Reinsurance News
VIG Re restructures management responsibilities in efficiency drive
6th March 2018
Reinsurer VIG Re has restructured its management responsibilities in a drive to realign its organisational structure and drive efficiencies. Dušan Bogdanović has been appointed to head up a new unit, Foreign Operations, coordinating operations in the current and newly planned branch offices and the subsidiary of the company. In his new role he ... Read the full article
Nicola Harris named Head of Energy, EMEA, XL Catlin
6th March 2018
XL Catlin’s insurance operations has appointed Nicola Harris to Dubai-based Head of Energy, EMEA, to head up the provision and design of insurance solutions for the Energy sector across EMEA, while leading a team of underwriters based in Dubai, Paris, Amsterdam and Madrid. Huw Jones, Global Head of Energy at XL Catlin, ... Read the full article
PERILS disclose final loss estimate of €272m for Cyclone Zeus
6th March 2018
Catastrophe data loss aggregation and estimation firm, PERILS AG, has revised its estimates to €272 million for the total cost of re/insurance claims incurred by European windstorm (extratropical cyclone) Zeus, which struck France in March 2017. This figure is the fourth and final estimate by the Zurich-based organisation, and is slightly ... Read the full article
Bermuda re/insurance industry shows steady growth over 2017
6th March 2018
Bermuda’s re/insurance industry has shown significant growth over the last year, with companies continuing to register across sectors and contribute to the growth of the island’s job market. The Bermuda Monetary Authority (BMA) released statistics this month showing a 38% increase in the number of new insurers registered in the region, ... Read the full article
Munich Re, U.S adds new member to P&C executive board
6th March 2018
Munich Re, U.S has announced that Jill Beggs has been appointed to its Property and Casualty (P&C) Executive Board. Beggs will now share responsibility for setting vision, strategy and governance at Munich Re, U.S, and will report to the company’s President and Chief Executive Officer (CEO), Tony Kuczinski. Additionally, Beggs will be ... Read the full article
FEMA reportedly planning mid-year NFIP reinsurance placement: Artemis
5th March 2018
Artemis has reported that the U.S. Federal Emergency Management Agency (FEMA) is planning for a potential mid-year 2018 reinsurance placement for the National Flood Insurance Program (NFIP), as it looks to expand the reinsurance program it started last year. During a keynote speech at the SIFMA IRLS 2018 conference in Miami, Roy E. ... Read the full article
Sompo to launch new European specialty insurance unit
5th March 2018
Sompo International has revealed plans to launch a new European specialty insurance underwriting operation with an initial focus on management liability, professional indemnity and financial institutions lines. Executive Vice President (EVP), Thomas Mannsdorfer is set to head up the new entity which will partner with brokers across Continental Europe together with ... Read the full article
Brown & Brown acquires Kerxton Insurance
5th March 2018
Brown & Brown has announced that its subsidiary, Brown & Brown Insurance Agency of Virginia, is to acquire the total assets of Kerxton Insurance Agency and Fitness Underwriters (collectively, Kerxton Insurance). Kerxton Insurance generates annual revenues of around $5 million and provides a variety of personal and business insurance products and ... Read the full article
Ping An remains most valuable insurance brand at $26.2bn
5th March 2018
The latest Brand Finance Insurance 100 report has revealed that Ping An has retained its title of world’s most valuable brand for the second consecutive year, with a current value of US $26.2 billion. The Chinese insurance giant stole the title from Allianz last year and has maintained its position since ... Read the full article
ArgoGlobal names Veronica Grigg as senior executive officer for Asia
5th March 2018
ArgoGlobal, a division of Argo Group, has announced the appointment of Veronica Grigg as senior executive officer for ArgoGlobal Asia, set to take up her role in the firm's Singapore office in April, subject to regulatory approval. Grigg is an industry veteran with over 25 years of industry experience in the Asia ... Read the full article
No one as financially prepared as Berkshire for a $400bn mega-cat: Warren Buffett
5th March 2018
Addressing shareholders in his 2017 annual Chairman's letter, Warren Buffett underlined the financial strength of Berkshire Hathaway, highlighting its ability to respond to a $400 billion mega-catastrophe event. On the back of 14 consecutive years of underwriting profits, Berkshire Hathaway fell to an underwriting loss in 2017 as a result ... Read the full article
JLT Re North America appoints Ariel Hernandez to Senior Vice President
5th March 2018
JLT Re North America has appointed Ariel Hernandez as Senior Vice President, set to lead the analytics efforts for the Caribbean, Central America and broader Latin America Region as part of the Miami treaty team. Hernandez joins JLT Re from a treaty underwriter role with the Chaucer Syndicates of The Hanover ... Read the full article
Premium prices rise after 3-year decline: CIAB
5th March 2018
The Council of Insurance Agents & Brokers (CIAB) has reported that average premium rates have risen for the first time in 13 quarters, according to its fourth-quarter Commercial Property/Casualty Market Index Survey. 2017’s third-quarter saw a series of massive catastrophes and cyber events occur, which led to a decrease of 1.3% ... Read the full article
Asta completes sale of Pelican MGA to Manchester Underwriting Management
5th March 2018
Lloyd's third party managing agent, Asta Capital, has announced the completion of the sale of its Pelican Underwriting One Limited managing general agent (MGA) to Manchester Underwriting Management Limited. Pelican was established in 2015 in partnership with reinsurance giant Munich Re, which acted as the MGA's capacity provider. The MGA specialises ... Read the full article
Insurers in the Gulf Cooperation Council region face moderate credit risk: Moody’s
5th March 2018
Insurers in the Gulf Cooperation Council (GCC) countries will face moderate credit risk over the next 12-18 months due to muted economic growth driven by low oil prices and relatively high exposure to volatile investment assets, according to Moody's. Low range-bound oil prices have reduced insurance growth potential as a result ... Read the full article
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