Reinsurance News
Mendocino wildfire is largest in California’s history, set to burn until September
9th August 2018
The Mendocino Complex fire has now burnt through 302,086 acres of northern California, making it the largest wildfire in the state’s history, and it is set to continue to burn through the month into early September, according to officials. Firefighters had originally hoped to have the blaze extinguished by mid-August, but ... Read the full article
Moody’s upgrades Brazilian insurance sector outlook to stable
9th August 2018
Moody’s Investors Service has changed its outlook for Brazilian insurers from negative to stable for the next 12-18 months in light of an improvement in underwriting disciple that it believes will drive an increase in premiums and stable profitability, despite slow economic growth. "Even though Brazil´s currently weak economic environment limits ... Read the full article
Gallagher adds Julie Scott to UK construction division
9th August 2018
Gallagher, the global re/insurance brokerage and risk management services firm, has expanded its specialist UK construction division with the appointment of Julie Scott, who joins the company with immediate effect to focus on business development in the UK construction market. Scott brings more than three decades of experience in the wider ... Read the full article
Surplus lines premium continues to grow across U.S, reports SLTX
9th August 2018
Excess and surplus lines (E&S) premium has continued to increase steadily across the U.S, with the 15 national managing service offices recording growth of 9.4% at mid-year 2018, according to the Surplus Lines Stamping Office of Texas (SLTX), a non-profit data analysis firm. Total premium for the first half of 2018 ... Read the full article
IGI adds James Green to Energy Underwriting team
9th August 2018
International General Insurance Holdings Limited (IGI), the specialist commercial insurer and reinsurer, has reinforced its energy offering with the appointment of James Green as Senior Underwriter for Downstream Energy. Green will be tasked with growing and developing a focused renewable energy and conventional power portfolio with large corporate clients or Independent ... Read the full article
Surge in bulk annuity volumes to continue over long term: Hymans Robertson
9th August 2018
The surge in bulk annuities volumes experienced over the first half of 2018, which saw many insurers write almost as much pension scheme volume as in the whole of 2017, is set to continue to increase over the long term, according to actuarial and advisory consultancy Hymans Robertson. Last month, Read the full article
Daniel Frey to replace Jay Benet as CFO of Travelers
9th August 2018
Jay Benet, the Chief Financial Officer (CFO) of the Travelers Companies, Inc., is to step down from the position, effective September 1st, 2018 and be replaced by Daniel Frey. Benet has held the CFO position since 2002, and will remain on the company's senior leadership team as Vice Chairman. He is to ... Read the full article
MS&AD incurs $600mn loss from Japan’s July floods
9th August 2018
Japanese insurer MS&AD has incurred expected gross losses of 66 billion yen (US $594.3 million) following Japan’s historic flooding in July 2018, which caused widespread property damage across the southwest of the country and left 225 people dead. MS&AD said that the loss estimate, which was calculated on information available ... Read the full article
Hannover Re’s P&C unit drives positive results in challenging conditions
9th August 2018
Reinsurance giant Hannover Re has reported a 3.8% rise in net income for the first-half of the year, alongside premium growth of 11% to €10 billion (US$11.6bn). The firm also improved the combined ratio within its property and casualty (P&C) reinsurance segment, in spite of "fierce competition." The Germany domiciled reinsurer ... Read the full article
AIG appoints Aspen’s Thomas Lillelund as CEO for Europe
9th August 2018
American International Group has appointed Thomas Lillelund, former Chief Executive Officer (CEO) of Aspen Re, as CEO of its recently authorised European arm, AIG Europe S.A. Headquartered in Luxembourg, AIG Europe S.A is a new legal entity for AIG’s business in the European Economic Area (EEA) and Switzerland that aims ... Read the full article
Swiss Re’s potential ReAssure IPO is credit positive: Moody’s
9th August 2018
Moody’s has claimed that an initial public offering (IPO) of ReAssure, Swiss Re’s UK closed book business, would be credit positive for the reinsurance giant as it would reduce its exposure to credit and market risk and free up risk capital for deployment elsewhere. Swiss Re’s Chief Executive Officer (CEO), Christian ... Read the full article
Argo adds ex-Allied CFO Thomas Bradley to its Board of Directors
9th August 2018
Global specialty re/insurer Argo Group International Holdings has appointed Thomas A. Bradley to its Board of Directors. Before retiring in July 2017 Bradley served as Chief Financial Officer and Executive Vice President of Allied World Assurance Company Holdings for five years Prior to that, Bradley served as Executive Vice President and Chief ... Read the full article
Break deadlock in UK Parliament or risk Brexit no-deal nightmare: Kennedys
9th August 2018
International law firm Kennedys has warned of a nightmare no-deal scenario should the UK government fail to break the current political deadlock, whilst defining six areas it believes are key to safeguarding future investment, talent and innovation in the insurance industry. In a report based on interviews with senior industry figures, ... Read the full article
Revised reinsurance strategy to support greater profits at AIG, say executives
8th August 2018
Global insurer American International Group (AIG) expects its revised underwriting and reinsurance strategies to drive an improved mix of business at the firm alongside better risk selection, with the insurer actively engaging with its reinsurance partners on opportunities for the remainder of the year. During its Q2 2018 earnings call, AIG ... Read the full article
Insured losses from Oman’s Cyclone Mekunu reach $281mn
8th August 2018
New data from Oman’s Capital Market Authority (CMA) shows that insured losses from Cyclone Mekunu, which hit the country in May 2018, have reached OMR 108 million (USD 281 million), according to the Times of Oman. Cyclone Mekunu was the most intense tropical cyclone to make landfall in the Arabian Peninsula ... Read the full article
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