Reinsurance News
Kenya Re eyes further global expansion amid strong local competition
30th August 2018
Kenya Reinsurance Corporation (Kenya Re) is eyeing expansion into new markets across the globe to boost income amid increasingly strong competition both locally and abroad, according to Business Daily Africa. Jadiah Mwarania, Chief Executive Officer (CEO) of Kenya Re, said the company was looking to open regional offices in new markets, ... Read the full article
Aon promotes two to strengthen cyber reinsurance business
30th August 2018
Global re/insurance broker Aon has promoted Catherine Mulligan and Luke Foord-Kelcey within its Reinsurance Solutions (RS) unit to bolster its suite of cyber solutions for insurers. Mulligan has been appointed Global Head of Cyber and will be responsible for setting strategy, driving growth, building the team and working closely with Aon’s ... Read the full article
Inadequate reinsurance pushes Ashmere Insurance into voluntary run-off
30th August 2018
Small, Florida-based insurer, Ashmere Insurance Company (AIC), has placed itself into voluntary run-off after learning on the 1st of June, 2018 that it could not renew its reinsurance treaties. Absent adequate reinsurance protection, the insurer placed itself into run-off by ceasing to write new business or renew expiring policies. The company, which ... Read the full article
Profitability varied across competitive European re/insurance markets: A.M. Best
30th August 2018
Profitability for companies operating in the European re/insurance markets is extremely varied, largely due to the peculiarities of each market and competition arising predominantly from the reinsurance sector, according to a recent report by A.M. Best. The rating agency observed that a handful of participants continue to dominate the European markets, ... Read the full article
Hiscox Re names Ross Nottingham as North America chairman
30th August 2018
Hiscox, the specialist global insurer, has promoted Ross Nottingham to Chair of North America for its Hiscox Re & ILS division, effective September 1. Nottingham joined Hiscox Re & ILS in 2012, having spent the previous 12 years as a broker - including seven years at Aon Benfield where he worked ... Read the full article
Maiden sells U.S. treaty reinsurance renewal rights to TransRe as it simplifies
30th August 2018
Bermuda-headquartered Maiden Holdings has announced the sale of its U.S treaty reinsurance underwriting business renewal rights to TransRe, in a deal that does not include its AmTrust Business or its International Insurance Services and Capital Solutions businesses in Europe. Concurrently, to ensure a successful transition for customers and brokers, Tom Highet, ... Read the full article
African Risk Capacity adds new expertise to Board of its insurance arm
30th August 2018
The African Risk Capacity Insurance Company Limited (ARC Ltd) has appointed Abdoulie Janneh, Delphine Traoré Maïdou, and Frannie Leautier as Non-Executive Directors and Michel Jarraud as a Special Advisor on its Board of Directors, bringing new strategic guidance to its operations. ARC Ltd is a financial affiliate of the African Risk ... Read the full article
Hong Kong responds to infrastructure demand with reinsurance tax incentives
30th August 2018
The Hong Kong government will introduce a number of tax incentives to promote reinsurance, marine insurance, and specialty insurance as the city aims to become a regional risk management centre, according to the South China Morning Post (SCMP). Financial Secretary Paul Chan Mo-po said the incentives were in response to the ... Read the full article
SCOR Global Life partners with health intelligence insurtech HLI
29th August 2018
SCOR Global Life, a division of the France-headquartered reinsurer, has announced a partnership with Human Longevity, Inc (HLI), a provider of in-depth and sophisticated health information services. HLI aims to prevent, reduce or postpone the onset of preventable conditions by combining genome sequencing, machine learning, full-body MRI scans and blood samples ... Read the full article
Marsh names Andrew Hickman as Head of Data Science
29th August 2018
Global insurance and reinsurance broker Marsh has appointed Andrew Hickman to the newly created role of Global Head of Data Science within its broader Digital, Data, and Analytics Practice. Hickman will now be responsible for advancing Marsh’s risk modelling and actuarial capabilities to drive new client solutions, building external data and ... Read the full article
ACORD simplifies testing process for Data Standards trading partners
29th August 2018
ACORD, the global standards body for the re/insurance industry, has announced that it plans to simplify the process of connecting trading partners that use ACORD Standards by enhancing the capabilities of its Test Harness. The enhanced testing process will involve expanding the number of scenarios available in the testing environment, and ... Read the full article
AXIS Insurance appoints James Hamilton as Global Head of Accident & Health
29th August 2018
AXIS Insurance, a subsidiary of AXIS Capital Holdings, has appointed James Hamilton to the newly-created role of Global Head of Accident & Health, effective immediately. Hamilton joined AXIS in 2010, serving for eight years as Executive Vice President and Chief Executive Officer, North America Insurance for the company’s Accident & Health ... Read the full article
U.S P&C re/insurers given H1 boost following 2017 catastrophes, Fitch Ratings
29th August 2018
A decrease in natural catastrophe losses relative to 2017 helped drive positive mid-year results for U.S property and casualty (P&C) re/insurers, according to a report by Fitch Ratings. Operating performance moderately improved for P&C re/insurers during H1 2018 thanks to improved core loss ratios, lower catastrophe-related losses and lower taxes along ... Read the full article
Simplitium adds CatRisk’s Middle East and Africa earthquake model to ModEx platform
29th August 2018
Simplitium, a global financial services technology provider, has announced that catastrophe risk modeller CatRisk Solutions is to offer its Middle East and Africa Earthquake Model on Simplitium’s multi-vendor ModEx platform. Additionally, Simplitium said that global reinsurance broker Chedid Re had been signed as the first joint client for the service, and ... Read the full article
MetLife develops new claims-free blockchain health insurance product
29th August 2018
MetLife Asia’s Singapore-based innovation centre, LumenLab, has begun testing a new insurance solution that uses blockchain technology to trigger automatic payouts upon diagnosis of certain health conditions, without the need to make a claim. The experimental product, called Vitana, is currently designed to offer pregnant women financial protection in case of ... Read the full article
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