Reinsurance News

Ogden rate cut a short-term hit to U.S. & Bermuda re/insurers’ earnings: Fitch

26th April 2017

International financial services rating agency, Fitch Ratings, expects U.S. and Bermudian insurers and reinsurers to adapt quickly to higher costs as a result of the recent cut to the Ogden discount rate in the UK, but does advise firms to set aside extra reserves for their UK exposures. The Ogden ... Read the full article

Munich Re to hit 2017 profit target despite market conditions

26th April 2017

Reinsurance giant Munich Re said today that it's on track to hit its profit target for 2017 of between €2 billion (US$2.18bn) and €2.4 billion (US$2.62bn) despite a continuation of low interest rates hindering investment returns and persistent, albeit slower reinsurance rate declines, reports Reuters. During the German reinsurer's annual general ... Read the full article

Ed names John Plummer as Chairman of P&C

26th April 2017

International reinsurance brokerage Ed has announced the appointment of John Plummer as Chairman of its Property & Casualty (P&C) division, effective immediately. Plummer brings more than 30 years of insurance industry experience to Ed, and joins the firm from Howden where he held the position of Managing Director for the North American Property ... Read the full article

RAA names Nicole Austin SVP, Federal Affairs

26th April 2017

The Reinsurance Association of America (RAA) has announced the appointment of Nicole Austin as Senior Vice President (SVP), Federal Affairs. Austin has held a number of senior and executive positions across the insurance and reinsurance industry, including Vice President, Federal Government Relations at the Property Casualty Insurers Association of America (PCI); a policy ... Read the full article

AXIS Re and Renmin University, China partner on Actuarial Science Scholarship

25th April 2017

AXIS Capital Holdings Limited has revealed its "AXIS Re Actuarial Scholarship” in partnership with China's Renmin University to financially assist students in developing actuarial science skills, acumen, and professional training throughout the Asia-Pacific (APAC) region. At a recent Renmin University ceremony, AXIS Re's APAC Deputy Chief Underwriting Officer (CUO) Les Loh, and Vice President ... Read the full article

Cyber breach costs to skyrocket with new European data regulation: Study

25th April 2017

Severe cyber breaches cost PLCs 1.8% of company value or £120 million, according to a new CGI study, and these figures are set to skyrocket in the future as General Data Protection Regulation in Europe requiring firms to reveal cyber breaches is rolled out - a move which could see European ... Read the full article

W. R. Berkley’s reinsurance unit falls to underwriting loss in the first-quarter

25th April 2017

W. R. Berkley Corporation's first-quarter 2017 financial results reveal a pre-tax net income decline in its reinsurance segment to roughly $4.6 million, with the firm reporting a reinsurance underwriting loss with a combined ratio of 112.9%, compared with 97.6% a year earlier. Gross premiums written in the firm's reinsurance unit declined by ... Read the full article

Bermudian re/insurers show resilience in soft market: ABIR

25th April 2017

The Association of Bermuda Insurers and Reinsurers (ABIR) has released last year's global underwriting results for its 21 member firms, showing it's been a successful year for the group, which enjoys a loss ratio decrease by 9.1 % compared with 2015. The 21 re/insurers reported net income of $10.2 billion in their ... Read the full article

JLT Specialty USA names Molly Nolan SVP

25th April 2017

A U.S. subsidiary of insurance and reinsurance brokerage JLT Group, JLT Specialty USA, has announced the appointment of Molly Nolan as Senior Vice President (SVP). With a focus on broking and client development, Nolan will be based in the firm's Boston office, and the new appointment further expands the company's specialty ... Read the full article

Rate of European reinsurance purchase to gradually decline: A.M. Best

25th April 2017

Commenting on A.M. Best's latest market briefings, senior director, Carlos Wong-Fupuy, said the trend of large European insurers increasingly ceding business to reinsurers to offset soft market conditions and Solvency II requirements is expected to slow in the coming year. European insurers had been relying on reinsurance to enlarge their capacity for product ... Read the full article

Neon adds Catherine Sethi to Property D&F team as a Senior Underwriter

25th April 2017

Neon Underwriting Limited (Neon) has announced the addition of Catherine Sethi within its Property Direct & Facultative (D&F) unit, as a Senior Underwriter in based in London. She joins Neon from Sirius International Insurance, where she aided the establishment of a new Property D&F book of business, alongside underwriting primary and excess of ... Read the full article

FCA investigation could raise regulatory risk for brokers: Credit Suisse

25th April 2017

After the UK financial conduct authority (FCA) revealed last week that it was investigating a number of UK insurance and reinsurance aviation brokers over the sharing and misuse of competitive and sensitive information, Credit Suisse analysts have warned of increased global regulatory risk. The FCA previously reported that it was ... Read the full article

AIR Worldwide launches new cyber risk application for re/insurance markets

24th April 2017

Catastrophe risk modeling firm AIR Worldwide today released ARC (Analytics of Risk from Cyber), a cyber risk modeling application that can evaluate any commercial policy, and measure aggregations of cyber risk within a company's portfolio, allowing for easy assessment of key firms' cyber risk from across the globe. The application uses ... Read the full article

Philippine reinsurer appoints former KPMG audit manager to Head of Finance

24th April 2017

The National Reinsurance Corporation of the Philippines (NRCP), has approved the appointment of Santino Santillano - former KPMG audit manager - to Head of Finance, at the Board of Directors meeting. Santillano is set to replace Claudia Karen Fidelino who was appointed to Officer-in-Charge of the Finance Department last month - where she'll reassume her duties ... Read the full article

Swiss Re adds three new experienced leaders to Board of Directors

24th April 2017

Reinsurance giant Swiss Re has revealed the addition of three new members to its Board of Directors, the re-election of all proposed Board Members, as well as an increase in regular dividend and a new public share buy-back programme, all approved by its shareholders. Swiss Re shareholders have approved the proposed election ... Read the full article