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Reinsurance News

Sompo International launches London-based Accident & Health insurance unit

27th June 2017

Bermuda-based Sompo International, the former Endurance Specialty Holdings re/insurer prior to being acquired by Sompo Holdings, has announced the launch of an Accident & Health (A&H) insurance unit set to be led by Dale Willetts as Executive Vice President. The A&H unit consists of a team of six underwriters, who will underwrite ... Read the full article

BMS Capital Advisory assists in Coverys’ acquisition of R&Q Managing Agency

27th June 2017

BMS Capital Advisory, the investment banking and capital markets focused unit of insurance and reinsurance broker BMS and owned by Minova Insurance Holdings, said today that it was the sole investment banker to Coverys in its recently announced acquisition of Randall & Quilter's Lloyd's of London managing agency. The acquisition, ... Read the full article

S&P affirms Qatar Re parent QIC despite diplomatic situation

27th June 2017

S&P Global has affirmed Qatar's Insurance Company's (QIC) 'A' financial strength rating with a stable outlook, stating that it doesn't expect the current diplomatic situation to have much impact on the firm due to its low levels of exposure with the countries involved. The rating agency said the firm's excellent rating ... Read the full article

Competitive pressure to increase further for reinsurers: Eiopa

27th June 2017

Against a background of increasing competitive pressure, getting prices that adequately reflect risk will be "crucial" for reinsurance companies entering into renewals, the European Insurance and Occupational Pensions Authority (Eiopa) warned in its financial stability report for June 2017. The still ongoing finance and debt crisis has continued to push investors ... Read the full article

AXIS appoints Nance as new U.S. excess & surplus property leader

26th June 2017

Insurance and reinsurance group AXIS Capital Holdings Limited has Marc Nance to Executive Vice President, Excess & Surplus Property, in a promotion that will see him tasked with leading an expansion of AXIS Insurance's E&S property underwriting portfolio. Nance is tasked with growing and managing AXIS Insurance’s E&S Property business across ... Read the full article

Munich Re backed carrier ONE acquired by InsurTech wefox

26th June 2017

A digital insurance carrier backed and reinsured by global player Munich Re is to be integrated into InsurTech start-up wefox's platform as an innovation partner from September 2017, as wefox acquires ONE. Wefox said that it is integrating digital insurer ONE, which was launched in 2016 by former Zurich Insurance ... Read the full article

Lloyd’s seeks 10% headcount reduction in efficiency drive: Beale

26th June 2017

The Corporation of Lloyd's, the body that oversees and supports the Lloyd’s market to ensure efficient operation, will find its headcount reduced by around 10% in the upcoming organisational restructure, Chief Executive Inga Beale said today. In a half-yearly letter to employees and the Lloyd's of London insurance and reinsurance market, ... Read the full article

AIR Worldwide releases new Canada crop hail risk model

26th June 2017

AIR Worldwide has released a new Crop Hail Model for Canada, the first probabilistic model for the industry, offering a complete overview of risk crop hail portfolios and the ability to assess different impact of hail on various crop types as well as larger losses than have previously hit the crop ... Read the full article

Lloyd’s needs to address “unsustainable” underwriting performance: Hancock

26th June 2017

John Hancock, the Performance Management Director at Lloyd's of London, warned that the market needs to "address its decline in underwriting performance because the current trend is not sustainable" in a recent speech. Speaking to private or independent capital providers to the insurance and reinsurance market at the Association of Lloyd's ... Read the full article

XL Catlin promotes Murphy to Excess & Surplus Property Insurance Regional Leader

26th June 2017

XL Catlin's Excess & Surplus (E&S) insurance team has promoted Caitlin Murphy to Eastern Regional Vice President from senior underwriter. Murphy will work alongside E&S's property leadership team including Kyle Burnett, West Region Vice President and Brian Ahern, Central Region Vice President, and will be responsible for directing regional underwriting operations and product and ... Read the full article

Suncorp increases Tower bid, attempts to secure acquisition

26th June 2017

Australia and New Zealand based insurer Suncorp Group is trying to seal its acquisition of the remaining shares in Tower Insurance of New Zealand with an increased bid. Back in February, Prem Watsa’s Fairfax Financial made an all cash offer at $1.17 per share, so valuing Tower at $197 million, ... Read the full article

Mainstream adoption of InsurTech to accelerate

26th June 2017

Adoption of technology based or bought insurance is expected to increase dramatically, as InsurTech's look poised to hit the mainstream, according to data from a survey by EY. Consultancy, assurance, tax, transaction and advisory specialist EY surveyed 22,000 digitally active consumers from across 20 markets as part of its FinTech Adoption Index, ... Read the full article

Claims from Kaikoura earthquake reach NZ$1.84 billion

26th June 2017

The Insurance Council of New Zealand has revealed that total insurance claims from the November, Kaikōura earthquake has reached NZ$1.84 billion (approximately US$1.33 billion), as at 31st May, 2017. The majority, NZ$1.36 billion (approximately US$980 million) is for commercial losses, with residential claims totalling more than NZ$460 million (approximately US$333 million), according ... Read the full article

Butler to replace Morrison as Division President, Field Operations U.S., Chubb

26th June 2017

Gerard Butler has been revealed as Chubb Group's new Senior Vice President, Division President, Field Operations, North America Insurance, replacing Harold Morrison, who will retire at the end of 2017. Butler has been with Chubb for the last 26 years, and most recently served as Chief Operating Officer (COO), North America Field Operations. Prior to ... Read the full article

Global reinsurers call for post-Brexit continuity

26th June 2017

Some of the largest reinsurance companies in the world are calling for the UK and EU to maintain continuity, calling for existing access arrangements to be maintained between the pair, in a letter seen by Reuters. For UK insurers and reinsurers, continued access to European markets after Brexit has been implemented ... Read the full article

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