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Munich Re’s HSB Engineering Insurance appoints biz dev & distribution director

6th April 2017

HSB Engineering Insurance (HSB), the specialist industrial engineering and construction insurance arm of reinsurer Munich Re, has appointed a new business development and distribution director. Richard Slatter joins HSB from a Sales Director role at British Engineering Services. Prior to that he was at RSA Engineering for over 20 years and ... Read the full article

RMS releases cyber-physical risk model for property exposures

6th April 2017

Leading risk modeller RMS today announced the introduction of a new range of ‘cyber-physical’ models to help property re/insurers manage and understand the growing risk of  cyber attack scenarios that could lead to physical damage to property. The model’s focus is on attacks against I.T. (information technology systems) that are intended ... Read the full article

Insurer Croatia Osiguranje completes Croatia Lloyd takeover

6th April 2017

Insurer Croatia Osiguranje yesterday announced the completion of its takeover of local reinsurance entity Croatia Lloyd. The acquisition enables the firm's expansion into the reinsurance segment, which the insurer hopes to utilise to give a  boost to its affiliate businesses in Macedonia, Bosnia and Herzegovina, Serbia and Slovenia. Croatia Lloyd had been ... Read the full article

Lloyd’s adds new Council and Franchise Board appointments

6th April 2017

Lloyd's of London has named Gregory Fleming as a nominated member of the Council of Lloyd's and Patricia Jackson as an independent non-executive director of the Franchise Board, with the pair set to serve an initial term of three years. Fleming replaces Henrique Meirelles, who stepped down from the Council last ... Read the full article

Favourable terms seen at April reinsurance renewal: Aon

6th April 2017

Reinsurance buyers found favourable terms at the 1st April 2017 renewals, as record levels of reinsurance capital kept pressure on pricing and provided plenty of capacity to fulfill buyers needs, according to Aon Benfield. In its latest Reinsurance Market Outlook report, the broker explained that the high-levels of reinsurance ... Read the full article

Swiss Re Corporate Solutions Brazil appoints Calheiros as CEO

6th April 2017

Swiss Re Corporate Solutions, the commercial insurance arm of global players Swiss Re, has appointed Luciano Calheiros as CEO of its new Brazilian joint-venture operations. Luciano Calheiros will become CEO of Swiss Re's new commercial insurance joint-venture in Brazil as of 1st May 2017, succeeding Joao Nogueira, who is transitioning to ... Read the full article

Reinsurance News – Thursday 6th April 2017

6th April 2017

Here’s your daily Reinsurance News for Thursday 6th April 2017: Cyclone Debbie blows the lid on IAG’s reinsurance cover Insurance Australia Group (IAG) expects to fully use up its FY17-specific reinsurance cover of $96 million after Cyclone Debbie raised the insurer’s FY17 net natural peril claim cost estimations to $850 million. Read the full article

PCS launches Global Marine & Energy loss data services

5th April 2017

Property Claims Services, a Verisk Analytics business, has for the first time ventured away from the property-catastrophe sector as it kicks-off its Global Marine and Energy loss aggregation solution services. The PCS Global Marine and Energy risk model index is set to provide industry loss estimates for ocean marine and offshore energy events ... Read the full article

Commercial insurance rates rise in Q1

5th April 2017

For the first time in twenty months there are signs that commercial insurance rates have risen, according to MarketScout's composite rate index for commercial accounts in the United States. The rise of 1% is not significant, but that fact that rates have risen at all could be, as the commercial insurance ... Read the full article

RMS stress tests would see leading banks’ corporate borrowers downgraded when exposed to drought risk

5th April 2017

Risk modeler RMS found the clients of leading banks across the globe would see credit rating downgrades when tested against exposure to normal drought scenarios with a sophisticated drought stress testing tool RMS recently made in collaboration with financial institutions. RMS worked with leading banks from the U.S., China, Mexico, Brazil and other ... Read the full article

Willis appoints Thorsten Querfurt to Natural Resources Global Industry Leader

5th April 2017

Willis Towers Watson has appointed Thorsten Querfurt, joining from management consulting firm Oliver Wyman, as new Global Industry Leader for Natural Resources. In his new role Querfurt will oversee the firm’s Natural Resources segment expansion - including oil, gas and chemicals, metals and mining, and power and utilities (including renewable energy and ... Read the full article

Lloyd’s India branch opens, welcomes MS Amlin as first syndicate

5th April 2017

Lloyd's of London has officially opened its India branch office today and has welcomed MS Amlin as the first syndicate (which we covered yesterday here) to join the branch and begin underwriting as of the 1st April. A ceremonial Lloyd's policy was signed today and witnessed by the UK Chancellor ... Read the full article

Cyclone Debbie blows the lid on IAG’s reinsurance cover

5th April 2017

The Insurance Australia Group (IAG) now expects to fully use up its FY17-specific reinsurance cover of $96 million - which is set to kick in if claims rise above the $680 million mark- after Cyclone Debbie raised the insurer's FY17 net natural peril claim cost estimations to $850 million. The IAG ... Read the full article

Opportunity for reinsurers to assist life sector transformation: Berenberg

5th April 2017

As well as an opportunity to support life insurers' increasing capital needs, life reinsurance market players can also assist with the technological transformation of the industry, according to analysts at Berenberg. The growing risk of disruption from regulatory changes and digitalisation, combined with technological advances sweeping through many parts of the ... Read the full article

Stephen Catlin to retire, step down from XL board

5th April 2017

Stephen Catlin has announced his intention to retire and step down from his role as Chairman of the Board of insurance and reinsurance firm XL Group Ltd. Catlin will continue in his role as the Company’s Executive Deputy Chairman until May 15th 2017, after which he will stay on at XL ... Read the full article

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