Reinsurance News
AIG expects further pension risk transfer market growth in 2018
30th May 2018
American International Group (AIG) expects continued growth in the pension risk transfer market throughout 2018 and beyond, as the insurance giant announces agreements on the two largest plan termination transactions in 2017. The deals, which represented over $1.5 billion in pension plan obligations covering more than 24,000 retirees, beneficiaries, deferred and ... Read the full article
Cyber market faces pricing challenges despite steady growth, reports A.M. Best
30th May 2018
A.M. Best has reported that the cyber re/insurance market currently faces a challenging pricing environment, although the sector continues to exhibit steady growth and capacity generally remains plentiful. In most cases, A.M. Best found that re/insurers seem willing and able to offer capacity but reluctant to have cyber constitute a significant ... Read the full article
Allianz Group to purchase 8% stake in Africa Re
30th May 2018
Allianz Group has entered into an agreement to acquire an 8% stake in African Reinsurance Corporation (Africa Re) for a total cash consideration of USD 81 million. The transaction will make Allianz one of the largest shareholders in Africa Re, and will enable both companies to jointly promote insurance penetration in ... Read the full article
Aon establishes new Carrier Solutions groups, appoints Hennessy as CEO
30th May 2018
Re/insurance broker Aon plc has established a new Carrier Solutions group as part of its brand restructure, and has appointed Karl Hennessy as Chief Executive Officer (CEO). The newly formed group is designed to support Aon’s network of Managing General Agents (MGAs) and Managing General Underwriters (MGUs) by delivering innovative products, ... Read the full article
Nigeria signs MoU with African Risk Capacity for extreme weather support
30th May 2018
The Government of Nigeria has signed a Memorandum of Understanding (MoU) with the African Risk Capacity (ARC) as part of a collaborative effort to address the impact of extreme weather events in Nigeria. The MoU was signed during the 2018 Annual Meetings of the African Development Bank (AfDB) in Busan, South ... Read the full article
Re/insurance industry set to grow faster than global economy: Munich Re
29th May 2018
The rate of growth of the global re/insurance industry is set to overtake the global economy in 2018 and 2019, with average annual premium growth forecast at 5.3%, compared with global GDP growth of 4.9%, according to Munich Re’s latest Insurance Market Outlook. Munich Re reported that life insurance is set ... Read the full article
UNIQA CEO Andreas Brandstetter elected president of Insurance Europe
29th May 2018
The Chief Executive Officer (CEO) and Chairman of Austria’s UNIQA Insurance Group, Andreas Brandtsetter, has been elected president of Insurance Europe, the European insurance and re/insurance federation, for a term of three years. Having headed UNIQA since 2011, Austrian citizen Brandstetter joined the globally active composite insurer in 1997. Commenting on his ... Read the full article
Malaysian Re signs MOU partnership agreement with Argo Managing Agency
29th May 2018
Malaysian Reinsurance Berhad (Malaysian Re) has signed a Memorandum of Understanding (MOU) with Argo Managing Agency Limited to formalise its agreement to provide underwriting and technical support. Argo Managing Agency is a member of Argo Group, and manages ArgoGlobal Syndicate 1200 (Argo) and Ariel Re Syndicate 1910 at Lloyd’s. Additionally, Malaysian Re ... Read the full article
QBE Europe granted license by National Bank of Belgium
29th May 2018
Australia domiciled insurer QBE has taken a major step in securing continued passporting rights across the European Economic Area (EEA) post-Brexit, after its new Belgian subsidiary, QBE Europe SA/NV (QBE Europe), was granted a license by the National Bank of Belgium (NBB). QBE Europe will leverage the existing base that QBE ... Read the full article
Suzanne Sandusky joins Everest Insurance’s Risk Management Group as VP
29th May 2018
Everest Re has announced that Suzanna Sandusky has joined Everest Insurance as a Vice President (VP) within its Risk Management Group, where she will oversee underwriting and provide flexible, customised primary casualty solutions in the large account marketplace. Sandusky joins from Oswald Companies, having worked as Market Leader for Global Accounts, ... Read the full article
Blockchain could allow developing countries to ‘leapfrog’ current tech: Fitch
29th May 2018
Fitch Ratings has suggested that blockchain technology could allow insurers and reinsurers in developing nations to make a faster technological leap than those in more established markets, as they can circumvent current operational systems. In its report, "Blockchain and Insurance - The Trust Machine," Fitch observed that many emerging markets and ... Read the full article
Ed announces professional and executive risk expansion into Jersey
29th May 2018
The Jersey Financial Services Commission has granted the global reinsurance, wholesale and speciality broker Ed with a license to carry out general insurance mediation business. The broker had previously announced their 2017 expansion of professional and executive risk offering in the Channel Islands following its successful application for a commercial insurance ... Read the full article
Castel eyes European MGA growth with opening of Dutch branch
29th May 2018
In a move which is expected to bolster plans for an expansion of operations in Europe post-Brexit, the club-style MGA formation platform Castel Underwriting Agencies Limited (Castel), has announced the opening of its first branch office in Amsterdam. Castel’s European office is set to provide a platform from which to launch ... Read the full article
Amazon spearheads $12mn funding campaign for India’s Acko InsurTech start-up
29th May 2018
Acko General Insurance, an online-only InsurTech start-up based in Mumbai, India, has raised an investment of $12 million led by Amazon, bringing the company’s total equity funding to nearly $42 million. This announcement confirms rumours from January 2018 that Amazon was on the verge of making its first investment in ... Read the full article
Generali establishes new Employee Benefits branch in Luxembourg
29th May 2018
Italian insurer Assicurazioni Generali S.p.A. has announced that it has established a new branch in Luxembourg, which will be dedicated to its business in the Employee Benefits (EB) sector. The new branch will allow Generali to better meet the needs of global companies and their employees by consolidating the Group’s position ... Read the full article
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