Reinsurance News
MAPFRE and Banco do Brasil update insurance business alliance
27th June 2018
Spanish insurer MAPFRE has formally updated its strategic alliance with Banco do Brasil, which originally gave rise to BB MAPFRE in 2010, now one of the largest insurance groups in Brazil. Under the terms of the updated agreement, MAPFRE will increase its control of BB MAPFRE’s Non-Life business from 50% to ... Read the full article
ACORD announces new cloud-based messaging solution for London market vendor
27th June 2018
ACORD, the re/insurance industry data standards body, has partnered with software provider DataPro Corporation to produce Conductor, a cloud-based messaging solution. Chris Newman, Managing Director of ACORD in London, commented, “The implementation of standards is overwhelmingly viewed positively across the global insurance industry, particularly in the London Market.” “As well as helping to ... Read the full article
FWD Group rumoured to be preparing for IPO
27th June 2018
FWD Group, the Swiss Re backed insurance business of Pacific Century Group (PCG), is preparing for a potential initial public offering (IPO) after five years of expansion through acquisitions, according to sources at Bloomberg. The company has reportedly held preliminary discussions with investment banks about a possible IPO in the next ... Read the full article
Nexus appoints new Non-Exec Director of underwriting operations
27th June 2018
The Nexus Group has appointed Karen Morris as an independent Non-Executive Director of underwriting operations, effective immediately. Morris is a barrister and international tax and corporate lawyer with a proven track-record in re/insurance growth and innovation strategy. She has recently held long-term strategic consultancy roles for WR Berkley Inc and the ... Read the full article
CatIQ partners with PERILS to launch Canada’s first insurance IED
27th June 2018
Catastrophe Indices & Quantification Inc. (CatIQ) has announced the launch of Canada's first ever insurance Industry Exposure Database (IED), which was developed in partnership with PERILS AG and the support of the Canadian property and casualty (P&C) sector. CatIQ explains that the new IED includes 2016 and 2017 year-end estimates of ... Read the full article
Brexit clause published by the International Underwriting Association
27th June 2018
The international Underwriting Association (IUA) has published a clause aimed at clarifying how firms will continue to pay claims if adequate transitional arrangements surrounding Brexit are not agreed. The Brexit Contract Continuation Clause will benefit insurers that currently rely on the EU financial services passport to conduct cross-border business between the ... Read the full article
Re/insurers increasingly favour cross-border M&A deals: KPMG
27th June 2018
Re/insurance executives are actively pursuing mergers and acquisitions (M&A) deals to overcome sluggish industry growth, with companies increasingly looking for opportunities outside their country of domicile, according to financial advisory firm KPMG International. KPMG recently surveyed 200 global re/insurance industry executives, finding that 80% were expecting to seek between one and ... Read the full article
Modernisation and Brexit among top COO concerns, reports LMA
27th June 2018
Market modernisation, Brexit preparations, and underwriting systems upgrades are the three most pressing concerns for Lloyd’s market Chief Operating Officers (COOs) in 2018, according to a recent survey by the Lloyd’s Market Association (LMA). The LMA’s research found that, within market modernisation initiatives, COO’s prioritised delegated authority transformation, with 93% of ... Read the full article
Mortgage reinsurance expected to expand beyond U.S market: Capsicum Re
26th June 2018
The mortgage reinsurance market looks set to expand worldwide following a robust resurgence in the U.S in recent years, according to specialist reinsurance broker Capsicum Re. The mortgage reinsurance market in the U.S has experienced a boom recently due to the rapid increase in reinsurers’ participation across new, innovative mortgage transactions, ... Read the full article
Generali increases stake in Indian insurance joint ventures to 49%
26th June 2018
Italian insurer Generali Group has announced an agreement with Indian conglomerate Future Group to further invest in the region’s insurance market, increasing its stake in insurance joint ventures Future Generali India Life Insurance Company and Future Generali India Insurance Company to 49%, from 25% at present. Commenting on the deal, which is expected ... Read the full article
Continued growth & profitability expected for MENA markets: Insurance Pulse 2018
26th June 2018
Insurance markets of the Middle East and Northern Africa are expected to outgrow the region’s GDP over the next 12 months, according to senior executives polled in The MENA Insurance Pulse 2018, published by Dr. Schanz, Alms & Company. The report states that personal lines remain a key driver for premium ... Read the full article
JLT FAC bolsters global team with two new Senior Executives
26th June 2018
JLT FAC, JLT Re’s facultative reinsurance arm, has announced the appointment of Nikki Melbourne and Joe Vitale as Senior Executives to its London and U.S. teams respectively. Melbourne joins the firm as Partner. She most recently served as Senior Underwriter at RSA and had previously worked as an underwriter at Allianz ... Read the full article
Re/insurers slow to adopt new tech risk being replaced, says Simplitium’s James Lay
26th June 2018
Re/insurance companies who are slow to adopt the numerous benefits offered by new and emerging technologies are likely to be supplanted by more enterprising firms, according to James Lay, Commercial Director of Insurance Business at Simplitium, a financial services solutions provider. Speaking with Reinsurance News, Lay noted that re/insurers have generally ... Read the full article
Storm-hit France receives €430mn worth of insurance claims in matter of weeks
26th June 2018
Extensive storms across much of France have seen approximately 214,000 claims totaling €430 million registered to the French Federation of Insurance (FFI) in the past few weeks. Bernard Spitz, President of the FFI has traveled to the southwestern regions of Pau and Salies-de-Béarn to meet with public authorities and local elected officials in response ... Read the full article
Transportation & Logistics unit launched within Everest Insurance
26th June 2018
Bermudian reinsurer Everest Re Group has announced the launch of a new Transportation and Logistics business unit within its primary insurance arm, Everest Insurance, led by Jeff Engelbrecht. According to an announcement on its launch, the new segment will offer clients a range of coverage lines, including Workers' Compensation, Employers' Liability, ... Read the full article
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