Reinsurance News
Lyons rejoins AIG as SVP & Chief Actuary, General Insurance
15th May 2018
American International Group, Inc. (AIG) has announced the appointment of Mark D. Lyons as Senior Vice President (SVP) & Chief Actuary, General Insurance, effective June 1st, 2018. Lyons is rejoining the firm from Arch Capital Group, where he was Executive Vice President (EVP), Chief Financial Officer (CFO), and Treasurer since 2012. In his ... Read the full article
FWD plans joint venture in Shanghai as China relaxes regulation
15th May 2018
FWD Group, the Hong Kong based insurance business of Pacific Century Group, is planning to set up a life insurance joint venture in Shanghai, as China opens up its financial sector to more foreign investment, according to the South China Morning Post (SCMP). Under China’s new policy, FWD can take up ... Read the full article
Munich Re America promotes Sarina Puccio to Team Leader for Credit and Surety
15th May 2018
Munich Re America has announced the appointment of Sarina Puccio as Team Leader for Credit, Surety, and Political Risk in its Reinsurance Division. In her new role, she will be responsible for growing the surety, trade credit, and political risk business portfolio, as well as managing the division’s team of underwriters, ... Read the full article
Poor 2017 results suggest Lloyd’s syndicates under strain: RBC
14th May 2018
RBC Capital Markets has reported that Lloyd's syndicates are under considerable strain, having posted aggregate combined ratios of 114% in 2017, with the worst return on capital since 2001. RBC analysed 95 Lloyd's syndicate reports from 2017, finding that just 16% of syndicates by number, or 9% of syndicates by premium, ... Read the full article
Silent risk the key impediment to cyber re/insurance market growth: X-Analytics
14th May 2018
A recent study by X-Analytics has revealed that silent cyber risks are one of the major impediments to growth in the cyber re/insurance market, and that measurement of cyber risk in general is highly deficient among both customers and the wider re/insurance industry. Non-affirmative cyber, or silent cyber, refers to instances ... Read the full article
African farmers receive pay-outs of $1.5mn following drought
14th May 2018
Smallholder farmers under the R4 Rural Resilience Initiative (R4) climate risk management scheme have received pay-outs of US $1.5 million following poor rainfall in Ethiopia, Kenya, Malawi, Senegal, and Zambia. The R4 scheme, which was launched in 2011 by the United Nations World Food Programme (WFP) and Oxfam America, is designed ... Read the full article
DARAG and New Nordic conduct first transaction under new partnership
14th May 2018
DARAG, the European legacy acquirer, and New Nordic Advisors, a London-based investment management company, are to conduct their first transaction following the formation of a strategic partnership in March 2018. This first transaction will see the partners acquire two portfolios of Qudos Insurance A/S, which New Nordic gained control of ... Read the full article
Munich Re sets up $330m Bermuda entity for group life reinsurance
14th May 2018
Global reinsurance giant Munich Re has set up an entity in Bermuda which is going to act as a reinsurance vehicle for certain of the group's life reinsurance risks. Munich Re of Bermuda, Ltd. has been established to take on life risks from across the Munich Re group, acting as an ... Read the full article
WTW adds machine learning to updated Radar 4.0 pricing tool
14th May 2018
Willis Towers Watson has launched a new version of its Radar pricing software, a product pricing and portfolio management decision tool for re/insurance companies. Radar 4.0 will for the first time utilise a machine learning technique to allow users to build Gradient Boosting Machines (GBMs), and will support the development of ... Read the full article
TWIA targets $1.4bn reinsurance for 2018, as it raises Harvey loss estimate
14th May 2018
The Texas Windstorm Insurance Association (TWIA) is targeting $1.4 billion of reinsurance protection for the 2018-2019 Atlantic hurricane season, from a combination of both the traditional and alternative reinsurance markets, and has also increased its loss estimate for hurricane Harvey to $1.61 billion. TWIA, the residual market property insurer for the state ... Read the full article
Commercial P&C premium prices continue to rise at Q1: CIAB
14th May 2018
The Council of Insurance Agents & Brokers (CIAB) has reported that average premium prices across almost all lines have continued to see improvements in pricing after three years of soft market conditions, with increases of 1.7% recorded across all lines of business, compared to 0.3% in Q4 2017. However, CIAB also ... Read the full article
Insured losses from Canada’s April ice storms reach $190mn, reports CatIQ
14th May 2018
The ice storms which ravaged Canada’s eastern provinces of Ontario and Quebec in mid-April will cost re/insurers around CAD $190 million (USD $149 million), according to Catastrophe Indices and Quantification (CatIQ), a loss index and estimates provider. Strong winds, flooding, heavy snow, and ice build-up affected the provinces’ southern regions over ... Read the full article
U.S P&C re/insurers striving to better harness data: Willis Towers Watson
14th May 2018
Willis Towers Watson has reported that harnessing advanced analytics and emerging data sources is becoming an increasingly vital concern for leading U.S Property and Casualty (P&C) re/insurers. In a recent survey, Willis questioned 51 U.S P&C re/insurers, finding that customer experience, claims management, telematics data for pricing, and customer selection and ... Read the full article
India’s IRDAI appoints new Chairman, approves 16 Cross-Border Reinsurers
14th May 2018
The Insurance Regulatory and Development Authority of India (IRDAI) has appointed Subhash C. Khuntia as its new Chairman, and has granted approval to 16 Cross-Border Reinsurers (CBRs) for the 2018-19 financial year. Khuntia has extensive experience working in administrative sectors of the Indian Central Government, including roles in the Ministries of ... Read the full article
Bermuda reinsurers remain strong despite challenging 2017: Fitch Ratings
11th May 2018
Whilst profitability remains under pressure after a trying 2017, Bermudian reinsurers have proven resistant to losses thanks to strong capitalisation, positive pricing, low exposures, and conservative reserving practices, according to Fitch Ratings’ latest peer review of the sector. 2017 was a year of record-breaking catastrophe losses, with Hurricanes Harvey, Irma, and ... Read the full article
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