Reinsurance News
Navigators promotes Michael McKenna to Chief Underwriting Officer, U.S. Insurance
29th November 2017
Navigators has promoted Michael McKenna to Chief Underwriting Officer (CUO) for the U.S. Insurance segment, from his role as President of U.S. Marine. In the newly created role, McKenna will work with the U.S. Insurance divisional leaders to advance the growth and profitability of the segment's business, including expanding the portfolio into new ... Read the full article
Reinsurance price surges will be dampened by excess capital
29th November 2017
CreditSights anticipates a hardening of the rate environment going into the January 2018 renewals in the natural catastrophe affected lines of business, but not within the overall reinsurance market owing to excess capacity. Analysts suggest that price changes will follow patterns seen after 2005 when reinsurance capital was significantly depleted by ... Read the full article
UnipolRe automates internal systems with NIIT Technologies’ Navigator
29th November 2017
UnipolRe has adopted NIIT Technologies' Navigator portal solution - an underwriting platform which delivers full pre-bind workflows with submission and quote administration capabilities. The Navigator system allows UnipolRe to simplify its pre-bind business processes and automatically integrate with its back office post-bind system. Manuela Mangiagalli, Chief Operations Officer (COO) of UnipolRe, said the ... Read the full article
ERGO management withdraw sale of life insurance firms
29th November 2017
The Board of Management of ERGO Group has decided to close discussions on the sale of its German life insurance companies with traditional life insurance portfolios, saying offers weren't high enough. The decision follows an in-depth assessment of non-binding offers submitted by potential buyers. Markus Rieß, Chairman of the Board of Management of ... Read the full article
AJ Gallagher appoints James Anderson to MD of Rossborough Insurance
29th November 2017
Arthur J. Gallagher & Co has announced the appointment of James Anderson as Group Managing Director of Rossborough Insurance, its personal and commercial lines broking business based in the Channel Islands and Isle of Man, subject to regulatory approval. Anderson is set to succeed Clive de la Cour who will take ... Read the full article
Pricing boom ahead for U.S. P&C reinsurance: Morgan Stanley
29th November 2017
The pricing for P&C reinsurance is expected to see a 1-2% premium increase after 2017 global insured losses reached nearly $100 billion, according to Morgan Stanley. Analysts said; “we reflect~1-2% premium increase due to broad-based P&C reinsurance rate increases in our forecasts for the global reinsurers, of which half is earned ... Read the full article
Crosswinds to sell Monarch Delaware interests for over $12mn to FedNat
28th November 2017
Crosswinds Holdings' subsidiary Crosswinds Investor Monarch (CIML) has entered into an agreement to sell all of its Monarch Delaware interests to its joint venture partner, Federated National, for an aggregate purchase price of $12.28 million. In its capacity as a limited CIML partner, Crosswinds will receive about $10.5 million of the ... Read the full article
Expectation of more realistic and sustainable rates “totally reasonable” says XL Catlin’s Hendrick
28th November 2017
Greg Hendrick, President of insurer and reinsurer XL Catlin's Property & Casualty (P&C) division, in a note on the re/insurance industry in light of third-quarter catastrophe events, has reiterated the company's expectation of rate improvements at the upcoming renewals and anticipates change to evolve positively over time. After expected catastrophe losses ... Read the full article
Holborn names Adam Manus President and Chief Brokerage Officer
28th November 2017
U.S. domiciled independent reinsurance brokerage, Holborn Corporation, has named Adam Manus as its new President and Chief Brokerage Officer (CBO), effective immediately. Manus will be based in the company's New York office, and his election by the Board comes after more than twenty years with Holborn, previously serving as Executive Vice ... Read the full article
Liberty Specialty Markets appoints Bas Wijnhoven to Senior Underwriter
28th November 2017
Liberty Specialty Markets (LSM) has appointed Bas Wijnhoven to the new role of Senior Underwriter to lead the Directors & Officers (D&O) and Crime segment for the Netherlands. Based in The Hague, he will report to Jona Alblas, Manager of the D&O/FI department. Wijnhoven will lead the development of the commercial D&O ... Read the full article
Pool Re coverage to include physical damage from cyber terrorism
28th November 2017
The UK's government-backed mutual terrorism reinsurer, Pool Re, has said that from April 2018 it will expand its coverage to include material damage and direct business interruption (BI) as a result of cyber terrorism. According to an announcement from the terrorism reinsurance pool, the cover excludes intangible assets and will be ... Read the full article
Demand for cyber cover could expand to general public: GlobalData
28th November 2017
As the cyber insurance market develops alongside rising online crime, data and analytics firm GlobalData says personal cyber insurance could be adopted by the general public, significantly increasing demand for cyber cover. Personal cyber products are currently offered by AIG and Hiscox, who offer cyber protection for high net worth (HNW) ... Read the full article
Ironshore names new President of Environmental unit
28th November 2017
Ironshore has announced that Toby Smith has been appointed President of Ironshore Environmental, replacing John O'Brien who recently left the company. Smith will report to Shaun Kelly, President and Chief Executive Officer (CEO) of Ironshore's U.S. business, and take responsibility for leading the global environmental unit. Smith helped launch the firm's environmental ... Read the full article
Insurance premiums in Vietnam grow 20% annually
28th November 2017
At US$3.7 billion, Vietnam's total insurance premiums have grown 20% year-on-year, according to the Finance Ministry's Insurance Supervisory Administration. Life insurance premiums reached 51,180 billion Vietnamese dong, up 32% from 2016, while non-life insurance premiums stood at 33,006 billion Vietnamese dong, rising by nearly 9%. This year, total life insurance premiums are ... Read the full article
ClimateWise calls for proactive response as 2017 climate risk losses soar
28th November 2017
A global network of 28 insurance industry organisations, ClimateWise, has called for firms to step up proactive efforts to close the insurance protection gap as climate risk exposure continues to grow, with 2017 on track to become one of the most expensive years to date for climate-related natural disasters. ClimateWise ... Read the full article
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