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AGCS names leader of downstream energy unit, Regional London Energy team

14th September 2017

Allianz Global Corporate & Specialty (AGCS), a division of global insurer Allianz, has announced that Anthony Vassallo has been appointed as a Senior Underwriter to lead its downstream energy unit within its Regional London Energy team. Vassallo has been with the firm since 2003, and has worked across numerous specialty lines ... Read the full article

Beazley increases social engineering cover to match growing demand

14th September 2017

Beazley has expanded its social engineering cover for the U.S. to match the growing market demand for protection from impersonation scams and other attacks that have been on the increase in recent years. The new policy for social engineering cover provides up to $5,000,000 in excess of underlying cover of at ... Read the full article

Tech and risk research can help improve solutions and bridge protection gap: Swiss Re

14th September 2017

The rise of advanced technology can assist with the development of insurance and reinsurance solutions that meet the changing demands of clients in all parts of the world, ultimately helping to bridge the global protection gap, according to an announcement by reinsurance giant Swiss Re, at the annual reinsurance meeting ... Read the full article

Kenya aims to increase insurance penetration to 6% by 2020: Reports

14th September 2017

The Association of Kenya Insurance (AKI) estimates that by the year 2020 local insurance companies will look to increase insurance penetration to be in line with the global average of 6%. Currently, Kenya's insurance penetration stands at 2.75%, but the AKI is hopeful that local insurance players will work to increase ... Read the full article

Expediency could increase role of re/insurance: RVS 2017 Panel forum

14th September 2017

At the Rendezvous de Septembre Insurance Development Forum panel debate, led by Lloyd's Syndicate founder, Stephen Catlin, re/insurance industry veterans said expediency would push governments and societies to offload their risk onto reinsurers as fiscal budgets tighten. The Insurance Development Forum (IDF) is a public-private partnership launched in 2015 by the ... Read the full article

Reinsurers continue to pullback on P&C lines as competition persists: Fitch

14th September 2017

Intense competition from both traditional and alternative providers of reinsurance capacity in the first-half of 2017 combined with falling rates across the property and casualty (P&C) sector is hindering premium growth for the industry, according to Fitch Ratings. For the group of 19 non-life reinsurers tracked by Fitch, and that reported ... Read the full article

Canada Life Re & PICA in £3.4bn longevity transfer with MMC UK Pension Fund

14th September 2017

The Marsh & McLennan Companies (MMC) UK Pension Fund has entered into a £3.4 billion ($4.5bn) longevity reinsurance agreement with Canada Life Reinsurance and The Prudential Insurance Company of America (PICA), which covers the liabilities of around 7,500 pensioner members. The transaction is the first longevity risk transfer to be completed ... Read the full article

Efficiently marrying capital to the customer is an intermediary model: Steve Hearn, Ed.

14th September 2017

Steve Hearn, the Group Chief Executive Officer (CEO) of reinsurance broker Ed., in an interview with Reinsurance News, recently discussed the role and relevance of the broker in a rapidly changing risk transfer industry. Speaking to Reinsurance News at the annual meeting of the reinsurance industry in Monte-Carlo, Hearn underlined disruption ... Read the full article

Hurricane Irma insured losses at $25 billion: KCC

14th September 2017

Insured losses from Hurricane Irma, driven by storm surge, inland flooding and high winds in the U.S. and parts of the Caribbean have been estimated at $25 billion by Karen Clark & Company (KCC). The estimate of $18 million insured U.S. losses and $7 million in Caribbean losses, includes damage to buildings, ... Read the full article

U.S. life reinsurance a beacon of stability

14th September 2017

In a year where many insurance and reinsurance segments have seen profit margins squeezed and growth challenged by a growing onslaught of alternative and new market entrants, the life reinsurance segment has remained a beacon of stability. In contrast with many other re/insurance lines, life re/insurance has been characterised by the ... Read the full article

Munich Re expects Q3 loss, lower profits, on Harvey and Irma losses

14th September 2017

Reinsurance giant Munich Re said that it may have an unprofitable third-quarter and that its full-year profit target is now at risk due to the losses expected from hurricanes Harvey and Irma. The combination of the two events is expected to result in high insurance and reinsurance industry losses, Munich Re ... Read the full article

JLT Re announces new Partner within its Paris office

13th September 2017

Global reinsurance broker JLT Re has announced the appointment of Thierry Cuisenier as a Partner within its Paris office, effective 18th September, 2017. Cuisenier has held numerous senior positions at a number of major reinsurance companies, and brings more than 25 years of industry experience to JLT Re, the reinsurance arm ... Read the full article

Crosswinds’ Monarch joint venture reveals expected Irma impact

13th September 2017

Crosswinds Holdings Inc. has revealed that its joint venture investment in Monarch National Insurance Company (Monarch) expects the impact of hurricane Irma to not exceed its first-event pre-tax retention of $3.4 million, net of reinsurance. Crosswinds is the latest firm to announce the expected impact from hurricane Irma, which tore through ... Read the full article

Reinsurance use “at an absolute inflexion point” – Rowan Douglas at RVS

13th September 2017

Speaking at the Insurance Development Forum panel debate on confronting global underinsurance amid heightened global risks, at the 2017 Rendezvous de Septembre (RVS), Rowan Douglas, CEO of Capital Science and Policy, Willis Towers Watson, said the industry is at a turning point that could revolutionise the use of re/insurance in the ... Read the full article

Christina Tom joins AXIS Insurance from Aspen as a Vice President

13th September 2017

AXIS Capital Holdings subsidiary, AXIS Insurance, has named Christina Tom Vice President, Renewable Energy Underwriter, based in San Francisco. Tom joins the firm from Aspen Insurance, and brings experience and expertise in the wind, solar and energy storage risk sector. In her new role she will be responsible for AXIS Insurance's ... Read the full article

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