Here’s your daily Reinsurance News for Friday 10th March 2017:
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.
The President and Chief Executive Officer (CEO) of AIG, Peter Hancock, has handed in his resignation, citing a lack of support for his tenure.
Insurer and reinsurer Hiscox has announced the appointment of Shree Khare from RMS as Group Head of Catastrophe Research.
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.
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.
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 has said the successful completion of its significantly oversubscribed $450 million perpetual bond debt issuance positions it well for future expansion.
Specialty insurance and reinsurance firm Brit Ltd. has increased the size of its reinsurance sidecar vehicle, Versutus Ltd., to $150 million.
Grinnell Mutual Reinsurance Company has appointed Jeff Menary as its new President and Chief Executive Officer (CEO), replacing Larry Jansen upon his retirement.
Reinsurance giant Hannover Re continues to generate attractive returns from its collateralised reinsurance and ILS activities, the company revealed during its 2016 earnings release.
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 has launched a new corporate headquarters in Paris to facilitate broad expansion plans across the globe.
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.
Insurance giant AXA has launched a new unit focused on growing its development and sales of parametric insurance and risk transfer products.
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.
Federated National Holding Company has reported its results for the full-year 2016, posting 39.3% total revenue growth to $88.6 million.
Following the merger of its commercial and corporate operations in Australia, Zurich has announced changes to its Australian general insurance leadership.
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 Specialists has announced the appointment of Cass Davis as Senior Vice President (SVP) and Chief Claims Officer (CCO).
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