Reinsurance News
Mortgage reinsurance expected to expand beyond U.S market: Capsicum Re
26th June 2018
The mortgage reinsurance market looks set to expand worldwide following a robust resurgence in the U.S in recent years, according to specialist reinsurance broker Capsicum Re. The mortgage reinsurance market in the U.S has experienced a boom recently due to the rapid increase in reinsurers’ participation across new, innovative mortgage transactions, ... Read the full article
Generali increases stake in Indian insurance joint ventures to 49%
26th June 2018
Italian insurer Generali Group has announced an agreement with Indian conglomerate Future Group to further invest in the region’s insurance market, increasing its stake in insurance joint ventures Future Generali India Life Insurance Company and Future Generali India Insurance Company to 49%, from 25% at present. Commenting on the deal, which is expected ... Read the full article
Continued growth & profitability expected for MENA markets: Insurance Pulse 2018
26th June 2018
Insurance markets of the Middle East and Northern Africa are expected to outgrow the region’s GDP over the next 12 months, according to senior executives polled in The MENA Insurance Pulse 2018, published by Dr. Schanz, Alms & Company. The report states that personal lines remain a key driver for premium ... Read the full article
JLT FAC bolsters global team with two new Senior Executives
26th June 2018
JLT FAC, JLT Re’s facultative reinsurance arm, has announced the appointment of Nikki Melbourne and Joe Vitale as Senior Executives to its London and U.S. teams respectively. Melbourne joins the firm as Partner. She most recently served as Senior Underwriter at RSA and had previously worked as an underwriter at Allianz ... Read the full article
Re/insurers slow to adopt new tech risk being replaced, says Simplitium’s James Lay
26th June 2018
Re/insurance companies who are slow to adopt the numerous benefits offered by new and emerging technologies are likely to be supplanted by more enterprising firms, according to James Lay, Commercial Director of Insurance Business at Simplitium, a financial services solutions provider. Speaking with Reinsurance News, Lay noted that re/insurers have generally ... Read the full article
Storm-hit France receives €430mn worth of insurance claims in matter of weeks
26th June 2018
Extensive storms across much of France have seen approximately 214,000 claims totaling €430 million registered to the French Federation of Insurance (FFI) in the past few weeks. Bernard Spitz, President of the FFI has traveled to the southwestern regions of Pau and Salies-de-Béarn to meet with public authorities and local elected officials in response ... Read the full article
Transportation & Logistics unit launched within Everest Insurance
26th June 2018
Bermudian reinsurer Everest Re Group has announced the launch of a new Transportation and Logistics business unit within its primary insurance arm, Everest Insurance, led by Jeff Engelbrecht. According to an announcement on its launch, the new segment will offer clients a range of coverage lines, including Workers' Compensation, Employers' Liability, ... Read the full article
PPO propensity down 40%-50%, claims settling at higher discount rate: Aon
26th June 2018
Aon Reinsurance Solutions has released the key takeaways from its UK Motor Event, an annual seminar offering updates on trends in the UK motor re/insurance sector. Data shows that PPO propensity has dropped by 40-50% compared to historic levels. Following the new Ogden discount rates PPOs appear to have become larger, indicating ... Read the full article
Former Aspen CEO Postlewhite named Deputy Global CUO, QBE Re
26th June 2018
QBE Insurance Group has announced the appointment of Stephen Postlewhite as Deputy Global Chief Underwriting Officer (CUO) of its specialty reinsurance arm, QBE Re. Postlewhite is set to join the firm on November 1st, 2018, and will report to Chief Underwriting Officer for Reinsurance, Jonathan Parry. He joins the company from Aspen ... Read the full article
Tokio Marine prepares for further acquisitions with $9bn available capital
26th June 2018
Tokio Marine Holdings, one of Japan’s most acquisitive re/insurance companies, is reportedly looking to boost its profits by scouting for further deals in Asia and overseas with up to $9 billion in available capital, according to Reuters. Tsuyoshi Nagano, Chief Executive of Tokio Marine, told Reuters that the firm would have ... Read the full article
AIG appoints new North America Property CUO from Swiss Re
26th June 2018
AIG has announced the appointment of Jamie Miller as North America (NA) Property Chief Underwriting Officer (CUO), General Insurance, effective June 25. Miller joins from Swiss Re, where he was Managing Director, North America Property and Risk Specialty Lines for over a decade. He brings more than 35 years’ experience to the ... Read the full article
SCOR backs solution aimed at improving drought resilience in Ethiopia
26th June 2018
French insurer and reinsurer SCOR has announced that it supports a recently launched insurance solution that leverages technology to improve drought resilience in Ethiopia, called the Satellite Index Insurance for Pastoralists in Ethiopia (SIIPE). The project, which was started by the World Food Programme (WFP) and facilitated by re/insurance broker Willis Towers Watson, ... Read the full article
Challenging industry trends favour top-tier reinsurers: Berenberg
26th June 2018
Current industry trends favour large, top-tier reinsurance companies, who remain well placed despite a challenging pricing environment, according to a recent report by investment bank Berenberg. Berenberg assessed the condition of top-tier European reinsurers such as Munich Re, SCOR, Hannover Re, and Swiss Re, concluding that their businesses remained profitable and ... Read the full article
American Overseas Group appoints new CFO
26th June 2018
American Overseas Group Limited has named Ron Ballard as its new Chief Financial Officer (CFO), effective June 19th, 2018. The company was established in Bermuda in 1998, and initially conducted all of its business through American Overseas Reinsurance Company Limited, which was also formed in Bermuda 20 years ago. Ballard brings 25 years ... Read the full article
Average North Atlantic hurricane season forecast in 2018: RMS
26th June 2018
Most agencies and meteorological organisations are forecasting near-average hurricane activity in the North Atlantic in 2018, although variations in individual predictions could lead to a wide range of forecasts, according to risk modelling and analytics firm RMS. Forecasts generally anticipate neutral El Niño-Southern Oscillation (ENSO) conditions, and near-average sea surface temperatures ... Read the full article
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