Reinsurance News
Challenging industry trends favour top-tier reinsurers: Berenberg
26th June 2018
Current industry trends favour large, top-tier reinsurance companies, who remain well placed despite a challenging pricing environment, according to a recent report by investment bank Berenberg. Berenberg assessed the condition of top-tier European reinsurers such as Munich Re, SCOR, Hannover Re, and Swiss Re, concluding that their businesses remained profitable and ... Read the full article
American Overseas Group appoints new CFO
26th June 2018
American Overseas Group Limited has named Ron Ballard as its new Chief Financial Officer (CFO), effective June 19th, 2018. The company was established in Bermuda in 1998, and initially conducted all of its business through American Overseas Reinsurance Company Limited, which was also formed in Bermuda 20 years ago. Ballard brings 25 years ... Read the full article
Average North Atlantic hurricane season forecast in 2018: RMS
26th June 2018
Most agencies and meteorological organisations are forecasting near-average hurricane activity in the North Atlantic in 2018, although variations in individual predictions could lead to a wide range of forecasts, according to risk modelling and analytics firm RMS. Forecasts generally anticipate neutral El Niño-Southern Oscillation (ENSO) conditions, and near-average sea surface temperatures ... Read the full article
9% of banks global net income at risk from cyber: IMF’s Christine Lagarde
25th June 2018
The International Monetary Fund (IMF) has introduced a new cyber risk model and loss estimation system to assess the potential impact of cyber-attacks on the world’s financial institutions. The findings highlight a number of remaining hurdles that must be cleared to ensure an adequate level of security within the sector. By leveraging ... Read the full article
Singapore Reinsurers’ Association elects 2018/19 executive committee
25th June 2018
The Singapore Reinsurers’ Association (SRA), an industry body for the Singapore reinsurance market, has announced the line-up of its Executive Committee for the 2018/2019 term of office. Most notably, Marc Haushofer, Chief Executive Officer (CEO) of Asia Pacific & Executive Vice President of Validus Reinsurance Company, has been re-elected as SRA ... Read the full article
U.S P&C personal lines losses rise for fourth straight year: Fitch Ratings
25th June 2018
Underwriting losses in the U.S P&C personal lines segment grew for the fourth consecutive year in 2017, according to a new report by Fitch Ratings. The industry statutory personal lines combined ratio rose to 103.8% in 2017 despite continued favourable written premium growth and moderate improvement in the personal auto segment, ... Read the full article
Marsh expands Texas operations with Wortham Insurance acquisition
25th June 2018
Global insurance and reinsurance broker Marsh has announced that it will acquire Houston-based independent insurance brokerage, Wortham Insurance. An agreement has now been reached between the two companies and the deal is expected to close in the third-quarter of this year, although terms of the transaction were not disclosed. Wortham has over ... Read the full article
AmTrust exits marine underwriting at Lloyd’s after strategic review
25th June 2018
Insurer AmTrust is exiting its marine lines of underwriting business in order to focus on more profitable areas of its book, following a strategic review. With the Lloyd's marine book known to be under pressure and one of the lines of business that the market itself has been analysing in its ... Read the full article
Willis Towers Watson CEO eyes new deals
25th June 2018
Willis Towers Watson's Chief Executive Officer (CEO), John Haley, has told the Financial Times he is considering taking on new deals, three years after an $18 billion merger created the Company. It was in 2015 that Willis merged with Towers Watson and came shortly after Willis had purchased French broker Gras ... Read the full article
Sirius Group to go public via merger agreement with Easterly
25th June 2018
Sirius International Group, a global multi-line insurance and reinsurance group, has entered a merger agreement with Easterly Acquisition Corp. for a proposed business combination that would result in Sirius becoming a publicly listed company. Under the terms of the agreement, Easterly would merge with a subsidiary of Sirius Group to become ... Read the full article
XL Catlin expands aviation insurance product to Mexico
25th June 2018
XL Catlin has expanded its aviation insurance offerings to Mexico and is to initially focus on general aviation hull and liability risks. Having established a presence in Latin America, Brazil, the U.S. and Canada, XL considers this expansion as the next step in aiding general aviation clients manage risk in the ... Read the full article
Fidelis rebrands Firestone MGA to Oakside
25th June 2018
Fidelis Insurance, the privately owned Bermuda-based holding company, has announced that it has rebranded its Managing General Agent (MGA), Firestone Surety Limited, to Oakside Surety Limited. Following the rebrand, Oakside will continue to focus on the small and medium-sized enterprises (SMEs) sector of the surety market. The MGA's original name was only intended ... Read the full article
Advent Underwriting launches political violence rating tool for MENA
25th June 2018
Advent Underwriting, the Lloyd’s specialty re/insurer, has launched a new online pricing and placing tool for low-ticket political violence (PV) business in the Middle East & North Africa (MENA) region. The new rating tool, called PVPlus, was developed in partnership with independent MGA CFC Underwriting, and aims to provide SMEs in ... Read the full article
JBA updates UK Flood Model for nationwide analysis at building level
25th June 2018
Insurers are now able to analyse floods at individual property level across the whole of the United Kingdom (UK) thanks to JBA Risk Management’s newly updated Flood Model. The model is underpinned by JBA’s widely-used 5m UK Flood Map and enables the re/insurance industry to more effectively manage flood risk by ... Read the full article
Munich Re CEO points to partnerships, not sale, for asset management
25th June 2018
Munich Re's CEO Joachim Wenning told employees that it would "make no sense" for the firm to pull out of investment activities, but that a partnership with an asset manager could be positive, according to a report. Last week it was widely reported, including by us, that Munich Re was ... Read the full article
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