Reinsurance News
P&C market reacts to potential threat of hurricane Irma: Analysts
6th September 2017
The property & casualty (P&C) market appears to be discounting a 1-in-100 year loss event for some reinsurers, as major hurricane Irma impacts the Caribbean and remains on track to make a U.S. landfall this weekend, according to industry analysts. Hurricane Irma, now a Category 5 storm with winds of ... Read the full article
Michael Wade joins TigerRisk Capital Markets & Advisory as Non-Exec Chair, UK
6th September 2017
Risk, capital and strategic re/insurance advisor TigerRisk Capital Markets & Advisory, has named Michael Wade as Non-Executive Chair of its UK division. TigerRisk Capital Markets & Advisory Chief Executive Officer (CEO), Tony Ursano, commented on the appointment; “Michael Wade is a highly accomplished and entrepreneurially minded insurance executive and public servant. "He recently ... Read the full article
Hamilton Re announces changes to underwriting leadership
6th September 2017
The Bermuda-based reinsurance arm of Hamilton Insurance Group, Hamilton Re, has announced some leadership changes as it positions itself as "a new kind of Tier 1 company." Kathleen Reardon, Chief Executive Officer (CEO) of Hamilton Re, has made a number of leadership changes to the firm's underwriting functions, aligning talent with ... Read the full article
P&C price reductions of up to 5% expected at Jan 18 renewals: Moody’s
6th September 2017
Persistent headwinds in the global reinsurance sector are expected to continue throughout 2017 and into next year, with Moody's suggesting that the January 2018 property and casualty (P&C) reinsurance renewals will see further softening across most business lines. Price declines in the reinsurance sector have slowed in more recent times, a ... Read the full article
Everest Re hires Debbie Weiser from AIG as new head of Excess Casualty
6th September 2017
Everest Re has named Debbie Weiser, who joins from an executive position with AIG, as new leader of Excess Casualty within Everest Specialty Casualty. Commenting on the appointment, Connie Germano, Head of Specialty Casualty, said; “Debbie brings to Everest extensive experience in the Umbrella and Excess space, particularly in the valued ... Read the full article
AmTrust announces new quota share reinsurance contract
6th September 2017
AmTrust Financial Services, Inc. has announced that it's entered into a new quota share reinsurance arrangement with multiple reinsurance companies, in order to reduce its catastrophe and non-catastrophe event exposure in relation to the operations of its subsidiary, Republic Companies, Inc. The new quota share arrangement is effective August 1st, 2017, ... Read the full article
PartnerRe names Jerome Matrundola as Asia-Pacific CEO of Life & Health
6th September 2017
PartnerRe has named Jerome Matrundola as CEO of Life & Health, Asia-Pacific, to lead PartnerRe’s Life and Health business operations in that region effective September 11, 2017. Matrundola will work closely with PartnerRe's existing teams in Singpore and Zurich to grow the firm's life and health Asia-Pacific reinsurance market. PartnerRe said his appointment ... Read the full article
Willis Re’s Reinsurance Index sees reinsurer profits plummet in HY 2017
6th September 2017
According to Willis Re’s latest Reinsurance Market Report, aggregate net income for shareholders’ funds in the Willis Reinsurance Index in HY 2017 plummetted to U.S. $8.3 billion from U.S. $14.5 billion at HY 2016 after what's been a below-average year for losses and a market still characterised by surplus capital ... Read the full article
BMS Iberia launches as long-term solution to Brexit
6th September 2017
BMS Group Limited has announced the launch of BMS Iberia, that will be led by Directors Fernando Claro in Madrid, and Domingo Albi in Seville, Spain. The new European venture provides BMS with a long-term solution for accessing European business in a post-Brexit world. Recently appointed Directors, Claro and Albi, will ... Read the full article
Low interest rate environment to pressure global multiline insurers through 2017: S&P
6th September 2017
The ongoing low interest rate environment is expected to pressure the operating performance of global multiline insurers (GMIs) throughout the remainder of 2017, but superior capital adequacy has helped the sector outperform the industry average, according to ratings agency S&P Global Ratings. Interest rates have remained low for some time now, ... Read the full article
Reinsurance pricing to deteriorate throughout 2018, warns Fitch
6th September 2017
Pricing in the global reinsurance sector will continue declining throughout 2018 as competition from alternative sources of reinsurance capacity intensifies and margins across the sector deteriorate further, according to analysis by Fitch Ratings. The current low-interest rate environment is expected to remain, dampening returns on the investment side of the balance ... Read the full article
Guy Carpenter promotes Boyce to Deputy CEO Global Specialties
6th September 2017
Reinsurance brokerage Guy Carpenter has announced the promotion of James Boyce to the position of Deputy CEO, Global Specialties, effective immediately. Boyce joined Guy Carpenter in 1997 after Marsh & McLennan Companies acquired Wilcox Johnson & Higgins. He joined that firm in 1996 as an Associate Director, helping to set up ... Read the full article
Tokio Marine setting up Luxembourg insurer for EU business
6th September 2017
Insurance giant Tokio Marine Group is the latest to announce a new European base to ensure continuity for trading with EU customers in the wake of the UK's Brexit move. Luxembourg has been selected by the company, and it has begun the process to establish an insurance company in Luxembourg, applying ... Read the full article
Hurricane Irma could deplete reinsurers’ cat budgets after Harvey impact
5th September 2017
Fitch has warned that although hurricane Harvey is expected to be an earnings event for the reinsurance sector it could have left some with thin catastrophe budgets for the remainder of the year. And with hurricane Irma tracking to potentially make landfall along the U.S. coastline this weekend, some reinsurers' ... Read the full article
KCC’s new RiskInsight-lite facilitates tracking of hurricane losses in real-time
5th September 2017
Global catastrophe risk modeller, Karen Clark & Company (KCC), has announced the launch of a new modelling platform that gives insurers and reinsurers the ability to track claims and losses in real-time from live hurricanes, called RiskInsight-lite. The new modelling platform also enables insurance and reinsurance companies to estimate their exceedence ... Read the full article
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