Reinsurance News
JLT CEO says broker is preparing for a no-deal Brexit: Reuters
26th July 2018
The Chief Executive Officer (CEO) of global insurance and reinsurance broker JLT Group, Dominic Burke, has reportedly told Reuters that the firm is "working on a position of a no-deal Brexit." Exactly what the UK's vote to leave the European Union (EU) means for the country and its financial services industry ... Read the full article
Price increases slow but sanity is returning to the market: Lancashire CEO
26th July 2018
Alex Maloney, the Group Chief Executive Officer (CEO) of Lancashire Holdings Limited, has said that while the firm has been able to take advantage of rate increases across most lines of business, pricing continues to decline from the peak witnessed at the January renewals. The specialty insurance and reinsurance group has ... Read the full article
Fosun considers acquisition of Belgian re/insurer Ageas
26th July 2018
Fosun International Ltd., the Chinese conglomerate and investment company, is considering an acquisition of Belgian re/insurer Ageas in order to expand its international footprint, according to sources at Bloomberg. The Shanghai-based company is also reportedly discussing alternative options with advisors, such as splitting Ageas with an acquisition partner or increasing its ... Read the full article
IUA backs mutualisation of motor terrorism risks in UK
26th July 2018
The International Underwriting Association (IUA) has lent its support to a recent vote by UK motor insurers to mutualise risks for terrorism claims that will see the Motor Insurance Bureau (MIB) handle all claims for victims of vehicle-related terrorist events from January 2019. All UK motor insurers are members of ... Read the full article
Alliant Insurance bolsters Construction Services Group
26th July 2018
Alliant Insurance Services, the U.S specialty insurance brokerage firm, has bolstered its Construction Services Group with the appointments of Bill Noonan and Brent Hartman as Managing Directors, and Danielle Maxey as Account Executive. All three appointments join Alliant from the construction and retail division of global re/insurance broker Willis Towers Watson ... Read the full article
FEMA increases NFIP cat bond reinsurance value to $500mn
26th July 2018
The U.S Federal Emergency Management Agency (FEMA) has significantly increased the scope of the capital markets reinsurance that it has secured for the National Flood Insurance Program (NFIP) via the issuance of its first catastrophe bond to $500 million. Issued via FloodSmart Re, a Bermuda domiciled special purpose insurance vehicle, Read the full article
Credit Agricole buys 5% of Creval, acquires Global Assicurazioni
26th July 2018
France-based insurer Credit Agricole Assurances (CAA) has bought a 5% stake in Italian banking firm Credito Valtellinese (Creval), as part of a long-term and exclusive partnership. As part of the deal, CAA will acquire the entire share capital of Creval's insurance subsidiary Global Assicurazioni (GA). Prior to the closing of the ... Read the full article
SCOR’s H1 results highlight positive but fading price momentum
26th July 2018
Global insurer and reinsurer SCOR has reported its second-quarter and first-half 2018 results, which reveals a hit to its net income as a result of the U.S. tax reforms, as well as the continued deceleration in P&C pricing following the impacts of 2017 catastrophe events. The French re/insurer today reported net ... Read the full article
Sciemus renamed as Occam, as CEO Welsh departs
26th July 2018
Specialty Lloyd’s of London managing general agent (MGA) Sciemus is to be renamed Occam Underwriting, with current Chief Executive Officer (CEO) Rick Welsh leaving his position after 3 years at the firm. Lance Gibbins, who has been Chairman and co-CEO since 2016, will succeed Welsh as CEO following his resignation from the ... Read the full article
RenRe reports significant decline in 2017 loss estimates, boosts net income
26th July 2018
Bermudian reinsurer RenaissanceRe Holdings Ltd (RenRe) reported better than expected results for the second-quarter of 2018, driven by a substantial drop in its estimated losses from 2017 catastrophe events. The reinsurer has announced a decrease in net claims and claims expenses incurred of $128.6 million, which, after factoring in assumed reinstatement ... Read the full article
Report urges re/insurers to engage with synthetic biology sector: Lloyd’s
26th July 2018
A new emerging risks report from the specialist Lloyd's of London insurance and reinsurance marketplace and Drs John Heap and Karen Polizzi of Imperial College London, urges re/insurers to engage with the expanding synthetic biology sector to support the development of new technologies and new risk transfer solutions. In recent times, ... Read the full article
Japan’s life insurers offer answers to global peers in era of low interest rates: Moody’s
25th July 2018
In an era of perennially low interest rates life insurers should look to Japan, where the industry has remained largely profitable despite facing consistently low rates for over two decades, Moody’s says. The report states that Japanese life insurers have adjusted to perpetually low rates by developing highly-effective liability management strategies. Major ... Read the full article
Hiscox appoints Zurich’s Ben Horton as UK CUO
25th July 2018
Hiscox, the specialist global insurer, has appointed Ben Horton, former EMEA Claims Director at Zurich, as its new Chief Underwriting Officer (CUO) for UK & Ireland, in addition to naming James Browne as Managing Director of UK Direct. Horton joined Zurich in 2014, having previously spent eight years at RSA in ... Read the full article
XL Catlin to offer first on-demand cyber insurance product
25th July 2018
XL Catlin has partnered with cloud-based Insurtech firm Slice Labs to create what it claims to be the first ever on-demand cyber insurance product for small and medium-sized businesses. The subscription and usage-based product will be built on the Slice Insurance Cloud Services platform and is to include services designed to ... Read the full article
FEMA urges at-risk Floridians to secure & maintain flood insurance
25th July 2018
As the hurricane season reaches its midway-point, the U.S Federal Emergency Management Agency (FEMA) has called on Floridians to secure and maintain flood insurance. FEMA states that only half of Florida homeowners in high-risk areas had insurance against flooding before hurricane Irma made landfall late last year. Concurrently, however, the National Flood ... Read the full article
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