Reinsurance News

Reinsurance News – Wednesday 18th January 2017

18th January 2017 - Author: Luke Gallin

Here’s your daily Reinsurance News for Wednesday 18th January 2017:

Global insured catastrophe losses rise to $54 billion in 2016: Aon

Insured catastrophe losses in 2016 totalled $54 billion according to reinsurance broker Aon Benfield, and was driven by earthquakes, flooding, severe weather, and tropical cyclones.

Industry experts disagree on impact of transatlantic reinsurance agreement

Following the announcement from the U.S. and the EU regarding a new transatlantic reinsurance agreement, opinions across the marketplace have varied.

Artemis ILS NYC 2023 conference

Market environment pushes reinsurers to innovate: JLT Re

The soft reinsurance marketplace has pushed reinsurance companies to innovate and embrace the wealth of alternative reinsurance features and capital, says broker JLT Re.

Argo puts Q4 2016 catastrophes losses at $20m – $25m

Specialty insurer and reinsurer Argo Group International Holdings has estimated its Q4 2016 pre-tax catastrophe losses at between $20 million and $25 million.

Flood Re welcomes Andy Bord as interim Chief Executive

Flood Re has announced the appointment of Andy Bord as its interim Chief Executive Officer (CEO), effective January 23rd 2017.

2016 wind re/insurance claims to rise on hurricane Matthew

According to analysis by CoreLogic, strong and intense winds from the impact of hurricane Matthew is likely to result in increased wind insurance claims for 2016.

XL Catlin names Dr. Henna Karna Chief Data Officer

Insurer and reinsurer XL Catlin recently announced the appointment of Dr. Henna A. Karna as its Chief Data Officer, joining the firm at the end of January, 2017.

Ex-Gen Re claims SVP Piggot named CEO of Crawford Global Technical Services

Geoff Piggot, ex-reinsurance claims SVP at Berkshire Hathaway, has been revealed as the new CEO of Crawford & Company’s Global Technical Services unit.

International Group avoids U.S. reinsurance to cover Iran oil exports

It’s been reported that the marine insurer and reinsurer, International Group of P&I Clubs, has avoided using U.S. domiciled reinsurance in its 2017 programme, which enabled the entity to cover Iranian exports.

IRDAI implements first right of refusal reinsurance guidelines

The Insurance Regulatory and Development Authority of India (IRDAI) has now implemented reinsurance guidelines that allows the first right of refusal to a few players, which continues to be challenged by global reinsurers.

Zurich completes £300 million longevity swap

Zurich Insurance has completed another longevity swap transaction, assisting a smaller UK pension plan to cover £300 million of its longevity related pension liabilities.

Willis Towers Watson names Faber as Global Financial Lines leader

Insurance and reinsurance brokerage Willis Towers Watson has announced the appointment of Alexis Faber as Global Head of Financial Lines.

GCC reinsurers tightened T&C at 1/1 2017: A.M. Best

Ratings agency A.M. Best has said that GCC reinsurers tightened terms and conditions at the recent 1/1 2017 renewal period, in response to recent fire losses.

IBI ILS Partners co-founded as Tel-Aviv ILS fund manager by Muraviev

Israel investment management group, IBI Investment House, has partnered with ILS portfolio manager Roman Muraviev to launch IBI ILS Partners Ltd., the first ever ILS asset manager domiciled in Tel-Aviv.

Australian government supports role of insurers to develop disaster information norms

The Australian government has expressed its support of a recommendation for the insurance sector to lead in establishing the standardisation of information surrounding natural disasters.

ILS NYC 2017 conference – Feb 3rd, New York

A thoughtfully curated annual insurance-linked securities event in New York City from Artemis. Featuring ILS & reinsurance industry leaders speaking on forward-thinking, engaging topics.

Endurance launches new cyber extortion response service

Endurance Specialty Holdings has launched a new service enabling its insureds to be able to better respond to ransomware and similar extortion events.

Cyber risks to intensify in 2017: Report

According to a new report from cybersecurity firm Stroz Friedberg, cyber attacks are expected to intensify in 2017, as well as new regulations in order to tackle the issue.

Allied World Assurance names Kym Beazleigh VP, Professional Liability, Aus

Allied World Assurance Company Holdings recently announced the appointment of Kym Beazleigh as VP, Professional Liability, Australia.

Shipping companies struggle to find adequate insurance for cyber threats

According to reports shipping companies are struggling to find adequate insurance protection to tackle the growing threat of cyber attacks on vessels.

NAICOM takes measures to ensure Nigerian re/insurers willingly decide on risk placement

Nigeria’s National Insurance Commission (NAICOM) has instructed all insurance institutions to ensure Nigerian insurers, reinsurers and pools are able to willingly decide on the amount of risk they accept.

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