Reinsurance News

Reinsurance News – Friday 10th March 2017

10th March 2017 - Author: Luke Gallin

Here’s your daily Reinsurance News for Friday 10th March 2017:

Validus finds up to 15% of NFIP flood policies attractively priced

Insurer and reinsurer Validus has revealed that after analysing the National Flood Insurance Program’s risk profile, it deems it would underwrite as much of 15% of the risk on its own balance-sheet.

CEO Hancock resigns from AIG, citing lack of support

The President and Chief Executive Officer (CEO) of AIG, Peter Hancock, has handed in his resignation, citing a lack of support for his tenure.

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Shree Khare joins Hiscox from RMS as Head of Catastrophe Research

Insurer and reinsurer Hiscox has announced the appointment of Shree Khare from RMS as Group Head of Catastrophe Research.

Markel and Novae reveal Ogden rate impacts

Insurers and reinsurers Markel and Novae have revealed the impact they expect from the recent cut to the Ogden discount rate. Novae expects profit to fall to £23.7mn as a result of the cut, while Markel expects to increase its loss reserves to $85mn.

Munich Re Syndicate CUO, Hoare elected to the Council of Lloyd’s

The CUO of Munich Re Syndicate Ltd, Dominick Hoare, has been elected to the Council of Lloyd’s as a Corporate-External member, effective April 19th, 2017.

Driverless cars may increase cyber reinsurance demand: Fitch

Analysts at international rating agency Fitch, recently said that the adoption of driverless or autonomous cars and other vehicles could increase demand for cyber reinsurance coverage.

Qatar Re positioned well for growth after successful capital raise

Qatar Re has said the successful completion of its significantly oversubscribed $450 million perpetual bond debt issuance positions it well for future expansion.

Brit grows Versutus sidecar to $150m with inclusion of binder risks

Specialty insurance and reinsurance firm Brit Ltd. has increased the size of its reinsurance sidecar vehicle, Versutus Ltd., to $150 million.

Grinnell Mutual Reinsurance promotes Jeff Menary to CEO

Grinnell Mutual Reinsurance Company has appointed Jeff Menary as its new President and Chief Executive Officer (CEO), replacing Larry Jansen upon his retirement.

Hannover Re generates “attractive margins” from ILS & collateralised

Reinsurance giant Hannover Re continues to generate attractive returns from its collateralised reinsurance and ILS activities, the company revealed during its 2016 earnings release.

Allianz announces new additions to Board of Management

Giulio Terzariol and Niran Peiris have been appointed to the Allianz Board of Management, effective January 1st, 2018, replacing Dieter Wemmer and Werner Zedelius.

Meteo Protect seeks rapid global weather risk expansion

Meteo Protect has launched a new corporate headquarters in Paris to facilitate broad expansion plans across the globe.

Sava Re’s 2016 profit falls to €32.9 million

Slovenian insurer and reinsurer Sava Re, has reported its 2016 financial results, posting after-tax profit of €32.9 million, a slight decline on the previous year.

AXA expands parametric risk focus. Touffut named CEO of new unit

Insurance giant AXA has launched a new unit focused on growing its development and sales of parametric insurance and risk transfer products.

Chubb announces appointments in UK and Ireland division

Chubb has announced the appointment of Sara Mitchell as Head of Corporate Division for UK and Ireland, and Mark Roberts as P&C CUO, UK and Ireland.

Revenue up by nearly 40% at Federated National in 2016

Federated National Holding Company has reported its results for the full-year 2016, posting 39.3% total revenue growth to $88.6 million.

Zurich announces changes to Australian insurance leadership

Following the merger of its commercial and corporate operations in Australia, Zurich has announced changes to its Australian general insurance leadership.

Companies increase use of multinational pooling and employee benefit captive agreements: WTW

In response to the rising cost of employee benefits global firms are establishing multinational pooling and employee benefit captive arrangements, according to broker Willis Towers Watson (WTW).

Berkley Program hires SVP and CCO

Berkley Program Specialists has announced the appointment of Cass Davis as Senior Vice President (SVP) and Chief Claims Officer (CCO).

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