Reinsurance News
MS&AD Insurance Group reveals post-Brexit shift to Luxembourg
1st November 2017
MS&AD Insurance Group Japanese subsidiary Aioi Nissay Dowa Insurance, (ADI), has revealed plans to restructure the firm's Europe operations, opening a new UK branch and shifting business to Luxembourg to ensure post-Brexit continuity of its European automobile insurance-centred business. UK - based subsidiary Aioi Nissay Dowa Insurance Company of Europe (ADE), the European subsidiary ... Read the full article
AgriSompo launched as Sompo International targets global agricultural re/insurance
1st November 2017
Bermuda based specialty insurance and reinsurance firm Sompo International Holdings Ltd. (formerly Endurance) has launched AgriSompo, an initiative to create an integrated agriculture insurance and reinsurance offering across the globe. AgriSompo will take a common underwriting approach along with shared expertise and technology to deliver a range of re/insurance products to ... Read the full article
Swiss Re makes senior exec changes for casualty, P&C, life/health reinsurance
1st November 2017
Global reinsurer Swiss Re has announced a number of new senior executive appointment in its reinsurance division, including Head Casualty Reinsurance, Head P&C Business Management and Head Life & Health Business Management. Jason Richards has been appointed as Swiss Re's new Head Casualty Reinsurance, while Nicola Parton will succeed him in ... Read the full article
Deutsche Bank turns positive on European reinsurers’ pricing outlook
31st October 2017
Deutsche Bank has turned positive on its European reinsurance pricing outlook after hurricanes Harvey, Irma, Maria, and the Mexican earthquakes caused widescale market disruption, with an expected $95 billion global market impact. Deutsche Bank said "this will be by far the biggest individual driver for the quarter and given the magnitude ... Read the full article
“Best innovation” comes when incumbents work in start-up environment
31st October 2017
"You get the best innovation when you combine an incumbent working alongside the start-up environment," said Chief Investment Officer (CIO) of SyndicateRoom, James Sore, at a panel session in London that looked at what re/insurers can do to create the best environment for start-ups to thrive. "A good few years ago ... Read the full article
Swiss Re Corporate Solutions adds Head of Casualty, NA, to Summerville’s role
31st October 2017
Swiss Re Corporate Solutions, the large primary commercial insurance arm of global reinsurer Swiss Re, has announced the appointment of Jeff Summerville as Head of Casualty, Financial & Professional Services, North America, effective immediately. Summerville has effectively managed Swiss Re Corporate Solution's Financial & Professional Lines businesses in North America since 2014, and ... Read the full article
AIG rehires Chris Townsend as CEO, International General Insurance
31st October 2017
American International Group (AIG) has rehired Chris Townsend, who returns after a stint as President of MetLife's Asia region, to act as Chief Executive Officer (CEO) of International General Insurance. He will report to Peter Zaffino, CEO, General Insurance, as a member of the General Insurance Executive Leadership Team and is expected to join ... Read the full article
Storm Ophelia losses “relatively significant” for Irish re/insurers: S&P
31st October 2017
Ratings agency Standard & Poor's said that it expects storm Ophelia, which had previously been a hurricane, will be a "relatively significant" loss event for the Irish insurance and reinsurance sector. Ophelia is expected to drive some in the local re/insurance market to a loss for the year, S&P suggested. "Although it ... Read the full article
Restoration costs of ransomware attacks triples since 2016
31st October 2017
Ransomware has become the new plague to run rampant through the cyber world, rising to the fifth most common malware type and causing the costs of restoring computer systems from such attacks to triple since 2016. Consequently, Head of BDO International Cybersecurity, Gregory Garrett, warned re/insurers to urgently assess their cyber ... Read the full article
Maven invests £3mn to fund Altra Consultants’ expansion
31st October 2017
UK private equity house Maven has invested £3 million to fund the construction of its Lloyd's of London registered broking subsidiary, Altra Consultants' new multi-line broking business, Parker Norfolk & Partners (PNP). Following its acquisition of PNP, Altra obtained approvals for it to use PNP’s Lloyd's brass plate, enabling the firm to ... Read the full article
Lloyd’s market to save £100mn via LMA/IUA & DXC Technology agreement
31st October 2017
The Lloyd's Market Association (LMA), in collaboration with the International Underwriting Association (IUA), has completed a transaction with DXC Technology that will reportedly save the Lloyd's of London marketplace £100 million (US$132 million) over five years. The transaction with DXC Technology, an end-to-end IT services company, concerns the provision of bureau ... Read the full article
German economy drives engineering premium growth
31st October 2017
Premiums earned by engineering insurers increased last year by 2%, or over $2 billion, as the German economic upturn generated an uptick in large-scale construction projects. In a market environment otherwise characterised by sluggish growth in premiums and saturation of re/insurance capacity, providers of engineering cover have benefited from greater market ... Read the full article
P&C sector rate increases could raise earnings by ~6.29%, says Morgan Stanley
31st October 2017
Analysts at Morgan Stanley estimate that rate increases of between 1% to 5% across the P&C sector, as a result of record levels of catastrophe losses experienced in the third-quarter, could raise earnings by an average of 6.29%. Insured catastrophe losses in the third-quarter are expected to total around $100 billion, ... Read the full article
Manik Sethi named CEO of Qatar Re’s Singapore branch
31st October 2017
Manik Sethi is to replace Micky Lee as Chief Executive Officer (CEO) of Qatar Reinsurance Company Limited's (Qatar Re) Singapore branch, effective November 13th, 2017. Sethi brings more than 11 years of insurance and reinsurance underwriting experience to the role, having worked for companies such as Zurich (Middle East) and RSA (Middle ... Read the full article
Great-West Lifeco estimates HIM losses of $175 million
31st October 2017
Great-West Lifeco Inc. has said that hurricanes Harvey, Irma, and Maria will result in a combined after-tax reinsurance loss of $175 million for the company, which will be included in its third-quarter results. Great-West Lifeco provides property catastrophe protection to reinsurers through its subsidiary, London Reinsurance Group Inc., making it exposed to ... Read the full article
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