Reinsurance News
Navigators expands European presence with Spain office
6th December 2017
Navigators International has expanded its European presence with the opening of a Spain office, to be headed up by Carlos Peña Kaiser as Country Manager. Using its newly capitalised retail insurer, Navigators International, the carrier hopes to target Spain-domiciled companies. The move comes as part of a strategy of geographic expansion of ... Read the full article
JLT Re names Desmond Bohan as Senior Vice President
6th December 2017
JLT Re has appointed Desmond Bohan, who joins from Frates, to Senior Vice President (SVP) as the broker looks to expand its program business. Bohan will be responsible for the continued expansion and development of JLT Re’s Program practice in North America, as the reinsurer continues to build its specialized program group ... Read the full article
UK life insurance sector revised to stable: Fitch
6th December 2017
Fitch Ratings has revised its outlook for the UK life insurance sector to stable from negative, as a result of the individual annuity market stabilising and ongoing demand for savings and asset management products. Firms remaining in the annuity market are expected to make significant use of longevity reinsurance to minimise ... Read the full article
FEMA set for full $1.024 billion NFIP flood reinsurance recovery
6th December 2017
The U.S. Federal Emergency Management Agency (FEMA) is set to recover the full $1.024 billion under its 2017 flood reinsurance program for the National Flood Insurance Program (NFIP), as its estimates show the entire layer blown by losses from hurricane Harvey. The 2017 reinsurance program was placed in January 2017 and ... Read the full article
Swiss Re’s ReAssure buying 1.1m Legal & General life policies for £650m
6th December 2017
ReAssure, the closed life book consolidator specialist unit of global reinsurance firm Swiss Re, is to acquire 1.1 million life insurance policies from Legal & General in a deal worth UK £650 million. The transaction strengthens ReAssure's position in the United Kingdon and the firm says it is consistent with its ... Read the full article
Hyperion gets $400m+ investment from Québec pensions
5th December 2017
International insurance group Hyperion, which counts broking divisions Howden and RKH, and underwriting division DUAL, at its core, has received an investment of over $400 million from pension funds in Québec managed by Caisse de dépôt et placement du Québec (CDPQ). CDPQ is a long-term, institutional investor with a liking for ... Read the full article
Life/annuity industry sees 50%+ income increase year-on-year
5th December 2017
The U.S. life/annuity (L/A) industry’s net income for the first nine months of 2017 $30.9 billion more than doubled compared to the same period last year, according to AM. Best. 2017's outstanding earnings were down to the $44.3 billion decline in total expenses and federal and foreign taxes having been offset ... Read the full article
Actuarial firm MSK hires Rolf Kuhn for Austria role
5th December 2017
Meyerthole Siems Kohlruss (MSK), the German actuarial specialist firm, has announced the appointment of Dr. Rolf Kuhn as a strategic consultant focused on Austria. Kuhn is experienced in the insurance and reinsurance industry in Austria, having acted as a member of the executive board of local company Helvetia Insurance for a ... Read the full article
AIG hires Tom Bolt from Berkshire Hathway for Chief Underwriting Officer role
5th December 2017
Insurance giant AIG has poached Tom Bolt from his most recent role as President, UK and Southern Europe, Berkshire Hathaway Specialty Insurance Company (BHSI) to join the insurer as Chief Underwriting Officer, General Insurance. Bolt, who prior to Berkshire Hathaway was the director of performance management at Lloyd's of London, will ... Read the full article
Hiscox Re hires Megan McConnell as Director of Underwriting
5th December 2017
Megan McConnell, who as we reported yesterday is departing the Paraline group, is to emerge in a new reinsurance role as Director of Underwriting at Hiscox Re in London. McConnell had worked for International Catastrophe Insurance Managers, LLC (ICAT) since 2005, but it was announced yesterday that she is leaving ... Read the full article
Compre announces changes to senior leadership
5th December 2017
Legacy specialist re/insurer Compre has announced that Nick Steer, the firm's founding director, will step down as CEO. Tom Colraine, chairman of Compre Group, commented; “the board are delighted to be promoting Will Bridger and Mark Lawson as co-CEO’s. Their joint role plays well to Will and Mark’s respective leadership strengths ... Read the full article
One of our major competitors seems to be governments: Lloyd’s CEO Beale
5th December 2017
According to Lloyd's of London Chief Executive Inga Beal, the governments of both mature and emerging markets are increasingly competing with the insurance and reinsurance industry, as governments take the lions share of catastrophe losses. Speaking to Bloomberg in a recent interview, Beale said that the disaster load in 2017 highlights ... Read the full article
Wind hedges could protect European wind energy from growing market risks
5th December 2017
By 2030 just 6% of European wind energy capacity will be protected against market risks by government support schemes compared to 75% today, raising new opportunities to transfer the growing financial risk from wind volatility, according to a Swiss Re study. Wind hedges, in the form of a derivative or insurance ... Read the full article
UK motor insurers set for fortune reversal with revised Odgen rate: EY
5th December 2017
The UK motor insurance market’s profitability is expected to approach break even this year and see a strong uplift in 2018 due to the revised Ogden discount rate, according to EY’s latest UK motor insurance analysis. The revised Ogden rate is expected to be between 0%-1% - sharply reducing bodily injury ... Read the full article
“2017 Hurricane season looks like a foretaste of the future”: Munich Re
5th December 2017
2017 has been the costliest hurricane season on record as well as the busiest since 2005 with overall losses estimated at $215 billion. According to Munich Re, this could be a foretaste of the increased intensity of natural catastrophes that reinsurers face in the future. Within a span of just four weeks, Harvey, ... Read the full article
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