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New York cyber rules could increase demand, but also potential for loss

16th February 2017

Cyber security regulations being put in place by the New York Department of Financial Service (NYDFS) could help to increase demand for cyber risk insurance cover, and ultimately reinsurance, but may also increase the exposure and loss potential re/insurers hold, says Fitch Ratings. The regulations coming into effect on March 1st ... Read the full article

Qatar Re promotes two to chief underwriting officer positions

16th February 2017

Reinsurer Qatar Re has promoted two internal candidates to short and long-tail Chief Underwriting Officer (CUO) positions, as it replaces the departing Alastair Speare-Cole who resigned this month. Luke Roden has been named CUO - Short Tail Classes and will also remain in charge of reinsurance buying as Head of Ceded ... Read the full article

Reinsurance News – Thursday 16th February 2017

16th February 2017

Here’s your daily Reinsurance News for Thursday 16th February 2017: Qatar Re promotes two to chief underwriting officer positions Reinsurer Qatar Re has announced two promotions, including Luke Roden to CUO, Short Tail Classes, and Michael van der Straaten to CUO, Long Tail & Speciality Classes. MS Amlin ... Read the full article

World Bank & Africa Re collaborate to expand microinsurance

15th February 2017

The World Bank Group’s Global Index Insurance Facility (GIIF) and African Reinsurance Corporation (Africa Re) have entered into an innovative risk-sharing facility agreement, that's expected to create more affordable local insurance solutions and help protect smallholder farmers from the impact of climate change. The agreement is meant to provide a boost ... Read the full article

JLT Specialty hires cargo re/insurance broking SVP from Willis

15th February 2017

Insurance and reinsurance broker Jardine Lloyd Thompson's (JLT) U.S. subsidiary, JLT Specialty USA, has announced Jim White as its newly appointed Senior Vice President to head up its insurance and reinsurance cargo broking. White joins from fellow brokerage Willis Towers Watson, and will work with JLT’s global Cargo team with a focus ... Read the full article

RenaissanceRe’s Steve Weinstein named ABIR Policy Committee Chair

15th February 2017

The Association of Bermuda Insurers and Reinsurers (ABIR) has appointed RenaissanceRe's Steve Weinstein as Chair of its Policy Committee. Weinstein is Senior Vice President and Group General Counsel at Bermuda domiciled reinsurance firm RenaissanceRe Holdings Ltd., in charge of group legal, regulatory, government affairs and compliance matters. The ABIR Policy Committee is ... Read the full article

Bermuda’s captive market remains the largest

15th February 2017

The captive insurance and reinsurance market in Bermuda remains the largest in the world, with registrations in 2016 helping to keep the islands captive register stable during the year. A total of 776 captive insurers were registered on the island at the end of 2016, with 13 new captives registering over ... Read the full article

Palomar gets first successful rate filing with AIR U.S. flood model

15th February 2017

Specialty insurer Palomar has used AIR Worldwide’s U.S. probabilistic flood model to obtain a first-ever successful rate filing for flood. Palomar has become the first admitted firm to successfully offer a stand-alone residential flood insurance product in California, after its first-time launch of AIR’s flood model, Flood Guard. The programme was first released by ... Read the full article

MS Amlin the first Lloyd’s syndicate to underwrite backed by Flood Re

15th February 2017

Global specialty insurance group MS Amlin has become the first Lloyd's of London syndicate operator to underwrite homeowners policies backed by the government's flood reinsurance scheme, Flood Re. MS Amlin signed up with the UK Government backed Flood Re to support its underwriting of flood risks assumed through mid to high ... Read the full article

Trump / Brexit uncertainty could sell political risk cover, says Lloyd’s Beale

15th February 2017

Uncertainty in financial markets and in the international business world as a result of Donald Trump's presidency and Brexit could lead to an increased demand for political risk insurance cover, something Lloyd's of London's Inga Beale highlights as a potential opportunity. As reported by Bloomberg here, Beale spoke in ... Read the full article

Munich Re’s insurer HSB hires construction product lead

15th February 2017

HSB Engineering Insurance (HSB), a specialist engineering and construction insurer and subsidiary of reinsurance giant Munich Re, has announced the appointment of Alan Moore as Construction Product Lead. Based in the company's Birmingham, UK office, Moore will report to HSB Underwriting Manager Andrew Bazley. In his new role Moore will be ... Read the full article

Reinsurance News – Wednesday 15th February 2017

15th February 2017

Here’s your daily Reinsurance News for Wednesday 15th February 2017: AIG reserve charge to be offset by NICO adverse development reinsurance  AIG has reported its fourth-quarter 2016 results, posting a $2.79 billion after-tax operating loss as a result of a huge $5.6 billion Q4 reserve charge. The reserve charge ... Read the full article

AIG reserve charge to be offset by NICO adverse development reinsurance

14th February 2017

Insurer AIG has reported its latest set of results and a significant loss, largely due to adverse reserve developments, demonstrates the importance of the recently completed retroactive adverse development reinsurance agreement between Warren Buffett's Berkshire Hathaway and the firm. American International Group (AIG) reported yet another quarterly loss, as the ... Read the full article

JBA opens U.S. office with new models for flood risk

14th February 2017

Natural hazard modelling services provider, JBA Risk Management, has opened its first U.S. office in response to demand for what it's called a gap in the insurance and reinsurance sectors' knowledge of sophisticated U.S. flood risk assessment. Despite floods consistently falling amongst the highest ranking causes of insured losses globally, and being the most prevalent ... Read the full article

Barbican boosts cyber team

14th February 2017

Barbican Insurance has appointed two new executives to head up its cyber division, naming Graeme King as new business group leader, and Richard Spotswood as underwriting manager. Both practitioners join Barbican’s Syndicate 1955 from Allianz, where King served as practice leader and underwriter for PI and cyber, and Spotswood acted as ... Read the full article

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