Reinsurance News
U.S. life insurance sector to remain well capitalised: S&P
20th November 2018
S&P Global Ratings has said that the U.S. life insurance industry has strong capitalisation at a macro level, but warns that capitalisation varies by individual company. Analysis by the global ratings agency finds that rather than reserve risk, it is asset risk that drives capital requirements for life insurance companies, with ... Read the full article
Asia to drive re/insurance market growth as global economy slows: Swiss Re
20th November 2018
Emerging markets, and Asia in particular, are likely to become the main drivers of demand and growth in the re/insurance market as the global economy begins to slow and lose momentum over the next few years, according to Swiss Re Institute’s latest sigma report. The report, titled ‘Global economic and insurance ... Read the full article
MS Amlin partners with Folgate ahead of 2019 launch
20th November 2018
Global re/insurer MS Amlin has partnered with London-based Folgate Insurance Company to underwrite Folgate's business as it looks to re-launch in the UK market in 2019. The companies will collaborate on underwriting Property, Liability, Professional Indemnity and other lines of business throughout the UK from next year. Folgate’s managing agent, APC will ... Read the full article
EIOPA regulator continues to face significant challenges, say Auditors
20th November 2018
The European Insurance and Occupational Pensions Authority (EIOPA), a European Union (EU) regulatory institution, has made important contributions to the financial stability of the re/insurance sector but continues to face significant challenges, according to the European Court of Auditors (ECA). A new report by the ECA said that the Authority, along ... Read the full article
DWF appoints Clyde & Co’s David Abbott as Head of London Market
20th November 2018
Multinational law firm DWF has further strengthened its insurance division with the appointment of David Abbott as Head of London Market. Abbott joins from Clyde & Co where he served as the global co-head of reinsurance and senior partner in the specialty and energy teams for over 20 years. He also advises ... Read the full article
DARAG acquires SOBC Services, takes on four in run-off insurers
20th November 2018
DARAG Guernsey has announced that its wholly owned subsidiary, SOBC DARAG Holdings Ltd, has now acquired the entire share capital of SOBC Services in an agreement that will also see it take on four in run-off U.S carriers and a Bermuda-based cell. The announcement follows the formation of SOBC DARAG ... Read the full article
PPL adoption gains momentum over Q3, reports Board
20th November 2018
The Board of Placing Platform Limited (PPL) has released market wide data for risks placed electronically during the third quarter of 2018, which shows a steady increase in the proportion of syndicates adopting PPL. The data shows that take-up exceeded the Q3 target of having 20% of in scope risks placed ... Read the full article
Moody’s still stable on European insurance sector, but warns of headwinds
20th November 2018
Global financial services ratings agency, Moody's Investors Service, has maintained its stable outlook on the European insurance industry in light of the expectation of gradually rising interest rates and still solid economic growth. Despite its still stable outlook for the sector, Moody's does warn that the prospect of more merger and ... Read the full article
Willis Towers Watson appoints Senior Director for Consulting and Technology
20th November 2018
Global insurance and reinsurance broker Willis Towers Watson (WTW) has expanded its analytics and digital transformation team with the appointment of Iain Whittingham as a Senior Director in the company’s Insurance Consulting and Technology business. Whittingham joins WTW from FTI Consulting, where he most recently served as Managing Director for Global ... Read the full article
AXA XL acquires full ownership of New Ocean Capital Management
19th November 2018
AXA XL has announced that its reinsurance operation has acquired all third-party ownership interests in New Ocean Capital Management Limited, its majority-owned ILS fund management platform. XL Group founded New Ocean in July 2013 in partnership with private equity fund Stone Point Capital, and later with Japanese conglomerate, Mitsui & Co., Ltd. Having ... Read the full article
Ascot appoints John O’Brian as Executive VP & Head of Environmental
19th November 2018
Ascot, a Bermuda headquartered insurance and reinsurance firm, has announced the appointment of John O’Brian as Executive Vice President and Head of Environmental. O’Brian will be responsible for launching an environmental liabilities and related specialty product business unit accessing both the Admitted and E&S capabilities of Ascot Insurance U.S. “John is one ... Read the full article
Willis Towers Watson launches cyber solution for airports
19th November 2018
Global insurance and reinsurance broker, Willis Towers Watson (WTW), has announced the launch of a new innovative cyber solution for airports, called CyFly for Airports. The constantly evolving and growing cyber threat has seen cyber and digital risks become a top concern for the airports of today. In response, WTW has ... Read the full article
Business leaders lack confidence about growth prospects: CNA Hardy
19th November 2018
Less than two thirds (59%) of business executives worldwide are currently confident about the ability of their companies to grow and prosper, with 82% feeling they operate in a moderate to high risk environment, according to the latest edition of CNA Hardy’s Risk and Confidence Survey. Responses varied significantly by region, ... Read the full article
Tokio Marine’s Luxembourg subsidiary takes next step as Brexit nears
19th November 2018
Tokio Marine Group, the parent of Tokio Marine Kiln (TMK) and Tokio Marine HCC International, has received approval from the High Court of England and Wales to complete the Part VII process of transferring its existing portfolio of policies written out of Continental European operations to its newly established subsidiary, ... Read the full article
Re/insurers to absorb wildfire losses but the future a concern: S&P Global
19th November 2018
While primary re/insurers will be able to absorb losses associated with the recent California wildfires, limiting them to an earnings event, S&P Global Ratings has stated that the increasing costs attached to such events - in tandem with an unfavourable regulatory environment that limits the ability to raise rates - may ... Read the full article