Reinsurance News

S&P predicts continued profits in life reinsurance driven by market concentration

15th August 2017

The concentration of the global life reinsurance market and high barriers to entry for new players will contribute to the continued profitability of the sector, according to analysis from rating agency Standard & Poor's (S&P). In its latest global life reinsurance market report, S&P noted the impressive profitability of the sector in ... Read the full article

JLT Re names Andrew Ferrier as Executive Vice President

14th August 2017

JLT Re has named ex-Aon Benfield reinsurance broker Andrew Ferrier as a new Executive Vice President to lead the MGA business throughout the Western region. Ferrier brings over 25 years industry experience to the role, joining from an 18 year tenor as Senior Broker at Aon Benfield in San Francisco. Ed Hochberg, ... Read the full article

Markel Trade Credit Team launches in Chicago

14th August 2017

Markel Corporation has announced the launch of its new trade credit and political risk operation in Chicago, with Christen Mizell transferring from New York to take on underwriting responsibility for the Midwestern states. Mizell will be responsible to broaden Markel's geographic reach through developing broker relationships, supporting the existing client base and ... Read the full article

Australia’s Commonwealth Bank to sell CommInsure following reputation loss

14th August 2017

Australia’s largest provider of superannuation insurance, the Commonwealth Bank, announced plans to sell its CommInsure life insurance arm following a bout of negative publicity over the firm's claims payment and processes, the New Daily reported. Chief Executive Ian Narev said in an announcement earlier this week the bank was holding ... Read the full article

Navigators promotes two senior executives to lead industrial risks unit

14th August 2017

The Navigators Group has announced the promotions of Patrick Milner to President and Jerry Wosleger to Senior Vice President of NavTech, the firm's global business unit underwriting energy construction and other technical industrial-related risks. Milner succeeds Stephen Coward, who retired as President of NavTech at the end of July after more than 15 years with ... Read the full article

Asia hit with lion’s share of global economic losses but regional re/insurance market grows

14th August 2017

Asia has often bourne the brunt of global economic losses from catastrophes, at $US74 billion the region was hit with 47% of global economic losses last year, only 16% of which was insured - but governments are increasingly counteracting these losses by introducing schemes and regulations to up the impetus ... Read the full article

Brit hires former XL Catlin exec Tom Bongi to develop professional lines

14th August 2017

Brit has named Tom Bongi as Executive Vice President (EVP) of Professional Lines at Brit Global Specialty USA with effect from 14 August 2017. Bongi joins Brit from XL Catlin where he acted as Director of Underwriting, Global Professional Lines, leading underwriting operations across Professional Lines and Cyber Liability. In his new role ... Read the full article

Charles Mathias appointed to Fidelis Board

14th August 2017

Fidelis Insurance has announced that Charles Mathias, Group Chief Risk Officer (CRO), has been appointed to the Fidelis Board, replacing Neil McConachie. McConachie resigned as Chief Financial Officer (CFO) and Director earlier in 2017, but retains a consulting relationship with the firm until the end of 2017. Mathias joined Fidelis in 2016 from ... Read the full article

Brexit and emerging markets an opportunity for London: Nicolas Aubert

14th August 2017

Chair of the London Market Group (LMG) and Head of Great Britain at Willis Towers Watson, Nicolas Aubert, says London insurers and reinsurers should focus on the opportunities presented by Brexit and feels the London market can thrive in emerging parts of the world, in an interview with the Boston Consulting ... Read the full article

InsurTechs won’t be able to disrupt the entire industry: Munich Re’s Jeworrek

14th August 2017

As a flurry of InsurTech and FinTech startups continue to enter the global insurance and reinsurance industry, undoubtedly some will be very good and should be promoted for the industry, however, they will not be able to disrupt the entire risk transfer space, according to Torsten Jeworrek, Munich Re's Chief ... Read the full article

Spinnaker selects TigerEye platform to structure reinsurance portfolio

11th August 2017

Spinnaker has chosen to use TigerRisk Partners’ TigerEye® platform to help the company structure its reinsurance portfolio and support its existing underwriting strategy, particularly for catastrophe exposure management. TigerEye is a portfolio roll-up and reinsurance structuring tool, created by the reinsurance broker and capital advisor TigerRisk Partners, that helps insurers make data-driven ... Read the full article

Cyclone Debbie loss exceeds AUS$1.4bn, ICA calls for nat cat funding increase

11th August 2017

The insurance and reinsurance industry loss from the impact of Cyclone Debbie has now passed AUS$1.4 billion (US$1.1bn) from 66,000 claims, prompting the Senate Standing Committee on Economics to back the Insurance Council of Australia's (ICA) call for AUS$200 million (US$157mn) a year to be invested in natural disaster mitigation. The ... Read the full article

ISO’s new commercial flood program offers coverage that’s excess of the NFIP

11th August 2017

ISO, a Verisk Analytics business, has announced a new commercial flood insurance program that provides insurers with the ability to set their own limits and offer additional protection for risks not covered by the National Flood Insurance Program (NFIP). ISO has announced that the new insurance program enables insurers to provide additional ... Read the full article

A 1992 Hurricane Andrew would leave $50-60 billion insured losses if it struck today

11th August 2017

25 years after the devastating Hurricane Andrew struck South Florida, Swiss Re calculated what the loss levels would be today if the same hurricane hit the region, revealing insured losses would double to reach $50-60 billion, and economic damage would exceed $80 to $100 billion. This is due to stark development ... Read the full article

QBE appoints Chris Kurinksy to CEO of Malaysia insurance

11th August 2017

QBE has appointed Chris Kurinsky, prior Head of Sales and Direct Marketing for Chubb, to Chief Executive Officer (CEO) of QBE Insurance, Malaysia, Berhad. Kurinsky will lead QBE's Malaysia expansion efforts, and work to build strategic partnerships and initiatives to grow the firm's specialty, commercial, SME, and personal lines. Mark Lingafelter, Managing ... Read the full article