Reinsurance News
Proportion of 2017 cat losses covered by re/insurance up 10%: Aon
20th July 2017
The first-half of 2017 brought catastrophe losses to the global economy of $53 billion, 42% of which, or $22 billion was covered by re/insurance protection, according to Aon Benfield unit, Impact Forecasting's latest catastrophe report. 76% of total global catastrophe losses were from U.S. events, making the U.S. the only region ... Read the full article
B3i to launch blockchain reinsurance platform at Monte Carlo RVS 2017
20th July 2017
The Blockchain Insurance Industry Initiative, better known as B3i, is going to launch and present its blockchain reinsurance platform, showing a prototype smart contract management system at the 2017 Monte Carlo Rendez-Vous. B3i is an initiative with 15 members that are all leading firms in the insurance and reinsurance industry. ... Read the full article
U.S. acres burned by wildfires in H1 2017 up 34%, says Verisk
20th July 2017
Verisk Insurance Solutions, a Verisk Analytics company, has produced data that highlights the potential for significant wildfire risk across the U.S., with 4.5 million homes in the country at high or extreme risk of wildfire. Verisk has published its 2017 FireLine State Risk Reports, which examine wildfire exposure in 13 states ... Read the full article
UK motor premiums soar at highest ever levels following Ogden rate change
20th July 2017
Motor premiums for UK re/insurers have risen at a faster rate than ever before, up by 11% from this time last year as the industry adjusts to the Ogden rate hike by passing on its increased costs to policyholders, according to the Association of British Insurers’ (ABI) Motor Premium Tracker. The ABI ... Read the full article
AIG could make better use of softening reinsurance market: Credit Suisse
20th July 2017
Property business is expected to drive much of the medium term underwriting improvement at global insurer American International Group Inc. (AIG), and the firm would be wise to make better use of the softening reinsurance market environment, suggests Credit Suisse analysts. AIG recently announced the appointment of Brian Duperreault as its ... Read the full article
Duck Creek & DataCede partner on P&C sector reinsurance admin solution
20th July 2017
Global provider of P&C industry insurance software, Duck Creek Technologies, has partnered with provider of reinsurance sector solutions, DataCede, to offer reinsurance administration solution to P&C insurers. The partnership sees Duck Creek expand its Global Alliance Program via the utilisation of DataCede's cloud-based CedeRight reinsurance solution, which automates processing and administration ... Read the full article
Munich Re first foreign reinsurer to announce Iran deal after removal of sanctions
20th July 2017
Iran's Saman Insurance has become the first Iranian insurer to purchase life reinsurance from a foreign firm following the removal of international sanctions in 2016, after signing a deal with Munich Re to reinsure risks in life insurance and capital formation categories, the Financial Tribune reported. Ahmadreza Zarrabieh, Chief Executive Officer (CEO) ... Read the full article
ReMark appoints Na Jia CEO & Head of SCOR Global Life Distribution Solutions
20th July 2017
SCOR subsidiary, ReMark International, has named Na Jia, an industry veteran with over 20 years re/insurance experience, as its new Chief Executive Officer (CEO) and Head of Global Distribution Solutions at SCOR Global Life, working as a member of the segment's Senior Management Team. Jia’s appointment comes into effect from July ... Read the full article
Bermudian re/insurers’ shift to primary business yet to pay off
20th July 2017
Underwriting income from reinsurance business over the last decade has been far more significant for Bermudian re/insurers than underwriting income from primary business, but this hasn't stopped firms' continued transition to a more insurance focused business mix, according to Fitch Ratings. Global financial services rating agency, Fitch Ratings, has examined the ... Read the full article
Nexus adds treaty reinsurance to offerings with Zon Re acquisition
20th July 2017
Nexus Underwriting Managing Limited (Nexus) has acquired U.S. domiciled reinsurance underwriting agency, Zon Re Accident Reinsurance (Zon Re), according to a statement from Nexus backer, B.P. Marsh. B.P. Marsh holds an 18.6% stake in managing general agent (MGA) Nexus, and provided a £30 million loan facility with HPS Capital Partners, of which ... Read the full article
Demand for casualty reinsurance increases at mid-year renewals: Willis Re
20th July 2017
Commenting on trends in the casualty market after the 2017 mid-year renewals, Willis Re said demand for reinsurance is increasing as the cyber market expands and global demand is stimulated by pending regulation in the European Union (EU) and Australia. As underlying cyber coverage expands with first party exposures, reinsurers appear ... Read the full article
Conyers Partner, Peter Ch’ng, relocates to Hong Kong
19th July 2017
International law firm, Conyers Dill & Pearman (Conyers), has announced that Partner Peter Ch'ng has relocated to Hong Kong from Bermuda, as the company looks to expand its corporate, banking, reinsurance and investment funds practices in the Far East. Ch'ng has been with Conyers since 2001 and was most recently a Director ... Read the full article
Ron Lockton to replace Glenn Spencer as President & CEO, Lockton
19th July 2017
International brokerage, Lockton, Inc., has revealed that Vice Chairman Ron Lockton, is to expand his role and become President and Chief Executive Officer (CEO) of the firm, replacing Glenn Spencer. Spencer is to retire from the company for personal reasons, with immediate effect, and after serving as the firm's Vice Chairman ... Read the full article
U.S. thunderstorms lead mid-year catastrophe losses: Munich Re
19th July 2017
2017 severe weather event related insurance and reinsurance losses have been largely dominated by a series of severe U.S. hailstorms and tornadoes which each incurred costs in the billions, although overall, global catastrophe losses have been well below the ten-year average, Munich Re said in its natural catastrophe review for January to ... Read the full article
IAG reveals new single Australian division in optimisation push
19th July 2017
Insurance Australia Group Limited (IAG) has announced the establishment of a single Australian division that will be led by current IAG Chief Operating Officer (COO), Mark Milliner. The launch of the new Australian division sees IAG consolidate and simplify its operating model, combining the former Australian Consumer, Australian Business, Operations and Satellite Divisions. Current ... Read the full article
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