Reinsurance News

World Bank issues $1.36bn first-ever multi-country earthquake cat bond

7th February 2018

The World Bank has issued a first-of-its kind multi-country earthquake catastrophe bond that provides a total of US$1.36 billion in earthquake protection to Chile, Colombia, Mexico and Peru. The earthquake bond is the second largest in the history of the catastrophe bond market and is the largest ever sovereign risk insurance ... Read the full article

R&Q’s rating for its Malta subsidiary “an important step”

7th February 2018

R&Q Investment Holdings' (R&Q) European subsidiary R&Q Insurance Malta has received an A- (excellent) credit and financial strength rating from A.M. Best, which the CEO called "an important step" in the firms development. In addition, A.M. Best gave the R&Q Group a bbb- rating with a stable outlook for R&Q. R&Q called ... Read the full article

Brit names Christopher Ballantyne as Vice President of Delegated Claim Authority

7th February 2018

Brit has named Christopher Ballantyne as Vice President of Delegated Claim Authority set to head up the oversight and performance management of Brit's North American claims service providers and support Brit’s London-based claims team. In his new role, Ballantyne will report to Mike Barry, Head of Short Tail Claims. Matthew Wilson, Chief Executive ... Read the full article

Insurance Europe raises concerns over EIOPA review of Solvency II

7th February 2018

Insurance Europe has raised concerns over the European Insurance and Occupational Pensions Authority (EIOPA) draft advice to the European Commission on its 2018 review of Solvency II, stating the interest rate risk and proposals on the Loss Absorbing Capacity of Deferred Taxes (LAC DT) may not be feasible economically. The insurance ... Read the full article

Safety National Casualty announces series of changes to executive team

7th February 2018

Safety National Casualty Corporation has announced several organisational changes to executive and upper management set to take effect from April 1, 2018. Gene Maier, Executive Vice President and Chief Underwriting Officer, will retire after a successful 33-year career with Safety National, set to be succeeded by Gus Aivaliotis, current Senior Vice ... Read the full article

Coverys Syndicate 1975 appoints Stephanie Crowther to underwriter

7th February 2018

Coverys Syndicate 1975 has named Stephanie Crowther as underwriter for its specialist medical professional liability account with effect from February 2018. Robin McCoy, Chief Executive Officer, Coverys Managing Agency, commented on the appointment; “we are delighted that Stephanie is joining us to work alongside Keith Bryceland to help build out the ... Read the full article

Hannover Re says renewals give it a “solid platform” for 2018

7th February 2018

After the impacts of major catastrophe loss events in 2017 the January 2018 reinsurance renewals and the associated increase in rates available have allowed German reinsurer Hannover Re to put in place, what the CEO terms, a "solid platform" for achieving its targets in 2018. Hannover Re has reported that it ... Read the full article

Cisco, Apple, Aon, & Allianz introduce new cyber cover for businesses

6th February 2018

Cisco, Apple, Aon and Allianz have collaborated to launch a new cyber risk management solution for businesses which combines cyber resilience evaluation services from Aon, the most secure technology from Cisco and Apple, and options for enhanced cyber insurance cover from Allianz. The new solution is designed to improve firms' management ... Read the full article

Irish insurance market is growing steadily, foreign business dominates premium income

6th February 2018

Ireland's insurance sector has grown steadily in recent times with total assets hitting €303 million (US$375mn) in the second-quarter of 2017, with the foreign proportion of the sector being extremely important to premium income, according to a signed article from the first Quarterly Bulletin of 2018, published by the Central ... Read the full article

Public-private sector partnerships critical to the UK’s resilience to terror attacks: Pool Re

6th February 2018

Pool Re has launched a new Terrorism Frequency Report, produced by the scheme’s Terrorism Risk and Analysis Centre (TRAC), designed to provide Pool Re Members and stakeholders with a record and analysis of recent terrorist attacks, while underlining the importance of public-private sector partnerships when addressing the risks. Julian Enoizi, Chief Executive ... Read the full article

RenRe CEO optimistic for continued, positive rate momentum in 2018

6th February 2018

An understanding in the reinsurance market that further rate enhancement is needed for protection will be "the backbone for discipline" as the sector moves towards mid-year renewals, according to Kevin O'Donnell, Chief Executive Officer (CEO) of RenaissanceRe Holdings (RenRe). As expected, reinsurance rates increased at the January 1st, 2018 renewals season ... Read the full article

Tax reform drives U.S. domiciled re/insurers to change contracts with foreign affiliates

6th February 2018

A.M. Best expects rated U.S. domiciled re/insurers with material financial arrangements with foreign affiliates to make significant changes to these reinsurance contracts in response to the base erosion and anti-abuse tax (BEAT) measure of the tax reform. In particular, quota share, excess of loss, or stop-loss agreements with foreign affiliates are ... Read the full article

Assicurazioni Generali SpA completes sale of Dutch business to ASR Nederland

6th February 2018

Assicurazioni Generali SpA has completed the sale of its entire shareholding in its Dutch business, Generali Nederland N.V. (and its subsidiaries) to ASR Nederland N.V., one of the leading insurance groups operating in Holland. The Generali Group will remain active in the Netherlands through its Global Business Lines; Generali Employee Benefits, ... Read the full article

XL Catlin promotes Mike MacColl to Global Practice Leader for Hull

6th February 2018

XL Catlin has promoted Mike MacColl from Head of Hull for the UK to the position of Global Practice Leader for Hull with immediate effect. Commenting, Rob McAdams, Chief Underwriting Officer for Global Marine at XL Catlin, said; “Mike has proven to be a hugely valuable member of the UK Marine ... Read the full article

Lloyd’s appoints three new directors to Franchise Board

6th February 2018

Lloyd's of London has announced the appointments of Mike Bracken, Nigel Hinshelwood and Fiona Luck onto the Franchise Board as non-executive directors for three-year periods, with effect from 1st March 2018. Welcoming the appointments, Lloyd's Chairman, Bruce Carnegie-Brown said; “These are great appointments for Lloyd’s. Mike, Nigel and Fiona bring experience ... Read the full article