Reinsurance News
Aspen Re’s Abdallah Balbeisi to join QBE as SEO, Head of MEA region
29th November 2019
QBE Insurance Group has announced the appointment of Aspen Re's Abdallah Balbeisi as Senior Executive Officer (SEO), Head of Middle East and Africa (MEA), effective May 2020. In his new role, Balbeisi will be based in Dubai and will report to Stephen Postlewhite, Deputy Chief Underwriting Officer (CUO) of QBE Re. He ... Read the full article
Swiss Re CorSo adds Seelan Naidoo to key South Africa role
29th November 2019
Swiss Re Corporate Solutions, the commercial insurance arm of reinsurance giant Swiss Re Group, has appointed Seelan Naidoo as head of property & specialty lines in South Africa. He brings with him over 30 years’ experience in the commercial insurance sector and most recently served as head of property and engineering ... Read the full article
Thailand general insurance market to hit $9.14bn by 2023: GlobalData
29th November 2019
A report from data and analytics firm GlobalData has projected the general insurance business in Thailand to grow from $7.7 billion in 2018 to $9.1 billion in 2023. GlobalData notes how gross written premium in the country’s general insurance market registered a compound annual growth rate of 3.1% between 2014 and ... Read the full article
Lloyd’s to repeal Singapore scheme by November 2022
28th November 2019
Insurance and reinsurance marketplace Lloyd’s of London has announced that its scheme allowing Lloyd’s underwriters to write Singaporean domiciled risk will be repealed by November 2022. The scheme was established in 2000 as a temporary measure until the Lloyd’s Asia platform reached maturity. Under the scheme, Lloyd’s underwriters outside of Singapore are ... Read the full article
Medical malpractice costs up significantly: Beazley, Aon
28th November 2019
Analysis by specialist insurer Beazley shows that the average cost of a medical malpractice claim in the U.S. has risen by 50% over the last decade, with a steep increase in the number of claims of above $5 million since 2015. Beazley, a specialist insurer that operates in the U.S. hospital ... Read the full article
US life/annuity market makes use of low financing costs & interest rates
28th November 2019
Global financial services ratings agency, A.M. Best, has found that the long-term debt obligations among publicly traded U.S. life/annuity insurers declined by 14% between 2010 and 2018, to $89.3 billion. According to A.M. Best, the majority of the 19 companies followed for this report took advantage of lower financing costs in ... Read the full article
Outlook stable for Chinese P&C insurers in 2020: Moody’s
28th November 2019
Moody’s Investors Service has issued a stable outlook for China’s property and casualty (P&C) insurance industry in 2020, based on diversifying business growth, stable profitability, and strong capitalisation. Offsetting these factors is the fast growth in unseasoned non-motor lines, as well as potential acceleration in motor pricing liberalisation, analysts said. “China’s P&C ... Read the full article
Philip Turner joins Pioneer as a specie underwriter
28th November 2019
Pioneer Underwriters has announced the addition of Philip Turner as a specie underwriter within its Marine Specialty team, effective December 2nd, 2019. In his new role, Turner will be based in London and will report to Andy Corton, Head of Marine Specialty. He brings extensive broking and underwriting experience to the role, ... Read the full article
Brazilian reinsurers expand domestic & foreign business in 2019
28th November 2019
Brazilian reinsurer Terra Brasis Resseguros (Terra Brasis Re) has announced that the volume of reinsurance protection provided by Brazilian insurers increased by almost 13% in the first nine months of 2019, with 66% placed in the local market. The reinsurer has a focus on the Brazilian and wider Latin American marketplace, ... Read the full article
Fortitude Re sale incrementally positive for AIG, AM Best says
28th November 2019
Global insurer AIG’s Long-Term Issuer Credit Rating of “bbb”, as well as the Financial Strength Ratings and the Long-Term ICRs of its operating subsidiaries, remain unchanged by AM Best following the decision to offload Fortitude Re in a transaction the ratings agency describes as incrementally positive for the group. AIG ... Read the full article
Climate risk among top concerns for airports: Willis Towers Watson
28th November 2019
Re/insurance broker Willis Towers Watson has highlighted climate risk as among the top risks currently faced by airports. As part of a recent conference held by the Willis Towers Watson Airport Risk Community (ARC), the broker found that 86% of the audience felt that airports are either very exposed or somewhat ... Read the full article
The Hartford enhances Internet of Things Innovation Lab
28th November 2019
Property and casualty insurer The Hartford has expanded its Internet of Things (IoT) Innovation lab and capabilities to improve workplace safety and help reduce property damage. The company utilises network-connected devices in businesses and homes to reduce and mitigate hazards such as unsafe working conditions or water damage from broken pipes. For ... Read the full article
Hiscox expands partnership with insurtech INSTANDA
28th November 2019
Specialist re/insurer Hiscox has expanded its partnership with INSTANDA, the cloud-based digital insurance platform. This enhanced partnership is designed to build critical distribution through the deployment of the INSTANDA platform and has been extended to manage both direct-to-consumer and broker products in four countries. This announcement follows the successful launch of Hiscox’s ... Read the full article
AJG agrees terms to take 100% ownership of Capsicum Re
27th November 2019
Arthur J. Gallagher & Co. (AJG) has announced that it has agreed heads of terms to pursue the necessary transaction to take 100% ownership of reinsurance specialist brokerage Capsicum Re. The transaction has been in the offing, as time was running out on an option that AJG had to expand its ... Read the full article
Fitch revises London market outlook to stable, cites pricing & Lloyd’s
27th November 2019
Fitch Ratings has revised its 2020 outlook for the London market to stable from negative amid the improved pricing landscape and the market-wide profitability review initiated by Lloyd's of London. Overall, there is an improved pricing environment in the London marketplace, which Fitch expects to result in better underwriting results going ... Read the full article
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