Reinsurance News
Indian regulator upholds GIC Re’s right of first refusal
1st October 2018
The Insurance Regulatory and Development Authority of India (IRDAI) has decided to maintain its established ‘order of preference’ guidelines, which grant GIC Re first refusal to all reinsurance business placed in India, according to sources at BloombergQuint. The new regulations were finalised at a meeting on 28 September and will come ... Read the full article
Guy Carpenter appoints Siobhan O’Brien as Head of International Cyber Centre
1st October 2018
Guy Carpenter & Company, LLC, the reinsurance broker and wholly owned subsidiary of Marsh & McLennan Companies, has appointed Siobhan O’Brien Head of the Cyber Centre of Excellence for International and Global Specialties, effective October 1. The newly-created role will see O’Brien lead the International Cyber Centre of Excellence and work ... Read the full article
Re/insurers to benefit from rising interest rates, says Moody’s
1st October 2018
Rising global interest rates are expected to be credit positive for the profitability of global re/insurance companies, according to Moody’s Investors Service. Moody’s is anticipating solid economic growth for the G-20 countries in 2018 and 2019, driven largely by the U.S, but growth will likely peak at the end of this ... Read the full article
Zambia proposes 5% withholding tax for foreign reinsurers
1st October 2018
The African nation of Zambia has proposed introducing a 5% withholding tax for reinsurers based outside the country, which could amount to an annual value ZMK 40 million (USD $3 million) if imposed, according Zambia Daily Mail. In recent years, Zambia has been looking to control the outflow of reinsurance premiums ... Read the full article
Are brokers still contributing to the value chain? Aon & Swiss Re heads discuss
28th September 2018
As reinsurance companies increasingly develop capabilities that allow them to interact directly with customers, the position of brokers in the value chain has come into question. Speaking during events at the Reinsurance Rendez-vous event in Monte Carlo, the heads of reinsurance at Aon and Swiss Re offered contrasting opinions on the ... Read the full article
Marsh expands blockchain partnership with IBM
28th September 2018
Global re/insurance broker Marsh is expanding its blockchain partnership with IBM, five months after announcing its decision to use the technology to streamline proof of insurance processes. It’s hoped that blockchain technology will transform the certificate of insurance process, which is currently manual, and allow clients to more easily hire contractors ... Read the full article
Berkshire Hathaway’s insurance units outlook returns to stable: S&P
28th September 2018
S&P Global Ratings has revised its outlook of the operating insurance subsidiaries of Warren Buffett's Berkshire Hathaway from negative to stable, due to improved capitalisation. The revision incorporates S&P’s view that Hathaway’s insurance subsidiaries will maintain combined capital adequacy that is redundant at the AA confidence level on a prospective basis, ... Read the full article
Turkey to form reinsurance pool for companies in high risk sectors
28th September 2018
A new reinsurance pool, set up to help certain Turkish companies labelled too “risky” for the insurance industry, is to be formed. The pool is part of the New Economic Plan, which was presented by the country’s Treasury and Finance Minister Berat Albayrak last week. Reports from the Hurriyet Daily News suggest ... Read the full article
Ex-Brit global property lead Foster to launch D&F start-up with Poole
28th September 2018
Richard Foster, the former lead underwriter and head of global market property at re/insurer Brit is launching a new direct & facultative focused start-up alongside former broker James Poole. Foster and Poole have launched Agile Risk Partners Limited, our sister site Artemis was first to report today, a company that ... Read the full article
“The time is right to be precisely our size,” says Argo CEO Watson
28th September 2018
Mark E. Watson III, Chief Executive Officer (CEO) of Argo Group International Holdings, Ltd. has claimed that current market conditions and the pace of technological change in the re/insurance industry are conducive to mid-sized companies such as Argo. In a Letter to Shareholders, Watson said that he believed the industry was ... Read the full article
Everest promotes Mike Karmilowicz & Dave Sandler to head of respective segments
28th September 2018
Everest Insurance, a division of global reinsurer Everest Re Group, has promoted both Mike Karmilowicz and Dave Sandler to President of their respective business segments effective immediately. Karmilowicz joined Everest in 2015 and leads Everest Specialty Underwriters, which currently comprises the Executive Solutions Group, Professional Liability, Alternative Solutions, Political Risk & ... Read the full article
Greenlight Re unit leads Galileo Series A funding round
28th September 2018
Greenlight Re Innovations, part of the specialist hedge fund backed property and casualty (P&C) reinsurer Greenlight Capital Re, has made a strategic investment in Galileo Platforms, a Hong Kong-based Platform as a Service (PAAS) business focused on emerging markets in Asia. Greenlight Re Innovations believes the secure platform will reduce IT costs ... Read the full article
Pension deficit across top 350 UK companies down from £62bn to £35bn
28th September 2018
The pension deficit of the UK’s top 350 companies has nearly halved from £62 billion to £35 billion and now accounts for just 17% of total profits compared to 70% 18 months ago, according to a report by independent consultancy firm Barnett Waddingham. The report found that as of 30 June ... Read the full article
DWF adds Owen Rees to Catastrophic Injury Team
28th September 2018
Multinational law firm DWF has appointed Owen Rees as a Partner in its Catastrophic Injury Team, where he will join the Practice Group board to focus on growing the business’s Leeds office and national presence. Rees has almost 30 years of personal injury law experience and joins DWF from DAC Beachcroft, ... Read the full article
SCOR reaffirms rejection of ‘hostile’ Covéa takeover
28th September 2018
French reinsurance giant SCOR has released a statement reaffirming its rejection of Covéa’s “hostile and unfriendly” acquisition offer of €8.2 billion (US $9.6 billion), and has called for Thierry Derez, Chief Executive Officer (CEO) of Covéa, to permanently resign from SCOR’s Board of Directors. SCOR said that a meeting of ... Read the full article
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