Reinsurance News
Re/insurance industry calling for inclusive workplaces
4th July 2018
Global insurers and reinsurers, along with brokers and other organisations across the insurance industry, have collaborated to establish the Inclusive Behaviours Pledge, designed to alter behaviours and develop a more inclusive work environment across the industry. The Pledge was founded by Lloyd's and Zurich, and includes companies such as RSA, AXA, ... Read the full article
CCRIF appoints Timothy Antoine as new Chairman
4th July 2018
The Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company (CCRIF SPC) has appointed Timothy Antoine as its new Chairman for a three-year term. He succeeds outgoing Chairman Milo Pearson, who has retired after chairing the CCRIF Board from the company’s inception in 2007. Antoine is currently Governor of the Eastern Caribbean Central ... Read the full article
Zurich’s flood resilience alliance extended to 2023 with new $1bn funding goal
4th July 2018
The flood resilience alliance led by Zurich Insurance Group has been extended until 2023, with new five-year objectives including the generation of US $1 billion in additional funding for flood resilience programmes. The multi-sector alliance of non-governmental organisations (NGOs), academia, and risk management experts has already provided post-event recovery support to 110 ... Read the full article
Credit Suisse’s ILS team names Hertelendy as Head of Reinsurance Investments
4th July 2018
The Credit Suisse insurance-linked securities (ILS) team has announced the appointment of Paul Hertelendy as Head of Reinsurance Investments and Deputy Head of Insurance Linked Strategies, effective July 1st, 2018. In his new role, Hertelendy will oversee both the Underwriting and Modelling and Analytics teams, reporting directly to Niklaus Hilti, Head of Credit ... Read the full article
Ed appoints Souvik Goswarmi to lead MENA & India Treaty business
4th July 2018
Reinsurance broker Ed has appointed Souvik Goswarmi to its Dubai office to lead Treaty business across the Middle East and North Africa (MENA), as well as India and the Indian subcontinent. Goswarmi starts immediately and reports to Minesh Jani, Chief Executive Officer (CEO) of Ed’s operations across the MENA region. His ... Read the full article
MS&AD enters reinsurance agreement with carriers in Kenya and Mozambique
4th July 2018
Mitsui Sumitomo Insurance Co. (MSI), a member of MS&AD Insurance Group Holdings, has announced that its subsidiary, MSI Company (Europe) (MSIEU), has concluded its strategic alliance agreements to provide reinsurance capacity for ICEA Lion General Insurance Company in Kenya and International Commercial and Engineering Seguros (ICE) in Mozambique. As part of ... Read the full article
Reduced exposure to volatile lines to improve earnings visibility: J.P. Morgan
4th July 2018
Analysts at J.P. Morgan have said that the decision of some re/insurers to reduce their exposure to more volatile lines of business, namely natural catastrophe exposures, and focus on other, more stable classes, will lead to better earnings visibility as well as a faster rerating. Focusing mostly on the actions taken ... Read the full article
Rhode Island run-off Bill to signal new jobs & millions in capital: Pro Global MD
4th July 2018
Pro Global's Managing Director, Mory Katz, has said the new amendments to Rhode Island’s run-off Bill designed to make run-off transactions easier to execute, "has the potential to ignite economic development and bring hundreds of millions in capital," to the State. The amendments to Rhode Island's Voluntary Restructuring of Solvent Insurers Law ... Read the full article
Leading re/insurers in effort to protect World Heritage Sites
3rd July 2018
The UN Environment’s Principles for Sustainable Insurance Initiative - the largest collaborative initiative between the United Nations and the insurance industry - has partnered with WWF and the UNESCO World Heritage Centre in a move aimed at protecting World Heritage Sites. The statement covers the re/insurance industry’s risk management, insurance and ... Read the full article
Reinsurers must innovate to overcome pricing challenges: Hiscox’s McConnell
3rd July 2018
Reinsurers must respond to the challenges of the current pricing environment by innovatively adapting their portfolios and exposures, their use of technology, and their relationships with clients, according to Megan McConnell, Director of Underwriting, London at Hiscox. McConnell noted that reinsurance rates have not increased to the extent that was anticipated ... Read the full article
Tokio Marine Kiln launches $100mn IP facility with Aon
3rd July 2018
Tokio Marine Kiln, a global provider of specialist and corporate re/insurance, has partnered with Aon and several other Lloyd’s syndicates in establishing a new $100 million intellectual property facility. Led by TMK the facility is to offer tailored cover for businesses of all sizes and will help protect against a wide ... Read the full article
PERILS increases storm Burglind (Eleanor) industry loss estimate to $840mn
3rd July 2018
Catastrophe loss data aggregator PERILS has reported its third loss estimate for Extratropical Cyclone Burglind, also known as Eleanor, at €724 million (US$840mn). The weather event hit between January 2nd and 3rd 2018, inflicting significant damage across Austria, Belgium, France, Germany, Ireland, Luxembourg, the Netherlands, Switzerland, and the United Kingdom. Gusts exceeded ... Read the full article
AFL acquires majority stake in UK employer protection MGA
3rd July 2018
AFL Insurance Brokers Ltd, the independent Lloyd’s broker, has acquired a controlling stake in specialist employer protection Managing General Agency (MGA) Concordia Employment Services Limited, for an undisclosed sum. Based in London, Concordia has been supporting UK employers by managing risks and exposures related to workplace disputes since its launch in ... Read the full article
Sedgwick reveals management team for newly combined Australia business
3rd July 2018
Sedgwick has revealed the structure of the leadership team for its newly combined company in Australia following its recent acquisition of Cunningham Lindsey, a global loss adjusting, claims management, and risk solutions firm. Damon Bennett has been named as Chief Executive Officer (CEO) for Asia Pacific and will lead Sedgwick’s ... Read the full article
Brokerslink appoints first Director of Business Operations
3rd July 2018
Brokerslink, an international network of brokers, has announced the appointment of Anne Collette as Director of Business Operations, a newly-created role within the company aimed at strengthening its global presence. Working out of Brokerslink office in Porto, Portugal, Collette will be responsible for business operations globally including the management and co-ordination of ... Read the full article
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