Reinsurance News
AIG could make better use of softening reinsurance market: Credit Suisse
20th July 2017
Property business is expected to drive much of the medium term underwriting improvement at global insurer American International Group Inc. (AIG), and the firm would be wise to make better use of the softening reinsurance market environment, suggests Credit Suisse analysts. AIG recently announced the appointment of Brian Duperreault as its ... Read the full article
Duck Creek & DataCede partner on P&C sector reinsurance admin solution
20th July 2017
Global provider of P&C industry insurance software, Duck Creek Technologies, has partnered with provider of reinsurance sector solutions, DataCede, to offer reinsurance administration solution to P&C insurers. The partnership sees Duck Creek expand its Global Alliance Program via the utilisation of DataCede's cloud-based CedeRight reinsurance solution, which automates processing and administration ... Read the full article
Munich Re first foreign reinsurer to announce Iran deal after removal of sanctions
20th July 2017
Iran's Saman Insurance has become the first Iranian insurer to purchase life reinsurance from a foreign firm following the removal of international sanctions in 2016, after signing a deal with Munich Re to reinsure risks in life insurance and capital formation categories, the Financial Tribune reported. Ahmadreza Zarrabieh, Chief Executive Officer (CEO) ... Read the full article
ReMark appoints Na Jia CEO & Head of SCOR Global Life Distribution Solutions
20th July 2017
SCOR subsidiary, ReMark International, has named Na Jia, an industry veteran with over 20 years re/insurance experience, as its new Chief Executive Officer (CEO) and Head of Global Distribution Solutions at SCOR Global Life, working as a member of the segment's Senior Management Team. Jia’s appointment comes into effect from July ... Read the full article
Bermudian re/insurers’ shift to primary business yet to pay off
20th July 2017
Underwriting income from reinsurance business over the last decade has been far more significant for Bermudian re/insurers than underwriting income from primary business, but this hasn't stopped firms' continued transition to a more insurance focused business mix, according to Fitch Ratings. Global financial services rating agency, Fitch Ratings, has examined the ... Read the full article
Nexus adds treaty reinsurance to offerings with Zon Re acquisition
20th July 2017
Nexus Underwriting Managing Limited (Nexus) has acquired U.S. domiciled reinsurance underwriting agency, Zon Re Accident Reinsurance (Zon Re), according to a statement from Nexus backer, B.P. Marsh. B.P. Marsh holds an 18.6% stake in managing general agent (MGA) Nexus, and provided a £30 million loan facility with HPS Capital Partners, of which ... Read the full article
Demand for casualty reinsurance increases at mid-year renewals: Willis Re
20th July 2017
Commenting on trends in the casualty market after the 2017 mid-year renewals, Willis Re said demand for reinsurance is increasing as the cyber market expands and global demand is stimulated by pending regulation in the European Union (EU) and Australia. As underlying cyber coverage expands with first party exposures, reinsurers appear ... Read the full article
Conyers Partner, Peter Ch’ng, relocates to Hong Kong
19th July 2017
International law firm, Conyers Dill & Pearman (Conyers), has announced that Partner Peter Ch'ng has relocated to Hong Kong from Bermuda, as the company looks to expand its corporate, banking, reinsurance and investment funds practices in the Far East. Ch'ng has been with Conyers since 2001 and was most recently a Director ... Read the full article
Ron Lockton to replace Glenn Spencer as President & CEO, Lockton
19th July 2017
International brokerage, Lockton, Inc., has revealed that Vice Chairman Ron Lockton, is to expand his role and become President and Chief Executive Officer (CEO) of the firm, replacing Glenn Spencer. Spencer is to retire from the company for personal reasons, with immediate effect, and after serving as the firm's Vice Chairman ... Read the full article
U.S. thunderstorms lead mid-year catastrophe losses: Munich Re
19th July 2017
2017 severe weather event related insurance and reinsurance losses have been largely dominated by a series of severe U.S. hailstorms and tornadoes which each incurred costs in the billions, although overall, global catastrophe losses have been well below the ten-year average, Munich Re said in its natural catastrophe review for January to ... Read the full article
IAG reveals new single Australian division in optimisation push
19th July 2017
Insurance Australia Group Limited (IAG) has announced the establishment of a single Australian division that will be led by current IAG Chief Operating Officer (COO), Mark Milliner. The launch of the new Australian division sees IAG consolidate and simplify its operating model, combining the former Australian Consumer, Australian Business, Operations and Satellite Divisions. Current ... Read the full article
‘Tasman Tempest’ storm drives NZ$62 million insured loss
19th July 2017
A storm that struck Auckland and the Coromandel, New Zealand over the 7th and 12th of May, 2017, has resulted in an insurance industry loss of NZ$62 million (roughly US$46 million), an increase of almost 48% from the provisional estimate, according to the Insurance Council of New Zealand (ICNZ). The storm, ... Read the full article
Nexus expands global reach with acquisition of Trade Credit MGA, Equinox
19th July 2017
Nexus has expanded its distribution opportunities and expertise with the acquisition of fast-growing Specialist Trade Credit MGA and registered Lloyd's Coverholder, Equinox Global, as well as all other Equinox group companies. The founders of Equinox and Beazley, previously the MGA's biggest shareholder, are set to become shareholders in Nexus, aligning all ... Read the full article
Gibson joins Neon from Argo Group as Director of Reinsurance & Alternative Capital
19th July 2017
Insurance and reinsurance specialist, Neon Underwriting, has named Mark Gibson from Argo Group as its Director of Reinsurance and Alternative Capital. Gibson will report to Neon's Managing Director, Ian Martin, and have responsibility for developing the company's outwards reinsurance programmes and alternative, or third-party reinsurance capital strategy. Gibson previously worked for BNP ... Read the full article
Allianz partners with InsurTech firm on aviation insurance solutions
19th July 2017
Subsidiary of global insurer Allianz Group, Allianz Global Corporate & Specialty (AGCS), has partnered with InsurTech firm, Visicover, and will now underwrite the company's aircraft insurance solutions and provide the claims management service. Under the new partnership agreement Visicover, an online award-winning InsurTech firm, will offer both its existing and new ... Read the full article
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