Reinsurance News
Traditional sector drives rebound in global reinsurance capital: Aon
9th July 2019
Global, dedicated reinsurance capital increased by 3% in the first-quarter of 2019 to $605 billion, driven by growth in the traditional sector which more than offset a decline in alternative reinsurance capital, according to insurance and reinsurance broker, Aon. According to the broker's Reinsurance Market Outlook report, from the end of ... Read the full article
Conor Smith named Head of Contract Surety Canada, Swiss Re Corporate Solutions
9th July 2019
Swiss Re Corporate Solutions, a division of global reinsurer Swiss Re, has announced the appointment of Conor Smith as Head of Contract Surety Canada, effective July 15th, 2019. He will be based in Toronto and will have responsibility for the growth, strategy and underwriting for the new local surety business across ... Read the full article
Willis Re deploys updated US wildfire risk solution
9th July 2019
Willis Re, the reinsurance division of global brokerage Willis Towers Watson, has announced the deployment of an updated US wildfire risk solution. The solution, launched in partnership with geospatial data enrichment and analytics firm SpatialKey, supports Willis Re clients in writing and pricing wildfire risk. Willis Re has cited the recent California ... Read the full article
Canada’s insurers facing “drastic” reinsurance proposals: GFIA
9th July 2019
Proposals by Canada’s Office of the Superintendent of Financial Institutions (OSFI) to restrict the use of foreign reinsurers are “drastic” and would create a CA$21 billion - CA$30 billion capital gap, according to the Global Federation of Insurance Associations (GFIA). A gap of that size would force insurers to more than ... Read the full article
ESG risks increasingly important for re/insurers, says Moody’s
9th July 2019
The potential and unknown impacts of climate change, social pressures and governance issues can all have an impact on insurers and reinsurers, resulting in an increased focus on environmental, social, and governance (ESG) risks amongst regulators, investors and clients, reports Moody's. The financial services ratings agency warns that ESG risks can ... Read the full article
Ed names Carrie Kelley as Head of Property Insurance in Bermuda
9th July 2019
Re/insurance brokerage Ed has announced the appointment of Carrie Kelley as Executive Vice President, Head of Property Insurance, Bermuda. Kelley joins Ed from Barbican Underwriting Bermuda, where she most recently served as underwriter of the Property D&F portfolio. She has more than 16 years’ industry experience, with previous roles including Senior Vice ... Read the full article
Assurant expands 2019 reinsurance program, cuts retention by $40m
9th July 2019
US specialty insurance group Assurant has expanded its 2019 property catastrophe reinsurance program, while reducing its per-event retention from $120 million in 2018 to $80 million. The U.S. Program provides $1.16 billion of coverage in excess of a $80 million retention per-event with a projected probable maximum loss (PML) of approximately ... Read the full article
MAPFRE & China Re to collaborate on Belt and Road re/insurance projects
9th July 2019
Spanish re/insurance firm MAPFRE has announced a new partnership with China Re, which will see them collaborate on insuring investments related to China’s massive infrastructure plan, the Belt and Road Initiative (BRI). As part of the agreement, which was marked by a memorandum of understanding, MAPFRE will offer insurance and reinsurance ... Read the full article
Markel announces two senior hires within Asia team
9th July 2019
Specialist insurer Markel International has announced the appointments of Christian Stobbs and Colin Fordham to its Asia team. Stobbs, who becomes Managing Director in the region, joined the firm in 2015 and has experience in developing local market insurance and operational strategy across Asia. He was previously Asia Strategy Director and will ... Read the full article
Arbitration panel sides with Munich Re in Grenfell Tower reinsurance dispute
9th July 2019
Global reinsurer Munich Re has won a dispute against Norwegian insurer Protector Forsikring which relates to reinsurance contracts that cover the financial property loss following the Grenfell Tower fire in 2017. In an Oslo Stock Exchange Filing, Protector states that its second-quarter 2019 results will include a £6.9 million loss following ... Read the full article
W. R. Berkley appoints Daniel Westcott as President of Berkley Re America
9th July 2019
W. R. Berkley has announced the appointment of Daniel R. Westcott as President of Berkley Re America, its specialty property and casualty (P&C) reinsurance underwriter. Westcott arrives from The Navigators Group, where he most recently served as Chief Operating Officer (COO), Reinsurance. He has more than 20 years’ experience in the P&C ... Read the full article
Aon launches new IFRS 17 solution on capital modelling platform
9th July 2019
Re/insurance broker Aon has launched a new solution for International Financial Reporting Standard 17 (IFRS) on its ReMetrica capital modelling platform, which aims to help insurers fulfil their reporting obligations. According to Aon’s analysis, over 1000 re/insurers worldwide are implementing IFRS 17, issued by the International Accounting Standards Board, to implement ... Read the full article
New Hannover Re CEO has “embraced” reinsurers’ culture: Analysts
9th July 2019
Jean-Jacques Henchoz, the newly-appointed Chief Executive Officer of reinsurance giant Hannover Re, appears to have embraced the company’s culture and is expected to maintain a consistent approach to capital management and underwriting, according to analysts from Morgan Stanley. An Annual General Meeting of Hannover Re in May saw Jean-Jacques Henchoz ... Read the full article
Mortgage reinsurance growth is a gradual, educational process: Capsicum Re’s Rance, Scarratt
8th July 2019
The mortgage reinsurance market appears to be set on a growth path, and as companies increasingly look to leverage the vast amounts of available data, education remains an essential part of the landscape, according to Capsicum Re’s Steven Rance and Freddie Scarratt. Prior to the financial crisis the U.S. mortgage insurance ... Read the full article
Canopius adds four to new Sydney branch
8th July 2019
Global specialty re/insurer Canopius has made four appointments to its recently-established branch Canopius Australia & Pacific. The new branch is based in Sydney and recently gained binding authority approval from Lloyd’s. Suzanne White joins from Woodina Underwriting Agency with almost 20 years’ experience and becomes an Accident & Health Underwriter. Jeanene ... Read the full article
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