Here’s your daily Reinsurance News for Friday 20th January 2017:
The Lloyd’s of London insurance and reinsurance marketplace has received final approval from the IRDAI to establish a branch in India, and plans to launch before the April reinsurance renewals.
Insurance and reinsurance broker RFIB Group has launched an MGA called Limehouse Agencies, which the firm aims to position at the forefront of the disruption facing the re/insurance sector.
Speaking at the World Economic Forum (WEF) in Davos recently, industry leaders said that insurtech innovation is key to the survival of re/insurers in a rapidly changing landscape.
Randall & Quilter Investment Holdings Ltd. aims to expand its Florida domiciled U.S. domestic insurer Accredited Surety and Casualty Company, Inc., with the help of backing of reinsurers from the Lloyd’s market.
Insurance and reinsurance broker Aon has announced the appointment of James Platt as COO of Aon Risk Solutions and Michael Moran, as CEO of Aon Inpoint.
India’s state-backed reinsurer GIC Re has said that it’s been able to double its profits thanks to the implementation of a government-backed crop and weather-index insurance scheme.
Specialist longevity risk information provider, Club Vita, has said that pension fund longevity risk is over-valued, suggesting that more than £25 billion of the collective deficit of UK defined benefit pensions could be wiped off.
Bermuda domiciled insurance and reinsurance holding company, White Mountains Insurance Group, is looking to sell its specialty insurance unit, One Beacon.
W. R. Berkley Corporation recently announced a number of senior executive appointments, including the hiring of Melissa M. Emmendorfer as SVP, underwriting.
Allianz and Standard Chartered Bank have reached an agreement to distribute Allianz’s insurance solutions across Hong Kong, Singapore, Malaysia, Indonesia and China.
Insurer and reinsurer XL Catlin has appointed Jarek Klimczak as Marine Risk Engineer for Asia Pacific, based in the company’s Singapore office.
Insurance and reinsurance broker Aon is reportedly close to the sale of its employee benefits outsourcing unit to Clayton Dubilier & Rice LLC for nearly $4.5 billion, according to reports.
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Markel International has named Ryan Godfrey as Senior Underwriter and Head of the cargo division within its marine, energy, and property operation.
In a special report ratings agency A.M. Best has said that it does not expect to see any ratings actions as a result of the UK’s vote to leave the EU, but that pressures could weigh on UK insurers.
The Blue Capital Global Reinsurance Fund recorded an 8.26% return in 2016 in spite of some attrition from catastrophe losses during the year.
The Lloyd’s Market Association (LMA) has announced the appointment of Paul Jardine and Tom Clementi to the LMA Board, with immediate effect.
Chubb has promoted Graham Lambourne to Head of Multinational Claims for Overseas General Insurance, he will be based in the firm’s London office.
The British Insurance Brokers’ Association has asked for the government to commit to no further insurance premium tax increases.
Business leaders in Bermuda, which includes insurers and reinsurers, have said that the election of Donald Trump will result in a period of “unprecedented uncertainty.”
According to a new report by Verisk and the Property Casualty Insurers Association of America, private U.S. P/C insurers recorded a $1.7 billion underwriting loss during the first nine months of 2016.
According to regional reports China is to lower its foreign investment restrictions, making it easier for foreign investors to access the Chinese insurance industry.
According to insurer FM Global, a large number of chief financial officers have been faced with various operational risks in the last five years, but have no formal recovery plan.
The Gates Foundation is reportedly looking to sell almost $10 billion worth of shares in Warren Buffett’s Berkshire Hathaway.
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