Reinsurance News
BIMA elects AIG’s Kathleen Bibbings as new President
7th June 2018
The Bermuda Insurance Management Association (BIMA) has appointed Kathleen Bibbings, current head of AIG’s Bermuda captive operations, as its new President. BIMA announced shortly after its Annual General Meeting (AGM) that Bibbings would succeed outgoing President Grainne Richmond, who has now completed his allotted two year term. Bibbings is a Bermudian and Canadian ... Read the full article
Information and education critical to tackling U.S flood risk, says Swiss Re’s Junge
6th June 2018
Tackling the challenge of U.S flood risk will require re/insurers to focus on educating property owners while at the same time developing more detailed resources, such as flood maps and risk models, according to Swiss Re Senior Treaty Underwriter Matt Junge. Although floods cause around $15 billion of economic damage every ... Read the full article
The Schinnerer Group announces rebrand as Victor
6th June 2018
Maryland-headquartered Managing General Underwriters (MGU) The Schinnerer Group has officially been rebranded as Victor. The move is part of a wider strategy that includes The Schinnerer Group’s businesses - Victor O. Schinnerer & Company in the US, ENCON in Canada, Bluefin Underwriting in the UK, Mees & Zoonen in Italy and the ... Read the full article
DWF strengthens insurance practice with appointment of new Partner
6th June 2018
Multinational law firm DWF has announced the appointment of an experienced Insurance Partner Iftikhar Ali to its London office where he will specialise in construction, power and engineering claims. Ali joins from Simmons & Simmons after two years leading its construction all risks practice. Ali has operated as a specialist international ... Read the full article
XL shareholders approve AXA merger agreement
6th June 2018
The common shareholders of XL Group Ltd have approved an agreement for the re/insurer to be 100% acquired by AXA for $15.3 billion, to be fully paid in cash. Under the transaction, which is expected to close in the second-half of 2018 subject to regulatory approvals, XL shareholders will receive $57.60 ... Read the full article
HCI completes 2018-2019 catastrophe reinsurance renewal
6th June 2018
Homeowners Choice Property & Casualty Insurance Company, Inc., an HCI Group wholly owned subsidiary, has secured its 2018-2019 reinsurance renewal, which provides the firm with protection for a first event up to a loss of $888 million, excluding flood. According to catastrophe models approved by the Florida Office of Insurance Regulation, the first event ... Read the full article
Irma showed the robustness of Florida specialists’ reinsurance utilisation: Fitch
6th June 2018
After the impact of hurricane Irma, primary Floridian insurance companies reported fairly limited losses when compared with the volume assumed by the global reinsurance segment, with many primary players reporting that overall losses fell well within their respective reinsurance programmes, reports Fitch. The ratings agency reports that a notable lack of ... Read the full article
Cologne perfectly placed as an insurance hub, says Mayor Henriette Reker
6th June 2018
Following the announcement last month of Newline Insurance Group’s Cologne-based headquarters for European business - via new subsidiary Newline Insurance Company - the city’s Mayor Henriette Reker has praised the move and invited “insurance companies from all over the world” to consider Cologne’s “outstanding business environment.” The creation of Newline’s new ... Read the full article
ACHP seeks to offload stake in Asta
6th June 2018
London-based holding company ACHP, formerly known as Pro Global Insurance Solution, is looking to offload its one-third voting share and 30% economic rights in Asta Capital - Lloyds’ leading third party managing agent - as directors look to capitalise on the Company’s significant investment before a proposed delisting. ACHP directors say ... Read the full article
unisonSteadfast targets blockchain integration following iXledger partnership
6th June 2018
London-headquartered blockchain solutions provider iXledger and Hamburg-based unisonSteadfast, one of the world's largest international broker networks, has announced a partnership aimed at leveraging iXledger’s blockchain-enabled platform. unisonSteadfast hopes to utilise blockchain across network management, communications and knowledge sharing, driving value in the short-term. While additional plans for a next-generation online market ... Read the full article
Italy’s rising sovereign risks threaten major insurer ratings: Moody’s
6th June 2018
Moody’s Investors Service has placed Italian insurers Allianz S.p.A (Allianz Italy) and Unipol Gruppo S.p.A. (UG) on review for downgrade as the country faces a financial crisis following the election of a Eurosceptic coalition government. The announcement follows Moody's decision to place the Italian government's Baa2 debt rating under review for ... Read the full article
Aon becomes first broker to sign up to UN’s Principles for Sustainable Insurance
6th June 2018
Aon has become the first risk advisor and broker to sign up to the United Nation's Principles for Sustainable Insurance (PSI), which were created to serve as an international framework and initiative for the insurance sector to leverage its unique risk expertise to create a safer, healthier, and more sustainable ... Read the full article
Generali announces distribution partnership with UniCredit
6th June 2018
A strategic bancassurance partnership has been announced by insurance group Generali and Italian banking giants UniCredit for the distribution of insurance products and solutions in Central and Eastern Europe (CEE). The agreement will come into effect in the second half of this year following regulatory approval. The deal will make Generali ... Read the full article
Hurricane Harvey flooding exposes widespread underinsurance: Lloyd’s
6th June 2018
The flooding in Houston caused by Hurricane Harvey in August 2017 has brought into relief the stark flood insurance protection gap for many communities in the U.S, according to the specialist insurance and reinsurance marketplace, Lloyd’s of London. Lloyd’s ‘After the Storms’ report assessed the damage caused by Hurricane Harvey, finding ... Read the full article
RSA Luxembourg granted regulatory approval
6th June 2018
RSA Insurance Group has received license approval from Commissariat aux Assurances (CAA), Luxembourg's official regulatory authority responsible for the supervision of the insurance sector, for its new insurance subsidiary, RSA Luxembourg (RSAL). Additionally Richard Turner, a 35-year veteran of the firm currently overseeing European Union (EU) business from the U.K., is ... Read the full article
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