Reinsurance News

Australia’s Terrorism Insurance Scheme revised for extended cover

12th April 2017

Amendments expected to extend Australia’s Terrorism Insurance Scheme coverage, recommended by the 2015 Triennial Review by Treasury, have been approved with effect from 1st July. The changes broaden the definition of eligible property by including buildings where at least 20% of floor space is used for commercial purposes or that are ... Read the full article

Quota shares most efficient reinsurance option under Solvency II: Scor

12th April 2017

Scor has underlined quota shares as the most efficient form of reinsurance for insurer’s capital optimisation under Solvency II - as the industry continues to adapt to the regime's regulatory requirements since its implementation last year. In a recent report on capital optimisation, Scor analysts contrasted the three capital drivers of ... Read the full article

Michael Leahey joins AXIS Re from XL Catlin

12th April 2017

AXIS Re, the reinsurance arm of Bermuda domiciled AXIS Capital Holdings Limited, has announced that Michael Leahey has joined the firm from XL Catlin, as Vice President and Deputy Head of Catastrophe Underwriting for Europe, Israel, and Middle East and North Africa (MENA). In his new role Leahey will be tasked with underwriting property ... Read the full article

R3 and ACORD launch centre of excellence for distributed ledger tech

12th April 2017

R3, the financial technology, distributed ledger and blockchain consortium, have joined forces with ACORD (Association for Cooperative Operations Research and Development) to launch a Centre of Excellence for distributed ledger technology (DLT) for the global insurance industry. R3 has major insurers including MetLife, AIA and Suncorp Group, as well as other ... Read the full article

Consolidation to remain a key trend in EU re/insurance: A.M. Best

12th April 2017

Despite the number of merger and acquisition M&A deals seen between European life and non-life insurers having fallen in 2016, A.M. Best believes that a trend of consolidation is set to continue for the sector. The rating agencies view of consolidation is that; "M&A is not, in itself, good or bad. ... Read the full article

Energy market continuing to soften: Willis

12th April 2017

The energy insurance and reinsurance market is continuing to soften, as the effects of high competition levels and excess re/insurance capacity are felt acutely in the sector, according to Willis Towers Watson (WTW). WTW's latest report on the energy market suggests that the challenges the sector is beset by ... Read the full article

Positive signs as loss-hit U.S. renewals experience rate increases

12th April 2017

There are some positive signs that help to reinforce the view that the reinsurance market is largely nearing the bottom of the pricing cycle, as some catastrophe loss hit U.S. nationwide property accounts experienced rate increases in April. Risk loss hit U.S. property reinsurance renewals in April 2017 experienced rate increases ... Read the full article

Reinsurance News – Wednesday 12th April 2017

12th April 2017

Here’s your daily Reinsurance News for Wednesday 12th April 2017: Traditional reinsurance capital declined by $3 billion in Q4 2016: Aon During the final quarter of 2016 the volume of traditional reinsurance capital declined by $3 billion, while the level of alternative capital increased by $3 billion, meaning overall reinsurance capacity ... Read the full article

Urbanised Latin America – highly vulnerable to climate risk: Swiss Re

11th April 2017

With climate change ramping up the heat on emerging markets already vulnerable to natural disaster risk, the highly urbanised but marginally protected Latin America appears poised for increased economic and social fallout - if the region fails to develop improved risk mitigation solutions. Martyn Parker, Chairman of Swiss Re Global Partnerships, ... Read the full article

FM Global creates innovative map for flood risk analysis

11th April 2017

Property insurer FM Global has created an innovative map to give businesses a comprehensive overview of flood exposure after recent years have shown flooding to consistently be the costliest overall peril globally. Flooding accounted for $62 billion in economic losses last year according to Aon estimates - in response to ... Read the full article

Traditional reinsurance capital declined by $3 billion in Q4 2016: Aon

11th April 2017

The volume of traditional reinsurance capital declined in the final quarter of 2016 by $3 billion to a reported $514 billion as at December 31st, 2016, while alternative capital growth in the quarter ensured dedicated reinsurance capacity remained at $595 billion, according to Aon Benfield. Reinsurance brokerage and advisory firm, Aon Benfield, ... Read the full article

Argo Surety appoints James Bluzard to Contract Surety central region vice president

11th April 2017

Specialty underwriter Argo Surety, member of re/insurer Argo Group International Holdings, has announced James Bluzard as newly appointed central region vice president for Contract Surety with immediate effect. In his new role, Bluzard will lead the development of local office teams and supervise underwriting activities. He will report directly to David Layman, ... Read the full article

Reinsurance demand to increase in Latin America

11th April 2017

Demand for reinsurance is expected to grow in certain Latin American countries, providing opportunities for both local and global players. Aon Benfield identified a number of trends that could drive increased demand for reinsurance in Argentina, Brazil and Chile, in its latest Evolving Criteria report on regulatory and rating ... Read the full article

Emerging markets to be hit hardest by rising terrorism & populism: Aon

11th April 2017

Populism and terrorism have been converging, with both elements feeding into and propagating the other to compound global geopolitical risks, said Aon, noting a 14% increase in global terror attacks last year in its latest Risk Maps report. This terrorism increase has been compounded by rising waves ... Read the full article

Lloyd’s prepared to negotiate with Indian regulators: John Nelson

11th April 2017

Lloyd’s Chairman, John Nelson, said in an interview with the India Economic Times, that Lloyd’s would shift away from an India focus mostly surrounding reinsurance and expand into direct and specialist lines, after the first Lloyd’s syndicate, MS Amlin,  joined the India platform. Lloyd’s already writes $220 million in offshore ... Read the full article