Reinsurance News
GFIA calls for guidance over PFIC tax amendments
1st August 2018
The Global Federation of Insurance Associations (GFIA) has written to the U.S Treasury for guidance to assist insurers and their investors in complying with the Passive Foreign Investment Company (PFIC) insurance exemption, as amended by the 2017 U.S tax reform law. GFIA has said that such guidance would be essential in ... Read the full article
Generali reveals new Group structure, appoints General Manager
1st August 2018
The Board of Directors of Italian insurer Assicurazioni Generali, has approved a proposal from the Group's Chief Executive Officer (CEO), Philippe Donnet, for the new Group organisational structure, which includes the creation of a new General Manager position. The organisational ... Read the full article
Ryan Specialty Group acquires ARC Specialty Brokerage assets
1st August 2018
Ryan Specialty Group (RSG) is to buy certain assets of ARC Specialty Brokerage, the property/casualty (P&C) division of wholesale insurance broker ARC Excess & Surplus. Terms of the transaction were not disclosed. ARC Specialty’s Mike Vollaro, a wholesale brokerage professional and specialist in New York construction, will join RT Specialty, the wholesale ... Read the full article
THB appoints two Business Development managers to UK team
1st August 2018
Specialist re/insurance broker THB has announced the appointment of Chris Fozard and James Harris as Business Development Managers to its UK regional sales team, effective immediately. Fozard brings over 20 years’ experience to the role and joins from MS Amlin where he held the role of Senior Development Underwriter since 2015 Harris ... Read the full article
GCC countries must focus on ERM following recent losses: A.M. Best
1st August 2018
Countries belonging to the Gulf Cooperation Council (GCC) must increasingly focus on enterprise risk management (ERM) strategies following a recent series of both natural catastrophes and man-made losses, according to a report by rating agency A.M. Best. While countries such as Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab ... Read the full article
Liberty Specialty’s Toredo trading platform underwrites first risk
1st August 2018
Toredo, the web-based platform launched by Liberty Specialty Markets (LSM) earlier this year for the transaction of specialised trade credit insurance, has underwritten its first risk. In March, LSM partnered with The Channel Syndicate and Canopius to form a $27 billion consortium – the London Credit Consortium – to ... Read the full article
Pool Re report emphasises private sector’s role in countering UK terrorism
31st July 2018
Pool Re has examined the current state of terrorist threat in the UK in a 12-page report that outlines the ways to improve risk mitigation and resilience across the public and private sectors. The report acknowledges the importance of working closely with the private sector, including the insurance and reinsurance sector, ... Read the full article
California’s Carr wildfire continues property destruction as containment grows
31st July 2018
The Carr wildfire has burned through 110,154 acres of Shasta County in Northern California and destroyed or damaged almost 1,500 buildings at the latest estimate, even as containment efforts by authorities gain traction. The fire is now 27% contained and the number of structures under threat has almost halved since ... Read the full article
The Hartford no longer expects recovery against 2017 aggregate cat treaty
31st July 2018
Property and casualty insurer, The Hartford, no longer expects to make a recovery against its aggregate catastrophe reinsurance treaty for the 2017 accident year, as a result of a reduction in its estimates for prior year catastrophe losses, primarily related to third-quarter hurricanes. As of December 31st, 2017, The Hartford reported ... Read the full article
RGA sees continued, strong growth across Asia-Pacific
31st July 2018
In recent years, life reinsurance company, Reinsurance Group of America (RGA), has experienced solid growth in the Asia-Pacific region, a trend it expects to continue, supported by current market dynamics. Speaking during the life reinsurer's Q2 2018 earnings call, President and Chief Executive Officer (CEO), Anna Manning, reported premium growth of ... Read the full article
CoreLogic launches new RQE modelling solution for U.S nat cats
31st July 2018
CoreLogic, a catastrophe risk modelling specialist, has announced the launch of its new Risk Quantification and Engineering (RQE) solution designed to provide accurate, high-resolution models detailing the full-risk spectrum for customers as the economic impact of catastrophes increases. The solution - which includes U.S wildfire and U.S severe convective storm models, as well ... Read the full article
Everest Re significantly grows reinsurance segment in Q2
31st July 2018
Bermudian reinsurer Everest Re Group, Ltd. has reported its second-quarter 2018 results, which reveals large growth in its reinsurance segment, as well as catastrophe losses related to 2017 storm events of almost $400 million. Everest Re's reinsurance segment expanded in the quarter by quite some margin. When compared with Q2 2017, ... Read the full article
Insurance Council of Australia backs $20mn cyclone-resilience project
31st July 2018
The Insurance Council of Australia (ICA) has lent its support to a AUD $20 million (USD $15 million) Household Resilience Program for homes in North Queensland’s cyclone belt, recently introduced by the region’s Palaszczuk Government. The program will provide funding for owners of homes built before 1984 to improve their safety ... Read the full article
Sedgwick strengthens EFI Global business with three new hires
31st July 2018
Sedgwick, a global provider of technology-enabled risk, benefits and integrated business solutions, has announced a series of appointments to its engineering, fire investigation, environmental health and safety and specialty services consulting division, EFI Global. “We look forward to driving Sedgwick’s growth in the UK market with these appointments,” said Sarah Civil, ... Read the full article
China regulator agrees to preferential treatment for Hong Kong reinsurers
31st July 2018
The China Banking and Insurance Regulatory Commission (CBIRC) and the Insurance Authority (IA) of Hong Kong have reached an agreement after more than a year of negotiations to allow preferential treatment for qualified reinsurers in Hong Kong, according to A.M. Best. The agreement will see mainland Chinese insurance companies that cede ... Read the full article
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