Here’s your daily Reinsurance News for Wednesday 18th January 2017:
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.
Following the announcement from the U.S. and the EU regarding a new transatlantic reinsurance agreement, opinions across the marketplace have varied.
The soft reinsurance marketplace has pushed reinsurance companies to innovate and embrace the wealth of alternative reinsurance features and capital, says broker JLT Re.
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 has announced the appointment of Andy Bord as its interim Chief Executive Officer (CEO), effective January 23rd 2017.
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.
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.
Geoff Piggot, ex-reinsurance claims SVP at Berkshire Hathaway, has been revealed as the new CEO of Crawford & Company’s Global Technical Services unit.
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.
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 Insurance has completed another longevity swap transaction, assisting a smaller UK pension plan to cover £300 million of its longevity related pension liabilities.
Insurance and reinsurance brokerage Willis Towers Watson has announced the appointment of Alexis Faber as Global Head of Financial Lines.
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.
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.
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.
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 Specialty Holdings has launched a new service enabling its insureds to be able to better respond to ransomware and similar extortion events.
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 Company Holdings recently announced the appointment of Kym Beazleigh as VP, Professional Liability, Australia.
According to reports shipping companies are struggling to find adequate insurance protection to tackle the growing threat of cyber attacks on vessels.
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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