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Reinsurance News

Poor year forecast for Lloyd’s of London underwriters

24th February 2017

As results for the last fiscal year roll in RBC Capital Markets equity analysts project a further year of dragging results for Lloyd's underwriting, after 2016 reports have continued to show declines in what's been a year on year deterioration. “The Lloyd's market posted a 98% combined ratio at 1H16, and ... Read the full article

Reinsurance News – Friday 24th February 2017

24th February 2017

Here’s your daily Reinsurance News for Friday 24th February 2017: Third Point Re’s Berger to step down as CEO, Bredahl to succeed him The CEO of Bermuda domiciled hedge fund reinsurer Third Point Re, John Berger, is to step down from the role and be replaced by current President and COO, Robert ... Read the full article

Third Point Re’s Berger to step down as CEO, Bredahl to succeed him

23rd February 2017

Third Point Reinsurance Ltd. has announced that Chief Executive Officer John Berger is set to step down from the role and will be replaced by Robert Bredahl, the current President and Chief Operating Officer. Berger will remain active at the reinsurer, which is backed by hedge fund manager Daniel Loeb, in ... Read the full article

SCOR appoints Rachel Conran to Head of Business Solutions

23rd February 2017

Reinsurance firm SCOR Global P&C has appointed Rachel Conran as its new Head of SCOR Business Solutions - the business unit dedicated to large corporate risks. In her new role, Conran will report to Benjamin Gentsch, Deputy CEO of SCOR Global P&C and Head of Specialty Lines, she succeeds Emmanuel Fierens, ... Read the full article

L&G’s U.S. pension risk transfer business approaches $1 billion

23rd February 2017

UK insurer Legal & General (L&G) has revealed that its U.S. pension risk transfer (PRT) business witnessed further growth in 2016 and the unit expects to surpass $1 billion in transaction volume in the near future, citing increased demand for its services across the states. The UK domiciled insurer entered the ... Read the full article

Lloyd’s “absolutely committed” to Latin America: Inga Beale

23rd February 2017

The specialist Lloyd's of London insurance and reinsurance marketplace is "absolutely committed" to Latin America and will continue to expand its presence and capabilities in the region, ultimately helping to increase insurance penetration levels, according to Lloyd's Chief Executive Officer (CEO), Inga Beale. In a keynote speech delivered at Lloyd's of London's ... Read the full article

Technology to bridge re/insurance protection gap: Geneva Association

23rd February 2017

Re/insurance think tank, The Geneva Association, (GA) has released a study revealing how technology's streamlining of re/insurance processes is set to play a pivotal role in bridging the protection gap between insured and economic losses. At around $40 billion, last year’s insured loss estimates rose to their highest figure since four years, ... Read the full article

Two more, including a global reinsurer, await R3 approval from the IRDAI

23rd February 2017

The Insurance Regulatory and Development Authority of India (IRDAI) has received two new applications for the establishment of a general insurer in the region, one coming from a health insurance company and the other from a global reinsurance company. Speaking to the Press Trust of India, IRDAI non-life member P J ... Read the full article

Swiss Re’s renewal price quality decreases, pulls back on China

23rd February 2017

Reinsurance firm Swiss Re has pulled back significantly on underwriting in China, blaming that market a leading driver of an 18% reduction in premium volume renewed on January 1st 2017. Swiss Re only renewed $8.5 billion of premiums at the latest 1/1 reinsurance renewal, down 18% from the $10.3 billion underwritten ... Read the full article

Stephen Robb to succeed Peter Porrino as XL Chief Financial Officer

23rd February 2017

XL Group announced recently that Group Controller Stephen Robb will succeed retiring Peter Porrino as Chief Financial Officer (CFO), effective May 1st, 2017. Following his retirement, Porrino will continue to work as an advisor to Chief Executive Officer (CEO) Mike McGavick on a part-time basis. Commenting on the announcement, McGavick said; “First ... Read the full article

Swiss Re names Edouard Schmid to Group CUO, as Weber steps down

23rd February 2017

Mathias Weber, the Group Chief Underwriting Officer of global reinsurance firm Swiss Re, is stepping down from his role and the company is replacing him by promoting Edouard Schmid to the role. Weber has been with Swiss Re for 25 years and took the role of Chief Underwriting Officer since April ... Read the full article

Reinsurance News – Thursday 23rd February 2017

23rd February 2017

Here’s your daily Reinsurance News for Thursday 23rd February 2017: Swiss Re misses Q4 consensus, losses & pricing impact full-year result Reinsurance giant Swiss Re has reported its fourth-quarter 2016 results, revealing that impacts from natural catastrophes and the continued soft market impacted its figures. Net income in Q4 totalled $517 ... Read the full article

“Inflection point” nears as reinsurers adapt to “softer for longer,” says S&P

22nd February 2017

2017 is expected to be an "inflection point" for the challenging U.S. property/casualty (P/C) sector as claims increase and pricing and reserves diminish further, causing reinsurers to adapt to the "softer for longer" environment, says Standard & Poor's (S&P). The international ratings agency recently provided an update on the U.S. insurance ... Read the full article

Morocco and Ghana to cooperate on re/insurance

22nd February 2017

The African countries of Morocco and Ghana are set to establish closer ties on insurance and reinsurance, as the paid signed a raft of agreements designed to make cooperation easier between governments and the private sector. Insurance and reinsurance feature as part of the agreements signed, of which there were 25 ... Read the full article

Sydney storms could further strain IAG’s peril costs budget

22nd February 2017

Insurance Australia Group (IAG) has received over 13,000 claims, predominantly motor, after the severe February 18th Northern Sydney hailstorm; the costs of these rising claims could place the insurer's already strained 2017 fiscal year budget under further pressure, making a fall-back on reinsurance cover increasingly likely as the year rolls ... Read the full article

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