Reinsurance News
Bermuda added to EU tax blacklist, seeks removal
13th March 2019
Bermuda is among 15 countries to be blacklisted by European Union (EU) Finance Ministers this week for failing to comply with good governance standards on tax within its deadline. The island nation and global reinsurance hub could now potentially incur a set of countermeasures from EU member states, including increased monitoring ... Read the full article
Tokio Marine HCC bolsters Nordic Surety team with senior hires
13th March 2019
Specialty insurance group Tokio Marine HCC has announced the appointment of Henning Skaarup as Head of Surety Nordics and Holm Larsen as Senior Surety Underwriter, effective immediately. Skaarup, who will be based in Copenhagen and act as General Managing of a newly-created Danish branch, will be tasked with developing and directing ... Read the full article
Validus eyes expansion into Canadian reinsurance market
13th March 2019
Validus Reinsurance Ltd., the Bermuda-based reinsurer whose parent company was acquired by AIG for $5.56 billion last year, intends to open a new branch in Canada, according to notices given in the Canada Gazette. The company plans to file an application with a federal regulator, the Office of the Superintendent of ... Read the full article
Insurers join with UK regulators to address financial risks of climate change
13th March 2019
Several insurers joined the UK’s Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) last week to develop responses to the financial risks of climate change at the first meeting of the Climate Financial Risk Forum (CFRF). Representatives from Aviva, Legal & General, Lloyd’s of London, RSA Insurance Group, and Zurich ... Read the full article
RenaissanceRe’s $1.5bn acquisition of Tokio Millennium Re approved
13th March 2019
Bermudian reinsurance firm RenaissanceRe has had its $1.5 billion acquisition of Japanese re/insurance group Tokio Marine’s reinsurance units approved by regulators. The acquisition, which was announced back in October 2018, sees RenaissanceRe acquiring the Tokio Millennium Re AG and Tokio Millennium Re (UK) Limited units from the Japanese giant Tokio ... Read the full article
PartnerRe reorganises P&C structure & leadership as Goldie departs
13th March 2019
Bermuda-based reinsurer PartnerRe has announced a raft of changes at the top of its property and casualty reinsurance leadership team, as Charles Goldie, CEO P&C, is set to depart the firm. PartnerRe said it will reorganise the structure of its Property & Casualty (P&C) business segment, taking a regionally focused approach ... Read the full article
Technology is key to closing ASEAN protection gap, report execs
12th March 2019
New digital technologies represent the most promising remedy to closing the significant non-life insurance protection gap in Southeast Asia, according to the results of the ASEAN Insurance Pulse 2018 report by Alms & Company and Malaysian Re. The report, which surveyed key re/insurance executives from across the Association of Southeast Asian ... Read the full article
Demotech increases Floridian insurer reinsurance requirements
12th March 2019
After reviewing several years of past reinsurance purchases by Floridian insurers within its rated universe, Demotech, Inc. has decided to increase its first-event reinsurance requirements to protect against a 1-in-130 year loss event. The increase in 2019 compares to a previous mandate that required Floridian insurers to have catastrophe reinsurance protection ... Read the full article
Boeing insurers face large claims as more countries ground planes
12th March 2019
Boeing Co’s insurers will potentially face large claims following the recent Ethiopian Airlines crash, which was the second to involve a 737 Max 8 model in five months, according to insurance and aviation sources at Reuters. The reports come as the UK becomes the latest country to ban the Boeing ... Read the full article
GFIA highlights challenges to cyber market’s responsible growth
12th March 2019
The General Federation of Insurance Associations (GFIA) has said that while the cyber insurance market continues to grow responsibly, there are challenges to growth that must be addressed. Commenting on the OECD Insurance and Private Pensions Committee's documentation on the cyber market and related issues, the GFIA highlights some challenges to ... Read the full article
ECB policy to prolong low-yield investment conditions in Europe: S&P
12th March 2019
The European Central Bank’s (ECB) decision to continue its accommodative monetary policy is expected to further prolong low-yield investment conditions in Europe, according to S&P Global Ratings. The rating agency said the continuation of the policy will signal a macroeconomic softening, and is highlighted as one of the key risks for ... Read the full article
Hannover Re eyes InsurTech innovation with launch of hr | equarium
12th March 2019
Global reinsurance player Hannover Re has announced the launch of hr | equarium, an online platform designed to better connect InsurTech solutions with the insurance industry. Hannover Re has identified digital disruption, shifting demographics and evolving buyer preferences as having created a challenging operating environment for insurers. Subsequently, the company designed hr ... Read the full article
Aon’s White Rock protected cell company expands to DC
12th March 2019
Insurance and reinsurance broker Aon has announced that its protected cell facilities under the White Rock Group have added a seventh domicile in the District of Columbia (DC), USA. White Rock established its first protected cell company in Guernsey in 1997 and currently manages 250 cells across Bermuda, Gibraltar, Guernsey, Isle ... Read the full article
ArgoGlobal appoints new CUO for Europe, Middle East and Asia
12th March 2019
Lloyd's of London insurer ArgoGlobal has announced the appointment of Alfredo Alonso as Chief Underwriting Officer (CUO) for Europe, Middle East and Asia, effective March 2019. Alonso will be based in London and will report to Group of Head of International Operations, ArgoGlobal, Matt Harris. "Alfredo’s extensive underwriting expertise spans European, Middle ... Read the full article
Berkshire Hathaway Specialty adds Marine, Property leaders for UK & Ireland
12th March 2019
Berkshire Hathaway Specialty Insurance (BHSI), the insurance arm of Warren Buffett’s global insurance and reinsurance company, has appointed Pedro Mairos and Sean Mannion as Head of Marine and Head of Property, respectively, for the UK and Ireland. Mairos joins BHSI from AXA Corporate Solutions, where he most recently served as UK ... Read the full article
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