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Miller hires senior facultative broker from Guy Carpenter

10th February 2017

Insurance and reinsurance broker Miller Insurance Services LLP has hired a new senior broker and producer in an expansion of its facultative property capabilities. Damian Richards  joins Miller from Guy Carpenter, where he acted as Senior Vice President, with a focus on managing production and placement of facultative reinsurance for UK ... Read the full article

Reinsurance demand growth seen in North America: Hannover Re

10th February 2017

Hannover Re has underscored North America as one of its major target markets for the coming year after the U.S.’s economic recovery has raised demand for reinsurance protection. The reinsurance giant said its total premium volume for North America rose by 6.5 percent, an attractive margin of increase, especially when compared ... Read the full article

Reinsurance News – Friday 10th February 2017

10th February 2017

Here’s your daily Reinsurance News for Friday 10th February 2017: Zurich claims on Farmers aggregate reinsurance for first time For the first time ever Zurich Insurance had to claim on its Farmers aggregate reinsurance treaty, as catastrophe losses in 2016 increased to more than $1.3 billion. Swiss Re ... Read the full article

Price adjustment for longevity re/insurance forecasted: Aon

9th February 2017

Retirement and health broker and advisory Aon Hewitt, part of the insurance and reinsurance Aon plc group, said there's been a sooner than expected reduction in mortality improvement rates resulting in adjustments to UK longevity insurance and reinsurance capacity pricing. The carrier has urged pension schemes to review these emerging lower ... Read the full article

Validus insurance unit Talbot launches terror facilities

9th February 2017

Bermudian re/insurer Validus' insurance unit Talbot has launched three enhanced terror facilities in the Singapore, Latin American and Dubai markets, after seeing growing global demand for terror coverage. The Facilities offer a full range of coverage against war and other political violence perils, Talbot's Global Practice Leader for Political Violence, Steven Tebbutt, commented; ... Read the full article

Fairfax Financial heads to New Zealand with $197m Tower acquisition

9th February 2017

Prem Watsa's Fairfax Financial, which owns Brit Insurance and is in the process of acquiring re/insurer Allied World, is entering the New Zealand insurance market with the acquisition of Tower Insurance. Announced today, Fairfax Financial has made an all cash offer at $1.17 per share, so valuing the insurer at ... Read the full article

Zurich claims on Farmers aggregate reinsurance for first time

9th February 2017

Zurich Insurance Group's fourth-quarter and full-year 2016 results show that the firm had to call on its Farmers Exchanges catastrophe reinsurance treaty for the first time, as catastrophe losses led by Texas storms increased to more than $1.3 billion. The catastrophe reinsurance programme was put in place three years ago with ... Read the full article

Arthur J. Gallagher targets cyber coverage gaps for manufacturers

9th February 2017

With a newly launched cyber insurance product broker Arthur J. Gallagher is targeting some of the gaps in existing cyber coverages, a step that could help to open up some of the untapped cyber exposure to the market which could generate significant reinsurance demand. Backed by A rated Lloyd's of London ... Read the full article

Terror coverage demand set to increase in 2017: Pool Re

9th February 2017

Re/insurers could see increased demand for terror coverage across Europe in 2017, as the emerging geopolitical landscape shows the year will bring heightened and shifting terror threats. The largest provider of terrorism reinsurance cover in the UK, Pool Re, has issued a report listing the key terrorist themes for ... Read the full article

Australian insurers increasingly look to life reinsurance

9th February 2017

After numerous issues in the Australian life and health insurance business, primary companies are increasingly looking to life reinsurance opportunities, in order to transfer exposures from older business and to resolve capital issues. Industry wide deterioration in lapse rates and rising claims trends have both impacted the life and health business ... Read the full article

Reinsurance News – Thursday 9th February 2017

9th February 2017

Here’s your daily Reinsurance News for Thursday 9th February 2017: Major reinsurers pull back on China underwriting Three of the world's biggest reinsurance companies have all pulled back on their China underwriting in response to thinning margins and increasing competition from local players. London Market Group to add ... Read the full article

U.S. weather & Chile fires lead January Catastrophe losses: Aon Benfield

8th February 2017

U.S. severe weather and Chile wildfires have led January’s catastrophe loss events, with U.S. weather losses exceeding $1 billion and Chile following with $890 million in losses after its worst wildfire event in modern history. Aon Benfield’s monthly Global Catastrophe report has released figures for January, revealing a month ... Read the full article

Aspen appoints Matthew Botein to Board as Class I Director

8th February 2017

Specialty insurance and reinsurance provider Aspen has appointed Matthew Botein to its Board of Directors as a new Class I Director, and as a member of the Board’s Investment Committee. Botein is a Managing Partner of private investment and advisory firm Gallatin Point and has extensive experience in the financial services industry, having ... Read the full article

Cost of climate change highlights important role of re/insurance

8th February 2017

A report published by the European Environment Agency (EEA) stated that economic losses to the region could rise to as much as €190 billion per year by the end of the 21st century - highlighting the growing role reinsurers will likely play in mitigating climate change loss. The report assesses the ... Read the full article

London Market Group to add reinsurance to PPL trading platform

8th February 2017

The London Market Group has announced plans to revamp its electronic trading platform (PPL) and said it’s looking to expand the lines of business available for trading to include reinsurance. The Group plans to introduce further enhancements to the platform in April, improving functions to make it relevant to all classes ... Read the full article

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