Reinsurance News
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
PCS releases Global Cyber Industry Loss Index
4th September 2017
Property Claim Services (PCS) has released a new Global Cyber Industry Loss Index for insured cyber losses with a minimum threshold of $20 million industry wide. The cyber loss index was developed in collaboration with Capsicum Re in response to growing demand for an independent view of cyber industry loss estimates. The new ... Read the full article
NAIC’s new security model to improve U.S. insurance sector’s cyber risk management: Fitch
4th September 2017
Fitch Ratings expects the National Association of Insurance Commissioner's (NAIC) recently approved Insurance Data Security Model Law to drive more rigorous cyber risk management in the U.S. insurance sector, but does warn of the potential for increased compliance costs. The NAIC has sought to establish industry standards for data security that will ... Read the full article
Cape Analytics announces product for improved assessment of cedant’s portfolio risks
4th September 2017
Structured property data provider, Cape Analytics, has launched a new cedent portfolio product offering for reinsurers that claims to enable more accurate judgement of risk exposure of cedent's portfolios. The Cape Analytics data solution relies on CAT risk models from AIR and RMS. Barney Schauble, Managing Partner at Nephila Advisors, said; "Cape Analytics ... Read the full article
April/May flooding in Quebec & Ontario results in over CA$223mn insured loss: IBC
4th September 2017
Two storms and subsequent major flooding in parts of Ontario and Quebec in early April, combined with a severe flooding event in the regions during early May, 2017, has resulted in an insurance industry loss of over CA$223 million (US$179 million), reports the Insurance Bureau of Canada (IBC). This is according ... Read the full article
JLT Re hires Paul Esterbrook from Willis Re
4th September 2017
JLT Re has added Paul Esterbrook, who joins from a role as Executive Director for Non Marine Specialty with Willis Re to its London & International Markets (LIM) Division. Commenting on the appointment Bill Bennett, Head of Division, LIM, JLT Re, said; “We are delighted Paul is joining our growing team ... 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.
