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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

Major reinsurers pull back on China underwriting

8th February 2017

Three of the world's largest reinsurance firms have all pulled back on their China underwriting, as margins for the business become increasingly thin and local competition starts to influence the market. China has been seen as one of the big opportunities for reinsurance firms, a fast growing economy, significant industrial and ... Read the full article

Andy Wakefield joins reinsurance broker Ed from Willis Re

8th February 2017

Global reinsurance broker Ed has appointed Andy Wakefield as Managing Director of its Marine and Energy Reinsurance business. Wakefield will take up the new position later in the year, reporting to Kieran Angelini-Hurll, Chief Executive Officer (CEO) of Reinsurance, Ed. Commenting on the appointment, Angelini-Hurll said; "Andy is an excellent addition to our ... Read the full article

Re/insurers in Middle East see drop in credit ratings: A.M. Best

8th February 2017

Reinsurers and insurers in the Middle East have seen a slight drop in credit ratings, largely due to lower market demand brought on by a sluggish economy, according to A.M. Best’s 2016 performance report. “Commercial activity is highly correlated to oil demand and the recent period of low energy prices has depressed ... Read the full article

Aon appoints new reinsurance Global Head of Broking Strategies

8th February 2017

Reinsurance intermediary Aon Benfield has appointed Jeremy Goodman to a New York-based role as Global Head of Broking Strategies with immediate effect. Goodman will report to Eric Andersen, Chief Executive Officer of Aon Benfield, and will be responsible for networking with the firm’s reinsurance trading partners to develop innovative products that ... Read the full article

Berkshire Hathaway Specialty opens London office, expands exec team

8th February 2017

Berkshire Hathaway (BHSI) today announced the creation of a new affiliate London office, its key executive roles have already been filled with industry experts joining from Allied World, Travelers Europe and AIG. The new office will serve brokers and customers in the UK and Southern European countries, including Ireland, Spain, France ... Read the full article

Enstar in £957m legacy UK employers’ liability reinsurance deal with RSA

8th February 2017

A subsidiary of Bermuda based insurance, reinsurance and run-off specialist Enstar Group has entered into a reinsurance agreement with RSA Insurance Group PLC to reinsure £957 million of its legacy UK employers’ liability business. The legacy reinsurance deal will see Enstar's subsidiary assuming £957 million (approximately $1.2 billion) of RSA's gross ... Read the full article

Reinsurance News – Wednesday 8th February 2017

8th February 2017

Here’s your daily Reinsurance News for Wednesday 8th February 2017: SCOR finds U.S. reinsurance growth at 1/1 Insurer and reinsurer SCOR has revealed that it found opportunities for reinsurance premium growth at the recent January renewals, despite continued market pressures. Enstar in £957m legacy reinsurance deal with RSA A ... Read the full article

SCOR finds U.S. reinsurance growth at 1/1

7th February 2017

French reinsurance company SCOR found opportunities for premium growth at the January 1st 2017 renewals, with the U.S. driving much of its increase despite that market being the most under pressure. SCOR has been targeting expansion into the U.S. over recent reinsurance renewals, with the way it has historically diversified its ... Read the full article

Argo to retain Ariel Re brand, names Mather Global Head of Reinsurance

7th February 2017

In the wake of its successful acquisition of Ariel Re, global specialty insurance and reinsurance underwriting company Argo Group International Holdings, Ltd. has named former Ariel Re chief executive officer, Ryan Mather as its Global Head of Reinsurance. Argo Group completed its acquisition of Ariel Re just yesterday, in a ... Read the full article

Tokio Millennium Re licenses Praedicat’s Oortfolio for casualty analytics

7th February 2017

Multi-line reinsurance firm Tokio Millennium Re has signed up to license Praedicat's casualty catastrophe risk modelling solution Oortfolio, as it seeks to enhance its analytical focus on this class of risk. Oortfolio is the world’s first exposure-based and forward-looking casualty catastrophe risk modelling tool, which Praedicat launched in October 2016. Oortfolio ... Read the full article

Demotech warns Florida insurers could face rating actions

7th February 2017

Rating agency Demotech has announced it will suspend its recommendations for Florida property insurers after two recent court decisions, Johnson and Sebo, have intensified the impact from the assignment of benefits (AOB) epidemic. The rating agency has advised Florida insurers to review their protocols, saying the court decisions had revised claims ... Read the full article

$332m insurance loss reported for Address Hotel, Dubai fire

7th February 2017

The fire that ripped through the Address Hotel in Dubai on New Year’s Eve of 2015 is expected to result in an insurance claim of just over $332 million, according to the property developer. Emaar Properties, which also developed the world's tallest building the Burj Khalifa said in a stock market ... Read the full article

Markel appoints Towner as reinsurance placement head

7th February 2017

Markel International, the specialist insurance and reinsurance division of Markel Corporation, has appointed Warren Towner as its new head of underwriting management and reinsurance placement, making him responsible for all outwards reinsurance buying. Towner was previously general manager of Markel’s reinsurance division, so has the experience required to take on responsibility ... Read the full article

Charles Taylor launches catastrophe deductible scheme for LatAm SMEs

7th February 2017

Insurance service provider Charles Taylor has announced the launch of an innovative Insurance & Asset Protection Program for Latin American Small and Middle Sized Enterprises (SMEs), designed to help cover catastrophe deductibles. The programme offers SME’s immediate insurance payment for deductibles, the option of building up US Dollar reserves to protect ... Read the full article

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