Reinsurance News
Brexit stockpiling leaves suppliers at risk of trade credit insurance shortfall: Marsh
26th October 2018
Suppliers of vital goods such as non-perishable food produce and medical supplies are at risk of having insufficient trade credit insurance as some British firms such as retailers and manufacturers begin stockpiling goods amid mounting concerns of a no-deal Brexit, according to Marsh. Traditionally, buyers purchase goods on credit terms before ... Read the full article
London is “insurance sector equivalent of Silicon Valley”, says Aon’s Hennessy
26th October 2018
London’s insurance market has survived multiple challenges over the past 300 years and will not be derailed by issues such as brexit, according to Chief Executive Officer of Carrier Solutions at Aon, Karl Hennessy, who went on to describe London as the “insurance sector equivalent of Silicon Valley." Speaking at the ... Read the full article
Allianz (AGCS) expands alternative risk transfer line to Asia Pacific
26th October 2018
Allianz Global Corporate & Specialty SE (AGCS), Allianz Group’s specialist carrier for corporate insurance business, is expanding its alternative risk transfer (ART) line of business to the Asia Pacific region. Richard Green has been appointed to lead the new unit as Regional Head of ART, Asia Pacific, with effect from 15 ... Read the full article
Emerging climate risks to drive U.S re/insurance costs: ISO
26th October 2018
A diverse range of emerging climate risks, in combination with rising asset values and population trends, are set to increase the frequency and severity of re/insured losses related to global weather events in the U.S, according to a report from ISO, a Verisk Analytics business. ISO noted that one of the ... Read the full article
London Market insurers’ profitability remains under pressure: Fitch
26th October 2018
Fitch Ratings expects London market insurers’ underwriting earnings to remain subdued in 2018 due to the difficult pricing environment, high expense ratios and limited impact from prior year reserve releases. According to Fitch, catastrophe losses in Q318 experienced by London market insurers are likely to remain within annual budgets allocated to ... Read the full article
Insurtech is the future infrastructure of insurance, says ZhongAn CEO
26th October 2018
A joint report by the recently-launched Fintech Research Institute of China’s largest online-only insurer ZhongAn and the financial advisory firm KPMG claims insurtech will enable a more efficient, compatible, balanced and humane insurance ecosystem. “We look forward to collaborating with all parties in the insurance industry through the construction of InsureTech, ... Read the full article
Aon reports 8% organic reinsurance revenue growth
26th October 2018
Insurance and reinsurance broking powerhouse Aon has reported 8% organic revenue growth for its reinsurance broking operations during the third-quarter of 2018. Aon's results show that total revenue was flat across the company at $2.3 billion, but that factors in a decrease of $117 million, or 6%, related to the FASB's ... Read the full article
Reinsurance Group of America income grows, deploys more excess capital
26th October 2018
Reinsurance Group of America (RGA) has reported net income of $301.2 million for the third-quarter of 2018, up considerably from the $227.6 million reported in the prior year period. During the quarter RGA has been working hard to deploy more of the excess capital it has built up over recent years ... Read the full article
AmTrust at Lloyd’s appoints Lucy Forcey to North American property cat team
26th October 2018
AmTrust at Lloyd’s (ATL), the Lloyd’s operation of multinational property and casualty insurer AmTrust Financial Services, has appointed Lucy Forcey Senior Underwriter, North American Property Catastrophe Treaty, a new line of business for ATL Syndicate 1861. Forcey began her career in 2006 as an Assistant Internal Auditor for Novae Group. She ... Read the full article
W. R. Berkley appoints Scott Barraclough CEO of public entity unit
26th October 2018
Re/insurance holding company W. R. Berkley Corporation has announced the appointment of Scott Barraclough as Chief Executive Officer of Berkley Public Entity (BPE), a Berkley Company. Curtis Fletcher succeeds Barraclough in his previous role as President of the Berkley company Admiral Insurance. The appointments are effective immediately. Barraclough joined the company in ... Read the full article
Insurers win final ruling on $470m Noreco case
26th October 2018
Insurers represented by global law firm Clyde & Co have been absolved from a $470 million claim by Norwegian energy company Noreco, a decision that the Danish High Court has called final and unappealable. The energy construction claim was notified by Noreco against a group of international insurers in 2009. Noreco ... Read the full article
AIG receives brexit restructure approval
26th October 2018
AIG Europe (AEL), the European subsidiary of American International Group (AIG), has received approval from the High Court of England & Wales to transfer business into two new entities, signalling a completion of its move to restructure its European operations and ensure readiness for brexit. American International Group UK (AIG UK) ... Read the full article
Insurance claims from Kerala, India floods surpass US$273 million
26th October 2018
Insurance claims from the severe flooding in the Kerala region of India in July and August, which is expected to result in economic losses of at least $3 billion, have approached Rs 2,000 crore (approximately $273.2 million), with industry sources suggesting that the payouts are more likely to hit ... Read the full article
Everest Insurance adds Lazar to lead west region risk management team
26th October 2018
Everest Insurance, a division of global reinsurer Everest Re Group, has announced the appointed of John Lazar to its risk management unit as Vice President and West Region Leader. Lazar, who joins from Willis Towers Watson, where he was Center of Excellence Casualty Leader for California, will oversee a team of ... Read the full article
Alliant appoints Brendan Quinlan Senior Vice President in California
26th October 2018
Alliant Insurance Services, the U.S specialty insurance brokerage firm, has added Brendan Quinlan to its San Francisco team as Senior Vice President. Quinlan joins from Arthur J. Gallagher & Co., where he'd served as Area Senior VP since 2003. Quinlan has targeted expertise working with clients in the technology industry, and has developed ... Read the full article
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