Reinsurance News

Reinsurance News – Friday 24th March 2017

24th March 2017 - Author: Luke Gallin

Here’s your daily Reinsurance News for Friday 24th March 2017:

Swiss Re’s pioneering volcano model highlights multi-billion dollar exposure

Swiss Re has launched a pioneering volcano model that reveals that some of the world’s largest cities have up to a $30 billion exposure to the risk.

Digitalisation & innovation to drive profitability: Munich Re

Outgoing Munich Re CEO, Niklaus von Bomhard, recently stated that the firm is certain it will improve as a result of the digitalisation revolution and innovation.

Chubb’s reinsurance ceded to ABR Re jumps 144% to $280m in 2016

Insurer and reinsurer Chubb increased its cessions of reinsurance premiums to total-return vehicle ABR Reinsurance Ltd. in 2016, by a huge 144%.

Re/insurers back Fannie Mae credit insurance risk transfer on $20.4bn of loans

A group of counterparties, which includes 16 insurance and reinsurance companies have backed the first two Credit Insurance Risk Transfer™ (CIRT™) transactions of 2017 for Fannie Mae.

Kingstone’s voluntary NY flood solution brings more risk to private market

Kingstone Company, Inc. has received approval for its innovative voluntary flood solution for National Flood Insurance Program (NFIP) X-Zone residents in New York State, bringing more flood risk to the private market.

XL Catlin names Tuplin International Head of Cyber & Tech, Media & Telecoms

Insurer and reinsurer XL Catlin has appointed James Tuplin as Head of Cyber & Technology, Media and Telecoms, International, in the firm’s London office.

Fairfax-Allied World deal edges closer as shareholders announce vote of approval

The proposed merger between Allied World and Fairfax has moved closer to completion after Allied World shareholders recently voted to approve certain measures, including a $5 per share special dividend.

Ed appoints Merrick as Head of Legal, Risk and Compliance

Reinsurance brokerage Ed has hired Joanne Merrick as Head of Legal, Risk and Compliance, effective June, 2017.

Lloyd’s Market Association names five new Board members

The Lloyd’s Market Association (LMA) has added five new members to its Board, including Catlin Underwriting Agencies’ CEO, Paul Jardine.

Endurance appoints cyber insurance product leader

Bermuda insurer and reinsurer Endurance Specialty Holdings has announced the appointment of Brad Gow as its cyber insurance product leader.

IUA & LMA Boards approve Single Claims Agreement Model for London market

Boards of the International Underwriting Association of London (IUA) and the London Market Association (LMA) have approved the development of a Single Claims Agreement Model in the London market.

DBRS’ insurer ratings to be available on the MSA Researcher Platform

Independent credit rating agency DBRS ltd. has partnered with MSA Research Inc. (MSA) to offer its insurer ratings on the MSA Researcher Platform and printed reports.

Weather derivatives mooted for Thai futures exchange

According to recent reports the Stock Exchange of Thailand (SET) is looking at launching weather futures and perhaps other weather derivatives to offer weather risk management tools for farmers in an exchange traded environment.

ICA names Suncorp’s Day as President & Chairman

The CEO of insurer Suncorp, Anthony Day, has been named President and Chairman of the Insurance Council of Australia (ICA).

Aon Hewitt helps Phoenix unwind its longevity swap

Aon Hewitt recently helped Phoenix Group unwind its 2014 £900 million longevity swap transaction.

Christopher Rourke named President of Berkley North Pacific

W. R. Berkley Corporation has appointed Christopher R. Rourke as President, Berkley North Pacific, effective immediately.

ILS market response to Buffalo Re cat bond impressive: McConnell, ICAT

Megan McConnell, an Active Underwriter at Lloyd’s of London ICAT Syndicates 4242 and 6123, recently discussed the success of its Buffalo Re Ltd. (Series 2017-1). cat bond with Artemis.

AXA promotes Braverman to lead its Legacy business

AXA has promoted two key executives including Chief Investment Officer (CIO) and Treasurer Josh Braverman, to head its Legacy Book Business.

Drinker Biddle adds Dan Brown as a partner

Global law firm Drinker Biddle & Reath LLP has added Dan Brown as a partner, as the firm looks to strengthen its insurance regulatory and transactional capabilities.

CIRC calls for insurers and asset managers to submit bond transactions

The Chinese insurance regulator, the CIRC, has called for insurers and insurer asset management companies to submit all bond transactions by March 28th, 2017.

Chubb names Michael Ho Country President, Chubb Life Hong Kong

Chubb has appointed Michael Ho to the role of Country President for Chubb Life in Hong Kong, joining the firm from Prudential Asia.

Listed insurer premiums up by nearly 8% in Tunisia in 2016

Listed insurers in Tunisia saw premiums generated increase to $284 million in 2016, growth of 7.9% when compared with the previous year.

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