Reinsurance News

Will Clark joins Sompo Canopius AG Trade Credit Insurance from AIG

7th June 2017

Will Clark, a prominent industry veteran with over thirty years' experience in banking and trade credit insurance, has joined Sompo Canopius' AG Trade Credit Insurance team from AIG as part of the firm's expansion plans for its specialty lines. In his new role, Clark will focus on building a new book ... Read the full article

Vermont legislation rehaul allows reinsurers to expand with agency captives

7th June 2017

Vermont Governor Phil Scott signed new legislation to add agency captives, reinsurers controlled by brokers or insurer agencies, to the types of captives allowed in Vermont - one of the world's largest captive domiciles. An agency captive is set up to receive a share of premiums written and pays its share of ... Read the full article

Arch reveals $38m Q2 property facultative reinsurance loss

7th June 2017

Bermudian insurance and reinsurance group Arch Capital Group Ltd. has revealed what it terms as "unusually high" levels of losses in its property facultative reinsurance book during the second-quarter of 2017. The company says that it expects that second quarter 2017 pre-tax underwriting income will experience around a $38 million hit ... Read the full article

Heritage completes reinsurance placement at cheaper cost & improved terms

6th June 2017

Heritage Insurance Holdings, Inc.'s insurance subsidiaries, Heritage Property & Casualty Insurance Company (Heritage P&C) and Zephyr Insurance Company (Zephyr), have completed their respective 2017-2018 reinsurance programmes at a reduced cost and under improved terms. The programmes are incorporated into one reinsurance structure and includes traditional reinsurance, collateralized reinsurance, coverage by the Florida Hurricane ... Read the full article

SCOR expands EMEA longevity risk capabilities with new appointment

6th June 2017

French insurer and reinsurer SCOR has announced the appointment of seasoned longevity risk transfer executive, Wolfgang Murmann, as its new Head of Longevity for Europe, the Middle East and Africa (EMEA). The appointment of Murmann, who has a solid track record in longevity risk transfer markets and joins from asset management firm, Insight Investment, will enable ... Read the full article

Agricultural index based insurance under the loupe in Africa

6th June 2017

The African agriculture industry is in the throngs of change surrounding the technology, regulation and distribution of index based insurance - developments which are improving the operating environment for insurers as demand for insurance solutions grows. This is according to Jonathan Dixon, Chair of the International Association of Insurance Supervisors (IAIS) ... Read the full article

Hannover Re US names Nico van Zyl AVP, Medical Director

6th June 2017

Germany-based reinsurance giant Hannover Re's subsidiary, Hannover Life Reassurance Company of America (Hannover Re US), has appointed Nico van Zyl Assistant Vice President (AVP), Medical Director, effective January 1st, 2017. Nico van Zyl joined the reinsurer's U.S. division from Hannover Re's South African branch, where he held the role of Chief Medical ... Read the full article

Growing loss complexity driving loss adjusting innovation: Cunningham Lindsey

6th June 2017

The evolution of the risk transfer landscape, underlined by increasingly complex insured losses, is driving greater innovation in loss adjusting, according to recent analysis from Cunningham Lindsey. Loss adjusting, claims management, and risk solutions firm, Cunningham Lindsey, has produced its 2017 Major and Complex Loss Review, which reveals increased innovation in loss adjusting ... Read the full article

EU insurance rules must be compatible with the digitisation revolution

6th June 2017

European insurers have voiced fears that new EU consumer protection rules - the Packaged Retail and Insurance-based Investment Products Regulation (PRIIPs) and the Insurance Distribution Directive (IDD) - could clash with consumers needs for digital-friendly products. Sergio Balbinot, European insurance and reinsurance federation’s president said at Insurance Europe’s 9th International Conference regulators needed ... Read the full article

Lloyd’s managing agent Asta backs launch of Arma Underwriting in Dubai

6th June 2017

Lloyd's third-party managing agent and specialist MGA investor, Asta, announced today that it's set to expand into Middle Eastern and African markets with the opening of Dubai-based Arma Underwriting, last month, after being given the greenlight by regulators. As the approved Lloyd's-backed Dubai coverholder, Arma Underwriting's aim is to develop close relations ... Read the full article

Pricing discipline needed in Indian re/insurance market: reports

6th June 2017

India's state-backed reinsurer, the General Insurance Corporation's (GIC Re) chairperson, Alice Vaidyan, highlighted the need for pricing discipline and a level playing field to achieve long-term sustainability in the re/insurance industry in India, in an interview with The Economic Times. The reinsurer, which benefits from India's policy of offering first-picks in ... Read the full article

Ed appoints Ian Wicks to non-marine reinsurance chairman

6th June 2017

Reinsurer and specialty broker Ed has bolstered its reinsurance division with the appointment of Ian Wicks as chairman of non-marine reinsurance, who joins from Willis Re. Wicks will take up his role with immediate effect, reporting to Kieran Angelini-Hurl, CEO of Ed’s reinsurance division. Commenting on the appointment, Angelini-Hurl said; “I am delighted to ... Read the full article

Minova sees operating profit skyrocket in 2016

6th June 2017

Minova - an insurance and reinsurance holding company with investments in re/insurance broker BMS and specialist underwriting group Pioneer has announced an outstanding revenue of £102.8 million in 2016 strong EBITDA growth to £17.4mn and successful refinancing. This marks the first time the firm’s revenues have exceeded the £100 million mark, ... Read the full article

Chief Risk Officers need to update skills for re/insurer’s success

6th June 2017

Chief Risk Officers (CROs) are "integral to the future success of insurance companies,” but need to develop a new set of strategic skills to match demands of the future, according to a joint report by Mazar, accounting and advisory services firm and risk technology research firm, Chartis Research, which found ... Read the full article

Hamilton Re sets up its first alternative capital structure

5th June 2017

Hamilton Insurance Group's Bermuda domiciled subsidiary, Hamilton Re, has announced the establishment of Turing Re Ltd., the company's first special purpose reinsurance vehicle. The vehicle, Turing Re Ltd., is the reinsurer's very first alternative reinsurance capital structure, and will provide collateralized reinsurance capacity for Hamilton Re's international reinsurance portfolio. Chief Executive Officer ... Read the full article

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