Reinsurance News
Solid January renewals keeps Hannover Re on track for 2019 targets
5th February 2019
Reinsurance giant Hannover Re has announced Group net income of €1.05 billion for the 2018 financial year and is expecting higher net income for 2019. The reinsurer has also revealed that it grew its premium volume in traditional property and casualty reinsurance by more than 15% at the January 1st ... Read the full article
Global cyber attack could cost businesses almost $200bn, finds study
4th February 2019
The global re/insurance industry is underprepared for the impact of a single large-scale ransomware cyber attack, which could cost businesses as much as $193 billion, according to a new study by the Cyber Risk Management (CyRiM) project. The report modelled an attack that infects 30 million devices worldwide and forces companies ... Read the full article
Ironshore makes exec appointments to oversee U.S programs unit
4th February 2019
Ironshore Specialty Casualty has announced the appointment of Casey Hartley as Senior Vice President, Head of Programs, as well as Tracey Sharis, Senior Vice President, who becomes Director of Programs. Hartley will oversee the development, marketing and distribution of programs lines, working with programs administrators across Ironshore’s underwriting platforms in the ... Read the full article
Global Parametrics partners with supercomputing experts on climate risk modelling
4th February 2019
Global Parametrics, a parametric and index-based risk transfer start-up that’s backed by the UK and German governments, has partnered with the Barcelona Supercomputing Centre (BSC) to improve the speed and scale of its climate-related risk modelling. The BSC is a member of the Partnership for Advanced Computing in Europe (PRACE) and ... Read the full article
Sirius announces new CEO and CFO appointments
4th February 2019
Global insurance and reinsurance group, Sirius International Insurance Group, Ltd., has announced that Kernan Oberting will succeed Allan Waters as Chief Executive Officer (CEO) of Sirius Group, while Ralph Salamone has been named as Oberting's replacement as Chief Financial Officer (CFO) of Sirius Group. Both of these appointments are effective February 9th, ... Read the full article
Castel adds marine specialty solution
4th February 2019
Castel Underwriting Agencies Limited, the club-style MGA formation platform, has included specialist marine coverages to its portfolio with the addition of Seacurus, a wholly-owned subsidiary of the Barbican Insurance Group. Led by Angus Bailey, Seacurus underwrites a book focusing on revenue protection and credit default protection insurances for the shipping industry, ... Read the full article
Allianz Exec Burkhard Keese appointed Lloyd’s CFO
4th February 2019
Burkhard Keese has been appointed Chief Financial Officer (CFO) of Lloyd’s following unanimous approval by Council members. Keese, who joins from Allianz Deutschland AG after seven years in the CFO position, will take take up his new role on 1 April 2019. During his time as CFO at Allianz Deutschland Keese successfully ... Read the full article
World Bank, EU agreement yields €30m for Caribbean climate programs
4th February 2019
The signing of two agreements by the European Union (EU) and the World Bank’s (WB) Global Facility for Disaster Reduction and Recovery will provide €30.7 million in funds for two climate resilience and adaptation programs in the Caribbean. €27.7 million will go to the Caribbean Regional Resilience Building Facility and will ... Read the full article
RFIB adds to African operations, opens new headquarters
4th February 2019
International re/insurance broker RFIB Group has announced two new additions to its African operations as well as the opening of new offices in Johannesburg. Fhumulani Munzhedzi joins as Head of Facultative for Africa and is reunited with Lee Ellis, Chief Executive Officer - RFIB Africa and Neesha Parbhoo, Director - RFIB ... Read the full article
QIC’s net result improves in 2018 as cost-efficiency drive continues
4th February 2019
Qatar Insurance Company (QIC) has reported a non-life combined ratio of 101.3% for the full-year 2018, reflecting catastrophe losses experienced in its Qatar Re and Antares divisions. The firm notes a continued, unwavering commitment to improve cost efficiency, which includes the restructuring of its reinsurance retrocession programmes. Despite the impacts of ... Read the full article
Australia’s Townsville flooding declared catastrophe by insurance council
4th February 2019
The Insurance Council of Australia (ICA) has declared a catastrophe for insurance policyholders in the city of Townsville, Queensland, which has experienced torrential rainfall and flooding over the past week. Officials said that up to 20,000 homes are at risk of flooding after the coastal area received more than a metre ... Read the full article
AIG expands Middle East services with re/insurance solutions from DIFC office
4th February 2019
American International Group (AIG) subsidiary AIG MEA has begun providing re/insurance solutions from its office in the Dubai International Financial Centre (DIFC), the leading financial centre in the region. The move enables AIG MEA to offer solutions to a broader number of geographies in the Middle East and Africa whilst bolstering ... Read the full article
Investors question SCOR’s “aggressive” legal dispute with Covéa
4th February 2019
French reinsurer SCOR has faced criticism from activist investors just days after the company announced it intends to initiate criminal actions against Covéa and its CEO, Thierry Derez, following the rejection of an €8.2 billion takeover bid last year. Catherine Berjal, CEO of investment management firm CIAM, penned a letter ... Read the full article
Australian terror pool renews AU$3.3bn retro reinsurance program
4th February 2019
The Australian government’s terrorism reinsurance agency, Australian Reinsurance Pool Corporation (ARPC), has renewed its AU$3.315 billion (US$2.3 billion) retrocession reinsurance program for 2019. The cover, along with ARPC’s net assets and a $10 billion Commonwealth guarantee, provides capacity in the event of a declared terrorism incident against commercial and eligible property ... Read the full article
Questions remain, but London market is prepared for no-deal Brexit: IUA CEO
4th February 2019
Dave Matcham, the Chief Executive Officer (CEO) of the International Underwriting Association (IUA), has said that were the UK to leave the European Union (EU) under a no-deal scenario, the London market is well prepared. With the March 29 Brexit deadline fast-approaching, widespread uncertainty, confusion and generally an overall lack of ... Read the full article