Reinsurance News
Pricing will remain flat at 1/1 renewals: Fitch Ratings
25th September 2018
Although reinsurance pricing improved to some extent over 2018, abundant levels of underwriting capacity continue to absorb any increase in reinsurance demand, meaning rates are not expected to improve significantly at 1 January 2019 renewals, according to Fitch Ratings. Rates improvements were greatest at the January renewals in 2018, but subsequent ... Read the full article
Up to $10bn insured flood losses from Florence, estimates CoreLogic
25th September 2018
Catastrophe risk modelling specialist CoreLogic estimates that industry flood losses resulting from hurricane Florence will fall between $6 billion and $10 billion, with the National Flood Protection Program shouldering between $2 billion and $5 billion of that figure. CoreLogic estimates the uninsured flood loss to be between $13 billion and $18.5 ... Read the full article
Markel adds Peter Dickel to PACE underwriting team
25th September 2018
Markel International, the specialist insurer, has appointed Peter Dickel as senior underwriter in its Personal Accident, Contingency and Entertainment (PACE) team, effective November 1. Dickel joins Markel International from specialist insurance and reinsurance firm MS Amlin, where he most recently served as class underwriter. He has more than 20 years’ experience in ... Read the full article
Barbican hires Underwriting Manager James Barrett from Swiss Re
25th September 2018
Barbican Insurance Group has announced the appointment of James Barrett as Underwriting Manager in its healthcare division, effective immediately. Barrett joins Barbican from Swiss Re Corporate Solutions, where he most recently served as Vice President and Senior Underwriter in the healthcare (products and global markets) team, having joined the firm in ... Read the full article
Insured Florence losses as high as $5bn: RMS
25th September 2018
Global catastrophe risk modeller RMS estimates an insured loss from hurricane Florence of between $2.8 billion and $5 billion; a figure that includes a $800 million to $1.2 billion loss for the National Flood Insurance Program. The estimate includes losses associated with wind, storm surge, and inland flood damage across North ... Read the full article
Further digital integration key to Lloyd’s efficiency, says COO Khoury-Haq
25th September 2018
Adapting to technological change and better integrating digital capabilities to make placing and processing business more efficient is the key to overcoming the challenges of poor expense ratios at Lloyd’s, according to Chief Operating Officer Shirine Khoury-Haq. Implementation of key parts of the London Target Operating Model (LM TOM), as well ... Read the full article
WTW’s Nicolas Aubert elected President of IIL
25th September 2018
The Insurance Institute of London, an organisation created to support the professional development of members of the Chartered Insurance Institute Group, has announced that Nicolas Aubert has taken office following his election as President by the Vice Presidents and Council. Aubert currently serves as Head of Great Britain for Willis Towers ... Read the full article
SCOR CEO Denis Kessler responds to growing investor pressure
24th September 2018
Denis Kessler, Chairman and Chief Executive Officer (CEO) of SCOR, has responded to a letter from activist investor CIAM, which urged the company’s management to continue negotiations with French insurance group Covéa following SCOR's rejection of a €8.2 billion (US $9.6 billion) acquisition offer. Catherine Berjal, President of CIAM, suggested ... Read the full article
Andrew McMellin appointed CEO of Pioneer, Max Taylor departs
24th September 2018
London-headquartered Pioneer Underwriters, which operates as a risk carrier and managing agent currently with the backing of Liberty Syndicate 4472, has announced the appointment of Andrew McMellin as Chief Executive Officer. Additionally, Max Taylor, the Chairman of Pioneer since 2013, is to retire following a transition period, during which he will ... Read the full article
No new major trade barriers but significant obstacles remain: GRF
24th September 2018
The Global Reinsurance Forum (GRF) has announced that no new major trade barriers have been added to the latest edition of its Reinsurance Trade Barriers and Market Access Issues Worldwide list, but remains concerned that significant barriers are still in place worldwide. The GRF explained that trade barriers restrict the ability ... Read the full article
CIC launches microinsurance product for Kenyan farmers
24th September 2018
Over the next five years Kenyan cooperative insurer CIC Insurance Group plans to issue over 250,000 livestock microinsurance policies to previously-uninsured, low-income farmers. The venture, formulated as part of the International Cooperative and Mutual Insurance Federation’s 5-5-5 Mutual Microinsurance Strategy, will equate to 500,000 more cows insured in a country that ... Read the full article
Growth the main factor behind JLT acquisition: Dan Glaser
24th September 2018
Dan Glaser, President and Chief Executive Officer (CEO) of Marsh & McLennan Companies, Inc., has said that the firm's acquisition of JLT Group is about growth, noting that the two global insurance and reinsurance brokers are "stronger together". Marsh announced its $5.6 billion takeover of JLT Group on Tuesday, a deal ... Read the full article
ABIR members contributed $840mn to Bermuda economy in 2017
24th September 2018
Members of the Association of Bermuda Insurers & Reinsurers (ABIR) made a direct economy contribution to Bermuda of more than $840 million in 2017, according to the group’s annual survey results. Data from the 23 ABIR members accounted for impacts from travel, business, charitable giving, construction expenses and compensation paid to ... Read the full article
Gallagher hires Daniel Stewart as head of trade credit in Manchester
24th September 2018
Gallagher, the global re/insurance brokerage and risk management services firm, has appointed Daniel Stewart to lead its Manchester-based specialist UK Trade Credit & Surety Practice. Stewart has almost 20 years of specialist broking experience and joins Gallagher from Marsh, where he was a national practice leader for trade credit, responsible for ... Read the full article
Aon confident of organic growth, sees business relevance increasing: Analysts
24th September 2018
Global insurance and reinsurance broker Aon believes that the relevance of its business is on the rise and is confident that it can produce mid-single digit organic growth or higher, according to analysts at J.P. Morgan. Analysts met with Aon's Chief Financial Officer (CFO), Christa Davies and the Chief Operating Officer ... Read the full article
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