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Liberty Mutual to combine LIU U.S. & Ironshore’s specialty U.S. operations

5th May 2017

Liberty Mutual Insurance (LMI) has revealed that following the completion of its takeover of Ironshore from Fosun International, Liberty International Underwriters' (LIU) existing U.S. business will combine with Ironshore's U.S. specialty lines business under the Ironshore brand. Based on 2016 direct written premiums, the combination of the two units under the ... Read the full article

Russian national reinsurer receives AAA rating from regulator

4th May 2017

The Russian National Reinsurance Company (RNRC) has been given an AAA credit rating with a "stable outlook" by the Russian Analytical Credit Rating Agency (ACRA). ACRA said the RNRC's credit rating is based "on its very strong business and financial profiles coupled with high-quality management," TASS reported. According to reports this is ... Read the full article

Broker Miller hires Ian Blick to head up facultative energy team

4th May 2017

Insurance and reinsurance broker Miller has hired Ian Blick to lead its facultative energy team. The announcement comes in addition to recent senior appointments in the facultative team, as Miller seeks to grow its capacity in the segment. Blick will work predominantly with Neil Higgins and the London team to manage and ... Read the full article

Greater re/insurer digitisation drives growth & improves earnings: ACORD

4th May 2017

Less than 40% of the world's top insurers and reinsurers have significantly digitised the insurance value chain, despite increased levels of digitisation being seen to drive greater premium growth and earnings, according to a study from nonprofit, re/insurance industry organisation, ACORD. The ACORD organisation has now released the findings of its study ... Read the full article

Cyclone Debbie to impact regional reinsurance pricing, Swiss Re tells Reuters

4th May 2017

Speaking to Reuters, David Cole, the Chief Financial Officer (CFO) of reinsurance giant Swiss Re, which reported a decline in Q1 net income today as a result of Cyclone Debbie, said the event was expected to impact regional reinsurance pricing. "Debbie in itself may not have an impact that is so ... Read the full article

Willis strengthens London Political Risk & Trade Credit team

4th May 2017

Global insurance and reinsurance brokerage, Willis Towers Watson (WTW), has announced two key appointments within its London Political Risk and Trade Credit division, as it looks to expand its Financial Solutions department. Both Claire Simpson and Victoria Padfield join Willis from insurer and reinsurer Hiscox, where they held underwriting positions. Simpson joined ... Read the full article

Swiss Re’s Q1 net income halved as Cyclone Debbie losses hit

4th May 2017

Swiss Re's first quarter results show it's been a tough start to the year with net income halved from last year's Q1 $1.2 billion to just $656 million, these stark losses come after Cyclone Debbie cost the reinsurer $350 million in expected insurance claims. The annualised Group return on equity (ROE) ... Read the full article

Report finds disconnect between cyber & property risk management

4th May 2017

Global organisations are spending almost four times as much on property related risks than on cyber risks, despite a broad expectation of heightened cyber exposure over the next two years and the greater impact of business disruption to cyber assets than to property, plant and equipment (PP&E) assets, according to Aon ... Read the full article

ArgoGlobal names Paul Harris professional indemnity underwriter

4th May 2017

Lloyd's of London insurer and Argo Group subsidiary, ArgoGlobal, has announced the appointment of Paul Harris as professional indemnity underwriter, effective immediately. Harris will report to James McPartland, professional indemnity class underwriter, and joins the firm from Starr Companies, where he was most recently a professional indemnity underwriter. Before Starr Companies ... Read the full article

BMS names John Hoare MD of specialty marine unit, BMS Harris & Dixon Marine

3rd May 2017

Specialist insurance and reinsurance broker, BMS Group Limited, has named John Hoare Managing Director (MD) of its BMS Harris & Dixon Marine subsidiary, effective immediately. Hoare replaces Tony Pryce, who is set to remain as Chairman of the company, and the pair will work together on the development and expansion of ... Read the full article

Risk managers not up-to-par on disruptive technologies: Marsh/RIMS

3rd May 2017

Risk management professionals show an "alarming" lack of understanding and preparation to assess risks from disruptive technologies, including telematics, sensors, the Internet of Things (IoT), smart buildings, and robotics, said insurance broker Marsh in a joint report with the Risk Management Society (RIMS). 60% of respondants surveyed said they don't conduct ... Read the full article

U.S. commercial P&C market competitive and growing in Q1: Lockton

3rd May 2017

Commercial U.S. property and casualty (P&C) market conditions are competitive and profitable in 2017's first quarter, with market growth coming despite low-interest rates and an influx of capital, broker Lockton stated in its April Market Update. Favorable pricing, coverage terms, and programme structures have created a buyer's market, and insurers refining products ... Read the full article

StarStone hires new Global Head of Accident & Health

3rd May 2017

Enstar Group's international specialty insurer, StarStone, recently announced the appointment of Jeff Herman as its Global Head of Accident & Health, effective immediately. Herman brings over three decades of industry experience to the role, and will report to U.S. Chief Executive Officer (CEO) Norman Brown, and Group Chief Underwriting Officer (CUO), ... Read the full article

Reinsurers to come out “unscathed” if US/EU Covered Agreement unravels: S&P

3rd May 2017

Standard & Poor's (S&P) Global Ratings said the U.S. - EU Covered Agreement (CA), which it called a "milestone in improving transparency and regulatory cooperation" could come under threat from fierce U.S. opposition and the Trump administration's preference for deregulation, but this isn't expected to have a significant material impact ... Read the full article

InsurTech start-ups partnering with small insurers could take the lead in digital innovation: Willis

3rd May 2017

Small insurance businesses could be the front-runners of the digital transformation revolution, with 25% of their total premium digitally underwritten by 2020, Willis Towers Watson and CB Insights said in a dual Q1 report on InsurTech industry trends. In the innovation game, small insurers could have an edge over their larger ... Read the full article

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