Reinsurance News

Trump’s budget proposal to cut federally subsidised crop insurance

31st May 2017

As the Trump administration unveils its spending plan, an agenda to bar crop insurance subsidies and cap the amount of premium aid to $40,000 per farmer has caused an uproar amongst U.S. farmers and crop insurers who fear ensuing losses to their respective industries. Part of the proposed budget includes plans ... Read the full article

Border tax could decrease supply of international reinsurance capital

31st May 2017

Think tank R Street Institute scholars analysed the impact that a decrease in the supply of international reinsurance would have on property insurance premiums, highlighting the enormous costs that would be passed down to customers, should the border-adjustment tax (BAT) become reality. R Street said the most striking impact would be ... Read the full article

Markel adds Hannah Purves & Simon Wilson as board members

31st May 2017

Specialist insurer and reinsurer Markel International has added Hannah Purves and Simon Wilson to the Boards of Markel Syndicate Management Ltd. and Markel International Insurance Company Ltd., the company has announced. Wilson has been the head of Markel's national market operations since 2015, and joined Markel in 2010 from working as the Managing Director ... Read the full article

Arthur J. Gallagher & Co acquires Zuber Insurance Agency & Williams-Manny Insurance

31st May 2017

Arthur J. Gallagher & Co has expanded its reach throughout the states of Texas and Illinois with the acquisition of Zuber Insurance Agency, a commercial and personal property/casualty insurer serving clients in Texas and Williams-Manny Insurance, a retail insurance broker and employee benefits consultant in Northern Illinois. The teams and directors of both ... Read the full article

RenRe leads Sri Lanka natural disaster reinsurance program: Reports

31st May 2017

Renaissance Reinsurance Singapore, a division of the Bermudian reinsurance firm RenaissanceRe (RenRe), is the lead reinsurer on a 15 billion rupee (around $100m) renewal of the Sri Lanka governments natural disaster program. The program, which covers the entire country of Sri Lanka for natural disaster losses, is now entering in its ... Read the full article

FM Global gets license for Luxembourg subsidiary

31st May 2017

Commercial property insurer FM Global has been granted a license in Luxembourg, enabling the insurer to continue to deliver coverage to policyholders throughout the European Economic Area (EEA). “We chose Luxembourg as our EEA hub because it’s a multinational business-friendly financial center with regulatory expertise that enables us to remain true to ... Read the full article

JLT Re adds Sammur from Gen Re to North America team

31st May 2017

Reinsurance broker JLT Re has appointed Tony Sammur as Executive Vice President in Stamford, Connecticut, hiring him from reinsurer Gen Re. Sammur will tasked with helping to continue the expansion and development of JLT Re’s Regional team, led by John DeMartini, Executive Vice President, JLT Re (North America) Inc. “We are pleased ... Read the full article

Xceedance launches consulting & managed services for Bermuda marketplace

31st May 2017

International provider of insurance and reinsurance consulting and managed services, Xceedance, has expanded its services to support re/insurers domiciled in Bermuda, after the company's recent incorporation in the region. Arun Balakrishnan, Chief Executive Officer (CEO) of Xceedance, commented; "As a global consultancy and managed services provider, Xceedance is keenly aware of ... Read the full article

XL Catlin sets up Political Risk, Credit & Bond practice in Canada

31st May 2017

XL Catlin has opened its first Political Risk, Credit & Bond (PRCB) insurance practice in Canada and appointed Marvin Azzopardi as Senior Underwriter. The move comes in response to continued demand for PRCB insurance from Canadian firms, as businesses navigate an increasingly uncertain geopolitical environment. Dan Riordan, Global Head of PRCB, said; “We ... Read the full article

Emerging markets – the flagbearer of re/insurance growth: EY

31st May 2017

Emerging markets are the primary drivers of global re/insurance growth, new figures released by EY in its latest market trends report estimate that the average real global re/insurance industry growth rate will increase by 3.7% over 2016 to 2018 - and this growth is being led primarily by booming developing markets. Over the ... Read the full article

Reinsurance sector undervalued but remains attractive: J.P. Morgan

31st May 2017

Despite persistent and widespread headwinds in the European reinsurance industry continuing into 2017 analysts at J.P. Morgan believe the sector remains attractive, and warns that reinsurance is still undervalued by both investors and the marketplace. There's no escaping the fact that in the near-term reinsurance prices are likely to continue falling, albeit at a ... Read the full article

Munich Re strengthening presence across Asia-Pacific

31st May 2017

Reinsurance firm Munich Re has been placing an increasing focus on the Asia-Pacific region, ensuring its operations and leadership are structured in the best manner to support its clients. The reinsurer recognises the importance of the region, as a source of risk premium growth, with client relationships deemed as one of ... Read the full article

Underwriters see opioids as mortality threat, only 53% test for use: Munich Re

30th May 2017

A recent survey by reinsurance giant Munich Re shows that over 90% of underwriters are worried about the impact opioid addiction will have on mortality and, perhaps surprisingly, just 53% of surveyed life insurance companies actually test for opioids. The survey included responses from 126 life insurance professionals and was conducted at the Association ... Read the full article

Chubb names Olivia Dale Head of Corporate, A&H in Singapore

30th May 2017

Chubb has announced the appointment of Olivia Dale as Head of Corporate for its Accident & Health (A&H) operations in Singapore, reporting to Division Head of A&H and Personal Business Insurance (PBI), Koh Wei Lee. Dale brings over 16 years of industry experience to the new role, and most recently served as Chubb's ... Read the full article

SCOR hit as reinsurer ratings linked to sovereign downgrade in Brazil

30th May 2017

International financial rating agency Standard & Poor's (S&P) has placed its 'BBB+' financial strength rating of French re/insurer SCOR's Brazilian subsidiary, SCOR Brasil Resseguros S.A. (SCOR Brasil), on CreditWatch negative. The move comes in response to the rating agency placing its 'BB' long-term foreign and local currency sovereign credit ratings on ... Read the full article