Reinsurance News
Risk preparedness at lowest level since 2007: Aon
3rd May 2017
Reinsurance broker Aon Benfield has said firms are at their lowest levels for risk preparedness since 2007 - when it first began to assess the risk environment for businesses in its bi-annual global risk management survey. This is down to firms not yet having caught up with the speed of the ... Read the full article
Adam Szakmary named new Director of Underwriting for Hiscox Insurance, Bermuda
3rd May 2017
Specialist global re/insurer Hiscox has named the new Director of Underwriting for Hiscox Insurance in Bermuda as Adam Szakmary - who joins from Sompo International's asset management platform, Blue Capital Management. Szakmary will oversee underwriting activities in Bermuda, as Director of Underwriting, reporting to incoming Hiscox Re Chief Executive Officer (CEO) and ILS, ... Read the full article
Arthur J. Gallagher UK adds Simon Green to Board as non-executive director
3rd May 2017
Simon Green has been appointed as an independent non-executive director of Arthur J. Gallagher Holdings Limited's (UK) Board, effective June 1st 2017. Green will also serve as an independent non-executive director on the firm's Risk Committee and Audit Committee for the UK business, and will also become an independent non-executive ... Read the full article
Argo Group to simplify organisational reporting
2nd May 2017
International insurer and reinsurer Argo Group International Holdings, Ltd. has revealed that it plans to make changes to its reporting of financial results, with two reporting segments, U.S. operations and International operations. The change looks to simplify how the re/insurer reports its operational results, with the company now reporting on two ... Read the full article
Liberty Mutual completes specialty insurer Ironshore acquisition
2nd May 2017
Liberty Mutual Insurance - one of the largest property and casualty insurer's in the U.S. - has announced the completion of its acquisition of global specialty insurer Ironshore. Liberty purchased the firm from Fosun International for $2.935 billion after receiving regulatory approvals. The transaction took place under the guidance of Barclays Capital as financial ... Read the full article
Fidelis looks to expand niche specialty reinsurance business with backing of new MGA
2nd May 2017
Fidelis Insurance has revealed plans to expand its capabilities in the niche specialty reinsurance sector by backing Hiscox Re executive, Rob Ashton's plans to establish a managing general agent (MGA) in partnership with Nexus. Fidelis has announced that it will sponsor Ashton's new entity, which is expected to start writing business ... Read the full article
Influence of reserves on results to continue to shrink: KBW
2nd May 2017
Reserve releases are expected to continue to bolster the results of North American insurers and reinsurers over the next two years, albeit at a lower rate than previously and with fewer firms expected to benefit as redundancies fall further, according to analysis from Keefe, Bruyette & Woods (KBW). Throughout the soft ... Read the full article
New & enhanced RMS cyber model highlights challenge and opportunity for re/insurers
2nd May 2017
Global catastrophe risk modelling and analytics firm, RMS, has released its updated RMS Cyber Accumulation Management System version 2.0, which further highlights the need for improved cyber insurance and reinsurance solutions. The new and enhanced version 2.0 of the RMS Cyber Accumulation Management System includes a suite of cyber models and ... Read the full article
LMA partners with MGAA to support and develop delegated authorities framework
2nd May 2017
The Lloyd's Market Association (LMA) has partnered with the UK's General Managing Agents' Association (MGAA) to support the LMA's delegated authorities communications framework, the pair have announced. The framework is designed to improve the sharing of information and communications between MGAs and coverholders that underwrite on their behalf, and also third-party ... Read the full article
Validus Holdings completes acquisition of Archer Daniels Midland Crop Risk Services
2nd May 2017
Validus Holdings has further diversified its lines of business with the completion of its Archer Daniels Midland Crop Risk Services (CRS) acquisition. CRS is a primary crop insurance managing general agent (MGA) with $555 million gross premiums written in 2016 and 1,170 agents acting across 36 states. Validus’ Chairman and Chief Executive ... Read the full article
Munich Re announces changes to its North America executive team leadership
2nd May 2017
Munich Re has announced the appointment of Bernard Naumann to President and Chief Executive Officer (CEO) of the reinsurer's Canada (Life) division as well as additional changes to its North America team leadership. In his new role, Naumann will develop the Canadian reinsurance business strategy for Canada and the Caribbean. He previously worked ... Read the full article
U.S. university students launch Bermuda captive insurer
2nd May 2017
In what's believed to be a world first, a U.S. university has launched a Bermuda domiciled student-run captive insurer that will self-insure a number of risks for the university, underlining just how cost-effective the establishment of a captive in Bermuda is and supporting the drive for re/insurance industry talent. The captive ... Read the full article
Patria Re licenses full range of RMS models for LatAm and the Caribbean
28th April 2017
Global catastrophe risk analytics and modelling firm, RMS, has revealed that Latin American reinsurance entity, Reaseguradora Patria (Patria Re), has licensed the full range of RMS catastrophe models and analytics services for Latin America (LatAm) and the Caribbean. Parts of LatAm are extremely exposed to a variety of natural catastrophe events ... Read the full article
Reinsurers should anticipate impact of growing geopolitical risk
28th April 2017
Insurer Zurich and international affairs think tank, Atlantic Council, have cooperated to study three potential major geopolitical scenarios that could shake the global economy; ensuring risk management professionals and governments remain one step ahead of the mitigation and response game. With a changing geopolitical sphere being a hallmark of recent years, ... Read the full article
Munich Re hikes dividend, launches new €1bn share buy-back programme
28th April 2017
Munich Re is continuing the trend of returning its excess capital to its shareholders, as the reinsurance firm announces another increase in the dividend it will pay to its shareholders and launched another €1 billion share buy-back programme. In 2016 Munich Re paid its investors a dividend per share of €8.25. ... Read the full article
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