Reinsurance News
Willis Re in senior hires of Wafer & Livingston for North America
20th September 2017
Global reinsurance broker Willis Re has made two senior hires in its North America unit, with the appointment of Tom Wafer as Chairman, Willis Re, North America, and Jeffrey Livingston as Vice-Chair. Tom Wafer joins Willis Re from hedge fund strategy reinsurer Third Point Re (USA) Ltd., where he held the ... Read the full article
Allianz appoints new CEOs to Allianz DE & Allianz Italia
19th September 2017
The Supervisory Board of Allianz Deutschland AG has appointed Dr. Klaus-Peter Röhler to Chairman of the Management Board (CEO) and successor to Dr. Manfred Knof, who is stepping down from the position and will take time off for health reasons. Since 2014 Röhler has been CEO of Allianz Italia SpA, a post ... Read the full article
XL Group to move EU arm to Dublin as response to Brexit
19th September 2017
Global insurance and reinsurance company XL Group Ltd. has selected Dublin as its new European headquarters and the firm will move its principal European Union (EU) company, XL Insurance Company SE, from the UK to Ireland in 2018 in response to Brexit. By redomesticating XL Insurance Company SE from the UK ... Read the full article
Uncertainty remains but London expected to be global re/insurance hub post-Brexit: A.M. Best
19th September 2017
Widespread uncertainty remains, but despite the UK's vote to leave the European Union (EU), global ratings agency A.M. Best expects London to maintain its status as one of the world's leading insurance and reinsurance hubs. In response to the UK's Brexit vote, a number of insurers and reinsurers have announced plans ... Read the full article
Combined Harvey & Irma losses could strain some reinsurers: Fitch
19th September 2017
The combined losses caused by hurricane Harvey and hurricane Irma could be sufficient to strain some reinsurers capital and perhaps even pressure their ratings, according to Fitch Ratings. The rating agency believes that given the complexity of Harvey losses and the breadth of the impact of Irma, it cannot be ruled ... Read the full article
Equifax to catalyse cyber insurance development: Lloyd’s CEO Inga Beale
19th September 2017
Consumer credit reporting agency Equifax has become one of the latest victims of large-scale cyber hacking after the firm reported a data breach had exposed personal information of 143 million Americans and up to 400,000 UK customers earlier this month. The firm is undergoing a Federal Trade Commission investigation of the ... Read the full article
Ed names Minesh Jani named CEO of MENA & India
19th September 2017
Global reinsurance brokerage, Ed, has named Minesh Jani as its new Chief Executive Officer (CEO) of MENA, India and Indian sub-continent. He joins the broker from Aashvaasanam Analytics Limited in Mumbai, a company which he founded in order to support the development of a global reinsurance operation. Before founding Aashvaasanam Analytics, Jani ... Read the full article
Hiscox’s Harvey loss could read-through to others on E&S & flood
19th September 2017
The size of the hurricane Harvey loss estimate that Hiscox pre-announced yesterday could have a negative read-through for the commercial excess & surplus lines insurance underwriters, according to analysts at Credit Suisse. Hiscox pre-announced a loss of around $150 million from hurricane Harvey's impacts on Texas, with the company saying ... Read the full article
AIG places first Shariah-compliant M&A insurance policy in MENA
19th September 2017
American International Group, (AIG), has placed the first Shariah-compliant insurance policy in the Middle East and North Africa region (MENA) for merger and acquisitions activity, advised by global law firm Norton Rose Fulbright. In partnership with Shariah-compliant managing general agent, Cobalt Underwriting, AIG offers a range of Islamic insurance solutions for ... Read the full article
Customer satisfaction – an opportunity for small commercial insurers
19th September 2017
Despite being the fastest growing area for the casualty and property re/insurance segment, micro to small carriers have seen their customer satisfaction rates decline sharply, contrasting with larger re/insurers whose rates have shown year on year improvement, according to J.D. Power 2017 U.S. Small Commercial Insurance Study. Greg Hoeg, vice president of ... Read the full article
Monument Re in acquisition of Belgian life run-off vehicle of ABN AMRO
19th September 2017
Monument Re Limited, a Bermuda Class E reinsurer that specialises in acquisitions of run-off, closed and asset-intensive insurers, has acquired a Belgian life insurance focused run-off vehicle featuring the ABN AMRO portfolio of business. Monument Re has acquired Benelux Life Run-Off SCS, which includes the run-off vehicles acquisition of ABN AMRO ... Read the full article
Willis appoints Martin Hiller to Head of International Construction
18th September 2017
Willis Towers Watson has named Martin Hiller, who joins from JLT, as Head of International Construction of its Corporate Risk and Broking unit. Hiller will lead client management, technical, placement and risk management specialists to support Willis Towers Watson construction clients in risk mitigation, reporting to Alex Clayton, CEO of Construction. Alastair Swift, ... Read the full article
Ascent Underwriting expands cyber cover offer for SMEs
18th September 2017
Specialist niche-product Managing General Agent, (MGA) Ascent Underwriting, is targeting Small-Medium Enterprises (SMEs) with a global offer on all cyber insurance policies for nil deductible/ zero excess options. Ascent said the cyber cover will be available to all new and renewal SME clients that opt to use the firm's panel of ... Read the full article
Reinsurance to pick up HCI’s $100-300m hurricane Irma tab
18th September 2017
As one of the leading providers of homeowners insurance in Florida, HCI said its expecting Hurricane Irma related losses in the U.S. $100 - 300 million range, most of which will be covered by the carriers' reinsurance and retrospective provisions. With a retention level set at $16 million, the insured losses will ... Read the full article
Irma to test new players ability & their reinsurance programs: A.M. Best
18th September 2017
The devastating impact of hurricane Irma is expected to be a real test of Florida concentrated insurers' catastrophe reinsurance programs, although it's still too early to understand the full extent of the loss to the risk transfer industry, according to A.M. Best. As national U.S. carriers began pulling back from the ... Read the full article
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