Reinsurance News
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
Carsten Thienel joins JLT Re’s Asia team from Ed
5th September 2017
JLT Re has named Carsten Thienel, who joins from a role with Ed as CEO of reinsurance for Asia Pacific, as its latest Asia Pacific team member, set to begin in the firm's Singapore office early 2018. Boasting a distinguished career of over 30 years in the industry, Thienel previously held ... Read the full article
SCOR adds VP to Group Reinsurance team
5th September 2017
Global insurance and reinsurance firm, SCOR, has named Chad Christensen Vice President (VP), Marketing Underwriter for Group Life & Accident products, within its Group Reinsurance division. Christensen joins the French-based re/insurer from Voya, where he was Director of Group Life Underwriting. He brings more than 15 years of industry experience to the new ... Read the full article
Reinsurers’ failure to return above cost of capital edging closer: S&P
5th September 2017
The ability of global reinsurers to earn returns above their cost of capital has declined significantly in the soft market environment, as low interest rates and a series of underwriting headwinds persistently erode the profitability of the sector, according to Standard & Poor's (S&P). International ratings agency, S&P, in a recent ... Read the full article
Port of Houston escaped major hurricane Harvey damage: RMS
5th September 2017
Port of Houston officials have spoken of restarting operations in the U.S.' eighth busiest container port, which seems to have escaped major damage from Hurricane Harvey with no major damage to its terminals, warehouses or storage facilities reported so far, RMS said. The container port's traffic was diverted to other regional ... Read the full article
Insurers in Nigeria advised against reliance on brokers
5th September 2017
The tendency for most insurance brokers to focus on big ticket government business is responsible for the low level of insurance penetration in the country, the Executive Vice Chairman of Insurance Brokers of Nigeria, (IBN), Prosper Okpue, said in an interview with Financial Vanguard. The IBN executive ... Read the full article
Starr Companies appoints new CUO for the Liabilities Group
5th September 2017
Starr Companies (Starr) has named Nick Lawrence Chief Underwriting Officer (CUO) for the Liabilities Group, based in the firm's London office. In is new role, Lawrence will be responsible for all of the company's London market operations, which includes US Desk and also growth and expansion across the European market where the ... Read the full article
JBA’s flood risk models added to Aon Benfield and Boat Oasis platforms
5th September 2017
The JBA Risk Management probabilistic UK flood risk model has been included in the Elements platform by reinsurance broker Aon Benfield and a range of JBA flood models have also been added to the Boat Oasis shared services risk modelling platform. Aon Benfield said it was teaming up with JBA to ... Read the full article
EY hires Barclays Deputy Head of Insurance as a Director
5th September 2017
Dan Broome has joined EY from Barclays Bank as a Director to support the development of an additional insurance sector offering as part of its Financial Services Debt Advisory division. EY launched its Financial Services Debt Advisory team in September 2015, which now consists of seven people, and the appointment of ... Read the full article
Lloyd’s faces a mix of profitability headwinds, warns Moody’s
5th September 2017
Competition and emerging re/insurance hubs combined with declining reserves and profitability headwinds suggests that the Lloyd's of London insurance and reinsurance marketplace is to come under increasing pressure in the months and years ahead, according to Moody's Investors Service. In a new report, Moody's has said that it expects premium growth ... Read the full article
Reinsurers’ evolution must continue as challenges & uncertainty persists: A.M. Best
5th September 2017
The global reinsurance sector remains extremely challenging with limited opportunity for organic growth and declining profitability on both sides of the balance sheet, which, suggests reinsurers will need to continue adapting and evolving to the changing landscape, according to A.M. Best. Despite the widespread impact of hurricane Harvey, which is yet ... Read the full article
Starr appoints Laura Owen to Accident & Health head
4th September 2017
Starr Companies has appointed Laura Owen as head of Accident & health, responsible for all London market business and expansion into the European marketplace. Owen will be based out of the insurance and travel assistance firm's London office. Colin Buchanan, head of international casualty, commented on the appointment; “Laura brings extensive experience in the accident ... Read the full article
Compre acquires AXA Insurance run-off legacy portfolio
4th September 2017
Re/insurance legacy specialist Compre has acquired a legacy portfolio of re/insurance in run-off from AXA Insurance for an undisclosed sum. The portfolio was initially underwritten by RW Gibbon & Son between 1962-1964; it's the 26th portfolio deal completed by Compre to date. Nick Steer, CEO of Compre, said; “I am extremely pleased ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
