Reinsurance News
OMERS to contribute $1 billion to Fairfax’s Allied World acquisition
27th January 2017
It's been confirmed that OMERS, Ontario’s municipal employees’ pension plan has agreed to contribute $1 billion to the acquisition of Allied World alongside Fairfax Financial. The contribution will see OMERS indirectly acquire approximately 21% of insurer and reinsurer Allied World's shares. Fairfax had announced mid-December it would purchase Allied World for $4.9 billion ... Read the full article
Endurance shareholders vote in favour of acquisition by Sompo
27th January 2017
Bermudian insurance and reinsurance group Endurance Specialty Holdings Ltd. said today that its common and preferred shareholders have voted in favor of its acquisition by Sompo Holdings. In October it was revealed that Sompo Japan Nipponkoa Insurance, a division of Sompo Holdings, was set to acquire Endurance for an aggregate ... Read the full article
U.S. life reinsurance fundamentals remain stable: A.M. Best
27th January 2017
The fundamentals of the U.S. life reinsurance market remain stable, as the defensible positions of the five large reinsurers writing the majority of U.S. mortality risks characterise the sector, according to A.M. Best. Life reinsurance in the U.S. is not as competitive as in some other regions of the world, such ... Read the full article
Innovative index re/insurance scheme launches at Davos
27th January 2017
A micro-insurance and index-insurance scheme has been launched at the World Economic Forum in Davos by Imperial academics who claim it will save the food supply chain billions of dollars per year and create large-scale demand for risk transfer to re/insurance. The scheme, WINnERS project, consists of an infrastructure that gives the most ... Read the full article
Reinsurance News – Friday 27th January 2017
27th January 2017
Here’s your daily Reinsurance News for Friday 27th January 2017: Normalised catastrophe burden expected for reinsurers in Q4: Deutsche Bank A more normalised loss experience in the fourth-quarter of 2016 is expected to see European reinsurers use up or exceed their Q4 catastrophe budgets, according to analysts at Deutsche Bank. Read the full article
Soft marine reinsurance market savings passed on to shipowners
27th January 2017
The current low cost of marine reinsurance, due to the softening of global reinsurance rates, is now resulting in direct savings for shipowners as protection and indemnity clubs pass on the benefits. The main shipping insurance renewals are just weeks away, when the P&I clubs tend to close the majority of ... Read the full article
Lancashire appoints Andrew McKee CEO of Cathedral Underwriting
27th January 2017
Lancashire Holdings, the Bermuda and London specialty insurance and reinsurance company has, announced the appointment of Andrew McKee (previously CEO of MS Amlin at Lloyd's) as the new CEO of its Cathedral Underwriting business at Lloyd's of London. With effect from 26th June 2017, and subject to regulatory approvals and Lloyd's ... Read the full article
U.S. law firm expands re/insurance coverage with new office
26th January 2017
U.S. national law firm Drinker Biddle today announced plans to expand its insurance and reinsurance team with the opening of its 12th office in Dallas Texas on February 1st, 2017. The firm has hired 23 former Sedgwick LLP Dallas lawyers to man the new office - growing the company's reach in the ... Read the full article
AXIS opens Miami office for LatAm & Caribbean reinsurance push
26th January 2017
Insurer and reinsurer AXIS Capital Holdings Limited has announced the formation of AXIS Specialty Underwriters Inc. in Miami (AXIS Miami), which will operate within the firm's international insurance division and provide the Latin America and Caribbean (LAC) markets with direct and facultative reinsurance cover. AXIS Miami will operate as the re/insurer's ... Read the full article
Flood and wind most costly natural disasters in U.S. 2016: CoreLogic
26th January 2017
Data and analytics services provider, CoreLogic, has today released its 2016 report on natural disasters in the U.S. - the report names flood and damaging winds as causing the greatest losses. Overall catastrophe losses during 2016, both economic and insured, were the highest for the last four years, and above ... Read the full article
Munich Re to merge health and life reinsurance units
26th January 2017
Reinsurance giant Munich Re has announced that it will merge the reinsurance operations of its Munich Health unit with its Munich Re Life department, and has appointed member of its Board of Management, Thomas Blunck, to lead the operation in the future. The Germany domiciled reinsurance company also announced that it's ... Read the full article
New risk models to pressure price adequacy of Asia reinsurance
26th January 2017
Catastrophe risk modellers Impact Forecasting, AIR, RMS, and CoreLogic will be releasing updates to their existing risk models as well as new sophisticated tools to quantify and manage risks in the Asia region, Aon reported in its 2017 Asia market review. The updates are expected to lead to an in increase ... Read the full article
Lloyd’s welcomes EU/U.S. reinsurance deal
26th January 2017
Lloyd’s Chairman John Nelson welcomed the agreement reached by the European Union and the United States on insurance and reinsurance, saying he believed it would greatly benefit the global re/insurance industry. The deal is expected to make the market easier for EU and U.S. industry players to navigate by removing ... Read the full article
Ascot Underwriting’s Bermuda office announces new healthcare team
26th January 2017
Global specialty insurance and reinsurance underwriter, Ascot Underwriting, has announced three new underwriters to head up its Bermuda-based healthcare team. Ian Thompson, Nick Williamson, and Justin Keith will join Ascot’s Bermuda-based office on March 1st from Hiscox Re to underwrite Healthcare, Casualty Treaty, and Specialty Reinsurance business. Andrew Brooks, Chief Executive Officer ... Read the full article
Specialist global re/insurer Hiscox Group appoints chief actuary
26th January 2017
Specialist global insurance and reinsurance firm Hiscox Group has announced the appointment of Helen Cooper as new Chief Actuary. With over a decade of consultancy experience, Cooper brings expertise in general insurance, global insurers covering domestic retail business, corporate, and London Market products to the role. She will be moving to Hiscox Group ... Read the full article