Reinsurance News
Dirk Wegener to succeed Jo Willaert as FERMA President
27th June 2019
Dirk Wegener has been appointed as the next President of the Federation of European Risk Management Associations (FERMA). His election took place at the first meeting of the new board of FERMA. Dirk, who is currently Deputy President of FERMA, will become its President at the 2019 FERMA Risk Management Forum, which ... Read the full article
Re/insurers must build more trust in mature markets: Geneva Association
27th June 2019
The protection gap in mature markets could be narrowed if re/insurers focus on building more trust and educating consumers about the benefits of products, according to a report by industry think tank The Geneva Association. Based on a survey of 7,000 people in France, Germany, Italy, Japan, Switzerland, the U.K. and ... Read the full article
Allianz partners with insurtech firm Wrisk to digitalise UK auto products
27th June 2019
Allianz Partners has announced a new partnership with UK-based insurtech firm Wrisk that will help to digitalise the products offered by Allianz Automotive, the business line that focuses on the needs of car manufacturer’s customers. The objective of the partnership is to jointly offer new automotive insurance products on Wrisk’s mobile ... Read the full article
Apollo adds XL Catlin’s Steeds as senior political risk underwriter
27th June 2019
Apollo Syndicate Management has announced the appointment of William Steeds as senior political risk underwriter for Syndicate 1969, effective immediately. Steeds, who joins with over 20 years’ experience in the industry, reports to Chris King, Head of crisis management at Apollo Before joining Apollo, he was a senior political risk underwriter at ... Read the full article
JBA & insurtech Floodflash create parametric flood policy
27th June 2019
Global flood risk modeller JBA Risk Management has partnered with insurtech firm Floodflash to create a UK parametric flood insurance policy. The new product, which JBA and Floodflash claim is an industry first, will provide bespoke insurance for policyholders in frequently flooded areas who have traditionally struggled to obtain cover. It will ... Read the full article
Swiss Re says ReAssure valued at up to £3.3bn in IPO
27th June 2019
Swiss Re has said that ReAssure, its UK closed life book consolidator business, will be valued at up to £3.3 billion in its initial public offering (IPO) on the London Stock Exchange next month. The reinsurer has set a price range of £2.80 to £3.30 per share, implying a market capitalisation ... Read the full article
TigerRisk adds JLT Re duo to lead binding authority, program businesses
27th June 2019
Reinsurance brokerage, risk and capital strategic advisory firm TigerRisk Partners has appointed Neill Cotton and Mark Sleet to lead its binding authority and program businesses. Cotton brings over 30 years’ experience to the role and was most recently a partner at JLT Re where he headed the binding authority and program ... Read the full article
Hiscox CUO Richard Watson announces departure from role
27th June 2019
Richard Watson, the Chief Underwriting Officer (CUO) of global insurer and reinsurer Hiscox, has announced that he will retire from his role after 33 years. Watson is to step down from the Board of Hiscox Ltd on December 31st, 2019 and will continue to serve as an advisor to the firm, ... Read the full article
Impact of Brexit on UK financial services nears £4bn: EY
27th June 2019
According to data from EY, the impact of Brexit on UK financial services has reached nearly £4 billion as of May 31, 2019. This sum includes costs of £1.3 billion for relocating staff and operations, legal advice, and contingency provisions, as well as an additional £2.6bn for capital injections to scale ... Read the full article
Willis Towers Watson responds to latest IFRS 17 proposals by IASB
27th June 2019
The risk advisory and broking firm Willis Towers Watson (WTW) has issued a response to the latest changes proposed by the International Accounting Standards Board (IASB) concerning its accounting standard IFRS 17 Insurance Contracts. The IASB’s limited scope Exposure Draft (ED), published this week, brings together a number of proposals made ... Read the full article
Swiss Re names Higginbotham CEO Reinsurance Asia, as Plunkett departs
27th June 2019
Reinsurance giant Swiss Re has adjusted its leadership for the Asia region, naming Russell Higginbotham as its new CEO Reinsurance Asia, after the previous leader in that role Jayne Plunkett decided to depart the firm. Higginbotham has worked at Swiss Re for almost 25 years, in positions covering a range of ... Read the full article
July renewals to offer muted pricing increases for European reinsurers: Deutsche Bank
26th June 2019
European reinsurers can expect to see only muted pricing increases at the July 2019 renewals, which will likely offer a similar experience to renewals earlier in the year, according to analysts at Deutsche Bank. Nevertheless, the firm continues to see some positive signs in the market, such as pricing momentum from ... Read the full article
Marsh partners with Sompo to offer aircraft finance insurance consortium in Japan
26th June 2019
Global re/insurance broker Marsh has launched a Japanese Aircraft Finance Insurance Consortium (Japanese AFIC) in collaboration with Sompo Japan Nipponkoa Insurance Inc. and Sompo International. The new consortium will offer the same terms as Marsh’s global AFIC program to Japanese financial institutions through a Japanese insurer. Launched in 2017, Marsh's AFIC provides ... Read the full article
NAIC approves reinsurance model law and regulation changes
26th June 2019
The National Association of Insurance Commissioners (NAIC) has approved revisions to both the Credit for Reinsurance Model Law and Credit for Reinsurance Model Regulation. The revisions look to further resolve any difference in the treatment of U.S. domiciled insurers that operate offshore. Under the revisions, the models are now consistent with ... Read the full article
IDF calls for more public-private collaboration to close protection gap
26th June 2019
The Insurance Development Forum (IDF), a partnership consisting of the World Bank Group, the United Nations Development Programme, and global re/insurers, has called for further public-private collaboration to help close the protection gap. Speaking at the International Insurance Society’s (IIS) Global Insurance Forum in Singapore last week, representatives from the IDF ... Read the full article
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