Reinsurance News
A.M. Best holds negative outlook on global reinsurance market for 2018
19th December 2017
Despite the impacts of third-quarter 2017 catastrophe events expected to improve reinsurance market conditions, uncertainty surrounding the level of price increases and how sustainable any market improvement might be has led A.M. Best to maintain its negative outlook for the sector for 2018. Heading into the January 1st, 2018 renewals season ... Read the full article
Australian government won’t intervene on cyclone re/insurance
19th December 2017
The Australian Turnbull Government has said that it "will not intervene directly in the insurance market" as a way to reduce insurance premiums in regions at high risk of impact from tropical cyclones, a Minister said yesterday. Under consideration had been the establishment of a mutual cyclone reinsurance company, backed by ... Read the full article
Allianz Global Corporate and Specialty announces changes to leadership board
19th December 2017
Allianz Global Corporate and Specialty (AGCS) has announced a series of changes to its leadership board set for the first half of 2018. Current Chief Operating Officer (COO) Sinead Browne will replace Carsten Scheffel who is retiring from a position as Chief Regions and Markets Officer. In her new board-level role, Browne ... Read the full article
China reinsurance market challenges to continue: A.M. Best
18th December 2017
China's reinsurance market remains challenging for non-life reinsurance companies and is in fact becoming an increasingly difficult place to operate, according to rating agency A.M. Best. A.M. Best highlights a number of issues that face both non-life and life reinsurance companies operating in China, although the prospects for the life side ... Read the full article
The Covéa Group enters €90 million reinsurance agreement with Hexagon Re
18th December 2017
The Covéa Group has entered into a €90 million reinsurance agreement with Hexagon Re, an Irish Designated Activity Company that will provide the mutual insurance society with windstorm reinsurance cover across Metropolitan France. The agreement is set to begin from January 1st, 2018 and provides fully collateralised protection with two €45 ... Read the full article
Citizens’ preparing for hardening reinsurance market in 2018
18th December 2017
Citizens Property Insurance Corporation is anticipating a hardening market as a result of hurricane Irma and other global catastrophe events experienced in the second-half of 2017, and is budgeting appropriately. The Florida state-backed insurer has announced its risk transfer plans for 2018, revealing that it will look to secure $1.45 billion ... Read the full article
Chubb appoints Brian Church to Executive Vice President & Head of International Property
18th December 2017
Chubb has promoted Brian Church from Executive Vice President and Head of Major Accounts Property in the U.S. to Executive Vice President and Head of International Property for Chubb's Overseas General business with effect from 1st January 2018. Church will assume responsibility for all of Chubb's retail commercial property insurance business ... Read the full article
PICC Re & AIR Worldwide partner to better manage reinsurer’s growing portfolio
18th December 2017
Chinese reinsurer PICC Reinsurance Company Limited (PICC Re) has partnered with catastrophe risk modeller, AIR Worldwide, to better manage its expanding portfolio of catastrophe risk reinsurance business. Following approval by the China Insurance Regulatory Commission (CIRC) to operate as a stand-alone reinsurer, PICC Re has been eager to work with entities that ... Read the full article
B3i platform gains traction as it prepares to launch legal entity
18th December 2017
As B3i, the Blockchain Insurance Industry Initiative, prepares to launch as a legal entity in early 2018, independent research shows a strong business model with adoption potential for re/insurers across all lines of business with an estimated average 12% efficiency improvement of cost in scope across the value chain. Market analysis commissioned ... Read the full article
Paul Moody named as Marsh’s CEO of UK specialities unit
18th December 2017
Marsh & McLennan Companies' insurance brokerage arm, Marsh, has named Paul Moody as Chief Executive Officer (CEO) of its UK specialities unit, effective January 1st, 2018. Moody replaces Roy White, who has been appointed to the newly created position as Chairman of UK Specialties. Moody has been with Marsh for roughly 18 years, and ... Read the full article
B.P. Marsh announces investment in Lloyd’s broker, EC3 Brokers Limited
18th December 2017
Venture capital provider B.P. Marsh & Partners Plc has announced an investment into EC3 Brokers Limited via a newly established company, EC3 Brokers Group Limited. The transaction sees the company take an effective 20% equity stake in EC3 for a total cash consideration of £5 million (US$6.7nm), in a mix of ... Read the full article
Hamilton Underwriting appoints Robert Patten to Head of Casualty
18th December 2017
Hamilton Underwriting managing agency of Syndicate 3334 and the Lloyd’s operations of Bermuda-based Hamilton Insurance Group has appointed Robert Patten to Head of Casualty. Patten is set to begin on December 11th, and will report to Active Underwriter and Head of Treaty Trevor Carvey. Hamilton Underwriting Limited Chief Executive Officer Dermot O’Donohoe ... Read the full article
Fidelis Insurance buys stake in MGA Firestone Surety
18th December 2017
Fidelis Insurance has bought an equity stake in a new Managing General Agent, Firestone Surety, and will be providing its underwriting capacity. Firestone will focus on the small and medium-sized enterprises sector of the surety market and will be managed through Pine Walk Capital, Fidelis’ subsidiary MGA platform. Firestone will be head ... Read the full article
Governments to help drive InsurTech start-up growth
15th December 2017
Digital initiatives and regulatory exemptions by the Indian, Australian, and Hong Kong governments are expected to spur the development of their local InsurTech start-up sector in coming years, as regimes seek to encourage economic growth through building an environment conducive to tech-innovation. In Clyde & Co's recent report on expectations for ... Read the full article
XL Catlin promotes Jay Lefkowitz to lead U.S. Global Risk Management unit
15th December 2017
Insurer and reinsurer XL Catlin has promoted Jay Lefkowitz from his role as head of U.S. Risk Management team to President of its Global Risk Management business in North America. In his New York based role Lefkowitz will assume underwriting management of XL Catlin’s North America primary casualty platform including its ... Read the full article
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