Reinsurance News
CCRIF makes $31m payout to Irma-struck Islands
20th September 2017
Hurricane Irma triggered $U.S. 31.2 million Caribbean Catastrophe Risk Insurance Facility (CCRIF) payouts to Anguilla, Antigua & Barbuda, St. Kitts & Nevis, Turks and the Caicos Islands, and the Bahamas for excess rainfall and tropical cyclone policies. Irma triggered Aggregate Deductible Cover policies, which include cyclone risk, for Anguilla and the ... Read the full article
Ironshore reveals new appointments within Bermuda property unit
20th September 2017
Ironshore Inc. has announced two new appointments within its Bermuda property division, naming Ian Smith Senior Vice President (SVP), Head of Bermuda Property and Shane Rozario, as Chief Operating Officer (COO), Bermuda Property. Smith joined the firm in 2013 as Vice President (VP), Property Underwriter, and previously spent five years with ... Read the full article
JLT Re partners with kWh Analytics to deliver solar energy solution
20th September 2017
JLT Re, the reinsurance arm of global broker JLT, has entered into a new partnership with data repository and risk management provider for the solar industry, kWh Analytics. The new partnership is JLT Re's latest move in the the InsurTech space, and will see the development of a new risk transfer ... Read the full article
Lloyd’s obtains CFC status and names Casablanca representative
20th September 2017
Lloyd’s has appointed Salah El-Kadiri as its first representative in Casablanca, following its receipt of CFC status by the Casablanca Finance City Authority (CFCA). With its CFC status, Lloyd's managing agents have permission to delegate underwriting authority to intermediaries, third party cover-holders, or service companies established in the CFC. El-Kadiri said; “I ... Read the full article
Boat Services appoints Matt Jones & Bert Kerr as consultants
20th September 2017
Boat Services has expanded its catastrophe modelling shared service team with two key appointments of Matt Jones and Bert Kerr, who will work as consultants to oversee the firm's product development. Boat Oasis is the multi-peril cat risk modelling platform, delivered by Boat Services, operating on the Oasis Loss Modelling Framework. The platform ... Read the full article
Progressives auto loss from Harvey lower than analysts expected
20th September 2017
Insurance group The Progressive Corporation has reported its August catastrophe losses, including the impacts of hurricane Harvey, and the company has revealed auto insurance losses from the storm that are lower than analysts had forecast by quite a margin. Progressive has reported total catastrophe losses of $254 million for August, with ... Read the full article
AIR puts Mexico M8.1 earthquake insured loss at over $1 billion
20th September 2017
Global catastrophe risk modeller, AIR Worldwide, has provided an insurance industry loss estimate from the impacts of the Magnitude 8.1 earthquake that struck off the coast of the Mexican state of Chiapas, of between MXN14 billion (US$790 million) and MXN20 billion (US$1.13 billion). The quake, of which the epicentre struck on ... Read the full article
CoreLogic puts Irma re/insured property loss at up to $27 billion
20th September 2017
Global property information, analytics and data-enabled service provider, CoreLogic, has announced a preliminary total economic loss estimate for the impacts of hurricane Irma, of between $42.5 billion and $65 billion, and an insured property loss of up to $27 billion. Of the overall loss, CoreLogic estimates flood damage to residential properties of ... Read the full article
Caribbean & Puerto Rico re/insurers at risk from hurricane Maria
20th September 2017
Rating agency A.M. Best has said that major hurricane Maria puts Caribbean and Puerto Rico insurance firms at risk and that the storm will test their financial strength. Hurricane Maria is approaching Puerto Rico with category 5 winds of 155 mph and higher gusts. The hurricane has left ... Read the full article
Reinsurance market to expect lower ROEs in 2018 as losses normalise: KBW
20th September 2017
Following the impacts of hurricanes Harvey and Irma, analysts at Keefe, Bruyette & Woods (KBW) expect global reinsurers to anticipate reporting lower return on equities (ROEs) in 2018, than perhaps some had been predicting before the storms. Industry-wide and company specific loss estimates for hurricanes Harvey and Irma are beginning to ... Read the full article
Arch Capital appoints new insurance & reinsurance CEOs
20th September 2017
Arch Capital Group Ltd. has named Maamoun Rajeh Chairman and Chief Executive Officer (CEO) of Arch Worldwide Reinsurance Group, and Nicolas Papadopoulo as Chairman and CEO of Arch Worldwide Insurance Group and Chief Underwriting Officer (CUO) for Property & Casualty Operations. Rajeh joined Arch in 2001 and currently serves as President ... Read the full article
Nigeria should consider the establishment of a terrorism risk pool: Reports
20th September 2017
The Nigerian insurance market has been advised to consider establishing a terrorism risk pool in order to build sufficient capacity to tackle the country's high rate of terror incidents, according to industry reports from the region. Nigeria experiences some of the highest rates of terror incidents across the world, but owing ... Read the full article
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
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