Reinsurance News
Asbestos and environmental claims continue to rise: A.M. Best
21st December 2018
Asbestos and environmental claims currently cost the property and casualty (P&C) re/insurance industry around $1.9 billion and $800 million in additional losses per year, respectively, and show no signs of slowing down, according to A.M. Best. The rating agency has raised its estimate of the ultimate net environmental losses for the ... Read the full article
Iain Ferguson takes up regional director role for Lloyd’s in Asia Pacific
21st December 2018
The President and Chief Operating Officer for Lloyd’s Japan, Iain Ferguson, is to take on additional responsibilities as Regional Director across the Asia Pacific (APAC) region. Having first joined Lloyd’s in 2007, Ferguson has more than 20 years’ experience working in Japan and across Asia. Lloyd's says its’ organisational structure in Asia ... Read the full article
Neon Underwriting promotes Theo Butt to CEO role
21st December 2018
Neon’s Lloyd’s Managing Agency, Neon Underwriting Limited (NUL), has promoted Theo Butt to the role of Chief Executive Officer as well as Matthew Washington to the Managing Director position, with immediate effect. Butt, who will continue reporting to Group CEO Martin Reith, has been given the role after joining the Neon ... Read the full article
Sydney pummelled by hail, leaving Suncorp & IAG to claim on reinsurance
21st December 2018
A widespread and destructive hail storm has swept through Sydney resulting in over 25,000 filed claims and pushing insured losses high enough for two of Australia’s largest insurers to trigger their reinsurance. The hail, which caused extensive damage to property and motor vehicles across Sydney and the Central Coast on Thursday ... Read the full article
Everest Insurance appoints Rob Diziki as VP of Professional Liability team
21st December 2018
Everest Insurance, a division of global reinsurer Everest Re Group, has announced the appointment of Rob Diziki as Vice President of its Professional Liability team. He will be responsible for the development and expansion of Everest’s lawyers, accountants, and miscellaneous professional liability offerings. Reporting to Keith Lavigne, Head of Management and Professional ... Read the full article
Mexico’s insurance industry outlook stable, some volatility ahead: A.M. Best
21st December 2018
Mexico’s insurance industry is benefiting from strong capitalisation levels and operating performances of its companies, which in turn supports A.M. Best’s stable market segment outlook on the industry. However, the firm states that despite this stable outlook some volatility is to be expected across the industry’s operating performance in the last quarter ... Read the full article
At least 40% of risks must be placed electronically at Lloyd’s for Q1 2019
20th December 2018
The specialist Lloyd's of London insurance and reinsurance marketplace has revealed that for the first-quarter of 2019, each syndicate will be required to have written at least 40% of its risks using a recognised electronic placement system. The target figure is set to increase to 50% for the second-quarter of 2019, ... Read the full article
UK, U.S announce signing of post-Brexit re/insurance agreement
20th December 2018
A joint statement has been issued by the U.S and UK regarding the successful signing of a previously-announced Bilateral Agreement on Prudential Measures Regarding Insurance and Reinsurance (U.S-UK Covered Agreement). The new U.S-UK Covered Agreement aims at upholding the terms of the U.S-EU Covered Agreement, signed in 2017, which outlined ... Read the full article
Generali gets regulatory go-ahead for UK legacy portfolio transfer to Compre
20th December 2018
Italian insurance giant Generali has received regulatory approval for the non-life legacy portfolio transfer of its UK branch to independent re/insurance legacy specialist Compre. The transaction, which was signed last December and also included the non-life run-off portfolio of Generali’s U.S branch, was structured as an upfront reinsurance solution by ... Read the full article
Swiss Re Corporate Solutions adds Rodrigo Nieto as Head of Sales, Latin America
20th December 2018
Swiss Re Corporate Solutions, the commercial insurance arm of Swiss Re, has appointed Rodrigo Nieto as Head of Sales Latin America, effective 2 January 2019. Based in Miami, Nieto will coordinate regional sales efforts across the organisation’s various segments. He succeeds Newton Queiroz, who was appointed Chief Executive Officer of Swiss Re ... Read the full article
California wildfires to have modest impact on year-end P&C results: Fitch
20th December 2018
While the gross property and casualty (P&C) insured loss from the California wildfires have been significant, a considerable amount is expected to have been ceded to various global reinsurance markets, reducing the net exposure of the domestic primary market, according to Fitch Ratings. Fitch maintains stable outlooks on both the U.S ... Read the full article
The Philippines secures $386m parametric insurance policy
20th December 2018
With assistance from the World Bank, the Philippines’ Department of Finance has announced the successful placement of a parametric insurance policy that provides up to US$386 million of cover to 25 high-risk provinces throughout the country’s eastern seaboard. This appears to be a renewal of an arrangement made last year ... Read the full article
Saudi Arabia issues new rules for foreign re/insurance branches
20th December 2018
The Saudi Arabian Monetary Authority (SAMA) has issued a new set of rules for the licensing and supervision of foreign branches of insurance and reinsurance companies in the country. SAMA explained that the rules are designed to support the development of the re/insurance industry in Saudi Arabia, while also ensuring the ... Read the full article
Sonja Rottiers to replace Vandendael as Lloyd’s Brussels CEO
20th December 2018
It has been announced that Lloyd’s post-Brexit European base in Brussels will be lead by Sonja Rottiers as Chief Executive Officer. This appointment follows the recent departure of Lloyd's Brussels' previous CEO Vincent Vandendael, who played a key role in its' successful establishment. Rottiers will also serve as Lloyd’s Regional ... Read the full article
Assurant posts Q4 nat cat losses of up to $150m
20th December 2018
Assurant, a global provider of risk management solutions, has released a fourth quarter catastrophe loss estimate of between $110 million and $150 million. The figure, reportable in its Global Housing segment, includes an initial view of expected losses related to November’s Camp and Woolsey wildfires in California, as well as a ... Read the full article
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