st February 2018
The Middle East & North African (MENA) region offer attractive growth opportunities, however the credit quality of re/insurers operating in the territory is likely to be tested over the next few years as a result of the increasing geopolitical uncertainty, A.M. Best said in a Special Report on MENA. Analysts pointed ... Read the full article
Nephila looks to expand weather risk business with Nephila Climate launch
30th January 2018
Nephila Holdings Ltd, the parent company of the world's largest insurance and reinsurance-linked fund manager, Nephila Capital Ltd, has expanded its weather and ESG-driven operations with the launch of Nephila Climate (NCx), a new specialty unit dedicated to weather risk transfer and climate resilience solutions. Nephila has announced that head of its ... Read the full article
Alesco expands energy division with two new partners
30th January 2018
Alesco Risk Management Services (Alesco) has announced the appointment of two further partners within its growing energy division, Alison Schwab and Mark Smith. Schwab, who brings more than a decade of experience in energy casualty and a unique knowledge of the US retail market, began her new role on 22 January ... Read the full article
RSA names Tony Buckle & Rob Gibbs to lead UK&I commercial business
29th January 2018
RSA’s UK & International business has named Tony Buckle and Rob Gibbs as managing directors to lead UK & Ireland commercial business as Global Risk Solutions (GRS) and Commercial Risk Solutions (CRS) respectively. From 1st February 2018 Buckle will head up GRS, which provides insurance solutions from operations in the UK, Europe ... Read the full article
Chubb announces key appointments to its Accident & Health senior leadership team
15th January 2018
Chubb has announced two key appointments to its Accident & Health senior leadership team, naming Veronique Brionne as Senior Vice President (SVP) of Accident & Health (A&H) for Continental Europe (CE) and Andrew Nisbet as SVP A&H UK & Ireland. In her Paris-based role, Veronique will assume responsibility for all of Chubb’s ... Read the full article
Willis appoints Alex Steele & Russell Nicholson to Guernsey Financial Institutions Practice
15th January 2018
Willis Towers Watson has announced the appointment of Alex Steele and Russell Nicholson to their Guernsey Financial Institutions practice. Steele and Nicholson will assume joint responsibility for Client Relationships in Guernsey, while Anthony Kay will undertake the same role in Jersey. Chris Jackson, Global Head of FINEX FI Middle Market commented on ... Read the full article
Zurich appoints Carsten Schildknecht as CEO Germany
12th January 2018
Carsten Schildknecht has been appointed as the new Chief Executive Officer (CEO) of Zurich Insurance Group's Germany operations, after the existing CEO Marcus Nagel announced he would be stepping down. Schildknecht worked at Generali Group from 2013 to 2016 as Group Chief Operating Officer and a member of the insurers Management ... Read the full article
XL Catlin appoints Simon Price to Head of M&As for EMEA
10th January 2018
XL Catlin has appointed Simon Price, who joins from Marsh’s Private Equity and M&A practice, to Head of Mergers and Acquisitions Insurance for Europe, the Middle East and Africa (EMEA). In his London-based role, Price will oversee XL Catlin's EMEA business and all international business placed through the London market. Commenting, Brian Benjamin, ... Read the full article
World Bank steps up efforts to close protection gap with new Global Partnership
5th January 2018
A new report from the World Bank Group highlights the benefits of catastrophe risk pools, and outlines the basis for a global partnership that brings together relevant parties from both developed and emerging regions, the public sector, and the private insurance and reinsurance markets. The briefing note outlines the basis for ... Read the full article
Allianz becomes microinsurer BIMA’s largest shareholder with $96.6mn investment
28th December 2017
Allianz has become digital microinsurer BIMA's largest strategic shareholder and sole insurance shareholder after investing $96.6 million in a transaction that's expected to strengthen the re/insurers position in emerging markets. BIMA’s award-winning micro-insurance tech platform is designed to provide low-income families with access to insurance products across 14 emerging markets, using mobile ... Read the full article
Global non-life markets to remain pressurised into 2018: S&P
21st December 2017
Global non-life markets are forecast to remain under pressure in 2018 with combined ratios for non-life re/insurers expected to range from low 90s in emerging markets to high 90s in more mature markets, according to S&Ps latest Financial Services outlook report. The record-level losses of 2017 estimated at between $130 and ... Read the full article
Chubb names Matt Booker as Senior Vice President of U.S. Major Accounts Property
19th December 2017
Chubb has appointed Matt Booker to Senior Vice President of Major Accounts Property in the U.S. to succeed Brian Church who has moved into a position as Head of International Property for the firm's Overseas General business. Booker will assume responsibility for underwriting, strategy, production, product development, management, and profit and loss ... Read the full article