Reinsurance News

FERMA appoints six board members & confirms re-election of Willaert as President

7th July 2017

Jo Willaert has been confirmed as President of the Board of the Federation of European Risk Management Associations (FERMA) for a further two years, with the organisation also announcing the election of six Board members. The general assembly of FERMA met in Brussels on Friday June 30th, 2017, and have now ... Read the full article

Ghana’s Insurance Commission to implement new reinsurance guidelines

7th July 2017

In an effort to consolidate the insurance and reinsurance industry in Ghana, the country's National Insurance Commission (NIC) is to implement new reinsurance guidelines, reports Prime News Ghana. The news comes after a meeting in Accra, Ghana, between Chief Executive Officers (CEOs) of member firms' of the Ghana Insurers Association (GIA) ... Read the full article

Neon hires Chris Conway to Bermuda Property Reinsurance team

7th July 2017

Insurance and reinsurance specialist Neon has announced the hiring of Chris Conway to its Bermuda Property Reinsurance underwriting team, as it looks to expand its activities in the United States market. Conway will report to Neon's Head of Property Reinsurance, Nick Pritchard, and joins the firm immediately. He will be tasked with ... Read the full article

Severe flooding most likely peril to increase with climate change

7th July 2017

Flooding is already one of the most costly perils for the re/insurance community and a recent report by AIR Worldwide shows flooding costs are set to skyrocket; it's the risk with the most evidence from climate science supporting forecasts of an increase in frequency and intensity of both coastal and ... Read the full article

U.S. border-adjustment tax on life cover reinsurance could hurt the economy

6th July 2017

Think tank R Street has warned a U.S. border-adjustment tax (BAT) on internationally sourced reinsurance for life insurance and annuities could have a far-reaching negative impact on the U.S. economy - by staving off capital influx and thus economic investment, while making insurance unaffordable to citizens most in need of ... Read the full article

Fairfax completes Allied World acquisition

6th July 2017

Fairfax Financial Holdings has announced the successful completion of the acquisition of Allied World Assurance Company Holdings and closing of the exchange offer for all Allied World issued and outstanding ordinary shares, by Fairfax Financial Holdings (Switzerland) GmbH. According to a recent announcement the parent company intends that Fairfax Switzerland, its indirect ... Read the full article

LMA Claims Committee backs satellite imagery & intelligence service for Lloyd’s

6th July 2017

The Lloyd's Market Association's Claims Committee (LMACC) will support and fund a satellite imagery and intelligence scheme for Lloyd's of London managing agents. The new service will be open to all Lloyd's managing agents, and is designed to improve claims processes and exposure management, both pre and post a natural disaster, ... Read the full article

Cyber market can achieve scale needed to absorb excess capacity, says Cavanagh

6th July 2017

Cyber risk has fast become one of the reinsurance industry's biggest challenges and opportunities, and with an improved understanding of the risks, creating a cyber reinsurance market large enough to absorb the wealth of excess industry capital is achievable, according to Willis Re Chief Executive Officer (CEO), John Cavanagh. The reinsurance ... Read the full article

Munich Re launches customised drone insurance cover

6th July 2017

Munich Re America, a division of reinsurance giant Munich Re, has launched a new commercial drone insurance product offering a customised liability solution for small to medium-sized clients of insurers. The new product comes in response to increased opportunities for drone use in the U.S. after Federal Aviation Agency (FAA) Rule ... Read the full article

Jonathan Tilman announced as Ed’s Chief Actuary

6th July 2017

International reinsurance brokerage, Ed, has announced the appointment of Jonathan Tilman from Charles Taylor Managing Agency, as Chief Actuary. Tilman will take up the position during the final quarter of this year, and brings more than 30 years of London market experience, and 20 years of executive management experience to the new ... Read the full article

Commercial property pricing down in 2017, casualty to breakeven: Moody’s

6th July 2017

Analysts at Moody's Investors Service (Moody's) have noted a continuation of the weak commercial property pricing environment, with further declines expected in 2017, but does note an expectation that pricing in commercial casualty business will breakeven in 2017, for the third year running. Moody's has published its annual rate change and ... Read the full article

Continental Re urges African re/insurers to be more inward looking

6th July 2017

Continental Re Managing Director, Dr. Femi Oyetunji, said African insurers needed to unite and collaborate to grow to a capacity that would allow local carriers to retain more of the risks and offset an over-dependence on international players, the Guardian Nigeria reported. While speaking of the impact the carrier has had ... Read the full article

Swiss Re signs MoU on disaster resilience with City of Dalian, China

6th July 2017

At last week's World Economic Forum Summit in China, Swiss Re signed a Memorandum of Understanding (MoU) with the Chinese Dalian city administration to improve its comprehensive insurance programme for disaster resilience. The programme includes catastrophic insurance solutions to protect against natural and man-made disasters such as fire and explosion. Vice Mayor ... Read the full article

Beach & Associates names Daniel Shaw Senior Vice President

6th July 2017

Insurance and reinsurance broker Beach & Associates (Beach) has announced the appointment of Daniel Shaw as Senior Vice President (SVP), leading the firm's wholesale property and casualty treaty unit in London. Shaw brings nearly two decades of industry experience to the new role, and most recently served as North American Casualty ... Read the full article

Former Swiss Re CEO Liès proposed as new Chairman of Zurich Board

6th July 2017

The Zurich Insurance Group (Zurich) Board of Directors has put Michel Liès forward for election as Chairman at the upcoming April, 2018 Annual General Meeting (AGM). Lies is proposed to succeed Tom de Swaan who has held the position since 2013 and been a board member since 2006. Tom de Swaan, Chairman of ... Read the full article