Reinsurance News
PERILS’ updated IEDs show European windstorm as the biggest exposure
13th April 2018
Catastrophe data loss aggregation and estimation firm, PERILS AG, has released the 2018 update of the PERILS Industry Exposure Database (IED), which shows that the biggest exposure in the industry database is European windstorm. PERILS explains that the updated country IEDs for 2018 have once again been produced from scratch, and ... Read the full article
Asta appoints Laura McMaster as Deputy Chief Actuary
13th April 2018
Asta has announced that it is to strengthen its actuarial capabilities with the appointment of Laura McMaster as Deputy Chief Actuary. McMaster brings 15 years’ actuarial experience to her new position at Asta, and will report to Chief Actuary Richard Barke. She joins Asta from Lane Clark & Peacock, where she served ... Read the full article
Reinsurance CEOs confident they can fend off insurtech threat
12th April 2018
CEOs of major reinsurance firms believe that while the digitalisation of insurance and the current technology wave is something they have to embrace, they can successfully fend off the threat from digital-only InsurTech start-ups. Insurance and reinsurance is an industry that has been besieged by tech start-ups in recent years, once ... Read the full article
Paul Blunden joins ArgoGlobal from Tokio Marine Kiln as medical class underwriter
12th April 2018
Lloyd's of London insurer and member of Argo Group, ArgoGlobal, has named Paul Blunden as medical class underwriter, effective immediately. In his new role, Blunden will report to ArgoGlobal's Head of Specialty, John Moffatt, and joins the firm from Tokio Marine Kiln where he was most recently medical underwriter. While at ... Read the full article
Bermuda Monetary Authority reports increase in re/insurance registrations
12th April 2018
The Bermuda Monetary Authority (BMA) has reported a recent rise in the number of insurance and reinsurance registrations on the island. 11 re/insurers registered with the BMA during the first two months of 2018, compared with just five for the same period in 2017. Registrations included three Class E Long-Term (life) commercial ... Read the full article
$4.3bn deficiency in 2017 P&C industry reserves: Morgan Stanley
12th April 2018
In its annual actuarial analysis of industry reserves, Morgan Stanley reported a year-on-year (YoY) deterioration that left Property and Casualty (P&C) industry reserves $4.3 billion deficient in 2017. This figure marks a further decline from the $2.5 billion deficiency that Morgan Stanley estimated in 2016, representing an overall deterioration of $1.8 ... Read the full article
Mark James joins CNA from AIG as SVP, Global Reinsurance
12th April 2018
U.S. domiciled commercial insurer CNA has announced the appointment of Mark James as Senior Vice President (SVP), Global Reinsurance, reporting to Doug Worman, Executive Vice President (EVP) and Chief Underwriting Officer (CUO), CNA. James brings more than 15 years of reinsurance industry experience to the role, and will be responsible for the ... Read the full article
Intelligent machines will profoundly alter re/insurance industry: SCOR
12th April 2018
French-based insurer and reinsurer SCOR has predicted in a recent report that the re/insurance industry is likely to be profoundly altered by the growth and integration of intelligent machines, which will bring both significant opportunities and risks for companies. SCOR noted that the development of intelligent machines has recently been accelerated ... Read the full article
Volante Global names Underwriting and Franchise Director
12th April 2018
Volante Global Limited, an international managing general agent (MGA) platform, has announced the appointment of Jerry Probert as Underwriting and Franchise Director. The appointment also sees Probert join the Volante Executive Committee and Volante Global Board, and he will work closely with the firm's Founder and Chief Executive Officer (CEO), Talbir ... Read the full article
Indian regulator exempts 24 re/insurance schemes from goods and services tax
12th April 2018
The Insurance Regulatory and Development Authority of India (IRDAI) has announced that 24 re/insurance schemes are to be exempt from goods and services tax (GST), provided firms pass the savings on to customers. In a circular directed to all insurers, the IRDAI confirmed that the proposal to exempt reinsurance schemes was ... Read the full article
Everest Re’s Q1 cat losses reveal rising California wildfire costs
12th April 2018
Everest Re Group has reported that it expects to incur $100 million of estimated catastrophe losses in the first quarter of 2018, largely due to rising industry loss estimates from the California wildfires, which are now projected at over $13 billion. Loss estimates have risen dramatically since the fourth quarter of ... Read the full article
Endeavour introduces cyber coverage for physical damage to manufacturers
12th April 2018
Endeavour Insurance Services, a Delegated Authority Specialist and Lloyd’s Broker, has launched a new cyber security product that protects manufacturers from physical damage related to cyber attacks. The new programme, called Ensconce, targets new risks that are arising out of increasingly automated manufacturing processes and the internet of things (IOT), which ... Read the full article
IRB Brasil Re sells stake in UAIC to Quest Group for $5.3mn
12th April 2018
IRB International Corporation, a subsidiary of IRB Brasil Resseguros S.A. (IRB Brasil Re), has announced plans to sell its stake in United Americas Insurance Company (UAIC) for US $5.3 million to Quest Group Holdings Limited, a re/insurance market investor. IRB International has already entered a Share Purchase Agreement (SPA) with an affiliate ... Read the full article
Protectionist measures hindering regional re/insurance market development: Insurance Europe
11th April 2018
Insurance Europe has highlighted a number of protectionist measures throughout Argentina, Brazil, India, Indonesia, and Turkey, stating that although these countries represent a significant market for European insurers and reinsurers, existing barriers limit their ability to do business in a competitive way. The organisation has released its latest fact sheets in ... Read the full article
TransRe strengthens North America Property Treaty team
11th April 2018
TransRe has appointed Ben Hodge as leader of its North America Property Treaty team, and named John Fugit as a team underwriter. Hodge joined TransRe in 2014 and is currently Vice President of the North America Property Treaty team at the company’s Bermuda office, where he will remain as he continues ... Read the full article
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