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Reinsurance News

Re/insurers’ ORSA implementation progressing, but improvements needed: EIOPA

26th June 2017

Most European insurers and reinsurers have made solid progress regarding the implementation of the Own Risk and Solvency Assessment (ORSA), but the European Insurance and Occupational Pensions Authority (EIOPA) has called for further improvements. A supervisory statement released by the EIOPA explores the implementation of ORSA under Europe's Solvency II framework, ... Read the full article

Argentina relaxes regulations to open market to global reinsurers

23rd June 2017

The Argentinean Insurance Superintendent (SSN) recently issued a resolution to open up its regulatory reinsurance framework to the global sector by allowing local cedents to place up to 50% of risks with Admitted Reinsurers with effect from the 1st July 2017. Admitted Reinsurers are registered foreign reinsurers who are authorised by the SSN, ... Read the full article

WeatherXchange platform adds AXA Global Parametrics to weather risk cover sellers

23rd June 2017

WeatherXchange - a platform which provides post-trade valuation and settlement services and helps companies access index-based weather risk protection - has listed AXA Global Parametrics as a new Protection Seller. As the latest addition to WeatherXchange platform's group of ten sellers offering weather risk coverage, AXA will be equipped to respond to price ... Read the full article

AF Group launches new P&C fronting carrier brand, hires Eric Halter

23rd June 2017

Insurance solutions provider AF Group is expanding into the fronting carrier space, with a new division named AF Specialty set to offer fronting capacity to insurance carriers, managing general agents, reinsurance intermediaries and captive managers. Fronting for other capacity providers has been the trend in recent years, but AF Specialty will ... Read the full article

HCI Group to expand flood insurance offering to nine additional states

23rd June 2017

HCI Group announced its begun the regulatory process to expand flood insurance from its sole Florida market into nine additional states including Arkansas, California, Maryland, North Carolina, New Jersey, Ohio, Pennsylvania, South Carolina, and Texas. Paresh Patel, HCI Group’s chairman and chief executive officer, said;  “A core part of our long-term ... Read the full article

Trust Re names Kevin Quek as Labuan branch General Manager

23rd June 2017

Trust Re has announced the appointment of Kevin Quek to General Manager of its Labuan licensed branch office. In his new role Quek will manage the branch's growing team to ensure consistent delivery of services across all of Trust Re's Regional Centres. Thommy Thomas, Labuan Branch CEO welcomed Quek to the team; ... Read the full article

XL Catlin expands Latin America Marine Underwriting with string of hires and promotions

23rd June 2017

XL Catlin has expanded its Latin America Marine Underwriting team with a string of new hires and promotions in Brazil and Mexico. In Mexico Francisco Campos, previously Junior Underwriter, was appointed to Marine Cargo Underwriter; in Brazil Karina Amaral joined the team to take up the same position. The re/insurer announced the ... Read the full article

Bart Hedges named to Trisura board after spinoff from Brookfield Asset Management

23rd June 2017

Trisura Group, an international specialty provider of surety, risk solutions, corporate insurance and reinsurance products, has named ex-Greenlight Capital Re CEO Bart Hedges to its board, just a day after its spinoff from investor Brookfield Asset Management Inc. Yesterday Trisura revealed that it had completed the spinoff from Brookfield and its ... Read the full article

Declining rates to continue, S&P warns on reinsurer discipline

23rd June 2017

Global reinsurers face another year of falling rates as the market shows no signs of shifting course; abundance of capital and normal levels of losses coupled with growing competition have remained the unchanged hallmarks of the reinsurance sector, said S&P Global in a report released yesterday. S&P rated the sector's ... Read the full article

Aviation Insurance Clauses Group releases model EU contract continuation clause update

23rd June 2017

Launched in 2005 by the International Underwriting Association of London (IUA London) and the Lloyd's Market Association (LMA), the Aviation Insurance Clauses Group (AICG) has released a new model EU contract continuation clause. "The aim of the new clause is to provide additional certainty for clients as the UK leaves the European ... Read the full article

FERMA offers guidance for BEPS on captive re/insurance business

23rd June 2017

The Federation of European Risk Management Associations (FERMA) has published the industry's first report on captive re/insurance arrangements, in an effort to ensure the implementation of Base Erosion and Profit Shifting (BEPS) as recommended by the Organisation for Economic Co-operation and Development (OECD). OECD members raised some concerns of the interpretation of ... Read the full article

Everest Re hires Kelly from Hiscox to lead international casualty facultative reinsurance

23rd June 2017

Everest Re Group, Ltd. has hired Matt Kelly to lead its international casualty facultative reinsurance unit, a role that will see him responsible for worldwide Casualty facultative underwriting, outside of the U.S. and Canada. Kelly will be based in Miami in his new role as Vice President and Head of the ... Read the full article

Randall and Quilter announces sale of Lloyd’s managing agency to Coverys

23rd June 2017

Randall & Quilter Investment Holdings (R&Q) has announced the sale of its Lloyd's of London managing agency arm, R&Q Managing Agency Ltd., to Coverys, a step it has taken to simplify its business operations. Randall & Quilter (R&Q) had previously announced that it would look to simplify its operations to focus ... Read the full article

Fitch continues to assess United Guaranty impact on Arch

22nd June 2017

Ratings agency Fitch is maintaining a negative rating watch on the debt of insurance and reinsurance specialist Arch Capital Group Ltd., in the wake of the firms acquisition of mortgage insurance player United Guaranty Corporation from AIG. Bermudian re/insurer Arch completed the acquisition of United Guaranty from insurance giant AIG ... Read the full article

Pro Global & Zass International partner to expand marine recoveries services

22nd June 2017

Re/insurance consultancies Pro Global Insurance Solutions in Argentina (Pro) and Zass International in Germany have partnered to expand services in marine recoveries across Europe, Asia and the Far East regions. The cooperation enables Pro to expand into Europe and the Far East, while Zass would benefit from improved access to the ... Read the full article

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