Reinsurance News

Swiss Re adjusts its financial reporting

28th April 2017

Reinsurance firm Swiss Re is changing the way it reports its performance, adjusting the financial reporting it will deliver at the end of the first and third quarters of the year. The reinsurer said that by adjusting the "format and scope" of the financial information it reports at the end of ... Read the full article

Low cat losses but Ogden rate and reserve release impacts hit SCOR in Q1

27th April 2017

Global French insurer and reinsurer SCOR saw its net income decline in the first-quarter as it took a €116 million (US$126.4mn) pre-tax hit as a result of the Ogden rate cut in the UK, although this was somewhat offset by reserve releases and lower-than-expected catastrophe losses in the quarter. The ... Read the full article

McKay joins Liberty Specialty Markets to Head EU Distribution and Client Management

27th April 2017

Liberty Mutual Insurance Group subsidiary, Liberty Specialty Markets (LSM), has hired Kerry McKay from XL Catlin as Head of Distribution and Client Management for Continental Europe, a newly-created role. In his new role McKay will report to Kadidja Sinz, Head of Europe, LSM, and is expected to take up the position in the summer of ... Read the full article

Swiss Re hires Adrian Hall as CEO for Corporate Solutions in Canada

27th April 2017

Global reinsurance firm Swiss Re has announced the hiring of Adrian Hall, previously a member of the RSA leadership team, as the new CEO for the Canadian operations of its commercial insurance focused Swiss Re Corporate Solutions division. Adrian Hall will join Swiss Re Corporate Solutions as CEO Canada as of ... Read the full article

The 2017 technological trends set to disrupt re/insurance business as usual

27th April 2017

Technology Vision has released its 2017 report on emerging technology trends with the most potential to disrupt the re/insurance industry; the analysis revealed that re/insurance experts' top priority for getting technology right is more about having the right ecosystems and distribution platforms than in grabbing hold of the latest gizmos ... Read the full article

QIC’s underwriting result down as reinsurance unit takes $31mn Ogden hit

27th April 2017

The Qatar Insurance Company (QIC) has revealed that Qatar Re, its reinsurance subsidiary, took an approximate $31 million profit hit in the first-quarter of 2017 as a result of the cut to the Ogden discount rate in the UK, resulting in a lower Group net underwriting result for the period. QIC ... Read the full article

Hamilton Re hires Minesh Shah, outlines senior leadership changes

27th April 2017

Hamilton Insurance Group subsidiary, Hamilton Re, has announced the appointment of Minesh Shah as Senior Vice President (SVP), Actuary, and also revealed some senior role changes. In his newly-created role as SVP, Actuary, Hamilton Re, Shah will report to Chief Risk Officer (CRO), Pete Skerlj. Having previously held positions in both Bermuda and ... Read the full article

Wenning starts as CEO and Chairman of the Board at Munich Re

27th April 2017

Joachim Wenning has begun his new life as Chief Executive Officer and Chairman of the Board at reinsurance firm Munich Re today, after Nikolaus von Bomhard stepped down yesterday. Wenning had been announced as the new CEO and Chairman in March, when von Bomhard requested to leave the Board of ... Read the full article

New EU base to boost Lloyd’s European market share: John Nelson

27th April 2017

Chairman of the specialist Lloyd's of London insurance and reinsurance marketplace, John Nelson, has said the establishment of a base in mainland Europe will help the insurer increase its European market share. Lloyd's announced earlier this year that it would establish an insurance subsidiary in Brussels, Belgium, as its European Union ... Read the full article

Willis Towers Watson names Bernstein to Head up GB Broking

27th April 2017

Consultancy, advisory, insurance and reinsurance broker Willis Towers Watson has named Clyde Bernstein as the new Head of Broking – GB for its Corporate Risk and Broking division. In the new role, Bernstein will report jointly to Philip Smaje, Global Head of Broking and Alastair Swift, Head of Corporate Risk & ... Read the full article

Re/insurers “confident” in Bermuda market despite challenges: BMA

27th April 2017

The Bermuda Monetary Authority (BMA) has released statistics on the combined performance of the Island's various classes of insurance, reinsurance, and insurance-linked securities (ILS) players as at December 31st 2015, revealing "confidence in the Bermuda market" despite the tough operating landscape. According to the BMA's most recent information, which is based ... Read the full article

SCOR establishes EMEA Hub led by Malcolm Newman

27th April 2017

France headquartered reinsurance company SCOR has announced the launch of a new EMEA Hub, covering Europe, the Middle East and Africa, a further step in its efficiency drive. The EMEA Hub will bring together SCOR's existing Paris-London and Zurich-Cologne Hubs, providing a much more simplified structure to the reinsurance group across ... Read the full article

Karen Montellier joins ArgoGlobal from Endurance at Lloyd’s

26th April 2017

ArgoGlobal, a member of specialty insurer and reinsurer Argo Group International Holdings, has announced the appointment of Karen Montellier as yacht underwriter, effective immediately. Montellier has more than 25 years of experience in the global marine re/insurance sector and joins ArgoGlobal from Endurance at Lloyd's of London, and will report to Michael Thompson, hull and ... Read the full article

CCR results hit by losses from French flooding

26th April 2017

French reinsurer Caisse Centrale de Réassurance (CCR) saw its 2016 net income decline to €141 million (US$154mn) and its combined ratio weaken to 89.9%, as flooding in May-June saw its natural catastrophe France claims expenses increase by over €400 million (US$436mn). "The 2016 results, marked by a high level of claims, demonstrate the ... Read the full article

Suncorp speaks out against Australian government-backed reinsurance pool proposal

26th April 2017

Insurer Suncorp has added its voice to the group of politicians and insurers dissenting from the Australian government's proposal to create a state-backed cyclone insurer or reinsurance pool, arguing that it would be unfair to Australian taxpayers and inefficient compared with risk mitigation efforts. Last year the government issued a report ... Read the full article

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