Reinsurance News
Reinsurance News – Thursday 9th February 2017
9th February 2017
Here’s your daily Reinsurance News for Thursday 9th February 2017: Major reinsurers pull back on China underwriting Three of the world's biggest reinsurance companies have all pulled back on their China underwriting in response to thinning margins and increasing competition from local players. London Market Group to add ... Read the full article
U.S. weather & Chile fires lead January Catastrophe losses: Aon Benfield
8th February 2017
U.S. severe weather and Chile wildfires have led January’s catastrophe loss events, with U.S. weather losses exceeding $1 billion and Chile following with $890 million in losses after its worst wildfire event in modern history. Aon Benfield’s monthly Global Catastrophe report has released figures for January, revealing a month ... Read the full article
Aspen appoints Matthew Botein to Board as Class I Director
8th February 2017
Specialty insurance and reinsurance provider Aspen has appointed Matthew Botein to its Board of Directors as a new Class I Director, and as a member of the Board’s Investment Committee. Botein is a Managing Partner of private investment and advisory firm Gallatin Point and has extensive experience in the financial services industry, having ... Read the full article
Cost of climate change highlights important role of re/insurance
8th February 2017
A report published by the European Environment Agency (EEA) stated that economic losses to the region could rise to as much as €190 billion per year by the end of the 21st century - highlighting the growing role reinsurers will likely play in mitigating climate change loss. The report assesses the ... Read the full article
London Market Group to add reinsurance to PPL trading platform
8th February 2017
The London Market Group has announced plans to revamp its electronic trading platform (PPL) and said it’s looking to expand the lines of business available for trading to include reinsurance. The Group plans to introduce further enhancements to the platform in April, improving functions to make it relevant to all classes ... Read the full article
Major reinsurers pull back on China underwriting
8th February 2017
Three of the world's largest reinsurance firms have all pulled back on their China underwriting, as margins for the business become increasingly thin and local competition starts to influence the market. China has been seen as one of the big opportunities for reinsurance firms, a fast growing economy, significant industrial and ... Read the full article
Andy Wakefield joins reinsurance broker Ed from Willis Re
8th February 2017
Global reinsurance broker Ed has appointed Andy Wakefield as Managing Director of its Marine and Energy Reinsurance business. Wakefield will take up the new position later in the year, reporting to Kieran Angelini-Hurll, Chief Executive Officer (CEO) of Reinsurance, Ed. Commenting on the appointment, Angelini-Hurll said; "Andy is an excellent addition to our ... Read the full article
Re/insurers in Middle East see drop in credit ratings: A.M. Best
8th February 2017
Reinsurers and insurers in the Middle East have seen a slight drop in credit ratings, largely due to lower market demand brought on by a sluggish economy, according to A.M. Best’s 2016 performance report. “Commercial activity is highly correlated to oil demand and the recent period of low energy prices has depressed ... Read the full article
Aon appoints new reinsurance Global Head of Broking Strategies
8th February 2017
Reinsurance intermediary Aon Benfield has appointed Jeremy Goodman to a New York-based role as Global Head of Broking Strategies with immediate effect. Goodman will report to Eric Andersen, Chief Executive Officer of Aon Benfield, and will be responsible for networking with the firm’s reinsurance trading partners to develop innovative products that ... Read the full article
Berkshire Hathaway Specialty opens London office, expands exec team
8th February 2017
Berkshire Hathaway (BHSI) today announced the creation of a new affiliate London office, its key executive roles have already been filled with industry experts joining from Allied World, Travelers Europe and AIG. The new office will serve brokers and customers in the UK and Southern European countries, including Ireland, Spain, France ... Read the full article
Enstar in £957m legacy UK employers’ liability reinsurance deal with RSA
8th February 2017
A subsidiary of Bermuda based insurance, reinsurance and run-off specialist Enstar Group has entered into a reinsurance agreement with RSA Insurance Group PLC to reinsure £957 million of its legacy UK employers’ liability business. The legacy reinsurance deal will see Enstar's subsidiary assuming £957 million (approximately $1.2 billion) of RSA's gross ... Read the full article
Reinsurance News – Wednesday 8th February 2017
8th February 2017
Here’s your daily Reinsurance News for Wednesday 8th February 2017: SCOR finds U.S. reinsurance growth at 1/1 Insurer and reinsurer SCOR has revealed that it found opportunities for reinsurance premium growth at the recent January renewals, despite continued market pressures. Enstar in £957m legacy reinsurance deal with RSA A ... Read the full article
SCOR finds U.S. reinsurance growth at 1/1
7th February 2017
French reinsurance company SCOR found opportunities for premium growth at the January 1st 2017 renewals, with the U.S. driving much of its increase despite that market being the most under pressure. SCOR has been targeting expansion into the U.S. over recent reinsurance renewals, with the way it has historically diversified its ... Read the full article
Argo to retain Ariel Re brand, names Mather Global Head of Reinsurance
7th February 2017
In the wake of its successful acquisition of Ariel Re, global specialty insurance and reinsurance underwriting company Argo Group International Holdings, Ltd. has named former Ariel Re chief executive officer, Ryan Mather as its Global Head of Reinsurance. Argo Group completed its acquisition of Ariel Re just yesterday, in a ... Read the full article
Tokio Millennium Re licenses Praedicat’s Oortfolio for casualty analytics
7th February 2017
Multi-line reinsurance firm Tokio Millennium Re has signed up to license Praedicat's casualty catastrophe risk modelling solution Oortfolio, as it seeks to enhance its analytical focus on this class of risk. Oortfolio is the world’s first exposure-based and forward-looking casualty catastrophe risk modelling tool, which Praedicat launched in October 2016. Oortfolio ... Read the full article