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Reinsurance News

Insurtech Neos gets strategic support and capacity from Munich Re

26th May 2017

Home insurer Neos has formed a strategic partnership with reinsurance giant Munich Re, who has agreed to provide underwriting capacity through a managing general agent (MGA) towards an innovative home insurance product that uses smart home technology to proactively protect homes from fire, water damage and theft. Neos also announced having raised 5 ... Read the full article

Reinsurance helped Bahamian insurer protect capital & clients post-Matthew

26th May 2017

President of Bahamian insurer Summit Insurance Company, Tim Ingraham, has revealed how the company's "conservative reinsurance" programme enabled it to record a relatively unchanged net equity of more than $25 million in 2016, despite the adverse impact of Hurricane Matthew. Speaking to Tribune Business, Ingraham revealed that prior to Hurricane Matthew, Read the full article

Challenges continue for the U.S. P&C market: A.M. Best

26th May 2017

A.M. Best's preliminary first-quarter report on U.S. property and casualty re/insurance has shown the market is still navigating challenging waters as the trend industry loss trend continues, 2017 Q1 saw a significant net underwriting loss of $841.5 million, however, far from seriously rocking the boat, the losses don't come near the $2 ... Read the full article

Kroll Bond Rating Agency hires Pierce from Munich Reinsurance America

26th May 2017

U.S. credit rating provider and statistical rating organisation, Kroll Bond Rating Agency (KBRA), has announced the appointment of Carol Pierce from Munich Reinsurance America as Director within its insurance group. In her new role Pierce will have a focus on captives, reinsurers, and providers of alternative capital, and brings extensive industry experience ... Read the full article

Zurich North America merges Commercial and Specialty units

26th May 2017

Zurich North America has announced plans to merge its Specialty Products business with its North American Commercial Insurance unit to simplify company processes and make product offers more accessible to its clients. The newly expanded unit will be led by Paul Horgan, head of North America Commercial Insurance, who reports to Mike Foley, Chief ... Read the full article

Aspen appoints new Chief Risk Officer

26th May 2017

Aspen Insurance Holdings, the Bermudian, Lloyd's of London and U.S. platformed insurance and reinsurance specialist, has appointed Tim Aman as its new Chief Risk Officer. Aman joined Aspen earlier this year, but was formally appointed as the new Chief Risk Officer just last week. Prior to joining Aspen in February 2017, Aman ... Read the full article

Weak El Nino could bring above-average Atlantic hurricane season

26th May 2017

A weak or non-existent El Nino could bring another above-normal hurricane season this year, potentially causing significant re/insurance payouts, as Forecasters at NOAA’s Climate Prediction Center say weather conditions point towards a hard-hitting Atlantic hurricane season. The chances of an above-normal Atlantic hurricane season - the season running from June 1st through November ... Read the full article

Agricultural index insurance gains momentum in Sub-Saharan Africa

26th May 2017

Re/insurance supervisors and players in Sub-Saharan Africa have highlighted the success of agricultural index insurance in improving the region’s disaster resilience, as, they say, momentum for index insurance solutions continues to grow. Speaking ahead of the 10th Consultative Forum on building disaster resilience amongst smallscale farmers through agricultural index insurance, Jonathan Dixon, ... Read the full article

Florida Commission approves RMS North Atlantic Hurricane Models

26th May 2017

Risk modeller RMS's version 17.0 North Atlantic Hurricane Models were certified by the Florida Commission on Hurricane Loss Projection Methodology (FCHLPM) on May 12, 2017, for use in residential rate filings with the Florida Office of Insurance Regulation. The new hurricane risk model incorporates the latest research, science and data on landfall ... Read the full article

Recent Canadian flooding unlikely to impact reinsurance: S&P

26th May 2017

While losses will cause a hit to insurers, the recent flooding that impacted parts of Canada in the provinces of Quebec, Northern Ontario and British Columbia is not anticipated to hurt reinsurers or affect reinsurance protection. Rating agency Standard & Poor's says that preliminary estimates put economic losses from the flooding ... Read the full article

Re/insurance challenges and opportunities of the future: EY

26th May 2017

As the re/insurance industry enters an era marked by shifting inner dynamics and fast-paced changes to macroeconomic conditions, EY analysts have outlined the unique challenges and opportunities set to create the market of the future. EY said the key long-term determinants of this changing scape were down largely to demographic shifts, policy ... Read the full article

Insurance premium growth to outpace GDP in Africa, but regulation & lack of talent a concern

25th May 2017

The 2nd African Insurance Barometer reveals an expectation across the market of accelerated premium growth, which is anticipated to outpace GDP. However, an inability to attract needed talent and concerns surrounding the continent's regulatory environment continues to dampen growth prospects. This year's African Insurance Barometer includes responses from 29 regional and global ... Read the full article

Guy Bowker to replace Mark Smith as Enstar CFO from Jan 1st, 2018

25th May 2017

Bermuda domiciled insurance and reinsurance group, Enstar Group Limited, has revealed that Guy Bowker will take over as Chief Financial Officer (CFO) after Mark Smith steps down at the end of 2017 to move into a consulting role for the firm. Currently Chief Accounting Officer (CAO) and Deputy CFO, Bowker joined the firm ... Read the full article

Blue Marble Microinsurance & Nespresso launch Colombia crop insurance pilot

25th May 2017

Blue Marble Microinsurance, an association of eight firms aiming to improve the socio-economic environment of the underprivileged through commercially viable insurance solutions, has partnered with Nestle Nespresso SA to create a pilot crop insurance program for smallholder coffee farmers in Colombia. The pilot project's objective is to protect the coffee industry and ... Read the full article

AIG Philippines puts $2.5 billion towards property insurance

25th May 2017

AIG Philippines, a unit of the American non-life insurer, announced that it's set aside $2.5 billion for property insurance ahead of the P7-trillion infrastructure rollout under the administration of President Duterte. The announcement comes as AIG prepares to be able to offer cover for the country's upcoming massive investment in infrastructure ... Read the full article

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