Reinsurance News
Willis Towers Watson adds two CRB business, Midwest leaders
16th February 2017
Insurance and reinsurance brokerage, global advisory and solutions firm, Willis Towers Watson (WTW), has announced the appointment of Scot Housh and Mark Vila within its Midwest Corporate Risk and Broking (CRB) business. Housh joined the firm in 1997 and has more than 30 years of insurance broking experience. Most recently he served ... Read the full article
AIG hopes to renew Swiss Re casualty quota share on better terms for 2018: Hancock
16th February 2017
Speaking at an insurance conference run by Bank of America Merrill Lynch this morning, Peter Hancock, the CEO of insurance giant AIG, said that he hopes the company will be able to renew its casualty quota share reinsurance arrangement with Swiss Re on better terms in 2018. AIG entered into a ... Read the full article
Need for mitigation spending highlighted after NSW wildfires
16th February 2017
The Insurance Council of Australia (ICA) has highlighted the need for mitigation against natural disasters as New South Wales (NSW) continues to battle severe wildfires and last December heavy rainfall sparked flash floods, in what was described as a once-in-a-half-century weather event. The ICA said "it’s important to recognise that ... Read the full article
Global insurance rate declines moderated in Q4: Marsh
16th February 2017
Marsh has released its Global Insurance Market Index for the fourth-quarter of 2016, showing insurance rates continued to moderately decline on average across all major, global business lines. Global property insurance rates provided the exception to the trend of more moderate declines, falling by 4.2% in Q4, this compares to a decrease of 3.9% ... Read the full article
Solvency II fuelling increased reinsurance demand: Fitch
16th February 2017
Commentary from reinsurance companies following the key January 1st 2017 renewal season supports the view that Solvency II regulation will increase demand for reinsurance protection, according to international rating agency, Fitch Ratings. The benign large loss environment and abundance of capital in the global reinsurance market, from both traditional and third-party ... Read the full article
Argo launches M&A transactional risk insurance program
16th February 2017
Specialty insurance and reinsurance firm Argo Group is getting into the transactional risk insurance space, focusing on the smoothing of merger & acquisition pains for clients. Argo division Argo Pro has partnered with BlueChip Underwriting Services LLC, to offer a transactional risk insurance program designed to facilitate mergers and ... Read the full article
New York cyber rules could increase demand, but also potential for loss
16th February 2017
Cyber security regulations being put in place by the New York Department of Financial Service (NYDFS) could help to increase demand for cyber risk insurance cover, and ultimately reinsurance, but may also increase the exposure and loss potential re/insurers hold, says Fitch Ratings. The regulations coming into effect on March 1st ... Read the full article
Qatar Re promotes two to chief underwriting officer positions
16th February 2017
Reinsurer Qatar Re has promoted two internal candidates to short and long-tail Chief Underwriting Officer (CUO) positions, as it replaces the departing Alastair Speare-Cole who resigned this month. Luke Roden has been named CUO - Short Tail Classes and will also remain in charge of reinsurance buying as Head of Ceded ... Read the full article
Reinsurance News – Thursday 16th February 2017
16th February 2017
Here’s your daily Reinsurance News for Thursday 16th February 2017: Qatar Re promotes two to chief underwriting officer positions Reinsurer Qatar Re has announced two promotions, including Luke Roden to CUO, Short Tail Classes, and Michael van der Straaten to CUO, Long Tail & Speciality Classes. MS Amlin ... Read the full article
World Bank & Africa Re collaborate to expand microinsurance
15th February 2017
The World Bank Group’s Global Index Insurance Facility (GIIF) and African Reinsurance Corporation (Africa Re) have entered into an innovative risk-sharing facility agreement, that's expected to create more affordable local insurance solutions and help protect smallholder farmers from the impact of climate change. The agreement is meant to provide a boost ... Read the full article
JLT Specialty hires cargo re/insurance broking SVP from Willis
15th February 2017
Insurance and reinsurance broker Jardine Lloyd Thompson's (JLT) U.S. subsidiary, JLT Specialty USA, has announced Jim White as its newly appointed Senior Vice President to head up its insurance and reinsurance cargo broking. White joins from fellow brokerage Willis Towers Watson, and will work with JLT’s global Cargo team with a focus ... Read the full article
RenaissanceRe’s Steve Weinstein named ABIR Policy Committee Chair
15th February 2017
The Association of Bermuda Insurers and Reinsurers (ABIR) has appointed RenaissanceRe's Steve Weinstein as Chair of its Policy Committee. Weinstein is Senior Vice President and Group General Counsel at Bermuda domiciled reinsurance firm RenaissanceRe Holdings Ltd., in charge of group legal, regulatory, government affairs and compliance matters. The ABIR Policy Committee is ... Read the full article
Bermuda’s captive market remains the largest
15th February 2017
The captive insurance and reinsurance market in Bermuda remains the largest in the world, with registrations in 2016 helping to keep the islands captive register stable during the year. A total of 776 captive insurers were registered on the island at the end of 2016, with 13 new captives registering over ... Read the full article
Palomar gets first successful rate filing with AIR U.S. flood model
15th February 2017
Specialty insurer Palomar has used AIR Worldwide’s U.S. probabilistic flood model to obtain a first-ever successful rate filing for flood. Palomar has become the first admitted firm to successfully offer a stand-alone residential flood insurance product in California, after its first-time launch of AIR’s flood model, Flood Guard. The programme was first released by ... Read the full article
MS Amlin the first Lloyd’s syndicate to underwrite backed by Flood Re
15th February 2017
Global specialty insurance group MS Amlin has become the first Lloyd's of London syndicate operator to underwrite homeowners policies backed by the government's flood reinsurance scheme, Flood Re. MS Amlin signed up with the UK Government backed Flood Re to support its underwriting of flood risks assumed through mid to high ... Read the full article