Reinsurance News
Portfolio optimisation needed as market volatility rises: Guy Carpenter
12th September 2018
Optimised portfolio construction is becoming an increasingly vital strategy for re/insurers to tackle growing market volatility, which is being driven by excess capacity and rising claim costs, according to Guy Carpenter, the reinsurance broker and wholly owned subsidiary of Marsh and McLennan Companies. A global roundtable of Guy Carpenter leaders agreed ... Read the full article
IDF appoints AXA’s Denis Duverne as Chair of Steering Committee
12th September 2018
The Insurance Development Forum has announced the appointment of Denis Duverne as Chair of its Steering Committee, effective September 11. Duverne, who succeeds Stephen Catlin, is Chairman of AXA Group and has held senior roles, including Chief Financial Officer and Deputy Chief Executive Officer, at the global insurer since 1995. “I would ... Read the full article
AIG needs to be a disciplined taker of risk: Brian Duperreault
12th September 2018
AIG CEO Brian Duperreault spoke at the annual PwC briefing in Monte Carlo yesterday, saying that discipline needs to be at the heart of everything AIG does. Duperreault took the reins at AIG after the insurer had years of issues, leaving the seasoned CEO with a job to do. In his speech ... Read the full article
Everest Insurance adds three to cyber liability team
12th September 2018
Everest Insurance has announced the expansion of its Everest Specialty Underwriters Financial Lines Group, with the addition of three new cyber liability team members. The team, which is led by Vice President and Cyber Practice Leader Kevin Sherry, is focused on providing cyber liability coverage and solutions to companies across all industries. Firstly, Raphael ... Read the full article
Cycles are not dead: Emmanuel Clarke, PartnerRe
12th September 2018
Emmanuel Clarke, the President and Chief Executive Officer (CEO) of reinsurer PartnerRe, has said that the cycle is not dead, and that he believes we will continue to see cycles in reinsurance, too. Clarke made the comments speaking at the annual meeting of the reinsurance industry in Monte-Carlo, in response to ... Read the full article
Hurricane Florence to make direct hit on the U.S. in North Carolina
12th September 2018
Hurricane Florence, currently a category 4 storm in strength with maximum sustained wind speeds of around 140 mph and higher gusts, is forecast to make a direct hit on the United States in North Carolina on Thursday or Friday. Florence surprised the weather forecast models last week, travelling further west at lower latitudes lining ... Read the full article
Bermuda reinsurance market proves resilient to challenges: A.M. Best
12th September 2018
Bermuda continues to hold its niche position in the reinsurance sector despite a number of recent challenges, including U.S tax reform, a shrinking pool of reinsurance companies due to M&A activity, and, to a lesser extent, the uncertainty caused by Brexit, according to A.M. Best. Bermuda is assessed as a CRT-2 ... Read the full article
Reinsurance sector consolidation to continue: Fitch
12th September 2018
Global ratings agency Fitch is anticipating further consolidation across the reinsurance industry, driven by intense market competition and capital levels, alongside a lack of scale and diversification amongst smaller players. Fitch explains that marginalised firms that are under increasing pressure in a highly competitive operating landscape are being pushed to explore ... Read the full article
The cycle has “disappeared,” says SCOR’s Denis Kessler
11th September 2018
Denis Kessler, Chairman and Chief Executive Officer (CEO) of French reinsurance giant SCOR, has said that it is his “strong conviction” that the reinsurance pricing cycle has “disappeared” and is unlikely to return. Speaking during a debate on the third day of the Reinsurance Rendezvous event in Monte Carlo, Kessler acknowledged ... Read the full article
RMS names Neil Isford EVP, Sales & Client Development
11th September 2018
Catastrophe risk modeller RMS has announced the appointment of Neil Isford to the role of Executive Vice President (EVP), Sales & Client Development, reporting to Chief Executive Officer (CEO), Karen White. Isford will be tasked with overseeing all aspects of client development, sales and consulting at RMS, and will also join the company's Executive Committee ... Read the full article
Companies that have embraced tech will be well placed for the future: Faries, Tokio Millennium Re (Bermuda)
11th September 2018
Reinsurance companies that have started to adjust their operations and that have embraced the rise of technology are positioning themselves well for the future, according to the Head of the Bermuda branch of Tokio Millennium Re AG (TMR), Kathleen Faries. Reinsurance News recently spoke with Faries to discuss trends in the ... Read the full article
Blockchain not understood by enough insurers: PwC
11th September 2018
Blockchain is not understood by a sufficient number of insurers and is therefore obstructing its progression, says PwC in a new report. The firm says that, while blockchain is proving an excellent system for transparent, real-time customer experience for early adopters, the gains will be greatest if insurers focus their experimentation ... Read the full article
RenaissanceRe and TigerRisk complete data transfer POC with Piprate
11th September 2018
RenaissanceRe and TigerRisk Partners have successfully completed a commercial Proof of Concept (POC) with Piprate, a blockchain-based data exchange platform for the insurance industry. Piprate said that its blockchain technology and proprietary data model allow data to be shared in a more secure and efficient way than established solutions, with transparency ... Read the full article
Tullett Prebon launches Insurance-linked note platform
11th September 2018
Tullett Prebon, part of TP ICAP Group, the world’s largest interdealer broker, has announced the launch of its Insurance Linked Notes (ILN) platform - a new issuance and trading platform initially featuring catastrophe industry-loss instruments that will be fully-securitised The company cites record levels of cat bond issuance and other Insurance-Linked Securities as ... Read the full article
XL Catlin launches new space insurance solution for satellite and launch exposures
11th September 2018
Global insurer and reinsurer XL Catlin has announced the launch of a new seamless, single policy space insurance coverage for satellite owners, manufacturers and launch providers. The new solution covers all satellite and launch vehicle physical damage exposures from pre-launch to launch activities, through deployment of the spacecraft in orbit, explains ... Read the full article