Reinsurance News

Berkshire Hathaway’s Nico drives $2.4bn net loss for group of U.S. reinsurers

24th May 2017

Analysis from the Reinsurance Association of America (RAA) reveals that a group 18 U.S. reinsurers fell to a net income loss of $2.4 billion in the first-quarter of 2017, driven largely by National Indemnity Company (Nico) recording a net income loss as its combined ratio surpassed 100% coupled with over $5.8 ... Read the full article

1347 Property Insurance Holdings appoints Dan Case to Chief Operating Officer

24th May 2017

1347 Property Insurance Holdings has appointed insurance and reinsurance veteran and previous Executive Vice President at BMS Re, Dan Case, to Chief Operating Officer. Case will be responsible for product strategies, underwriting, and sales and distribution, in addition to overseeing the day-to-day operations of the specialty insurer. Case brings 17 years of ... Read the full article

Vibhu Sharma appointed CFO and Treasurer of Mutual of Omaha

24th May 2017

Mutual of Omaha has named Vibhu R. Sharma as Executive Vice President (EVP), Chief Financial Officer (CFO) and Treasurer, replacing David A. Diamond who is leaving the firm after almost twelve years. Sharma joins the firm on June 26th 2017 and will work closely with Diamond, who leaves the firm on July 31st, 2017, ... Read the full article

Swiss Re Corporate Solutions names new CEO’s of EMEA & Asia Pacific

24th May 2017

Swiss Re Corporate Solutions, the commercial insurance arm of global reinsurance player Swiss Re, has named two new regional Chief Executive Officers (CEO), Fred Kleiterp as CEO Europe, Middle East, Africa (EMEA) and Jonathan Rake as CEO Asia Pacific. Kleiterp currently holds the role of CEO Asia Pacific, Swiss Re Corporate ... Read the full article

Scottish Re to wind up, sell assets

24th May 2017

Life reinsurance and annuities specialist Scottish Re Group, which has been in run-off since 2008, has announced that it is to voluntarily wind up and that it may look to sell off some of its key assets. Scottish Re began voluntary provisional winding up proceedings in Bermuda (where the reinsurance group ... Read the full article

Microinsurance: Should You Rely on Regulation to Drive Distribution?

23rd May 2017

‘Compulsory’ is perhaps the most tempting potential characteristic of any insurance business model. It nods to the prospect of complete market coverage. Total. One hundred percent. The need to attract customers becomes unnecessary—the regulation does that for you! And you can begin to imagine a wide range of operational alternatives ... Read the full article

M&A activity to increase as foreign firms move into international markets: Fitch

23rd May 2017

Rating agency Fitch highlighted in its report on last year’s reinsurance trends that Merger and acquisition (M&A) activity is not only growing in response to limited organic expansion options, but also as firms with reinsurance operations increasingly become the target of foreign companies seeking to move capital and operations into ... Read the full article

Re/insurance to take minimal share of $8 billion WannaCry economic loss: A.M. Best

23rd May 2017

Insurance industry focused cyber-security firm, Cyence, has pegged the WannaCry ransomware attack economic loss at an estimated $8 billion, although insurance and reinsurance protection is expected to cover just a fraction of this, warns A.M. Best. The recent, global ransomware attack that impacted 150 countries and that was felt across a number of ... Read the full article

Pool Re says will work to pay any Manchester attack claims as quickly as possible

23rd May 2017

UK terrorism reinsurance backstop Pool Re has said that it will work with its various members to respond to any claims arising after last night's horrific attack in Manchester. The northern UK city of Manchester was struck by a terrorist attack last night, after a suspected suicide bombing at a pop ... Read the full article

XL Catlin appoints Steven Bauman to head of captive practice in North America

23rd May 2017

XL Catlin has announced the appointment of Steven Bauman to head of global programs and captive practice in North America, effective May 23. Bauman will oversee XL's North American global insurance programs and captive business, ensuring these follow compliance and best practice rules, developing innovative captive products, and helping with structuring global captive ... Read the full article

Globe Underwriting launches marine division with hires from Tokio Marine Kiln

23rd May 2017

UK based managing general agent (MGA) Globe Underwriting has hired a marine underwriting team from Tokio Marine Kiln and launched a marine division. The five-strong team has worked together for nearly two decades at Tokio Marine Kiln and International Transport and Maritime Underwriting. The team is led by Peter Rogers, head ... Read the full article

Swiss Re sets up combined Property & Casualty Underwriting Hub in Asia

23rd May 2017

Global reinsurance giant Swiss Re has announced today that it is setting up a new combined Property & Casualty (P&C) Reinsurance Underwriting Hub for the Asia Pacific region. The new Hub will be led by Sharon Ooi, as Head P&C Underwriting for Asia, Australia & New Zealand. Ooi will be tasked with ... Read the full article

Insurance leaders concerned at London’s ability to attract capital & talent post-Brexit: DWF

23rd May 2017

FTSE 100 insurance leaders have voiced concern over London's position as a global financial hub in a post-Brexit world, after a recent survey and accompanying report from law firm DWF highlights doubts about the city's ability to attract capital and talent once the UK leaves the European Union (EU). While no one can be ... Read the full article

Sompo International hires AXIS duo for U.S. middle market property push

23rd May 2017

Sompo International, the international specialty insurance and reinsurance brand that emerged after Sompo completed its acquisition of Bermudian firm Endurance Specialty Holdings Ltd., has hired two executives from AXIS Capital to launch a new U.S. middle market property insurance push. Sompo International's has launched a new U.S. middle market property insurance ... Read the full article

Gen Re hires William Casill (ex-AXA Equitable) as new Chief Actuary

22nd May 2017

Gen Re, the Berkshire Hathaway owned specialist reinsurance company, has hired William (Bill) Casill, FSA, as Senior Vice President and Chief Actuary of its North American life and health business. Casill was most recently with AXA Equitable, where he held the role of Head of Reinsurance and Corporate Chief Underwriter. In his ... Read the full article

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