Reinsurance News
Guernsey’s first Chinese reinsurer launches
23rd November 2017
Brilliant Reinsurance (Guernsey) Limited, Guernsey's first Chinese reinsurer has been established, further deepening the relationship between Guernsey's re/insurance industry and China's business sector. The new company was established and will be managed by Alternative Risk Management (ARM), and will have a focus on business being retroceded from the specialist Lloyd's of ... Read the full article
Lloyd’s eyes 20% premium growth in MENA region in 2018
23rd November 2017
The specialist Lloyd's of London insurance and reinsurance marketplace is anticipating 20% year-on-year premium growth in 2018 for business written out of its Middle East and North Africa (MENA) base, according to Vincent Vandendael, Lloyd's Chief Commercial Officer, in an interview with The National. Lloyd's opened its MENA base in the ... Read the full article
XL Catlin appoints new Country Manager for German insurance business
23rd November 2017
Global insurer and reinsurer, XL Catlin, has named Dr. Thomas Gotting as Country Manager Germany, Insurance, effective January 1st, 2018. Gotting replaces Dieter Goebbels who is to retire at the start of 2018, and will be based in Cologne reporting to Kelly Lyles, Chief Executive Client & Country Management at XL Catlin. He ... Read the full article
Madison RE I.I. chosen as reinsurer for Novea’s Jacana Insurance
23rd November 2017
Financial services software company, Novea Inc. has selected international insurer, Madison RE I.I., to provide reinsurance protection for its wholly owned captive insurance subsidiary, Jacana Insurance. Novea Inc. is the developer of the Jacana Warranty app, and the agreement sees Madison RE I.I. provide reinsurance for Jacana Warranty offerings. Madison RE I.I. ... Read the full article
Helios approved by Lloyd’s to acquire Chapman Underwriting
23rd November 2017
Helios Underwriting plc has announced the acquisition of Chapman Underwriting Limited, a limited liability member of Lloyd's of London, for a cash consideration of £540,000 (roughly US$715,000). The acquisition comes following approval of change of control by the Lloyd's of London marketplace, and is in line with Helios' strategy of increasing underwriting ... Read the full article
Didier Belot promoted to Swiss Re Corporate Solutions Head of Southeast Asia
23rd November 2017
Swiss Re Corporate Solutions, a division of global reinsurer Swiss Re, has promoted Didier Belot from a post leading the Innovative Risk Solutions team in Asia Pacific to Head of Southeast Asia. Belot first joined Swiss Re in 2008 and has held roles across the U.S., China, and Europe. "Didier's experience in ... Read the full article
U.S. P&C insurers suffer $20bn underwriting loss so far in 2017
23rd November 2017
Reflecting the impact of major catastrophes in 2017, the U.S. property and casualty insurance industry has fallen to a net underwriting loss of $20 billion for the first nine months of the year, according to rating agency A.M. Best. The data is based on P&C insurers preliminary results, but the number ... Read the full article
76% expect London re/insurance market to be disrupted in coming decade
23rd November 2017
Barbican Insurance Group, the London-based specialty re/insurance player, is to research and explore trends that will influence and drive the future of the London insurance and reinsurance market. Barbican and Gracechurch Consulting conducted a survey on the future of the London Market focused on innovation and modernisation. The findings show that 76% ... Read the full article
Pacific Catastrophe Risk Insurance Company increases reinsurance by 19%
22nd November 2017
The Pacific Catastrophe Risk Insurance Company (PCRIC) secured increased reinsurance coverage of $45 million for the 2017-2018 cyclone season, providing five participating Pacific Island Countries (PICs) with parametric insurance protection for climate and seismic risks. In its sixth season, the PCRIC has secured protection of $45 million for the Cook Islands, ... Read the full article
AGCS expands in China & Indonesia
22nd November 2017
Allianz Global Corporate & Specialty (AGCS), a division of global insurer and reinsurer Allianz, has expanded its presence in China and Indonesia as it looks to take advantage of opportunities from growing regional insurance markets. AGCS has announced that it's started operations in Beijing, China, as a division of Allianz China's ... Read the full article
Initial loss estimates for Iran earthquake at $641 million
22nd November 2017
Early estimations for economic losses from the 7.3 magnitude Iran earthquake that killed over 500 people and injured thousands put total losses at $641 million, according to the Kermanshah Province vice governor, Mojtaba Nik-Kerdar. The financial tribune quoted Mojtaba Nik-Kerdar's estimate of $197 million of losses attributed to ... Read the full article
Starr Companies enters into aviation insurance agreement with SMARTT MGA
22nd November 2017
Starr Companies has announced a new partnership with SMARTT MGA, that sees the latter act as Agent for Starr International (Europe) Limited, providing both automated quotes and policy documentation for light general aviation business. Jim Herbert, Chief Underwriting Officer (CUO), Aviation, said; "We have built a close and fruitful relationship with ... Read the full article
As re/insurers search for yield, risk to credit quality rises: Moody’s
22nd November 2017
Rating agency Moody's Investors Service has commented on regulator EIOPA's findings that insurers and reinsurers are searching for yield in their investment portfolios, but notes that this increases the risk to credit quality. A survey by the European Insurance and Occupational Pensions Authority (EIOPA) found that in recent years re/insurers have ... Read the full article
Claes Lindh to step down from Skuld’s exec management team
22nd November 2017
Provider of marine insurance solutions, Skuld, has announced that Claes Lindh will stand down from the company after ten years of service, effective January 1st, 2018. Lindh, a member of the firm's executive management team, formally steps down at the beginning of January, 2018, but will continue to work on a ... Read the full article
Brexit uncertainty sees North P&I & Sunderland Marine launch Irish insurer
22nd November 2017
North P&I Club and its subsidiary Sunderland Marine have announced plans to establish a subsidiary insurance company in Ireland to ensure passporting rights following the UK's vote to leave the European Union (EU). In a statement, North P&I and Sunderland Marine underlined their reliance on EU passporting rights to insure risks ... Read the full article
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