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Reinsurance News

Michael O’Halleran retires from Aon after 37 years

4th April 2017

Michael O'Halleran is set to retire after a life-long career spanning 37 years with Aon Benfield, Aon's global reinsurance intermediary and capital advisor. O'Halleran was one of the founders of Aon Re at its inception in 1987 and led the strategic acquisition of Benfield in 2008, he served most recently as Executive Chairman of ... Read the full article

Energy re/insurance market near a pricing cliff edge: JLT

4th April 2017

The energy insurance and reinsurance market continues to see prices decline, despite demand having dropped significantly as primary clients cut their costs and many underwriters operating at combined rations above 100%, according to broker JLT Group's Lloyd & Partners unit. The offshore and onshore energy insurance market has been beset with ... Read the full article

UK’s Flood Re scheme boosts flood insurance uptake

4th April 2017

Newly released data shows that since the introduction of Flood Re one year ago - a world flagship programme developed to provide at risk UK homeowners with more accessible and affordable flood cover - 80% of homeowners with previous flood claims saw a 50%  price reduction for available quotes. The scheme ... Read the full article

Africa Re builds partnerships to boost Nigeria profit

4th April 2017

Africa Re has attributed much of its success throughout Nigeria and the African continent to developing diverse partnerships that support re/insurance market growth. The reinsurer said its unique ventures - such as the mitigation of forex risk through accepting payment of reinsurance premiums in Nigerian bank accounts and in the national ... Read the full article

PartnerRe completes acquisition of life reinsurer Aurigen

4th April 2017

PartnerRe has announced the completion of its acquisition of life reinsurance company, Aurigen Capital Limited. Aurigen’s core business has been the reinsurance of life insurance policies of North American residents, and since 2013, mortality risk solutions in the U.S. Aurigen is a top-five life reinsurer in Canada based on recurring new reinsurance ... Read the full article

M&A activity looms over Bermudian market: A.M. Best

4th April 2017

M&A activity “looms” over the Bermudian market as global re/insurers look to grow their books in a market where fresh underwriting ground is becoming increasingly scarce, A.M. Best analysts said in their recent report on Bermudian market trends. Analysts said conditions in Bermuda were “ripe” for more M&A activity, although questions which ... Read the full article

MS Amlin the first to launch on Lloyd’s India platform

4th April 2017

Commercial insurance and reinsurance specialist MS Amlin is the first company to have been welcomed to the new Lloyd's of London India branch office. According to an announcement from the UK Department of Trade, the news that MS Amlin would be the first syndicate manager to operate out of the Lloyd's ... Read the full article

Reinsurance News – Tuesday 4th April 2017

4th April 2017

Here’s your daily Reinsurance News for Tuesday 4th April 2017: Rate reductions continue at April reinsurance renewal: Willis Re Reinsurance broker Willis Re has highlighted further reinsurance rate declines at the April renewals, warning of further pressure throughout the year. Tropical cyclone Debbie claims hit $306m Insurers have now reported AU$306 ... Read the full article

SCOR approved to open Japanese life & health reinsurance branch

3rd April 2017

French headquartered global reinsurance player SCOR has received approval to open a Japanese branch office for life and health reinsurance operations under its SCOR Global Life SE brand. The Financial Services Agency of Japan (FSA) has approved SCOR Global Life SE's application to open a branch office in Tokyo as of ... Read the full article

PERILS releases 2017 update to Industry Exposure Database

3rd April 2017

PERILS AG, the provider of industry-wide European catastrophe exposure, industry loss data and indices, has released its updated 2017 PERILS Industry Exposure Database (IED), which reveals that European windstorm is the biggest exposure in the IED, with insured property values of €54 trillion (roughly US$57.6 trillion). The new, updated database is ... Read the full article

AXIS Insurance names Rhonda Lohmar VP, U.S. Programs, P&C

3rd April 2017

AXIS Insurance, the primary insurance division of Bermuda domiciled AXIS Capital Holdings Limited, has appointed Rhonda Lohmar Vice President (VP), U.S. Programs, AXIS Insurance Property & Casualty. Lohmar will report to John Tatum, Executive Vice President & Head of U.S. Programs at AXIS Insurance, and will be responsible for the oversight of certain ... Read the full article

Solvency II equivalency a “key asset” for Peak Re

3rd April 2017

Hong Kong headquartered reinsurer, Peak Reinsurance Company Limited (Peak Re), has underlined the significance of gaining Solvency II equivalency via the establishment of its reinsurance subsidiary in Zurich, Switzerland. "Peak Re's new European subsidiary will go a long way in broadening its footprint in this part of the world. The Solvency ... Read the full article

Demand for reinsurance in Japan set for growth: Fitch Ratings

3rd April 2017

Reinsurance cover demand in Japan is set for growth and is expected to be ceded to international reinsurance markets, according to FitchRatings analysts, as the country implements plans to expand its governmental residential insurance scheme - which has more than doubled its earthquake insurance limit since 2011. The Japanese government is ... Read the full article

Rate reductions continue at April reinsurance renewal: Willis Re

3rd April 2017

Reinsurance rates have continued to decline at the April renewals, according to broker Willis Re, and while the rate of decline continues to be minimal there are market forces at work which will likely see them persist further into the year. The talk of last year's mid-year June and July renewals, ... Read the full article

Colin Kerley joins RMS as new senior vice president from AXIS

3rd April 2017

Leading risk modeling and analytics firm, RMS, has announced Colin Kerley as new senior vice president of the firm’s platform solutions. In his new role Kerley will oversee RMS market and product development teams to improve business and strategic imperatives, reporting to Michael Steel, head of RMS global solutions practice. Steel commented on Kerley's ... Read the full article

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