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2017 catastrophes a “perfect opportunity” for reinsurers to showcase adaptability

22nd January 2018

Guy Carpenter's Vice Chairman David Priebe called the recent catastrophic events a "perfect opportunity" for reinsurers to showcase their ability to adapt solutions to the unique risk profiles of individual clients, a reminder that the flip side of every major disaster is an opportunity for the innovative and entrepreneurial. 2017's record ... Read the full article

RMS puts Thomas Fire loss estimate at up to $2.5 billion

22nd January 2018

Catastrophe risk modelling firm RMS has said that the Thomas Fire, which impacted Southern California's Ventura and Santa Barbara counties in December 2017, will result in a loss of between $1 billion and $2.5 billion. The Thomas Fire destroyed 1,063 structures and damaged roughly 280 structures, quickly becoming the largest wildfire ... Read the full article

Potential for AIG to expand in new business segments after Validus takeover

22nd January 2018

AIG management has discussed the firm's proposed takeover of Validus Holdings during a recent investor call surrounding the deal, underlining the potential for growth in new business segments supported by Validus' experienced leadership. Following the announcement of a proposed $5.56 billion acquisition of Validus by AIG, the latter's Chief Executive ... Read the full article

Victoria Phillips named as Canopius energy underwriter

22nd January 2018

Canopius, a subsidiary of Sompo Canopius, has announced the appointment of Victoria Phillips, who joins from Marsh in Singapore, as energy underwriter. In her new role she will continue to be based in Singapore, reporting to Geoff Tin, head of energy, and working closely with the London team. Mark Newman, head of ... Read the full article

LIIBA sees electronic placement as main re/insurance distribution tool for London

22nd January 2018

London and International Insurance Brokers’ Association (LIIBA) said it is determined to see electronic placement as the "predominant distribution tool" in the London insurance and reinsurance market by the beginning of 2019. Christopher Croft, Chief Executive Officer (CEO) of LIIBA, explained that the organisation is, "Determined to see PPL become the ... Read the full article

IRDAI to finalise re/insurance regulatory framework by February

22nd January 2018

The revised Insurance Regulatory and Development Authority of India (IRDAI) re/insurance regulatory framework will be revealed by the end of February 2018, after regulators finalise any adjustments based on stakeholders' feedback. Moneycontrol reported that IRDAI Chairman TS Vijayan said regulators are "looking at the stakeholders’ responses." He added "there could be some ... Read the full article

HDI Global appoints new CFO from KPMG

22nd January 2018

HDI Global SE has announced that its Supervisory Board has named Clemens Jungsthöfel as a member of the company's Management Board and as its new Chief Financial Officer (CFO), succeeding Ulrich Read the full article

AIG to acquire Validus Holdings for $5.56 billion

22nd January 2018

It's been announced that American International Group, Inc. (AIG) will acquire all the outstanding common shares of Validus Holdings, Ltd. for an aggregate transaction value of $5.56 billion, in cash. The deal represents progress in AIG's profitable growth strategy, enhancing the firm's general insurance capabilities, while adding a robust reinsurance underwriter ... Read the full article

U.S. life/annuity insurers’ appetite for reinsurance growing, but options decline: A.M. Best

22nd January 2018

U.S. life/annuity insurers have an increased appetite for utilising reinsurance protection as a risk management tool, but consolidation in the U.S. life reinsurance sector is limiting the options for primary players, according to ratings agency A.M. Best. A.M. Best states that U.S. life/annuity insurance companies have increased the aggregate face amount ... Read the full article

Aon appoints Mike Smaje to Global Investment Practice partner

22nd January 2018

Insurance and reinsurance broker Aon has named Mike Smaje, pensions investment consultancy and asset management expert, as a partner in its Global Investment Practice set to be based out of the firm's Leeds and Manchester offices. Smaje joins from a role as an investment specialist for Aberdeen Standard (formerly Standard Life ... Read the full article

PartnerRe and PIC enter £725mn longevity reinsurance deal

22nd January 2018

Specialist pension funds insurer Pension Insurance Corporation (PIC) has announced a £725 million longevity reinsurance agreement with Bermudian reinsurer, PartnerRe. The deal covers the longevity risk acquired when PIC insured the Dockworkers Pension Fund in a full buy-in, in November last year. Kevin O’Regan, Head of Longevity and Portfolio Reinsurance at PartnerRe, ... Read the full article

Reinsurance sector favours relational approach to competition: Report

22nd January 2018

Syndicated financial markets, such as reinsurance, tend to adopt a relational approach to competition, contrary to the widespread perception of negative competition that sees companies fight to win at all costs, according to a new study. The new study, Toward a Social Practice Theory of Relational Competing, was authored by Cass ... Read the full article

Insurers remain underprepared for IFRS 17: reports

22nd January 2018

The majority of insurers surveyed in a study by Aptitude Software are unprepared for implementation of the changes to insurance accounting required in the IFRS 17, the financial software specialist said in its first bi-annual Global IFRS 17 Readiness Assessment Report (GIRA). 92% out of 240 insurers surveyed have yet to put ... Read the full article

Barbican partners with FICO to offer cyber risk assessment tool

22nd January 2018

The Barbican Insurance Group has partnered with software analytics provider FICO to offer a cyber threat monitoring and vulnerability assessment solution, the FICO Enterprise Security Store Portrait (FICO ESS Portrait). Barbican will now provide all its cyber insurance clients with a free subscription to the product. Graeme King, business group leader for ... Read the full article

U.S. tax reform could benefit European reinsurers at mid-year renewals

19th January 2018

U.S. tax reform could be a positive for European reinsurers' June and July renewals, as it carries the potential to level the taxation playing field with Bermudians who have traditionally had the upper hand on U.S. natural catastrophe business, according to Deutsche Bank. The July renewals, which focus on U.S. reinsurance ... Read the full article

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