Reinsurance News
Airmic calls for more integrated approach to people risk
6th December 2019
Airmic, the UK risk management association, has recommended that insurers and reinsurers should take a more integrated approach to people-related risks, by working more closely with human resource teams and benefits managers. In a new report – published in association with Arthur D. Little, Willis Towers Watson and Zurich – Airmic ... Read the full article
U.S. life/annuity sector expands holdings of structured notes: A.M. Best
6th December 2019
A recent report by A.M. Best reveals that over a three-year period (2015-2018), the U.S. life/annuity industry grew its holdings in structured notes by one-third, with book adjusted/carrying value hitting $16 billion. According to A.M. Best, the number of structured notes held by life/annuity insurers jumped from 817 to 1,011 during ... Read the full article
Lloyd’s issues behaviour warning ahead of Xmas parties
6th December 2019
Staff at insurance and reinsurance marketplace Lloyd’s of London have been warned to behave appropriately ahead of the Christmas party season, according to reports from Financial News. Lloyd’s Chief Executive John Neal told the publication that emails had been sent out to staff and member companies reminding them of the marketplace’s ... Read the full article
Average premium renewal rates up in November for most lines: IVANS
6th December 2019
The November results of the IVANS Index, a division of Applied Systems, shows that year-over-year, all lines of business, with the exception of Workers' Compensation, experienced an increase in average premium renewal rate. Month-over-month, November experienced varying premium renewal rate change across most Commercial Lines products, with rises seen in General ... Read the full article
Beazley to offer BioSecure life sciences policy for small businesses
6th December 2019
Specialist insurer Beazley has announced the launch of a new life sciences policy designed for small businesses, called BioSecure. The proposition offers insurance protection against a range of exposures in the pharma, biotech and medical device sectors. Beazley believes the product will build on its experience in underwriting life sciences risks and ... Read the full article
Leverage tech to help close the protection gap, says the IDF
6th December 2019
The Insurance Development Forum (IDF), a public/private partnership led by the insurance and reinsurance industry, has called for greater use of technology to close the global protection gap. The global protection gap (disparity between economic and insured losses post-event) is staggering and growing, and exists in both developed and developing parts ... Read the full article
AmTrust CFO Karkowsky promoted to President
6th December 2019
Adam Karkowsky, Chief Financial Officer (CFO) of AmTrust Financial Services, Inc. has been promoted to President of the company, reporting to Barry Zyskind, Chairman and Chief Executive Officer (CEO) of AmTrust. In addition to his new responsibilities, Karkowsky, who joined AmTrust in 2011, will continue to serve as the firm's CFO ... Read the full article
AM Best maintains stable outlook on reinsurance in 2020
6th December 2019
Rating agency AM Best has maintained its stable market outlook on the global reinsurance industry for 2020, citing a stabilised pricing environment, alignment with third party capital, and support from life segment results. Analysts felt that reinsurers in the non-life segment were also gaining more favourable momentum in the face of ... Read the full article
Financial leverage of Europe’s largest insurers to be stable in 2020: Moody’s
6th December 2019
Moody's Investors Service has said that over the next 18 months, the financial leverage at the largest insurance companies in Europe is expected to be broadly stable. According to financial services ratings agency, Moody's, some of Europe's insurers might look to take advantage of the low interest rate environment to increase ... Read the full article
Malaysia re/insurers to benefit from more liberal market, report claims
6th December 2019
A new report from Malaysian Reinsurance Berhad (Malaysian Re) has claimed that both customers and re/insurers will ultimately benefit from a more liberal market in Malaysia, following the recent de-tariffication of the dominant property classes, motor and fire. Of the 30 senior re/insurance executives surveyed by Malaysian Re, almost all held ... Read the full article
Swiss Re selling ReAssure to Phoenix Group in £3.25bn deal
6th December 2019
Swiss Re has finally found its exit point from its UK closed life book consolidator business, ReAssure, agreeing to sell the ReAssure Group plc business to the largest pensions and life consolidation specialist in Europe, Phoenix Group Holdings plc in a deal worth UK £3.25bn. Swiss Re has been seeking to ... Read the full article
Re/insurance held back by innovation inertia, says expert panel
5th December 2019
Innovation represents a huge opportunity for the re/insurance industry, but has been held back by complacency and an “insidious form of inertia,” according to a panel of market experts. These comments came as part of a discussion on the direction and pace of innovation and technology in re/insurance at a recent ... Read the full article
AXA’s Maisonneuve named CEO of AXA Next & Group Chief Innovation Officer
5th December 2019
Delphine Maisonneuve, currently the Chief Executive Officer (CEO) of AXA Brazil, has been appointed as CEO of AXA Next and Group Chief Innovation Officer, effective January 1st, 2020. She replaces Guillaume Borie who was recently named Deputy CEO of AXA France and CEO of AXA Particulars & IARD Enterprises. In her new ... Read the full article
Andrew Adams joins Berkshire (BHSI) as Head of Surety in Canada
5th December 2019
Berkshire Hathaway Specialty Insurance (BHSI), a division of Warren Buffett's Berkshire Hathaway, has announced the expansion of its global surety team with the addition of Andrew Adams as Head of Surety in Canada. Adams joins BHSI from AIG, where he most recently served as Vice President of Surety in Canada. He has ... Read the full article
Fitch turns negative on North American life insurance
5th December 2019
Fitch Ratings has revised its 2020 sector outlook for North American life insurers to negative from stable, following an unexpected decline in interest rates over the past year. Although the sector outlook is negative, analysts still expect ratings for North American life insurers to remain stable in the coming year. That said, ... Read the full article
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