Reinsurance News

AIR puts Mexico M8.1 earthquake insured loss at over $1 billion

20th September 2017

Global catastrophe risk modeller, AIR Worldwide, has provided an insurance industry loss estimate from the impacts of the Magnitude 8.1 earthquake that struck off the coast of the Mexican state of Chiapas, of between MXN14 billion (US$790 million) and MXN20 billion (US$1.13 billion). The quake, of which the epicentre struck on ... Read the full article

CoreLogic puts Irma re/insured property loss at up to $27 billion

20th September 2017

Global property information, analytics and data-enabled service provider, CoreLogic, has announced a preliminary total economic loss estimate for the impacts of hurricane Irma, of between $42.5 billion and $65 billion, and an insured property loss of up to $27 billion. Of the overall loss, CoreLogic estimates flood damage to residential properties of ... Read the full article

Caribbean & Puerto Rico re/insurers at risk from hurricane Maria

20th September 2017

Rating agency A.M. Best has said that major hurricane Maria puts Caribbean and Puerto Rico insurance firms at risk and that the storm will test their financial strength. Hurricane Maria is approaching Puerto Rico with category 5 winds of 155 mph and higher gusts. The hurricane has left ... Read the full article

Reinsurance market to expect lower ROEs in 2018 as losses normalise: KBW

20th September 2017

Following the impacts of hurricanes Harvey and Irma, analysts at Keefe, Bruyette & Woods (KBW) expect global reinsurers to anticipate reporting lower return on equities (ROEs) in 2018, than perhaps some had been predicting before the storms. Industry-wide and company specific loss estimates for hurricanes Harvey and Irma are beginning to ... Read the full article

Arch Capital appoints new insurance & reinsurance CEOs

20th September 2017

Arch Capital Group Ltd. has named Maamoun Rajeh Chairman and Chief Executive Officer (CEO) of Arch Worldwide Reinsurance Group, and Nicolas Papadopoulo as Chairman and CEO of Arch Worldwide Insurance Group and Chief Underwriting Officer (CUO) for Property & Casualty Operations. Rajeh joined Arch in 2001 and currently serves as President ... Read the full article

Nigeria should consider the establishment of a terrorism risk pool: Reports

20th September 2017

The Nigerian insurance market has been advised to consider establishing a terrorism risk pool in order to build sufficient capacity to tackle the country's high rate of terror incidents, according to industry reports from the region. Nigeria experiences some of the highest rates of terror incidents across the world, but owing ... Read the full article

Willis Re in senior hires of Wafer & Livingston for North America

20th September 2017

Global reinsurance broker Willis Re has made two senior hires in its North America unit, with the appointment of Tom Wafer as Chairman, Willis Re, North America, and Jeffrey Livingston as Vice-Chair. Tom Wafer joins Willis Re from hedge fund strategy reinsurer Third Point Re (USA) Ltd., where he held the ... Read the full article

Allianz appoints new CEOs to Allianz DE & Allianz Italia

19th September 2017

The Supervisory Board of Allianz Deutschland AG has appointed Dr. Klaus-Peter Röhler to Chairman of the Management Board (CEO) and successor to Dr. Manfred Knof, who is stepping down from the position and will take time off for health reasons. Since 2014 Röhler has been CEO of Allianz Italia SpA, a post ... Read the full article

XL Group to move EU arm to Dublin as response to Brexit

19th September 2017

Global insurance and reinsurance company XL Group Ltd. has selected Dublin as its new European headquarters and the firm will move its principal European Union (EU) company, XL Insurance Company SE, from the UK to Ireland in 2018 in response to Brexit. By redomesticating XL Insurance Company SE from the UK ... Read the full article

Uncertainty remains but London expected to be global re/insurance hub post-Brexit: A.M. Best

19th September 2017

Widespread uncertainty remains, but despite the UK's vote to leave the European Union (EU), global ratings agency A.M. Best expects London to maintain its status as one of the world's leading insurance and reinsurance hubs. In response to the UK's Brexit vote, a number of insurers and reinsurers have announced plans ... Read the full article

Combined Harvey & Irma losses could strain some reinsurers: Fitch

19th September 2017

The combined losses caused by hurricane Harvey and hurricane Irma could be sufficient to strain some reinsurers capital and perhaps even pressure their ratings, according to Fitch Ratings. The rating agency believes that given the complexity of Harvey losses and the breadth of the impact of Irma, it cannot be ruled ... Read the full article

Equifax to catalyse cyber insurance development: Lloyd’s CEO Inga Beale

19th September 2017

Consumer credit reporting agency Equifax has become one of the latest victims of large-scale cyber hacking after the firm reported a data breach had exposed personal information of 143 million Americans and up to 400,000 UK customers earlier this month. The firm is undergoing a Federal Trade Commission investigation of the ... Read the full article

Ed names Minesh Jani named CEO of MENA & India

19th September 2017

Global reinsurance brokerage, Ed, has named Minesh Jani as its new Chief Executive Officer (CEO) of MENA, India and Indian sub-continent. He joins the broker from Aashvaasanam Analytics Limited in Mumbai, a company which he founded in order to support the development of a global reinsurance operation. Before founding Aashvaasanam Analytics, Jani ... Read the full article

Hiscox’s Harvey loss could read-through to others on E&S & flood

19th September 2017

The size of the hurricane Harvey loss estimate that Hiscox pre-announced yesterday could have a negative read-through for the commercial excess & surplus lines insurance underwriters, according to analysts at Credit Suisse. Hiscox pre-announced a loss of around $150 million from hurricane Harvey's impacts on Texas, with the company saying ... Read the full article

AIG places first Shariah-compliant M&A insurance policy in MENA

19th September 2017

American International Group, (AIG), has placed the first Shariah-compliant insurance policy in the Middle East and North Africa region (MENA) for merger and acquisitions activity, advised by global law firm Norton Rose Fulbright. In partnership with Shariah-compliant managing general agent, Cobalt Underwriting, AIG offers a range of Islamic insurance solutions for ... Read the full article