Reinsurance News
SCOR to acquire 100% of mutual life/health reinsurer MutRé
17th July 2017
French reinsurance giant SCOR has announced this morning that it is to acquire the remaining shares of MutRé S.A., a reinsurer that SCOR has held a 33% stake in since 1998. MutRé S.A. is a mutual reinsurer, established to serve the social economy in France and a particularly major player in ... Read the full article
AMA takes legal action to recover $165mn from reinsurers after the Fort McMurray wildfire
14th July 2017
The Alberta Motor Association Insurance Company (AMA) has filed a statement claim with the Alberta Court of Queen's Bench, in an effort to recover money owed by reinsurers in relation to the devastating Fort McMurray wildfires. The Fort McMurray wildfires devastated the city and area in 2016, becoming Canada's costliest catastrophe event, ... Read the full article
AIG appoints Seraina Macia to CEO of planned subsidiary
14th July 2017
American International Group (AIG) has appointed Seraina Macia as Executive Vice President and Chief Executive Officer (CEO) of a new planned subsidiary, that will be set up to transform the firm's commercial insurance delivery with emerging technology and data science. The appointment is effective immediately, and will see Macia serve on the ... Read the full article
AXIS Capital gains approval to establish Lloyd’s Managing Agency
14th July 2017
Bermudian Insurer and reinsurer AXIS Capital Holdings Limited and its operating subsidiaries, have received all the necessary approval from Lloyd's of London, the Prudential Regulation Authority (PRA) unit of the Bank of England and the Financial Conduct Authority (FCA), to establish its own Lloyd's managing agent. Effective August 4th, 2017, AXIS Managing ... Read the full article
Indonesian reinsurers’ competitiveness improves with OJK capacity optimisation policy: Fitch
14th July 2017
Indonesia's reinsurance industry premiums have increased in the past few years with a three-year average growth of 33%, after the Indonesian Financial Services Authority (OJK) optimised local capacity, enabling the sector to retain more risk domestically. OJK requires all reinsurers to purchase enough protection to cover a 250-year return period; most of ... Read the full article
Brian Secrett to leave Lloyd’s for Chief Underwriting role at Tokio Millennium Re
14th July 2017
Tokio Millennium Re has announced that Brian Secrett will join the firm from Lloyd's of London as its new Chief Underwriting Officer (CUO), effective October 1st, 2017. As well as taking on the role of CUO, Secrett has also been made a member of the company's Executive Committee, also effective October 1st, ... Read the full article
Munich Re focusing on continuity over potential increases, says Deutsche Bank
14th July 2017
Munich Re Chief Executive Officer (CEO), Joachim Wenning, recently explained how the reinsurer's strategy remains unchanged with a push for growth sending the wrong signals that would ultimately result in the wrong results, with continuity seemingly being the firm's focus in the current market environment, reports Deutsche Bank analysts. Deutsche Bank recently met ... Read the full article
Genworth & China Oceanwide complete reinsurance agreements & refile CFIUS notice
14th July 2017
Insurer Genworth Financial and China Oceanwide Holdings have announced the completion of internal reinsurance agreements and have again withdrawn and re-filed their joint voluntary notice with the U.S. Committee on Foreign Investment (CFIUS), to allow the committee more time to review the firms' proposed transaction under their merger agreement. A new ... Read the full article
PartnerRe appoints ex Google director to Chief Corporate & People Operations Officer
14th July 2017
PartnerRe has appointed a former Google People Operations Director to Chief Corporate and People Operations Officer, effective from October 2, 2017. In her new role as a member of PartnerRe's executive management team, Dorothee Burkel will assume responsibility for Human Resources, Communications, Legal and Internal Audit. Burkel has led international and decentralized teams in ... Read the full article
National Surety Underwriters secures $8mn i2B Capital funding for reinsurance subsidiary
14th July 2017
i2B Capital has closed an $8 million structured term loan to National Surety Underwriters (NSU) to fund the capitalization of a new reinsurance subsidiary and the merger of McCabe and Independent Corporate Underwriters. NSU - a special-purpose surety reinsurance captive and underwriting agency headquartered in Philadelphia - is the sole owner ... Read the full article
Re/insurers could face up to $2.5 billion loss from next global cyber attack
14th July 2017
Graeme Newman, Chief Innovation Officer at CFC Underwriting, warned in a recent interview that the next global WannaCry cyber attack could cost the industry up to $2.5 billion, Bloomberg reported. "It’s exceptionally likely that we will see an event over the next months that will seriously affect insurers," said Graeme ... Read the full article
European cyber demand to grow as re/insurers prepare for GDPR: A.M. Best
13th July 2017
Re/insurers are taking steps to shore up their data usage as new data protection laws, the General Data Protection Regulation (GDPR) are set to be implemented across the European Union (EU), bringing an anticipated boom in cyber insurance revenues, according to A.M. Best's recent market briefing. The GDPR will come into force ... Read the full article
Willis adds Divisional Director to Financial Solutions Division
13th July 2017
Global insurance and reinsurance broker, Willis Towers Watson, has hired Stephanie Pariot as a Divisional Director within its Financial Solutions Division, which is part of the firm's Global Financial Lines and Corporate Risk and Broking unit. Pariot joins Willis Towers Watson with more than a decade of investment banking experience, having ... Read the full article
National General enters into auto & homeowners quota shares with panel of reinsurers
13th July 2017
National General Holdings Corp. has entered into individual two-year quota share reinsurance arrangements with a number of reinsurers, including Hannover Re, Munich Re and Everest Re, covering its auto and homeowners business lines. The first two-year quota share reinsurance agreement concerns National General's auto business, the Auto Quota Share Agreement, and sees the ... Read the full article
P&C sector underwriting to deteriorate until at least 2020: KBW
13th July 2017
Keefe, Bruyette & Woods (KBW) has warned that rising loss ratios, lower reserve releases, and normalised catastrophe losses will maintain underwriting pressure across the North American Property & Casualty (P&C) sector to at least 2020, in a recent equity research note. KBW analysts have revealed that it's updated its North American P&C ... Read the full article
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