Reinsurance News
Munich Re’s ERGO agrees on life portfolio management partnership with IBM
1st March 2018
Munich Re's ERGO has agreed on a life portfolio management partnership in cooperation with IBM Deutschland which will see the insurer migrate the management of its book of six million traditional life insurance contracts to a new IT platform. Clemens Muth, member of the Executive Board of ERGO Group AG responsible for ... Read the full article
Reinsurance one of the most promising professions: Denis Kessler, SCOR
28th February 2018
Denis Kessler, Chairman of the Board of Directors and Chief Executive Officer (CEO) of reinsurer SCOR, recently highlighted a promising future for the global reinsurance industry, driven by the expanding risk landscape, technological advances, and rising demand for protection across the world. Speaking during the France domiciled reinsurer's Q4 2017 earnings ... Read the full article
RMS names Adam Sandler as Head of Underwriting, Cyber and Model Solutions
28th February 2018
Risk modeller RMS has named Adam Sandler as Head of Underwriting, Cyber and Model Solutions, set to oversee the expansion of RMS business in cyber, data, underwriting and models solutions with a focus on digital risk and underwriting transformation. Sandler joins from QBE North America, where he was Senior Vice President and ... Read the full article
JLT acquires major U.S. broker International Risk Consultants
28th February 2018
Jardine Lloyd Thompson Group plc (JLT) has acquired International Risk Consultants (IRC), a leading U.S. broker specialising in trade credit, single-and-multi-buyer, and political risk insurance. The acquisition will see IRC positioned as a risk specialist within JLT’s global credit, political and security (CPS) risk resources. IRC’s trade credit and political risk specialties ... Read the full article
Tower and Peak Re reach $22m settlement
28th February 2018
Tower Limited has announced a $22 million settlement agreement with reinsurer Peak Re following a commercial dispute over a 2015 adverse development cover policy. New Zealand-based insurer Tower claimed $43.75 million for costs incurred from the 2011 Canterbury earthquakes covered by the reinsurance policy and sums claimed in the arbitration proceeding. The ... Read the full article
Swiss Re enhances Corporate Solutions reinsurance protection for 2018
28th February 2018
Global reinsurance giant Swiss Re has better protected its Corporate Solutions arm for 2018, which includes a lower attachment point and the addition of aggregate reinsurance protection to cover a series of events similar to that witnessed in 2017. This is according to Edouard Schmid, Group Chief Underwriting Officer (CUO) at ... Read the full article
UAE insurers see strong growth in 2017, but A.M. Best outlook remains negative
28th February 2018
The insurance market of the United Arab Emirates (UAE) has continued to demonstrate strong growth and exceptional profitability in 2017 as a consequence of 2015s regulatory reforms , however A.M. Best's outlook for the sector remains negative with significant challenges lurking on the 2018 horizon. Preliminary disclosures of the national insurers ... Read the full article
Munich Re’s insurer HSB names non-executive board members
28th February 2018
HSB Engineering Insurance (HSB) has appointed Jeff Herdman and Craig Scarr as new non-executive directors of the company, which is owned by reinsurance giant Munich Re. Herdman, who is currently non-executive director appointments at the Swansea Building Society and Tasker Insurance Group, is to become an independent non-executive director and Chairperson ... Read the full article
Knighthead appoints Vernie Coe as Anti-Money Laundering Compliance Officer
28th February 2018
Knighthead Annuity & Life Assurance Company has named Vernie Coe as Anti-Money Laundering Compliance Officer and Deputy Money Laundering Reporting Officer. Coe will oversee the company’s anti-money laundering policies and procedures to ensure compliance with Cayman Islands' regulations, working alongside other members of the Knighthead Annuity’s existing executive team. Coe said: “I ... Read the full article
Admiral setting up EU hub in Spain in preparation for Brexit
28th February 2018
Insurer Admiral Group is the latest to reveal plans for a new European Union hub office in order to maintain continuity in its trading needs after the UK's exit from the EU under Brexit. Admiral Group intends to set up entities in Spain and has already put in applications with the ... Read the full article
PERILS puts European windstorm Friederike insured property loss at €1.5 bn
28th February 2018
PERILS has placed an initial estimate of insured property market loss for extratropical cyclone Friederike at about EUR 1.5 billion, with the majority of losses occurring in Germany and the Netherlands. The cyclone struck Europe between the 17th to 19th of January 2018, leaving significant damage across the British Isles, Belgium, ... Read the full article
Re/insurers left in “unacceptable position” of Brexit uncertainty: BIBA
28th February 2018
Hopes for the UK government to lay out clear grounds for businesses during the transition period appear to have been dashed after the government's response to the Treasury Select Committee’s report on transitional arrangements for exiting the EU leaves re/insurers in an "unacceptable position" according to Steve White, Chief Executive ... Read the full article
JLT outlines strategic re-org and transformation plans
28th February 2018
Global insurance and reinsurance brokerage and advisory, Jardine Lloyd Thompson Group plc (JLT Group or JLT), has outlined a new divisional structure and plans for a transformation programme. This morning JLT announced revenues of £1.386 billion for the full-year 2017, up 10% on the prior year, and reported profit before ... Read the full article
Swiss Re not counting out M&A, but it has to add value: CEO Mumenthaler
27th February 2018
Reinsurance giant Swiss Re, while carefully assessing a potentially transformational investment from tech giant SoftBank, is also open to mergers and acquisitions, but CEO Christian Mumenthaler explained that M&A deals have to add value. Speaking about the reinsurance firm's annual results last week, Mumenthaler said that any M&A deals it ... Read the full article
UK life insurers’ longevity risk could spur life reinsurance demand: S&P
27th February 2018
UK life insurers are facing material longevity risks as the sector undergoes significant change leading to increased diversification of business and products and spurring demand for longevity reinsurance uptake, according to a recent S&P report. "Historical sales of individual annuities mean that longevity risk will still be material in the future. "However, ... Read the full article
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