Reinsurance News

Ensurance UK receives Lloyd’s Coverholder status, partners with Swiss Re & XL Catlin

10th July 2017

Australia's Ensurance Ltd has announced that its wholly owned Managing General Agency (MGA) subsidiary, Ensurance UK Ltd, has partnered with Swiss Re Corporate Solutions and XL Catlin, and also received Lloyd's Coverholder status as it continues its plans for international growth. Ensurance UK Ltd will initially specialise in construction and engineering ... Read the full article

Lloyd’s undergoes large-scale structural changes

10th July 2017

Jon Hancock, Lloyd's Director of Performance Management, spoke at the recent ALM Annual Conference on plans for 2017 structural changes which aim to drive growth, incorporate latest technologies, reduce currently "unsustainable" distribution and admin costs and adapt to meet emerging market risks. Lloyd's is working to introduce a series of performance ... Read the full article

Reinsurers’ betting on benign loss year, market bottom elusive: Peel Hunt

10th July 2017

Further, and steeper-than-expected rate declines across the U.S. property catastrophe space at the mid-year renewals suggests the reinsurance market is struggling to find a bottom, as players bank on yet another benign underwriting year, according to analysts at Peel Hunt. Citing reinsurance broker Willis Re's recent analysis, Peel Hunt, in a ... Read the full article

Theresa May announces Africa development insurance package at G20

10th July 2017

At the G20 meeting last week, Prime Minister Theresa May announced an ambitious package for development and investment in Africa including a new London Centre for Global Disaster Protection, creating a link between UK expertise and developing nations to promote risk management and investment. The plan includes an offer of up ... Read the full article

Willis names James Jackson Head of FINEX FI for Great Britain

10th July 2017

Global insurance and reinsurance brokerage, Willis Towers Watson (WTW), has named James Jackson Head of FINEX Financial Institutions (FI) for Great Britain (GB), succeeding Dr. Paul Search. WTW's FINEX business is part of its Corporate Risk and Broking division, and acts as the broker's financial, executive and professional risk specialty group.  Jackson ... Read the full article

Russian reinsurers see loss of foreign premiums

10th July 2017

Russian reinsurers have seen premiums shrink by 15 %, or a loss of RUB 9,747.14 million this year so far, about half of the losses were from Russian premiums and 39% from premiums ceded from abroad, Xprimm reported. The tough market conditions caused several small-middle sized Russian reinsurers to close - a ... Read the full article

IRB Brasil Re initial public offering underway

10th July 2017

The awaited initial public offering of Brazilian reinsurance firm IRB Brasil Resseguros S.A. (IRB Brasil Re) has now commenced, with the offering launched on Friday. IRB Brasil Re filed its official IPO prospectus with the Sao Paolo stock exchange on Friday, detailing a plan that will see some of its existing ... Read the full article

Global terrorism risk re/insurance pools push to drive market innovation

10th July 2017

Global terrorism risk insurance and reinsurance pools met in Paris for the inaugural International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP) conference recently, to discuss the changing terror risk landscape and the need for continued innovation.  The event was hosted by GAREAT, the Fédération Française de l'Assurance (“FFA”) and CCR, and brought ... Read the full article

G20 countries to discuss climate insurance partnership

7th July 2017

At the G20 summit agenda in Hamburg - the biggest global economies are expected to discuss climate insurance partnerships to support climate policies that would accelerate movement towards Paris Climate Agreement goals. The German presidency made climate change one of the top priorities on the G20 agenda,  Christoph Bals, Vice-Chair of MCII ... Read the full article

Swiss Re integrates ESG benchmarks into investment decisions

7th July 2017

Swiss Re has become one of the first reinsurers to incorporate benchmarks to systematically integrate environmental, social and governance (ESG) criteria into the firm's investment decisions - a process which the firm said improves investment value by reducing downside risks for long-term investors. These benchmarks place a renewed emphasis on ESG ... Read the full article

Protector estimates £50mn Grenfell Tower loss, reinsurers to pay bulk

7th July 2017

Protector Forsikring ASA of Norway, the insurer of the Grenfell Tower block in London’s Royal Borough of Kensington and Chelsea, has estimated that the tragic fire that occurred at the apartment block will cost an estimated £50 million (US$64.4mn), with the majority being assumed by the reinsurance industry. According to Protector's Q2 2017 ... Read the full article

AmTrust enters into loss development reinsurance agreement with Premia Holdings

7th July 2017

AmTrust Financial Services, Inc. has entered into a loss development reinsurance agreement with Premia Holdings Ltd. subsidiary, Premia Reinsurance Ltd., effective June 30th, 2017. The agreement provides AmTrust with adverse net loss reserve development reinsurance protection of up to $400 million, in excess of stated net loss reserves of roughly $6.59 billion, as ... Read the full article

Longevity reinsurance market pricing back on track in H2 2017: Aon

7th July 2017

Reinsurers have adjusted pricing to match the recent changes in UK mortality rates, after the market experienced pricing dislocation last year, according to insurance and reinsurance broker, Aon. Longevity market pricing is now back on track after a period of dislocation when longevity reinsurers were slow to adjust pricing to reflect ... Read the full article

John Doyle to succeed Peter Zaffino as CEO of Marsh

7th July 2017

Marsh & McLennan Companies, Inc. has announced the appointment of John Doyle as Chief Executive Officer (CEO) of Marsh, replacing Peter Zaffino after his recently announced move to AIG. Doyle's appointment is effective immediately, and he will report to President and CEO of Marsh & McLennan, Dan Glaser, and will continue to ... Read the full article

Swiss Re & Ping An partner on mobile parametric insurance for Chinese typhoon risk

7th July 2017

Swiss Re has partnered with Chinese property and casualty insurer, Ping An, to offer China's first ever mobile-enabled parametric cover for property insurance for typhoon response and post-disaster recovery for high-risk regions. Under the agreement, Swiss Re provides reinsurance and technological support as well as its catastrophe models and data on natural ... Read the full article