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North American P/C re/insurers’ operating earnings continue to fall: Fitch

29th March 2017

A continuation of low investment yields and underwriting deterioration combined with higher catastrophe losses in 2016 to further pressure the operating earnings of North American property/casualty (P/C) insurers and reinsurers, according to Fitch Ratings. In a new report, international financial services rating agency, Fitch Ratings, reviews the 2016 GAAP results for ... Read the full article

Sompo completes Endurance buy, creates Sompo International brand in Bermuda

29th March 2017

Sompo Holdings Inc. has successfully completed its acquisition of Bermudian insurance and reinsurance group Endurance Specialty Holdings Ltd. and has announced a rebranding and rearrangement of its commercial insurance and reinsurance in Bermuda. The total price of the acquisition of 100% of Endurance's outstanding shares was $6.3 billion and as a ... Read the full article

Reinsurance News – Wednesday 29th March 2017

29th March 2017

Here’s your daily Reinsurance News for Wednesday 29th March 2017: Risk knowledge key, as reinsurers shift to become less traditional: Swiss Re The CEO of reinsurance giant Swiss Re, Christian Mumenthaler, announced in the firm's annual report that the company will focus on risk knowledge and invest in risk pools with long-term growth ... Read the full article

U.S. Treasury yet to make decision on transatlantic reinsurance agreement

28th March 2017

The U.S. Treasury remains undecided on the proposed 'covered agreement' between the U.S. and EU that aims to improve the $3 billion transatlantic reinsurance industry, according to a recent letter to Sean Duffy, Chairman, Subcommittee on Housing and Insurance, Committee on Financial Services, U.S. House of Representatives. The letter (obtained by Read the full article

Re/insurers warned to assess competition law compliance after IBER lapse

28th March 2017

Lloyd’s Market Association (LMA) has warned insurers and reinsurers will have to self-assess compliance with competition law in areas of pooling underwriting capacity and market-data collection after the European Commission announced the Insurance Block Exemption Regulation (IBER) will lapse on 31st March. "The Commission's announcement at the end of last year ... Read the full article

First run-off portfolio transfer insurer established in Rhode Island

28th March 2017

The first insurance license allowing a company to undertake run-off portfolio transfer solutions has been granted in Rhode Island, a first for the state. ProTucket Insurance Company has been granted a license that sees it become the first Rhode Island domestic insurer established specifically for providing run-off portfolio transfer solutions, thanks ... Read the full article

SCOR’s Isa Ennadifi joins XL Catlin’s Structured Risk Solutions team

28th March 2017

Insurer and reinsurer XL Catlin has announced that Isa Ennadifi has joined its insurance division from re/insurer SCOR, as Senior Underwriter, Structured Risk Solutions (SRS), effective March 28th, 2017. Ennadifi will be based in XL Catlin's London office, tasked with underwriting non-traditional solutions for captive and corporate clients. She joins XL Catlin's insurance ... Read the full article

IUA calls for UK discount rate reforms

28th March 2017

In a letter to the Lord Chancellor, the International Underwriting Association (IUA) has proposed reforms to the UK discount rate, which was recently cut to -0.75% from 2.5%. The association has proposed the establishment of new legislation to enable the development of new methodology for how UK courts determine personal ... Read the full article

Coastal MGA Orchid announces new CEO and Chairman

28th March 2017

Specialty underwriter Orchid announced the promotion of Brad Emmons to Chief Executive Officer and Steven Carlsen as new Board of Orchid Chairman succeeding retiree Ken LeStrange. Emmons previously served as President of Orchid, and under his leadership, the firm reported more than doubling its size, expanding in geographic reach and product ... Read the full article

2016 global insured losses at $54 billion: Swiss Re

28th March 2017

Global insured losses from natural disasters and man-made loss events in 2016 were set at $54 billion in Swiss Re’s latest Sigma study, nearly doubling insured losses from the year before. 2016 economic losses were at $175 billion, up from $94 billion in 2015, according to the Sigma study - making last ... Read the full article

Pool Re appoints Donaldson as Deputy Head of Risk Analysis

28th March 2017

Pool Re, the UK government and re/insurance industry backed terrorism reinsurance scheme, has announced a strengthening of its risk analysis and research team, with the appointment of Andrew Sean Donaldson as Deputy Head of Risk Analysis. Donaldson will report to Ed Butler, Head of Risk Analysis, and takes up his new ... Read the full article

Reinsurance News – Tuesday 28th March 2017

28th March 2017

Here’s your daily Reinsurance News for Tuesday 28th March 2017: Cyclone Debbie catastrophe declared The Insurance Council of Australia (ICA) has declared Cyclone Debbie a catastrophe, which made landfall as a Category 4 storm in northern Queensland, with the potential to drive billions in losses. Insurers and reinsurers had been preparing ... Read the full article

Cyclone Debbie catastrophe declared

28th March 2017

The Insurance Council of Australia (ICA) has declared a catastrophe for severe tropical cyclone Debbie, which made landfall in northern Queensland as a major Category 4 storm, with the potential to cause billions in losses. Severe tropical cyclone Debbie came ashore between Bowen and Airlie Beach after having raked the Whitsunday's ... Read the full article

City policyholders should bolster infrastructure resilience: Lloyd’s

27th March 2017

In a recent report on risk management of city infrastructure, Lloyd’s of London stressed cities needed to take a more comprehensive approach to build risk resilience, and highlighted ways the insurance industry and stakeholders could collaborate more closely to improve infrastructure management. With booming populations, cities are especially vulnerable to disaster exposure, ... Read the full article

Acappella Syndicate 2014 announces new reinsurance division leaders

27th March 2017

Acappella Syndicate 2014, which operates in the specialist Lloyd's of London insurance and reinsurance marketplace, has announced the promotion of Jim Quinn and Matthew Bellamy, effective immediately. After joining the firm in December 2013 to build its Casualty Reinsurance portfolio for its first year of account, Quinn has been promoted to ... Read the full article

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