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Armenia & Iran expand re/insurance collaboration

10th February 2017

Armenia and Iran are set to expand cooperation between their insurance industry, in a move hailed by key officials and industry leaders as a significant step for strengthening the two countries' economic ties, Armenian news agency ARKA reported today. The Armenian ministry of Economic Development and Investments announced that minister Suren ... Read the full article

Lloyd’s Market Association appoints six Claims Committee members

10th February 2017

The Lloyd’s Market Association (LMA) has announced the appointment of six new members to its LMA Claims Committee (LMACC) - the team will advise the LMA Board on strategic claims matters and provide leadership and direction to Lloyd’s claims community. Nick Sinfield, Group Head of Claims at Tokio Marine Kiln; Sheel ... Read the full article

2016 insured catastrophe losses total $39.5 billion: Willis Re

10th February 2017

2016’s insured loss estimates have smashed expectations reaching $39.5 billion, the highest figure since four years, when 2012 losses rose to $60 billion, according to reinsurance broker Willis Re. The global advisory broking and solutions company released a report today listing last year’s major natural catastrophe event losses in terms of ... Read the full article

Aon to sell Benefits Admin & HR BPO platform to Blackstone

10th February 2017

Global insurance and reinsurance broker Aon has agreed to sell the Benefits Administration & HR Business Process Outsourcing (BPO) platform of its Aon Hewitt division to Blackstone, for up to $4.8 billion. The broker announced that it's signed a definitive agreement to sell the business units to investment giant Blackstone for ... Read the full article

Reinsurance could stabilise risk pools in U.S. health market reform: McKinsey

10th February 2017

Improved reinsurance mechanisms for the U.S. health insurance market have been proposed as a means to rescue the struggling industry with a more stabilised risk pool, according to a report by management consulting firm McKinsey. Health insurance in the U.S. continues to be a hotly debated issue as the new administration pursues ... Read the full article

Aon reports organic reinsurance revenue growth

10th February 2017

Insurance and reinsurance broker Aon plc has reported organic growth in its reinsurance operations at Aon Benfield in the final quarter of 2016. The broker reported a 2% increase in organic reinsurance related revenues at the firm, increasing from $323 million in the fourth-quarter of 2015 to $329 million in the ... Read the full article

Miller hires senior facultative broker from Guy Carpenter

10th February 2017

Insurance and reinsurance broker Miller Insurance Services LLP has hired a new senior broker and producer in an expansion of its facultative property capabilities. Damian Richards  joins Miller from Guy Carpenter, where he acted as Senior Vice President, with a focus on managing production and placement of facultative reinsurance for UK ... Read the full article

Reinsurance demand growth seen in North America: Hannover Re

10th February 2017

Hannover Re has underscored North America as one of its major target markets for the coming year after the U.S.’s economic recovery has raised demand for reinsurance protection. The reinsurance giant said its total premium volume for North America rose by 6.5 percent, an attractive margin of increase, especially when compared ... Read the full article

Reinsurance News – Friday 10th February 2017

10th February 2017

Here’s your daily Reinsurance News for Friday 10th February 2017: Zurich claims on Farmers aggregate reinsurance for first time For the first time ever Zurich Insurance had to claim on its Farmers aggregate reinsurance treaty, as catastrophe losses in 2016 increased to more than $1.3 billion. Swiss Re ... Read the full article

Price adjustment for longevity re/insurance forecasted: Aon

9th February 2017

Retirement and health broker and advisory Aon Hewitt, part of the insurance and reinsurance Aon plc group, said there's been a sooner than expected reduction in mortality improvement rates resulting in adjustments to UK longevity insurance and reinsurance capacity pricing. The carrier has urged pension schemes to review these emerging lower ... Read the full article

Validus insurance unit Talbot launches terror facilities

9th February 2017

Bermudian re/insurer Validus' insurance unit Talbot has launched three enhanced terror facilities in the Singapore, Latin American and Dubai markets, after seeing growing global demand for terror coverage. The Facilities offer a full range of coverage against war and other political violence perils, Talbot's Global Practice Leader for Political Violence, Steven Tebbutt, commented; ... Read the full article

Fairfax Financial heads to New Zealand with $197m Tower acquisition

9th February 2017

Prem Watsa's Fairfax Financial, which owns Brit Insurance and is in the process of acquiring re/insurer Allied World, is entering the New Zealand insurance market with the acquisition of Tower Insurance. Announced today, Fairfax Financial has made an all cash offer at $1.17 per share, so valuing the insurer at ... Read the full article

Zurich claims on Farmers aggregate reinsurance for first time

9th February 2017

Zurich Insurance Group's fourth-quarter and full-year 2016 results show that the firm had to call on its Farmers Exchanges catastrophe reinsurance treaty for the first time, as catastrophe losses led by Texas storms increased to more than $1.3 billion. The catastrophe reinsurance programme was put in place three years ago with ... Read the full article

Arthur J. Gallagher targets cyber coverage gaps for manufacturers

9th February 2017

With a newly launched cyber insurance product broker Arthur J. Gallagher is targeting some of the gaps in existing cyber coverages, a step that could help to open up some of the untapped cyber exposure to the market which could generate significant reinsurance demand. Backed by A rated Lloyd's of London ... Read the full article

Terror coverage demand set to increase in 2017: Pool Re

9th February 2017

Re/insurers could see increased demand for terror coverage across Europe in 2017, as the emerging geopolitical landscape shows the year will bring heightened and shifting terror threats. The largest provider of terrorism reinsurance cover in the UK, Pool Re, has issued a report listing the key terrorist themes for ... Read the full article

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