Reinsurance News
Guy Carpenter names JLT Re’s Ross Howard as Vice Chairman
21st November 2018
Reinsurance brokerage Guy Carpenter has appointed Ross Howard, currently the Chairman of JLT Re, to become Vice Chairman of the firm, as the integration between JLT and MMC continues following the acquisition. The acquisition of Jardine Lloyd Thompson Group (JLT) by broking and advisory giant Marsh & McLennan Companies, Inc. ... Read the full article
While significant, wildfire losses should be within budget: Fitch Ratings
21st November 2018
The recent outbreak of wildfires in California is likely to have a negative impact on the Q4 earnings of re/insurers with property exposure in the state, but losses should remain within budget for most companies, according to Fitch Ratings. The rating agency said that wildfire losses should not exceed the level ... Read the full article
Property count rises to 18,652 as more wildfire destruction emerges
20th November 2018
The number of structures destroyed by the recent outbreak of wildfires in California has risen to 18,652 as containment grows and authorities begin to piece together the extent of the destruction. The property toll has risen by another 20% overnight, up from 15,489, with the implication being that losses for the ... Read the full article
Caribbean captives continue to outperform traditional markets: A.M. Best
20th November 2018
The captive insurance markets in Bermuda, the Cayman Islands and Barbados (BCIBs) continue to post strong double-digit RoEs and outperform more traditional commercial markets, according to analysts at A.M. Best. The rating agency noted that captive insurers remain the beneficiaries of very productive business models and strong loss control and risk ... Read the full article
Broker usage of PPL is widening significantly: LIIBA CEO Croft
20th November 2018
Adoption of the London Market Group’s (LMG) Placing Platform Limited (PPL) has been widening significantly among re/insurance brokers, according to Christopher Croft, Chief Executive Officer (CEO) of the London & International Insurance Brokers’ Association (LIIBA). Croft noted that the number of brokers using PPL has increased by 25% over the last ... Read the full article
Aon develops new Non-Damage Business Interruption cover
20th November 2018
Re/insurance broker Aon has announced the launch of a new Non-Damage Business Interruption (NDBI) cover that is designed to protect the income streams of companies with high levels of intangible assets. Insurance protection for the new NDBI product is provided by a number of major re/insurers, Aon said, including Lloyd’s of ... Read the full article
U.S. life insurance sector to remain well capitalised: S&P
20th November 2018
S&P Global Ratings has said that the U.S. life insurance industry has strong capitalisation at a macro level, but warns that capitalisation varies by individual company. Analysis by the global ratings agency finds that rather than reserve risk, it is asset risk that drives capital requirements for life insurance companies, with ... Read the full article
Asia to drive re/insurance market growth as global economy slows: Swiss Re
20th November 2018
Emerging markets, and Asia in particular, are likely to become the main drivers of demand and growth in the re/insurance market as the global economy begins to slow and lose momentum over the next few years, according to Swiss Re Institute’s latest sigma report. The report, titled ‘Global economic and insurance ... Read the full article
MS Amlin partners with Folgate ahead of 2019 launch
20th November 2018
Global re/insurer MS Amlin has partnered with London-based Folgate Insurance Company to underwrite Folgate's business as it looks to re-launch in the UK market in 2019. The companies will collaborate on underwriting Property, Liability, Professional Indemnity and other lines of business throughout the UK from next year. Folgate’s managing agent, APC will ... Read the full article
EIOPA regulator continues to face significant challenges, say Auditors
20th November 2018
The European Insurance and Occupational Pensions Authority (EIOPA), a European Union (EU) regulatory institution, has made important contributions to the financial stability of the re/insurance sector but continues to face significant challenges, according to the European Court of Auditors (ECA). A new report by the ECA said that the Authority, along ... Read the full article
DWF appoints Clyde & Co’s David Abbott as Head of London Market
20th November 2018
Multinational law firm DWF has further strengthened its insurance division with the appointment of David Abbott as Head of London Market. Abbott joins from Clyde & Co where he served as the global co-head of reinsurance and senior partner in the specialty and energy teams for over 20 years. He also advises ... Read the full article
DARAG acquires SOBC Services, takes on four in run-off insurers
20th November 2018
DARAG Guernsey has announced that its wholly owned subsidiary, SOBC DARAG Holdings Ltd, has now acquired the entire share capital of SOBC Services in an agreement that will also see it take on four in run-off U.S carriers and a Bermuda-based cell. The announcement follows the formation of SOBC DARAG ... Read the full article
PPL adoption gains momentum over Q3, reports Board
20th November 2018
The Board of Placing Platform Limited (PPL) has released market wide data for risks placed electronically during the third quarter of 2018, which shows a steady increase in the proportion of syndicates adopting PPL. The data shows that take-up exceeded the Q3 target of having 20% of in scope risks placed ... Read the full article
Moody’s still stable on European insurance sector, but warns of headwinds
20th November 2018
Global financial services ratings agency, Moody's Investors Service, has maintained its stable outlook on the European insurance industry in light of the expectation of gradually rising interest rates and still solid economic growth. Despite its still stable outlook for the sector, Moody's does warn that the prospect of more merger and ... Read the full article
Willis Towers Watson appoints Senior Director for Consulting and Technology
20th November 2018
Global insurance and reinsurance broker Willis Towers Watson (WTW) has expanded its analytics and digital transformation team with the appointment of Iain Whittingham as a Senior Director in the company’s Insurance Consulting and Technology business. Whittingham joins WTW from FTI Consulting, where he most recently served as Managing Director for Global ... Read the full article
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