Reinsurance News
European reinsurers’ cat budgets strong, only a very large loss will turn pricing: RBC
17th August 2017
With the peak of the Atlantic hurricane season approaching uncertainty remains for European reinsurers driven by the potential for large losses, but with annual catastrophe budgets being relatively high, only the most severe loss event would start a turn in the market, according to RBC Capital Markets. Based on historical data, September ... Read the full article
MGA Crop Pro gets approval to offer U.S. agriculture cover
16th August 2017
Crop pro Insurance, a new managing general agent, (MGA), has received Standard Reinsurance Agreement (SRA) approval from the U.S. Department of Agriculture (USDA) making the firm one of just 16 companies with official permission to participate in the Federal Crop Insurance Programme. The Federal Crop Insurance Corporation is managed by the ... Read the full article
Liberty Specialty Markets promotes CUO Moore to lead firm
16th August 2017
Matthew Moore is taking over the leadership of Liberty Specialty Markets, in a move that had been planned as the previous President and Managing Director Nick Metcalf was planning to step down. Moore commented on his promotion; “I am delighted to be leading LSM in its next phase of evolution. I ... Read the full article
Greenlight Capital Re appoints Michael Belfatti to COO
16th August 2017
Hedge fund backed specialist property and casualty reinsurer Greenlight Re today announced Michael Belfatti's appointment to the newly created position of Chief Operating Officer (COO), effective from September 1. As COO, Belfatti will oversee the firm's pricing, actuarial and risk management functions, and spearheading data collection, analytics and technology efforts across ... Read the full article
MS&AD Insurance buys stake in Australian life & annuities firm Challenger
16th August 2017
Japanese insurance group MS&AD Insurance Holdings, the parent of the Mitsui Sumitomo insurance entities, has bought a stake in an Australian life and annuities specialist as it looks for further diversification. Japanese insurance groups have been investing in operations around the globe as they look to diversify their businesses away from ... Read the full article
European reinsurers resist temptation to compete on price: Fitch
16th August 2017
The big four European reinsurance firms are successfully resisting the temptation to compete on price alone, according to rating agency Fitch, which is providing them with a competitive advantage in the marketplace. Pricing discipline displayed by the four largest reinsurance firms in Europe, Munich Re, Swiss Re, Hannover Re and SCOR, ... Read the full article
AIG seeks buyer for $2 billion life portfolio
16th August 2017
Sources told Reuters that American International Group has plans to sell a $2 billion life portfolio, with private equity giant Apollo Global Management being among prospective buyers. Investment bankers at Goldman Sachs Group are allegedly helping AIG unload the life settlement assets, which trigger when sick or elderly customers ... Read the full article
Global commercial rates continue to decline, pressuring combined ratios: Marsh
16th August 2017
Commercial insurance rates declined, on average, for the seventeenth consecutive quarter in Q2 2017, driven by excess capacity and intense competition, according to the latest Marsh Insurance Market Index. Moderating renewal rate declines in the global commercial insurance market occurred in Q2 for the sixth consecutive quarter, declining, on average, across ... Read the full article
Sompo Canopius adds credit & political risk underwriter
16th August 2017
Sompo Canopius AG has continued to strengthen its credit & political risk team with the appointment of Stephen Pike as credit & political risk underwriter. Pike joins global specialty insurance and reinsurance firm Sompo Canopius in October and will report to Bernie de Haldevang, global head of specialty at the re/insurer. He ... Read the full article
JLT Re hires Aon Benfield broker Jakob Hansen for Credit & Political Risk team
16th August 2017
JLT Re, the global provider of reinsurance broking and consultancy, is pleased to announce that Jakob Hansen will be joining JLT Re’s expanding Credit & Political Risk team, once he has completed his contractual obligations with his current employer. JLT Re has announced the addition of Jakob Hansen, joining from Aon ... Read the full article
Indian government economic survey signals need for climate insurance
16th August 2017
Insurance against climate risks in India has lagged far behind other sectors despite India being one of the world's most vulnerable nations to the changing climate; severe weather events challenge India's economy with a set back of $9-10 billion of mostly uninsured losses every year, according to the Indian government's Ministry of ... Read the full article
Philippines kicks off World Bank supported Parametric Insurance Pilot
15th August 2017
With the support of the World Bank the Philippines has kicked off a Parametric Insurance Pilot project that provides up to $19.5 million for typhoon and earthquake cover to 25 local government units (LGUs) in disaster prone provinces, the Department of Finance (DOF) announced. The year long pilot project was launched on ... Read the full article
Political uncertainty can influence casualty catastrophe reinsurance treaties
15th August 2017
Reinsurers should revisit U.S. casualty catastrophe reinsurance products in response to government administration changes that are expected to influence the legal, social, and economic conditions impacting treaties policies, Willis Towers Watson reinsurance risk management specialist Pete Thomas advised. "History tells us that every time there is change from a democrat to ... Read the full article
Entire value chain must be on the same page to close protection gap: AIR Worldwide
15th August 2017
If the risk transfer sector is serious about closing the global protection gap (disparity between economic and insured losses post-event) it requires the efforts of the entire insurance value chain and, must be tackled on both a macro and micro level, according to the Vice President of AIR Worldwide's Marketing ... Read the full article
Pioneer Special Risk adds Incidental Contractors Pollution to product offer
15th August 2017
Pioneer Special Risk has launched a new product for specialty contractors which offers optional expansion of cover to include Incidental Contractors Pollution, a niche segment the firm says is currently underserved within the specialty market. Specialty contractors are traditionally required to provide this as part of the contractual terms of their ... Read the full article
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