Reinsurance News
Severe U.S. weather in May to cost insurers almost $3 billion: Aon Benfield
8th June 2017
Impact Forecasting, the catastrophe risk modelling unit of reinsurance broker Aon Benfield, has reported that severe weather in the U.S. in May is expected to result in an insurance and reinsurance industry loss of nearly $3 billion. Impact Forecasting's latest global catastrophe report shows that the majority of economic and insured losses ... Read the full article
Risk management under pressure as insurers tighten budget screws: Guy Carpenter
8th June 2017
Insurers have been tightening up budgets for risk modeling investment and moving away from multi-model risk management to an approach that relies on detailed understanding of a core model, as they come under pressure to improve the bottom line in a competitive market, said Guy Carpenter. Guy Carpenter's Matthew Eagle, Head of ... Read the full article
Matthew McCampbell joins U.S. Risk from Essent Group
8th June 2017
Brokerage U.S. Risk, LLC has named Matthew McCampbell Executive Vice President (EVP) of Corporate Strategy and Development, joining from Essent Group, Ltd. In his new role McCampbell will be responsible for for leading all acquisition activity as the plan continues its aggressive growth strategy. U.S. Risk, LLC's current affiliates, which it offers ... Read the full article
Indian regulator sets up committee to review reinsurance framework
8th June 2017
The Insurance Regulatory and Development Authority of India (IRDAI) has announced plans to form a panel of 17 members to conduct a comprehensive reinsurance framework review. The panel will examine the current regulatory framework for reinsurance and study international best practices, as well as look at the framework for health insurance - ... Read the full article
Willis consultants negotiate closure of FNWL & RGA reinsurance deal
8th June 2017
Willis Re and Willis Towers Watson consultants acted as brokers and actuarial advisors in the recently completed Zurich Insurance Group subsidiary, Farmers New World Life (FNWL), and Reinsurance Group of America (RGA) agreement to reinsure roughly $2.3 billion reserves from its closed U.S. annuity book. To ensure a full bidding process, FNWL said it ... Read the full article
Willis Towers Watson appoints Alice Underwood to global head of Risk Consulting & Software
8th June 2017
Willis Towers Watson has announced the appointment of Alice Underwood to global head of its Risk Consulting and Software (RCS) business. Underwood joins the RCS team from Willis Re, where she led the North America analytics team and was a member of the global leadership team. Commenting on Underwood's appointment, Carl Hess, ... Read the full article
Reinsurer ROEs to diminish further regardless of reduced loss activity: KBW
8th June 2017
Any "subsidy" to the return on equities (ROEs) of reinsurers is likely to diminish in response to persistent and worse-than-anticipated rate declines at recent renewals, regardless of fewer catastrophe events in the coming months, according to Keefe, Bruyette, & Woods (KBW). For the most part, the utilisation of reserves and the ... Read the full article
Ed appoints Chairman & CEO for Latin America reinsurance broking growth
8th June 2017
Reinsurance broker Ed today announced the appointments of Mike Hernandez to the role of Chairman and Agustin de Freitas as Chief Executive Officer (CEO) of Ed Broking LatAm. They will take up their roles with immediate effect. Commenting on the appointments, Steve Hearn, CEO, said; “The opportunity in LatAm is clear. This ... Read the full article
XL Catlin announces promotion of Adias Gerbaud to Head International Environmental
8th June 2017
XL Catlin has announced the promotion of Adias Gerbaud to Head International Environmental as the reinsurer moves to strengthen its environmental insurance capabilities across its EMEA, LatAm and APAC regions. In her newly expanded Madrid-based role, Gerbaud will be responsible for managing XL Catlin’s environmental portfolio while leading a team of eleven underwriters ... Read the full article
Swiss Re Corporate Solutions opens Manchester office targeting UK expansion
8th June 2017
Global reinsurance firm Swiss Re has added a new office in Manchester, UK for its commercial insurance operations, under Swiss Re Corporate Solutions, as it seeks to strengthen its UK presence. Swiss Re wants to grow its regional commercial insurance portfolio across the UK, with the northwest offering plenty of opportunity ... Read the full article
Lloyd’s needs to raise its profile to be a market for the future: Cavanagh
7th June 2017
The growth of insurance and reinsurance centres around the world, the consolidation of the broker community, and challenging market conditions have created an increasingly competitive operating landscape, driving a need for the Lloyd's of London marketplace to raise its profile, warns Willis Re Chief Executive Officer (CEO), John Cavanagh. International ratings agency A.M. ... Read the full article
William Lewis to lead Ironshore’s Australian & New Zealand insurance offerings
7th June 2017
Ironshore International has announced the appointment of William Lewis as Managing Director of Ironshore Australia Pty Limited, responsible for leading its multi-line insurance offerings across Australia and New Zealand. Lewis will based in the firm's Sydney office and reports to Managing Director, Ironshore Asia Pacific, Hui Yun Boo. Hui Yun Boo, commented on ... Read the full article
XL Catlin lifts global property insurance capacity to $500m
7th June 2017
Insurer and reinsurer XL Catlin has increased its global property insurance capacity by 25% to $500 million, and which the company says is available on a quota share or layered basis. The 25% capacity extension enables the re/insurer to address more of its domestic and international property insurance needs, as clients increasingly ... Read the full article
Zep Re becomes just second foreign reinsurer to launch Ethiopia office
7th June 2017
Kenya domiciled reinsurer Zep Re, or PTA Reinsurance Company, has established a new regional office in Ethiopia in an effort to boost its reinsurance operations in Africa's second largest market by population, according to reports from the region. The new office has now opened following the signing of a hosting agreement ... Read the full article
AIG management’s ability to execute turnaround questioned by S&P
7th June 2017
The ability of the management of troubled insurance giant American International Group (AIG) to execute on its recovery plans has been questioned by rating agency Standard & Poor's, despite the arrival of Brian Duperreault as CEO. AIG has been working to turn-around its performance in recent years, an ongoing process ... Read the full article
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