Reinsurance News

Markel adds ex-Munich Re marine underwriter Fordham to Singapore team

18th April 2017

Markel International Singapore, a specialist insurance office of the global insurer and reinsurer, has hired Colin Fordham from Munich Re to be a senior marine liability underwriter based from the Singapore office. Fordham had most recently worked for the Munich Re syndicate on the Lloyd’s Asia Platform in Singapore, also underwriting ... Read the full article

Grinnell Mutual expands with new reinsurance team launch

18th April 2017

Grinnell Re, a division of Grinnell Mutual, has launched a new team, National Reinsurance, to expand its reach to broader re/insurance market territories including the broker market and the broader property-casualty insurance space. Rick Tjarks, assistant vice president, and Randy Dammeyer, senior account executive, have been appointed to head up the ... Read the full article

Loss costs to shrink homeowners’ margins, but reinsurance prices to stabilise rates

18th April 2017

Rising loss cost inflation among U.S. homeowners insurers is expected to result in shrinking margins for the group throughout 2017, but large rate increases may be fended off thanks to the stabilising effect of cheaper property reinsurance. Higher severity losses in the U.S. homeowner insurance market, excluding the impact of catastrophes, ... Read the full article

Swiss Re sets up Singapore reinsurance entity to be Asian HQ

18th April 2017

Global reinsurance firm Swiss Re has established a legal entity in Singapore which will also serve as its Asian headquarters, as it strengthens its commitment to providing reinsurance solutions across the Asia region. The new Singapore company, Swiss Re Asia, will be wholly-owned by Swiss Re Ltd., the Zurich based parent ... Read the full article

Unum to offer stop loss cover for U.S. self-insured firms

18th April 2017

Unum - a leading provider of financial protection benefits in the U.S. and the U.K. - today announced the launch of a new product providing stop loss reinsurance coverage for self-insured companies. Stop loss covers self-insured employers if their employees’ medical claims exceed expectations, cover is triggered if losses surpass an agreed sum, it's ... Read the full article

Reinsurance News – Tuesday 18th April 2017

18th April 2017

Here’s your daily Reinsurance News for Tuesday 18th April 2017: Swiss Re sets up Singapore reinsurance entity to be Asian HQ Reinsurer Swiss Re has established a legal entity in Singapore that will also serve as the firm's Asian headquarters. 2017 an “environment of cautious optimism” for U.S. & ... Read the full article

Reinsurance backed geothermal risk transfer expands to Germany

13th April 2017

A German drilling contractor and energy company, Daldrup & Söhne AG, has become the first firm in Germany to use an innovative integrated drilling risk insurance model backed by a reinsurance structure.  The insurance model’s alternative risk transfer (ART) structure is backed by a reinsurance framework and used to hedge the ... Read the full article

2017 an “environment of cautious optimism” for U.S. & Bermudian M&A: Deloitte

13th April 2017

Deloitte has proclaimed its M&A outlook for this year an "environment of cautious optimism," saying it expects U.S. and Bermudian re/insurers to plan for, but delay final execution of mergers & acquisitions until implications of potential regulatory and tax code changes become clearer. “Entering 2017, the post-election stock run-up and quarter-point ... Read the full article

AXIS Capital hires Trivitt as VP, Corporate Communications

13th April 2017

Bermuda based specialty insurance and reinsurance firm AXIS Capital Holdings Limited has appointed Keith Trivitt as its Vice President for Corporate Communications. Trivitt will be tasked with guiding the development and implementation of external communications strategy and initiatives for AXIS Capital and its core business units, including reinsurer AXIS Re. Trivitt ... Read the full article

Andy Bord named permanent CEO of Flood Re

13th April 2017

Flood Re, the UK's government-backed flood reinsurance scheme, has announced that interim Chief Executive Officer (CEO), Andy Bord will take on the position permanently. Bord was named interim CEO of Flood Re in January 2017, and after an extensive and comprehensive search undertaken by Odgers Berndtson, the reinsurer has revealed that ... Read the full article

Munich Re US (Life) launches new underwriting training programme

13th April 2017

Reinsurance giant Munich Re's US (Life) division has announced the launch of a new underwriting training initiative, which includes an extensive and comprehensive library and information on financial underwriting. The new training programme was officially introduced to almost 1,000 life insurance underwriters at the Association of Home Office Underwriters Annual Conference in San ... Read the full article

Technology – shifting global awareness and perception of re/insurance: Swiss Re

13th April 2017

Swiss Re’s Chief Executive Officer (CEO) of Reinsurance, Moses Ojeisekhoba, has pointed to “encouraging” signs that technology is shifting global perception and awareness of insurance, as it simultaneously transforms the industry’s products into shorter-term, bite-size, and more cost-efficient solutions. Ojeisekhoba suggested people’s perceptions of insurance and its use is the “most important thing ... Read the full article

Marine underwriters face growing challenges: IUMI

13th April 2017

The International Union of Marine Insurance (IUMI) said marine insurers last year faced growing challenges as energy claims rose against a reducing premium base and cargo accumulation risk and the frequency of major vessel casualties continued to increase. Donald Harrell, Chairman of IUMI’s Facts & Figures committee, commented that marine risks continue ... Read the full article

Brit hires Lim from ArgoGlobal as CEO, Global Specialty Singapore

13th April 2017

Insurance and reinsurance group Brit Ltd. has hired David Lim from ArgoGlobal and appointed him as its new CEO for its Global Specialty business based in Singapore. In the new role Lim will be will be jointly responsible for identifying growth opportunities and establishing new lines of business for Brit Singapore, ... Read the full article

$30 million Ogden rate blow to RenaissanceRe reserves

13th April 2017

Renaissance Re has announced an estimated $30 million pre-tax impact of the Ogden rate on its carried reserves, to be accounted for in the firm's first quarter results. The firm said most of the reserve increase is related to a its U.K. medical malpractice contracts within the reinsurer's Casualty and Specialty segment. One ... Read the full article