Reinsurance News
U.S. Risk Insurance acquires IMS London American Brokerage and Underwriting
12th July 2017
U.S. Risk Insurance Group, LLC has acquired IMS London American Brokerage and Underwriting Services, and also named Larry Mennes as President of its contract binding operations in Texas, U.S. Alongside Mennes, the company has named Stephen Vallender Executive Vice President (EVP) at U.S. Risk Brokers, Inc. Founded in 2005, IMS London ... Read the full article
SCOR & PIC enter £1 billion longevity reinsurance swap
12th July 2017
Pension Insurance Corporation plc (PIC) has entered into a £1 billion (US$1.28bn) longevity reinsurance transaction with French reinsurer SCOR, meaning the insurer has now reinsured over 70% of its overall longevity risk. In a statement, PIC explains the new reinsurance agreement covers the longevity exposure of roughly 7,000 in-payment lives and ... Read the full article
Kingstone Companies completes reinsurance treaties under improved terms
12th July 2017
Property and casualty insurance holding company, Kingstone Companies, Inc., has announced that its subsidiary, Kingstone Insurance Company (KICO), has completed various reinsurance agreements for the treaty year commencing July 1st, 2017. According to a statement released by the company it secured increased reinsurance protection under improved terms, and also managed to further ... Read the full article
Cyber cover to become one of leading U.S. P&C growth areas: A.M. Best
12th July 2017
Cyber cover, estimated to range from $7.5 billion - $20 billion by 2020, is predicted by industry observers to become one of the leading areas of U.S. Property & Casualty market growth, and the sector is shifting to accommodate this growth, moving from underwriting cyber as part of a combined policy ... Read the full article
Tim Phillips joins Sompo Canopius as credit & political risk underwriter
11th July 2017
Sompo Canopius AG has named Tim Phillips from Deutsche Bank as credit & political risk underwriter, effective August 30th, 2017. While at Deutsche Bank, Phillips held the position as head of credit for Russia/CIS & EE. In his new role Phillips will be responsible for underwriting a wide range of credit ... Read the full article
Desire for organic growth to drive re/insurance sector M&A
11th July 2017
According to some industry commentary, a notable reduction in share repurchases by reinsurers might well be a prelude to heightened merger and acquisition (M&A) activity in an effort to achieve organic growth, discusses John Cavanagh, Chief Executive Officer (CEO) of reinsurance broker, Willis Re. On the back of a very challenging 2016, ... Read the full article
Marsh appoints Sastry Durvasula to Chief Digital, Data & Analytics Officer
11th July 2017
Marsh announced the appointment of Sastry Durvasula, who joins from a role as Enterprise Head of Data and Digital Technology with American Express, to Chief Digital Officer and Chief Data & Analytics Officer, effective August 14th, 2017. Durvasula will head up Marsh's global development and delivery of digital processes, data analytics, and ... Read the full article
Insurer optimism falls in Q2 but business activity remains robust: CBE/PwC
11th July 2017
UK insurer optimism fell in Q2 as attitudes within the industry reflect continued geopolitical instability, but the underlying volumes of business hiring and profits remained robust despite the environment of uncertainty, according to CBE/PwC's latest Financial Services Survey. For general insurers optimism remained flat, however, the survey showed significant differentiation in the life ... Read the full article
Asirom VIG names Florin Niculescu Head of Underwriting, Reinsurance
11th July 2017
Romania's Asirom Vienna Insurance Group (Asirom VIG), which is part of Vienna Insurance Group (VIG), recently announced the appointment of Florin Niculescu has Head of Underwriting, Reinsurance unit. Niculescu brings almost 20 years of industry experience to the new role, and will be tasked with coordinating a team of 23 people. His new role ... Read the full article
Soft reinsurance market yet to fully play itself out, warns KBW
11th July 2017
Citing reinsurance broker Willis Re's mid-year reinsurance renewal report, analysts at Keefe, Bruyette & Woods (KBW) have warned that the soft market environment is to continue, with hopes of a market floor at the June and July renewals being premature. Reinsurance rates continued to decline at the mid-year renewals across most ... Read the full article
Philippines Insurance Commissioner elected Vice Chairman of Asian Re Management Board
11th July 2017
Commissioner of the Philippines' Insurance Commission, Denis Funa, has been announced as the new Vice Chairman of the Management Board of the Asian Reinsurance Corporation (Asian Re). Funa's election occurred at the 40th Meeting of the Council of Members and 11th Meeting of the shareholders Assembly in Bangkok, 30th June, 2017. Launched in ... Read the full article
Assurant secures $1.36 billion catastrophe reinsurance program
11th July 2017
Assurant, Inc. has announced the completion of its 2017, $1.36 billion per-occurrence property catastrophe reinsurance program, enabling the firm to protect 2.8 million homeowners and renters policyholders against catastrophe risks. Assurant, an international provider of risk management solutions, explains that its 2017 global, property catastrophe reinsurance program includes base reinsurance premiums ... Read the full article
2016 Texas hail losses smash records at over $5 billion
11th July 2017
At over $5 billion Texas homeowner hail losses in 2016 smashed previous records for the highest annual losses ever recorded, according to statistics released by the Texas Department of Insurance (TDI). Further records were set by combined wind damage and hail losses to residential property reaching nearly $6 billion, and 2016 ... Read the full article
TigerRisk’s X-gRm platform to list live New Paradigm parametric deals
11th July 2017
It's been revealed that New Paradigm Underwriters has committed to using electronic reinsurance trading platform, X-gRm, to place and purchase reinsurance coverage. New Paradigm Underwriters is the originator of parametric insurance solutions, Hurricane PM™ & Industry Parametric Protection™ (IPP), and is looking to trade up to $100 million of capacity utilising the ... Read the full article
S&P revises AXIS outlook to negative after planned takeover of Novae Group
11th July 2017
International financial services rating agency, S&P Global Ratings, has revised its outlook on AXIS Capital Holdings Ltd. to negative from stable, after its recently announced planned acquisition of Novae Group for $604 million. S&P has revealed that while it's affirmed its 'A-' long-term counterparty credit and senior debt ratings on AXIS ... Read the full article
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