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Reinsurance News

Aspen raises reserves by $30 million after Ogden rate cut

30th March 2017

Aspen Insurance Holdings announced an Ogden rate change impact at $30 million pre-tax in the shape of increased carried reserves for affected lines of business. The estimated figure for the financial impact on the firm’s 2017 first-quarter results is based on a review of its open claims from relevant segments, Aspen ... Read the full article

Bermudian re/insurers’ profitability wears thin under negative market trends: A.M. Best

30th March 2017

Bermudian re/insurer's profitability margins are wearing dangerously thin after years of steady deterioration, despite the market's attempts to adapt to the current environment with a pivot towards primary and alternative classes of business and increased retrocession purchase. A.M. Best identified growing negative trends in Bermuda's Market Composite in its latest report, saying ... Read the full article

Life reinsurance expansion in Asia could outpace primary market growth: Berenberg

30th March 2017

Life reinsurance market growth in Asia could exceed the forecasted 10-15% primary insurance market increase in what’s forecasted to be a period of boom for the emerging life segment in Asia, Berenberg analysts said in their latest report on emerging Asian markets. This surge is expected to be driven by rising reinsurance ... Read the full article

JLT Re adds new partners to facultative arm

30th March 2017

Reinsurance brokerage JLT Re has added two new appointments of partners within its JLT Fac unit that focuses on property, construction and casualty facultative reinsurance. Mark Leonard has joined JLT Fac from Guy Carpenter and takes on a role as a Partner and a senior Construction producer within the division. Leonard has ... Read the full article

Investments offset underwriting decline at Lloyd’s of London

30th March 2017

The Lloyd's of London market announced its results today, revealing a decline in its underwriting profitability as the combined ratio increased to 97.9%, but pre-tax profits were flat at £2.1 billion as investment returns jumped. The fact that underwriting has become increasingly less profitable at Lloyd's of London, on a market-wide ... Read the full article

Lloyd’s of London chooses Brussels for EU base

30th March 2017

The specialist Lloyd’s of London insurance and reinsurance market has selected Brussels, Belgium as its European Union home with the aim being to be ready to underwrite business there for the 1st January 2019 renewal season. Lloyd's has been looking for an EU base for a subsidiary insurance company, to secure ... Read the full article

Reinsurance News – Thursday 30th March 2017

30th March 2017

Here’s your daily Reinsurance News for Thursday 30th March 2017: Lloyd’s of London chooses Brussels for EU base The Lloyd's of London insurance and reinsurance marketplace has chosen Brussels, Belgium as its European Union base, and aims to be ready to underwrite business there from January 1st, 2019 renewals. Read the full article

New marine insurance law fails to benefit Kenya’s declining reinsurance sector

29th March 2017

A new maritime insurance law in Kenya does little to benefit the region's reinsurers that are already operating in a challenging and shrinking marketplace, according to industry experts close to the matter. Section 20 of the Insurance Act reportedly makes it mandatory for local cargo importers to insure goods with local ... Read the full article

Christopher McKeon to join Everest Re from AIG

29th March 2017

Everest Re has announced Christopher McKeon, who joins from AIG, as new leader of its Commercial Casualty unit within the Risk Management Group. Working from the Group’s New York based office, McKeon will oversee multi-line primary casualty solutions for upper middle market clients, reporting to David Sandler, Head of the Everest ... Read the full article

Re/insurers’ future in combining risk reduction and transfer: RMS Exceedance conference

29th March 2017

Speaking to A.M. BestTV at the RMS Exceedance 2017 conference, insurers and risk modelers said risk professionals are shifting their focus to emphasize risk reduction as part of a more comprehensive insurance cover plan. Robert Muir Wood, RMS, said the future of insurance was in “how you combine risk reduction and risk ... Read the full article

UK re/insurance industry will continue to thrive post-Brexit: PwC

29th March 2017

Prime Minister Theresa May has now triggered Article 50 signalling the start of the UK's process of leaving the European Union (EU) and, for insurers and reinsurers communication is an essential part of embracing the changes and ensuring the UK re/insurance industry thrives post-Brexit, according to PwC. Commenting on the triggering ... Read the full article

$30 million blow to W.R. Berkley results after Ogden rate change

29th March 2017

One of the largest commercial lines underwriters in the U.S., W.R. Berkley Corporation, has revealed an expected $30 million pre-tax and $22 million net blow to the firm’s first quarter operating results after the Ogden rate cut. The firm said its recording the impact as an increase to prior year loss reserves, ... Read the full article

Novae & Fidelis announce quota share agreement

29th March 2017

Lloyd’s specialist insurer, Novae Group, announced that it has entered into a quota share reinsurance agreement with Fidelis Insurance Bermuda Limited (FIBL) to cover Syndicate 2007’s US Property Catastrophe Treaty excess of loss portfolio for 2017. Robert Forster, Chief Underwriting Officer at Novae, said; “I am pleased to announce this strategic ... Read the full article

Lloyd’s obtains licence to operate as a reinsurer in Nicaragua

29th March 2017

The specialist Lloyd's of London insurance and reinsurance marketplace has been granted a licence by the Nicaraguan insurance regulator, Superintendencia de Bancos y Otras Instituciones Financieras (SIBOIF), to operate as a foreign reinsurer in Nicaragua. In July 2015 new regulation from SIBOIF saw the establishment of a register for foreign reinsurance entities and ... Read the full article

Surety and health reinsurance are opportunities in Brazil: S&P

29th March 2017

Reinsurers in Brazil could find opportunities to grow in the local surety market and in health reinsurance provision, according to rating agency Standard & Poor's. With Brazilian reinsurers having found growth in other Latin American countries, as they seek diversification and expand into markets which have less in the way ... Read the full article

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