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Reinsurance News

Re/insurers need to cooperate to realise benefits of Insurtech: Celent

2nd March 2017

Celent - a finance information technology consultancy firm - has highlighted how the insurance and reinsurance sector could benefit from cross-sector collaboration by leveraging the finance sectors' experience of cooperative development and applying R3 earnings to the re/insurance sector. R3 is a membership organization which facilitates exploration of distributed ledger technology ... Read the full article

Insured loss from U.S. catastrophes in 2016 above ten-year average: PCS

2nd March 2017

The insurance and reinsurance industry loss from catastrophe events in the U.S. during 2016 reached $21 billion, with the frequency of events increasing to the highest level since 1980, according to data and analysis from Property Claims Services (PCS), a division of Verisk Analytics. The $21 billion recorded by PCS comes ... Read the full article

White Mountains appoints Manning Rountree as new CEO

2nd March 2017

Bermudian insurance, reinsurance and financial services group, White Mountains Insurance Group, Ltd., has announced the election of Manning Rountree as its Chief Executive Officer (CEO), effective immediately. Rountree has also been elected to the firm's Board of Directors and takes over the CEO position from Ray Barrette, who is retiring. Joining the firm in ... Read the full article

Toby Kayll joins THB from Integro as Managing Director, Marine

2nd March 2017

Specialist insurance and reinsurance brokerage, THB, has announced that Toby Kayll has joined the firm from Integro Insurance Brokers, as Managing Director of its Marine business. Kayll joins the firm with more than 20 years of industry experience, and joins from Integro where he was head of the broker's marine division. "Toby ... Read the full article

Enstar appoints new executive to Board of Directors

2nd March 2017

Insurer Enstar has announced the appointment of Jie Liu to its Board of Directors. Dominic Silvester, Enstar’s Chief Executive Officer (CEO), welcomed Liu to his new role; "We have worked alongside Jie in recent months as Hillhouse became a significant shareholder in Enstar and a strategic partner in KaylaRe. "In addition to ... Read the full article

Arig launches new reinsurance subsidiary, AIM in Dubai

2nd March 2017

Bahrain domiciled treaty and facultative reinsurance provider, Arig, has received a licence from the Dubai Financial Services Authority (DFSA) to launch its wholly owned reinsurance subsidiary, Arig Insurance Management Limtied (AIM) in the Dubai International Financial Centre (DIFC). The reinsurer has announced that AIM will mainly focus on facultative specialty lines of business ... Read the full article

Swiss Re Corporate Solutions names Paul Atkinson Country Head, Japan

2nd March 2017

Swiss Re Corporate Solutions has appointed Paul Atkinson to replace Juerg Stoll as Country Manager for Japan, effective immediately. Atkinson has extensive commercial insurance experience and has worked in London, Hong Kong, Japan, and Taiwan, and is a fluent Japanese speaker. The appointment sees Atkinson replace Stoll, who has been appointed Country ... Read the full article

Reinsurers take bulk of Bahamas hurricane Matthew loss, raise rates

2nd March 2017

Insurers in the Bahamas have passed on the bulk of their losses from hurricane Matthew to the global reinsurance industry and are now that reinsurance rates are increasing at their renewals. Summit Insurance has now paid out $37 million in hurricane Matthew claims, the Bahamas Tribune reported, but the ... Read the full article

Reinsurance News – Thursday 2nd March 2017

2nd March 2017

Here’s your daily Reinsurance News for Thursday 2nd March 2017: 2016 U.S. catastrophe frequency the highest since 1980: PCS Catastrophe frequency in the U.S. in 2016 was the highest since 1980 according to PCS, with 43 events incurring insured losses of around $21 billion. Higher reinsurance costs expected after ... Read the full article

Report highlights potential shortcomings of organisations’ cyber controls

1st March 2017

A new report claims that insurance and reinsurance protection alone is insufficient to manage the growing threat of cyber attacks, citing that cyber controls utilised by organisations to mitigate data breaches, and similar, might not be up to the task. The analysis and report on the capabilities of cyber controls comes ... Read the full article

Ariel Re to use Xuber software across Lloyd’s and Bermuda platforms

1st March 2017

Reinsurance firm Ariel Re, which was recently acquired by Argo Group, is implementing the Xuber for Reinsurers software platform across its Lloyd’s and Bermuda businesses. By adopting the Xuber technology Ariel Re is replacing its existing legacy systems with a single platform that offers end-to-end business processing and financial reporting for ... Read the full article

XL expects $75m Ogden Rate hit on UK motor reinsurance book

1st March 2017

XL Group Ltd. said that it estimates the impact of the recent Ogden Rate change to be around $75 million, contained within its UK motor reinsurance book. XL does not underwrite much in the way of UK motor insurance or reinsurance business now, but has some exposure from business underwritten on ... Read the full article

Willis Towers Watson completes OAAGC takeover

1st March 2017

International and insurance and reinsurance broker, Willis Towers Watson (WTW), has now completed the recently announced acquisition of French aviation broker, OAAGC. The transaction sees WTW acquire the book business and team of brokerage OAAGC, significantly strengthening WTW's position as an aviation broker in France, while enabling customers of OAAGC to ... Read the full article

JLT announces executive changes, including appointment of Group COO

1st March 2017

Global insurance and reinsurance broker JLT Group announced a number of leadership changes across its business as part of its 2016 earnings release, including the appointment of a Group Chief Operating Officer (COO). Effective February 28th, 2017, Mike Methley has been named Group COO, leaving his role as Chief Executive Officer ... Read the full article

Higher reinsurance costs expected after Ogden rate cut: Fitch

1st March 2017

UK motor insurers will likely face increased reinsurance costs after the government announced plans to reduce the Ogden discount rate from 2.5% to -0.75%, Fitch Ratings has warned. Although re/insurers likely to be affected by the rate have been proactive in preparing for the rate change, a drop to a negative ... Read the full article

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