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Compre sets up Malta PCC for legacy deals

3rd July 2017

Independent insurance and reinsurance legacy or run-off transaction specialist Compre has established a protected cell company (PCC) in Malta, which it intends to use for transactions involving portfolios of discontinued non-life insurance and reinsurance business. Compre said this morning that it has received approval from the Maltese Financial Services Authority (“MFSA”) ... Read the full article

Re/insurers advised to prepare for EU’s new citizens data privacy rules

3rd July 2017

Celent has advised insurers to review compliance with the EU's new citizens data privacy rules, the General Data Protection Regulation (GDPR), which is due to be implemented in May 2018. The GDPR is designed to protect EU citizens data privacy and is expected to change the approach firms take to handling data. The ... Read the full article

Robert Childs named Deputy Chairman of Lloyd’s

3rd July 2017

Robert Childs, a Non-Executive Chairman of insurance and reinsurance firm Hiscox, has been appointed to the position of Deputy Chairman of Lloyd’s of London, taking up the position immediately. Childs takes over from Paul Jardine, who retired from the Deputy Chairman role earlier this year following nine years of service. Childs ... Read the full article

Fidelis & former Hiscox Re exec Ashton launch specialty joint venture

3rd July 2017

Fidelis Insurance has announced the creation of a new specialty joint venture with Rob Ashton, former head of specialty at Hiscox Re Specialty, that will have a strong focus on the cyber reinsurance market. The new venture will begin writing business from January 1st, 2018, with a focus on niche specialty ... Read the full article

Munich Re Specialty Group names Celine Ang Head of Asia

3rd July 2017

Munich Re Specialty Group, a division of reinsurance giant Munich Re, has appointed Celine Ang as Head of Asia, effective August 1st, 2017. Ang will be based in the firm's Singapore office, and will take on responsibility for Munich Re' syndicate offices throughout the region. She joins Munich Re Specialty Group from Euler Hermes, ... Read the full article

Reinsurance softening persists at mid-year renewals: Willis Re

3rd July 2017

Despite reinsurers' results continuing to deteriorate in the first-quarter of 2017, mid-year reinsurance industry renewals saw a continuation of the downward trend seen at January 1st and April 1st, according to Willis Re's latest 1st view report. The softening reinsurance market landscape persisted at the mid-year renewals, with buyers ... Read the full article

De-risking the right step for Novae: Peel Hunt

30th June 2017

Recent and ongoing steps taken to de-risk itself will benefit Lloyd's insurance and reinsurance specialist Novae Group, according to analysts at Peel Hunt. Novae "is taking the right actions to ease capital pressure, rebuild tangible equity and crystalize the intrinsic value of the business" the analysts explain, after reviewing the reinsurance ... Read the full article

Nepal Reinsurance Company continues to expand global business

30th June 2017

According to industry reports the Nepal Reinsurance Company (NRC) has been growing its international business, and collected Rs100 million (roughly US$969,500) in the first eleven months of the fiscal year. NRC is Nepal's sole reinsurer, and has clients across 15 countries, which includes United Arab Emirates, Bahrain, Papua New Guinea and a ... Read the full article

Five non-life insurers to close in Phillipines after capitalisation requirements spike

30th June 2017

The Phillipines Insurers and Reinsurers Association (PIRA) said five non-life insurers will be closing down due to being unable to compy with the P1.3 billion capitalisation requirement by the end of the current administration's term, Rappler reported. Eight insurance companies have also announced merger plans, bringing the number of non-life insurers in ... Read the full article

LMA establishes claims expert management Hub for Lloyd’s market

30th June 2017

The Lloyd's Market Association (LMA) Claims Committee has revealed the approval of a new Claims Expert Management Hub for Lloyd's of London carriers, called The Hub. The new Hub is designed to enable managing agents throughout the Lloyd's marketplace to better assess the effectiveness of their claims expert utilisation, while at ... Read the full article

Facilities performing “as expected” for XL Catlin, increased size paying off

30th June 2017

XL Group's senior executives recently told analysts from Keefe, Bruyette & Woods that their portfolio underwriting initiatives through facilities are performing in-line with expectations, opportunities that the company may not have had prior to the merger with Catlin. Forming XL Catlin was all about scale and relevance in the insurance and ... Read the full article

RMS launches RiskAssessor™ 2.0, a custom vulnerability solution for hurricane risk

30th June 2017

Global catastrophe risk modeller, RMS, has released RMS RiskAssessor™ 2.0, enabling insurers and reinsurers to obtain a more distinct and expansive view of hurricane risk. RMS describes the engineering-based technology as "the first auditable custom vulnerability modeling solution," which, enables the re/insurance industry to produce a more "distinct" and "expansive" view of hurricane ... Read the full article

Severe weather to increase in frequency & intensity: AIR Worldwide

30th June 2017

Catastrophe risk modeller AIR Worldwide compiled the latest findings of climate science in a report on the potential impact of climate change to extreme weather; bringing attention to tropical cyclones, extratropical cyclones, severe storms, wildfire, and floods and warning of an overall increase in frequency and intensity of severe weather phenomena ... Read the full article

Arch Insurance grows Travel business division with new hires

30th June 2017

Insurance and reinsurance provider, Arch Capital Group Ltd.'s subsidiary, Arch Insurance Group, Inc., has bolstered its Travel business division with a number of new appointments, effective June 5th, 2017. Both Cory Sobczyk and Dan Povondra have joined Arch as Vice Presidents of Business Development, while Lynn Barty has joined the firm ... Read the full article

JLT Specialty USA hires new SVP in San Francisco

30th June 2017

JLT Specialty USA, a division of global insurance and reinsurance brokerage, JLT Group, has hired Jennifer Schaeffer as Senior Vice President (SVP), based in San Francisco. She joins JLT Specialty USA from rival brokerage Aon plc, where she worked as an SVP with a focus on developing relationships with new customers, while advising ... Read the full article

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