Here’s your daily Reinsurance News for Monday 6th February 2017:
Challenging for Western EU reinsurers to deploy excess capital: A.M. Best
Ratings agency A.M. Best has said that insurers and reinsurers across Western Europe have been able to increase their capital positions thanks to the abundance of industry capital, but have struggled to deploy it at times.
Lloyd’s insurers to experience a positive 2017: RBC
Analysts at RBC Capital Markets have predicted Lloyd’s of London re/insurers to experience a positive and profitable 2017, despite challenging conditions last year.
SCOR joins string of re/insurers to embrace blockchain initiative
Global insurer and reinsurer SCOR has become one of the latest firms to join the Blockchain Insurance Industry Initiative (B3i), after successful testing of the concept.
Too early to tell impact of U.S. tax reforms on Bermuda reinsurance landscape: McGavick
CEO of insurer and reinsurer XL Catlin, Mike McGavick, has said that it’s simply too early to tell what impact any tax reform in the U.S. could have on the Bermuda reinsurance market.
IRDAI calls for reinsurers to report overseas transactions
The Indian insurance regulator, the IRDAI, has said that reinsurance firms should submit information and details of reinsurance transactions that involve overseas companies.
LMG adds Jardine and Wilson to Board
The London Market Group (LMG) has added Paul Jardine of XL Group and Matthew Wilson of Brit to its Board, the organisation recently announced.
Brexit prompts Beazley to hire more staff for Irish insurance unit
An executive from Beazley said last week that the firm would likely hire more staff for its Irish insurance business as it looks to establish itself in the region as an insurer, in response to Brexit.
Neil Perry joins broker Ed from Willis Towers Watson as CFO
Neil Perry, previously of brokerage Willis Towers Watson has been named as the new Group Chief Financial Officer (CFO) of reinsurance broker, Ed.
Differences in regional reinsurance ceding patterns highlighted in new data
Data provided by the International Association of Insurance Supervisors (IAIS) highlights the differences in how insurance companies cede risk and what region the reinsurer ceded to is domiciled in.
Primary insurer ILS vehicles increase competition for reinsurers: S&P
According to rating agency Standard & Poor’s (S&P) ILS vehicles owned an operated by primary insurers is another source of competition for reinsurers and further blurs the risk value chain.
Run-off market to double in 2017: DARAG
Run-off specialist DARAG expects the legacy market to reach record heights in 2017 and the volume of transactions to double when compared with 2016.
Everest Re announces new Insurance Claims Operation leader
Bermuda domiciled reinsurer Everest Re has announced the appointment of Megan Watt as leader of its Insurance Claims Operation, reporting to Jonathan Zaffino.
Towers, EQC in legal battle over land damage from Canterbury quakes
According to industry reports a court document shows that insurer Tower is in a legal battle with the Earthquake Commission (EQC) regarding land damage caused by the 2011 Canterbury quakes.
Michael Halsband elected Partner at Drinker Biddle
Drinker Biddle & Reath LLP has elected reinsurance convergence focused executive, Michael Halsband, to a partner position at the law firm.
Beazley strengthens Canada presence with Creechurch acquisition
Beazley has announced the acquisition of specialist managing general agent, Creechurch Underwriters, a move that will strengthen the firm’s presence in Canada.
More Japanese insurers hike premiums in response to low interest rates
In response to dangerously low interest rates in the region more Japanese insurers have been seen to raise premiums for savings-type products.
Brit Global Specialty USA names Tim Chesson SVP, Programs
Brit has announced the appointment of Tim Chesson as SVP, Programs, Brit Global Specialty USA, effective January 23rd, 2017.
Kim Soo-bong named VP level auditor, Allianz Life Korea
Previously the Chairman of the Korea Insurance Development Institute (KIDI), Kim Soo-bong, has been named Vice President level auditor for Allianz Life Korea.
Want to receive this news by email every morning? Just fill out the form below.
