Reinsurance News
Re/insurers face multiple exposures to PG&E wildfire volatility: A.M. Best
21st November 2018
A.M. Best has found that many re/insurers may face additional exposure to the volatility surrounding energy supplier Pacific Gas and Electric Company (PG&E) due to their investments in the company’s bonds. PG&E power lines have been under investigation as a potential cause for the devastating Camp Wildfire, which has destroyed ... Read the full article
Arch Insurance names Hugh Sturgess as CEO of International business
21st November 2018
Arch Insurance has named Hugh Sturgess as Chief Executive Officer (CEO) of Arch Insurance International and appointed Gale Lockbaum and Jean-Pierre Galipeault to senior roles within its Canada business. Sturgess has been with Arch Insurance since 2005 and is currently President and CEO of Arch Insurance Canada, where he is responsible ... Read the full article
FEMA confident of NFIP reauthorisation
21st November 2018
With the current statutory authority granted to the National Flood Insurance Program (NFIP) set to expire at 11:59PM on 30 November 2018, The U.S Federal Emergency Management Agency (FEMA) has stated that it is confident Congress will vote to reauthorise the program. It’s been a busy two quarters for the NFIP; ... Read the full article
IoT to spur re/insurance innovation, amplify risk: Lloyd’s
21st November 2018
The rise of the Internet of Things (IoT) is set to revolutionise the capabilities of re/insurers while simultaneously ushering in a new age of increased complexity and amplified risk, according to new research by Lloyd’s. IoT will lead to data capture and management at an unprecedented scale, according to the report. This ... Read the full article
Aon appoints Guy Carpenter’s Richard Jones as Exec Chairman, Reinsurance Solutions
21st November 2018
Re/insurance broker Aon has appointed Richard Jones as Executive Chairman of its Reinsurance Solutions business in Asia, effective May 2019. Jones most recently served as Chairman of Asia Pacific at Guy Carpenter, where he spent 31 years working across a variety of roles. His new, Singapore-based role, will see him take responsibility ... Read the full article
Guy Carpenter names JLT Re’s Ross Howard as Vice Chairman
21st November 2018
Reinsurance brokerage Guy Carpenter has appointed Ross Howard, currently the Chairman of JLT Re, to become Vice Chairman of the firm, as the integration between JLT and MMC continues following the acquisition. The acquisition of Jardine Lloyd Thompson Group (JLT) by broking and advisory giant Marsh & McLennan Companies, Inc. ... Read the full article
While significant, wildfire losses should be within budget: Fitch Ratings
21st November 2018
The recent outbreak of wildfires in California is likely to have a negative impact on the Q4 earnings of re/insurers with property exposure in the state, but losses should remain within budget for most companies, according to Fitch Ratings. The rating agency said that wildfire losses should not exceed the level ... Read the full article
Property count rises to 18,652 as more wildfire destruction emerges
20th November 2018
The number of structures destroyed by the recent outbreak of wildfires in California has risen to 18,652 as containment grows and authorities begin to piece together the extent of the destruction. The property toll has risen by another 20% overnight, up from 15,489, with the implication being that losses for the ... Read the full article
Caribbean captives continue to outperform traditional markets: A.M. Best
20th November 2018
The captive insurance markets in Bermuda, the Cayman Islands and Barbados (BCIBs) continue to post strong double-digit RoEs and outperform more traditional commercial markets, according to analysts at A.M. Best. The rating agency noted that captive insurers remain the beneficiaries of very productive business models and strong loss control and risk ... Read the full article
Broker usage of PPL is widening significantly: LIIBA CEO Croft
20th November 2018
Adoption of the London Market Group’s (LMG) Placing Platform Limited (PPL) has been widening significantly among re/insurance brokers, according to Christopher Croft, Chief Executive Officer (CEO) of the London & International Insurance Brokers’ Association (LIIBA). Croft noted that the number of brokers using PPL has increased by 25% over the last ... Read the full article
Aon develops new Non-Damage Business Interruption cover
20th November 2018
Re/insurance broker Aon has announced the launch of a new Non-Damage Business Interruption (NDBI) cover that is designed to protect the income streams of companies with high levels of intangible assets. Insurance protection for the new NDBI product is provided by a number of major re/insurers, Aon said, including Lloyd’s of ... Read the full article
U.S. life insurance sector to remain well capitalised: S&P
20th November 2018
S&P Global Ratings has said that the U.S. life insurance industry has strong capitalisation at a macro level, but warns that capitalisation varies by individual company. Analysis by the global ratings agency finds that rather than reserve risk, it is asset risk that drives capital requirements for life insurance companies, with ... Read the full article
Asia to drive re/insurance market growth as global economy slows: Swiss Re
20th November 2018
Emerging markets, and Asia in particular, are likely to become the main drivers of demand and growth in the re/insurance market as the global economy begins to slow and lose momentum over the next few years, according to Swiss Re Institute’s latest sigma report. The report, titled ‘Global economic and insurance ... Read the full article
MS Amlin partners with Folgate ahead of 2019 launch
20th November 2018
Global re/insurer MS Amlin has partnered with London-based Folgate Insurance Company to underwrite Folgate's business as it looks to re-launch in the UK market in 2019. The companies will collaborate on underwriting Property, Liability, Professional Indemnity and other lines of business throughout the UK from next year. Folgate’s managing agent, APC will ... Read the full article
EIOPA regulator continues to face significant challenges, say Auditors
20th November 2018
The European Insurance and Occupational Pensions Authority (EIOPA), a European Union (EU) regulatory institution, has made important contributions to the financial stability of the re/insurance sector but continues to face significant challenges, according to the European Court of Auditors (ECA). A new report by the ECA said that the Authority, along ... Read the full article
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