Menu

Reinsurance News

Reserves ensured Canadian P&C sector remained profitable in 2016: MSA

26th April 2017

Absent high reserve releases in the Canadian property & casualty (P&C) industry in 2016, challenging market conditions driven by a record volume of catastrophe losses would have resulted in an industry combined ratio of almost 109%, according to MSA. In 2016 the Canadian P&C sector recorded a combined ratio of 99%, as ... Read the full article

Trump’s proposed U.S. corporate tax cut confirmed at 15%

26th April 2017

Donald Trump's proposed corporate tax cut - called the biggest of its kind in history - has just been confirmed by the U.S. Treasury secretary Mnuchin as reduced to 15%. The cut has been billed as a tax reform but whether or not it represents the beginning of a major U.S. taxation ... Read the full article

Liberty Specialty Markets hires new Head of Casualty from AIG

26th April 2017

A Liberty Mutual Insurance Group division, Liberty Specialty Markets (LSM), has named Stuart Sutherland, joining from AIG, as its new Head of Casualty. Sutherland is set to begin his LSM London headquarters-based role in July, where he'll assume responsibility for LSM's casualty product line leadership. He will report to Alan Telford, Chief Underwriting ... Read the full article

Ogden rate cut a short-term hit to U.S. & Bermuda re/insurers’ earnings: Fitch

26th April 2017

International financial services rating agency, Fitch Ratings, expects U.S. and Bermudian insurers and reinsurers to adapt quickly to higher costs as a result of the recent cut to the Ogden discount rate in the UK, but does advise firms to set aside extra reserves for their UK exposures. The Ogden ... Read the full article

Munich Re to hit 2017 profit target despite market conditions

26th April 2017

Reinsurance giant Munich Re said today that it's on track to hit its profit target for 2017 of between €2 billion (US$2.18bn) and €2.4 billion (US$2.62bn) despite a continuation of low interest rates hindering investment returns and persistent, albeit slower reinsurance rate declines, reports Reuters. During the German reinsurer's annual general ... Read the full article

Ed names John Plummer as Chairman of P&C

26th April 2017

International reinsurance brokerage Ed has announced the appointment of John Plummer as Chairman of its Property & Casualty (P&C) division, effective immediately. Plummer brings more than 30 years of insurance industry experience to Ed, and joins the firm from Howden where he held the position of Managing Director for the North American Property ... Read the full article

RAA names Nicole Austin SVP, Federal Affairs

26th April 2017

The Reinsurance Association of America (RAA) has announced the appointment of Nicole Austin as Senior Vice President (SVP), Federal Affairs. Austin has held a number of senior and executive positions across the insurance and reinsurance industry, including Vice President, Federal Government Relations at the Property Casualty Insurers Association of America (PCI); a policy ... Read the full article

AXIS Re and Renmin University, China partner on Actuarial Science Scholarship

25th April 2017

AXIS Capital Holdings Limited has revealed its "AXIS Re Actuarial Scholarship” in partnership with China's Renmin University to financially assist students in developing actuarial science skills, acumen, and professional training throughout the Asia-Pacific (APAC) region. At a recent Renmin University ceremony, AXIS Re's APAC Deputy Chief Underwriting Officer (CUO) Les Loh, and Vice President ... Read the full article

Cyber breach costs to skyrocket with new European data regulation: Study

25th April 2017

Severe cyber breaches cost PLCs 1.8% of company value or £120 million, according to a new CGI study, and these figures are set to skyrocket in the future as General Data Protection Regulation in Europe requiring firms to reveal cyber breaches is rolled out - a move which could see European ... Read the full article

W. R. Berkley’s reinsurance unit falls to underwriting loss in the first-quarter

25th April 2017

W. R. Berkley Corporation's first-quarter 2017 financial results reveal a pre-tax net income decline in its reinsurance segment to roughly $4.6 million, with the firm reporting a reinsurance underwriting loss with a combined ratio of 112.9%, compared with 97.6% a year earlier. Gross premiums written in the firm's reinsurance unit declined by ... Read the full article

Bermudian re/insurers show resilience in soft market: ABIR

25th April 2017

The Association of Bermuda Insurers and Reinsurers (ABIR) has released last year's global underwriting results for its 21 member firms, showing it's been a successful year for the group, which enjoys a loss ratio decrease by 9.1 % compared with 2015. The 21 re/insurers reported net income of $10.2 billion in their ... Read the full article

JLT Specialty USA names Molly Nolan SVP

25th April 2017

A U.S. subsidiary of insurance and reinsurance brokerage JLT Group, JLT Specialty USA, has announced the appointment of Molly Nolan as Senior Vice President (SVP). With a focus on broking and client development, Nolan will be based in the firm's Boston office, and the new appointment further expands the company's specialty ... Read the full article

Rate of European reinsurance purchase to gradually decline: A.M. Best

25th April 2017

Commenting on A.M. Best's latest market briefings, senior director, Carlos Wong-Fupuy, said the trend of large European insurers increasingly ceding business to reinsurers to offset soft market conditions and Solvency II requirements is expected to slow in the coming year. European insurers had been relying on reinsurance to enlarge their capacity for product ... Read the full article

Neon adds Catherine Sethi to Property D&F team as a Senior Underwriter

25th April 2017

Neon Underwriting Limited (Neon) has announced the addition of Catherine Sethi within its Property Direct & Facultative (D&F) unit, as a Senior Underwriter in based in London. She joins Neon from Sirius International Insurance, where she aided the establishment of a new Property D&F book of business, alongside underwriting primary and excess of ... Read the full article

FCA investigation could raise regulatory risk for brokers: Credit Suisse

25th April 2017

After the UK financial conduct authority (FCA) revealed last week that it was investigating a number of UK insurance and reinsurance aviation brokers over the sharing and misuse of competitive and sensitive information, Credit Suisse analysts have warned of increased global regulatory risk. The FCA previously reported that it was ... Read the full article

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.