Reinsurance News
Everest Insurance launches investment management solution
16th March 2018
Insurer and reinsurer Everest Re Group has released a new investment management product, Everest Elevation® Investment Management Insurance Policy (Elevation IMI), which provides management and professional liability coverage to investment advisers, mutual funds and hedge funds. Charles Higham, Head of Financial Institutions, said the product comes in response to demand for ... Read the full article
Climate change has a net negative credit impact on P&C industry: Moody’s
16th March 2018
Climate change creates significant challenges for the property and casualty (P&C) re/insurance industry, posing risk management and financial risks which account for a net negative credit impact on the sector, according to a recent Moody's report. "The effects of climate change on the frequency and severity of catastrophic events are difficult ... Read the full article
EU’s data protection regulations will significantly impact re/insurers: Sidley
16th March 2018
In its March 2018 Global Insurance Review, law firm Sidley has reviewed the impact that the European Union’s (EU) General Data Protection Regulation (GDPR) is likely to have on the European re/insurance industry, and concluded that the ramifications will be significant and potentially onerous. The GDPR was introduced in May 2016 ... Read the full article
Insurance CEOs optimistic on growth, pessimistic on digital skills: PwC survey
16th March 2018
Although industry experts anticipate the 4th Industrial Revolution will bring wide-ranging new opportunities for insurers, most insurance Chief Executive Officers (CEOs) remain concerned over regulation, cyber threats and speed of technological change, according to PwC’s 21st Global CEO survey. The PwC report highlighted that although attracting the right talent will be ... Read the full article
California Earthquake Authority’s reinsurance programme exceeds $8bn
16th March 2018
The California Earthquake Authority’s (CEA) reinsurance programme has reached a new high, surpassing $8 billion after the January 1st, 2018 renewals, a figure expected to grow to $10 billion by 2022. The CEA’s reinsurance programme has quadrupled since 1997 when it provided just $2.1 billion of cover, in the following two ... Read the full article
Swiss Re’s Board of Directors proposes three new members for election
16th March 2018
Swiss Re's Board of Directors has proposed Karen Gavan, Eileen Rominger and Larry Zimpleman for election as new members to the Board in the April 2018 Annual General Meeting of shareholders (AGM). Gavan has over 35 years of experience in senior finance and leadership functions across life, and property and casualty ... Read the full article
India’s GIC Re to open Lloyd’s syndicate in April
16th March 2018
General Insurance Corporation of India (GIC Re), the country's state-owned reinsurer, has announced that it will begin operations as a Lloyd’s of London syndicate in April 2018, in accordance with a Lloyd’s approved business plan. The syndicate is to be managed by Pembroke, Liberty Mutual Company’s (LMC) specialist Lloyd’s managing agency, ... Read the full article
UK annuity market shows maturity, 2018 poised to be most active year: Intermediaries
16th March 2018
Following the announcement that Rothesay Life has reinsured a £12 billion chunk of Prudential plc’s annuity book, intermediaries have noted increased maturity in the UK bulk annuity market, with 2018 set to be the most active year on record for bulk annuities (buy-ins and buy-outs). According to James Mullins, Head of ... Read the full article
Neil Walker joins Brit from Marsh as Head of UK Property
16th March 2018
UK insurer and reinsurer Brit Ltd has announced that Neil Walker has joined the company as its new Head of UK Property, effective from February 12th, 2018. In his new role, Walker reports to Tom Hillier, Divisional Director, Specialist Liability, and is responsible for managing and expanding Brit’s UK Property offering, ... Read the full article
Russian National Reinsurance Company approved to operate in India
16th March 2018
Russia's state-owned reinsurer, Russian National Reinsurance Company (RNRC), has announced that it's received approval from the Insurance Regulatory and Development Authority of India (IRDAI) to operate as a cross-border reinsurance company. Initially, the reinsurer was mainly established to offer reinsurance protection to companies barred from using Western reinsurers as part of ... Read the full article
XL Catlin promotes Environmental Team members
16th March 2018
XL Catlin has announced a string of promotions for European members of its International Environmental team. Promotions include Dan Alexander Lothian to Underwriting Manager, Environmental for UK & Ireland, Ludovic Ruiller to Underwriting Manager, Environmental for France & Benelux, and Simone Te Kamp to Senior Underwriter, Environmental for Benelux. Adias Gerbaud, Head ... Read the full article
Munich Re to benefit from price increases and new markets, says Wenning
16th March 2018
In his annual letter to shareholders, Munich Re’s Chairman of the Board, Joachim Wenning, outlined a positive forecast for the company’s future, despite the challenges of 2017, citing rising reinsurance prices and new market opportunities for profitable business as factors that will drive growth. Wenning prefaced his outlook by acknowledging the ... Read the full article
Markel International to cease writing London open market property business
16th March 2018
Markel International has revealed plans to discontinue writing London open market property insurance business with immediate effect. William Stovin, president of Markel International, said; “Dean Pitts, supported by Guy House, has worked hard to make this business successful but, sadly, the market has been against them, in terms of both capacity ... Read the full article
2017 highlights need to find competitive advantage: Hannover Re CEO
15th March 2018
The Chief Executive Officer (CEO) of reinsurance giant Hannover Re, Ulrich Wallin, has warned that the reinsurance industry should expect a continuation of the competitive market landscape, underlining the need to develop a competitive advantage in order to be successful. The Germany-based reinsurer recently announced its fourth-quarter 2017 catastrophe results, ... Read the full article
D L Dale & Others Syndicate 2525 hires two underwriters from Aspen Insurance
15th March 2018
D L Dale & Others, Syndicate 2525 has strengthened its underwriting team with two key hires from Aspen Insurance, appointing Richard Frost and Richard Loader as senior class underwriters with immediate effect. Both will report to active underwriter David Dale, who commented: "Both appointments are a perfect fit for our business. They ... Read the full article
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