Reinsurance News
Border-adjustment tax would drive higher insurance premiums across the U.S.
19th July 2017
The implementation of a border-adjustment tax (BAT) in the states would eliminate the ability of U.S. insurers to utilise vital foreign reinsurance to manage exposures and drive higher premiums, especially in areas like California that are highly susceptible to significant catastrophe risks, warns R Street and the Pacific Research Institute ... Read the full article
Intent to sign EU/U.S. covered agreement welcomed by the IUA
19th July 2017
The International Underwriting Association of London (IUA) has welcomed news that the U.S. Department of the Treasury and the Office of the U.S. Trade Representative plans to sign the EU/U.S. covered agreement relating to insurance and reinsurance practices. The bilateral agreement has been in the pipeline for some time now, but the U.S. ... Read the full article
Property-Casualty MGA’s see expansion but under pressure with softening rates: Conning
19th July 2017
Property-Casualty Managing General Agents (MGAs) have shown continued growth so far this year, exceeding the segment's general market growth by over one-third despite adverse soft market conditions - but rates have softened as performance comes under increasing pressure, according to Conning's latest strategic study on the MGA market segment. The study ... Read the full article
Re/insurance can help close Eastern Canada quake protection gap: Swiss Re
18th July 2017
A recent Swiss Re report highlighted the vulnerability of Eastern Canada to earthquake risk where it said a lack of awareness has led to a high protection gap in a region vastly exposed to high economic and social losses in the case of a major earthquake. A magnitude 7.3 earthquake in ... Read the full article
HCI insurance subsidiary gets approval to write flood insurance in Pennsylvania
18th July 2017
HCI insurance subsidiary, Homeowners Choice Property & Casualty Insurance Company, has received regulatory approval to write flood insurance in Pennsylvania. The re/insurers proposed rates and forms are still awaiting approval from State regulators before HCI can begin expanding into the Pennsylvania market. Last month the re/insurer announced plans to begin the regulatory ... Read the full article
Specialist insurer GCube announces appointment of Director and Senior Underwriter
18th July 2017
Specialist renewable energy insurer GCube Underwriting has strengthened its executive and underwriting team with the appointment of Steve Allen and Adam Hearn to Director and Senior Underwriter respectively. The appointees both join GCube from RSA Group where Allen was Director of Engineering Construction and Renewable Energy and Hearn worked for over ... Read the full article
New Dawn Risk Group gets approval to operate as registered Lloyd’s broker
18th July 2017
New Dawn Risk Group Limited, an independent specialist intermediary for non-marine liability and specialty insurance and reinsurance, has been given approval to operate as a registered Lloyd's broker. The approval comes after the group traded for nine years as an appointed representative of Grosvenor Brokers (America) LLC and more recently of ... Read the full article
Weather & fire losses expected to push Donegal Group to net loss in Q2
18th July 2017
Increased weather-related and large fire losses during the first six months of 2017, combined with reserving activity, is expected to push Donegal Group Inc. to report a net loss during the second-quarter of 2017. A statement from the company claims that weather-related losses added roughly $20.1 million to its losses for ... Read the full article
Choolhun joins Ed from RKH Specialty as a Divisional Director
18th July 2017
International reinsurance broker, Ed, has named Roshan Choolhun Divisional Director of its Accident & Health (A&H) and Contingency operations. As part of his new role at Ed, Choolhun will be tasked with growing the firm's A&H and Contingency business with a focus on expanding the company's presence in the Middle East, ... Read the full article
SART Specialty gains Lloyd’s Coverholder status in expansion push
18th July 2017
SART Specialty Limited (SART Specialty), which is part of one of Hong Kong's largest Managing General Agents (MGA), SART Group, has received all necessary approval to become a Lloyd's of London Coverholder, supporting its expansion plans. SART Specialty will underwrite specialist marine business lines, including marine hull, marine cargo, ports and terminals liabilities, ... Read the full article
Tom Hettinger to lead Guy Carpenter’s U.S. & Canadian advisory capabilities
18th July 2017
Global reinsurance broker, Guy Carpenter, has announced the appointment of Tom Hettinger as the new head of its capital, structured risk, growth and rating agency advisory capabilities in both the U.S. and Canada. Hettinger will report to Rob Bentley, head of Global Strategic Advisory, and will be based in the broker's Chicago, U.S. office. Hettinger ... Read the full article
Civil appointed Corporate Risks & Specialists Practice Groups Director, Cunningham Lindsey
18th July 2017
Sarah Civil has been named as Corporate Risks and Specialists Practice Groups Director at international loss adjusting and claims management firm, Cunningham Lindsey, effective September 1st, 2017. For the last 18 months, Civil has been working as a senior independent consultant, and previously led Crawford's Global Technical Services. While at Crawford, ... Read the full article
Pioneer hires Anand Hari to Head Catastrophe Risk & Exposure Management
18th July 2017
Pioneer Underwriters, part of the Minova portfolio of insurance and reinsurance holdings, has appointed Anand Hari as its new Head of Catastrophe Risk and Exposure Management. Hari joins Pioneer from his most recent role as Head of Direct and Facultative Modelling at Faraday Syndicate 435. He will report directly to Graeme ... Read the full article
Global reinsurance capital hits new high, buyers market persists: Aon Benfield
18th July 2017
Global, dedicated reinsurance capital increased by 2% to a new high of $605 billion in the first three months of 2017, and with excess capacity remaining a dominant feature of the marketplace, buyers took advantage of favourable conditions at mid-year renewals, according to Aon Benfield. Aon Benfield, the global reinsurance arm ... Read the full article
Persistent reinsurance market headwinds impacting all territories
18th July 2017
Global property reinsurance rates continued to decline throughout most territories at the mid-year renewals season, driven by a lack of catastrophe losses, excess capacity and ongoing market pressures, according to reinsurance broker Willis Re. In the UK and the U.S. excess capacity, from both traditional and alternative sources, continues to combine with ... Read the full article
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