Reinsurance News
Expediency could increase role of re/insurance: RVS 2017 Panel forum
14th September 2017
At the Rendezvous de Septembre Insurance Development Forum panel debate, led by Lloyd's Syndicate founder, Stephen Catlin, re/insurance industry veterans said expediency would push governments and societies to offload their risk onto reinsurers as fiscal budgets tighten. The Insurance Development Forum (IDF) is a public-private partnership launched in 2015 by the ... Read the full article
Reinsurers continue to pullback on P&C lines as competition persists: Fitch
14th September 2017
Intense competition from both traditional and alternative providers of reinsurance capacity in the first-half of 2017 combined with falling rates across the property and casualty (P&C) sector is hindering premium growth for the industry, according to Fitch Ratings. For the group of 19 non-life reinsurers tracked by Fitch, and that reported ... Read the full article
Canada Life Re & PICA in £3.4bn longevity transfer with MMC UK Pension Fund
14th September 2017
The Marsh & McLennan Companies (MMC) UK Pension Fund has entered into a £3.4 billion ($4.5bn) longevity reinsurance agreement with Canada Life Reinsurance and The Prudential Insurance Company of America (PICA), which covers the liabilities of around 7,500 pensioner members. The transaction is the first longevity risk transfer to be completed ... Read the full article
Efficiently marrying capital to the customer is an intermediary model: Steve Hearn, Ed.
14th September 2017
Steve Hearn, the Group Chief Executive Officer (CEO) of reinsurance broker Ed., in an interview with Reinsurance News, recently discussed the role and relevance of the broker in a rapidly changing risk transfer industry. Speaking to Reinsurance News at the annual meeting of the reinsurance industry in Monte-Carlo, Hearn underlined disruption ... Read the full article
Hurricane Irma insured losses at $25 billion: KCC
14th September 2017
Insured losses from Hurricane Irma, driven by storm surge, inland flooding and high winds in the U.S. and parts of the Caribbean have been estimated at $25 billion by Karen Clark & Company (KCC). The estimate of $18 million insured U.S. losses and $7 million in Caribbean losses, includes damage to buildings, ... Read the full article
U.S. life reinsurance a beacon of stability
14th September 2017
In a year where many insurance and reinsurance segments have seen profit margins squeezed and growth challenged by a growing onslaught of alternative and new market entrants, the life reinsurance segment has remained a beacon of stability. In contrast with many other re/insurance lines, life re/insurance has been characterised by the ... Read the full article
Munich Re expects Q3 loss, lower profits, on Harvey and Irma losses
14th September 2017
Reinsurance giant Munich Re said that it may have an unprofitable third-quarter and that its full-year profit target is now at risk due to the losses expected from hurricanes Harvey and Irma. The combination of the two events is expected to result in high insurance and reinsurance industry losses, Munich Re ... Read the full article
JLT Re announces new Partner within its Paris office
13th September 2017
Global reinsurance broker JLT Re has announced the appointment of Thierry Cuisenier as a Partner within its Paris office, effective 18th September, 2017. Cuisenier has held numerous senior positions at a number of major reinsurance companies, and brings more than 25 years of industry experience to JLT Re, the reinsurance arm ... Read the full article
Crosswinds’ Monarch joint venture reveals expected Irma impact
13th September 2017
Crosswinds Holdings Inc. has revealed that its joint venture investment in Monarch National Insurance Company (Monarch) expects the impact of hurricane Irma to not exceed its first-event pre-tax retention of $3.4 million, net of reinsurance. Crosswinds is the latest firm to announce the expected impact from hurricane Irma, which tore through ... Read the full article
Reinsurance use “at an absolute inflexion point” – Rowan Douglas at RVS
13th September 2017
Speaking at the Insurance Development Forum panel debate on confronting global underinsurance amid heightened global risks, at the 2017 Rendezvous de Septembre (RVS), Rowan Douglas, CEO of Capital Science and Policy, Willis Towers Watson, said the industry is at a turning point that could revolutionise the use of re/insurance in the ... Read the full article
Christina Tom joins AXIS Insurance from Aspen as a Vice President
13th September 2017
AXIS Capital Holdings subsidiary, AXIS Insurance, has named Christina Tom Vice President, Renewable Energy Underwriter, based in San Francisco. Tom joins the firm from Aspen Insurance, and brings experience and expertise in the wind, solar and energy storage risk sector. In her new role she will be responsible for AXIS Insurance's ... Read the full article
Generali to sell Dutch operations to ASR Nederland
13th September 2017
The Generali Group has announced an agreement to sell its entire 98.56% stake in Generali Nederland N.V.(Generali Nederland) and its subsidiaries, to insurance group ASR Nederland. As part of ... Read the full article
Market conditions suggest increased flow of legacy run-off transactions: GC
13th September 2017
In light of intense competition in the marketplace and the continued influx of capital, the number of transactions in the run-off market will continue to expand, according to Guy Carpenter's (GC) Head of M&A Advisory, Andrew Beecroft. Increasingly active capital management combined with challenging markets across the risk transfer industry is ... Read the full article
Peak Re selects TigerEye for underwriting optimisation
13th September 2017
Hong Kong domiciled reinsurance company, Peak Re, has chosen Applied Insurance Technologies' platform, TigerEye to support its underwriting strategy. The selection of TigerEye will support the reinsurer's management of catastrophe exposures and also support the optimisation of Peak Re's reinsurance portfolio, says the firm. "At Peak Re, we pride ourselves on our ... Read the full article
Everest Re appoints Jonathan Zaffino to Executive Vice President
13th September 2017
Everest Re has announced that Jonathan Zaffino, President of the North America Insurance Division and Senior Vice President of Everest Re, has been appointed Executive Vice President, Everest Re Group, Ltd. Dominic Addesso, President and Chief Executive Officer (CEO) of Everest Re Group, commented on the appointment; “Jon continues to be ... Read the full article
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