Reinsurance News
Cyber unlikely to be a panacea for reinsurers: Vickers, Willis Re
9th September 2019
The still emerging cyber risk insurance and reinsurance market is not likely to prove the panacea that some hope it will, according to Willis Re International Chairman James Vickers. Vickers explained in a recent interview that while cyber risk is increasing rapidly around the globe, it is not yet clear where ... Read the full article
Total reinsurance capacity up 4% from end of 2018: Aon
9th September 2019
At $610 billion, global reinsurance capital has returned to a peak levels while total capacity has grown 4% since the end of 2018, according to a market outlook from Aon. Aon also highlights how, following hurricane Dorian’s near-miss with Florida, the industry escaped significant losses in what remains the peak region ... Read the full article
BMS adds Holtmeier as Chief Strategy officer of US reinsurance
9th September 2019
Independent specialist re/insurance broker BMS Group has announced the appointment of Gregg Holtmeier as Chief Strategy officer of the firm’s US reinsurance operations. Holtmeier, who joins with over 20 years’ experience in the sector, will report to US reinsurance Chief Executive Officer, Steve Korducki. Effective immediately, Holtmeier will join the BMS US ... Read the full article
Reinsurance products may require modification under IFRS 17: GC’s Bangeova
9th September 2019
Some traditional reinsurance products are likely to require modification in order to remain effective as capital and volatility management tools under International Financial Reporting Standard (IFRS) 17. This is according to Vasilka Bangeova Managing Director, Strategic Advisory for EMEA at Guy Carpenter (GC), the reinsurance-focused division of broker Marsh. In a new ... Read the full article
Liberty Specialty Markets names President of US, Bermuda & LatAm
9th September 2019
Liberty Specialty Markets (LSM), a division of Liberty Mutual Insurance Group, has announced the appointment of Alexander Montoya as President of LSM – US, Bermuda and LatAm, effective immediately. Montoya has served as President of Liberty International Underwriters (LIU) Latin America for the past four years, where he was responsible for ... Read the full article
Markel recruits Senior Surety Underwriter from Travelers
9th September 2019
Specialist insurer Markel International has announced the appointment of Jonathan Finch as Senior Underwriter in its surety team in London. He joins Markel from Travelers Insurance Company Limited, where he also served as a senior surety underwriter. Finch has more than 25 years of experience as a surety professional and has worked ... Read the full article
Former Marsh SVP Palmer to become HDI Global SE’s Head of Crisis
9th September 2019
Primary commercial specialist HDI Global has appointed David Palmer to the role of Head of Crisis Management. Palmer brings 35 years’ experience in the industry and most recently served as a Senior Vice President at Marsh. He previously also held senior crisis management lines of business roles at both AIG and Aon. “David ... Read the full article
Xceedance announces availability of On-Demand cat modelling services via Oasis LMF
9th September 2019
Xceedance has announced the availability of On-Demand Catastrophe Modelling Services, leveraging the Oasis Loss Modelling Framework (Oasis LMF). Xceedance is a provider of insurance consulting, managed services, technology, data sciences, and blockchain solutions. The firm has revealed that the new offering includes several global and regional catastrophe modelling companies that implement ... Read the full article
Re/insurance had a more “pleasing” turn in 2019, says Hannover Re
9th September 2019
While re/insurers continue to be impacted by surplus capacities and historically low interest, A report from Hannover Re notes how the industry has had an ”appreciably more pleasing turn in 2019.” Particularly on the primary side, Hannover Re said broadly modest improvement can be observed across the industry and in some ... Read the full article
Pro Global announces key MGA partnership
9th September 2019
Re/insurance consultancy firm Pro Global has announced that its distribution services and managing general agency incubator unit Pro MGA Solutions has signed a US partnership agreement with intelligent decision platform provider QOMPLX. QOMPLX introduced its UK based MGA through Pro’s UK based MGA incubator earlier this year. Its first product provides insureds ... Read the full article
Proper pricing needed for nat cat risks: Thomas Buberl, AXA CEO
9th September 2019
Speaking this morning in Monte Carlo at the annual PwC breakfast event, AXA Group CEO Thomas Buberl explained that natural catastrophe risks remain underpriced across insurance and reinsurance. Discussing the ongoing integration of XL Catlin into AXA, Buberl said that this has changed the business mix significantly for his firm. Buberl said ... Read the full article
SCOR needs more pricing improvements to be sustainable, warn execs
9th September 2019
The property and casualty (P&C) reinsurance market has seen some “useful” price firming in 2019, but further increases will be required to put SCOR back on track for sustainable profitability, according to its management. Speaking at the Reinsurance Rendezvous event in Monte Carlo, Chief Executive Officer (CEO) Denis Kessler said that ... Read the full article
PCS to improve granularity on marine & energy loss estimates
9th September 2019
Property Claim Services (PCS), a division of Verisk that collects and aggregates the re/insurance industry loss data, has announced that it plans to offer greater granularity for estimates reported under its Global Marine and Energy platform. From November 1, 2019, PCS will report industry loss estimates for new qualifying loss events ... Read the full article
Dr. Haoming Zhou joins Starr China P&C Insurance as General Manager, President
9th September 2019
Starr Insurance Companies has announced that Dr. Haoming Zhou has been appointed General Manager and President of its Starr China Property and Casualty Insurance Ltd. subsidiary, effective September 2nd, 2019. Zhou brings over two decades of insurance industry experience to the role, and before Starr, has worked in Singapore, Sydney, Hong ... Read the full article
Guy Carpenter, CyberCube detail results of cyber cat loss study
8th September 2019
A collaborative effort by global reinsurance brokerage Guy Carpenter and CyberCube analytics has examined the potential financial impact a large-scale cyber attack could have on the standalone cyber insurance market as it exists today. By analysing 23 loss scenarios on CyberCube’s modelling platform, it was determined that a widespread data loss ... Read the full article
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