Reinsurance News
Swiss Re integrates ESG benchmarks into investment decisions
7th July 2017
Swiss Re has become one of the first reinsurers to incorporate benchmarks to systematically integrate environmental, social and governance (ESG) criteria into the firm's investment decisions - a process which the firm said improves investment value by reducing downside risks for long-term investors. These benchmarks place a renewed emphasis on ESG ... Read the full article
Protector estimates £50mn Grenfell Tower loss, reinsurers to pay bulk
7th July 2017
Protector Forsikring ASA of Norway, the insurer of the Grenfell Tower block in London’s Royal Borough of Kensington and Chelsea, has estimated that the tragic fire that occurred at the apartment block will cost an estimated £50 million (US$64.4mn), with the majority being assumed by the reinsurance industry. According to Protector's Q2 2017 ... Read the full article
AmTrust enters into loss development reinsurance agreement with Premia Holdings
7th July 2017
AmTrust Financial Services, Inc. has entered into a loss development reinsurance agreement with Premia Holdings Ltd. subsidiary, Premia Reinsurance Ltd., effective June 30th, 2017. The agreement provides AmTrust with adverse net loss reserve development reinsurance protection of up to $400 million, in excess of stated net loss reserves of roughly $6.59 billion, as ... Read the full article
Longevity reinsurance market pricing back on track in H2 2017: Aon
7th July 2017
Reinsurers have adjusted pricing to match the recent changes in UK mortality rates, after the market experienced pricing dislocation last year, according to insurance and reinsurance broker, Aon. Longevity market pricing is now back on track after a period of dislocation when longevity reinsurers were slow to adjust pricing to reflect ... Read the full article
John Doyle to succeed Peter Zaffino as CEO of Marsh
7th July 2017
Marsh & McLennan Companies, Inc. has announced the appointment of John Doyle as Chief Executive Officer (CEO) of Marsh, replacing Peter Zaffino after his recently announced move to AIG. Doyle's appointment is effective immediately, and he will report to President and CEO of Marsh & McLennan, Dan Glaser, and will continue to ... Read the full article
Swiss Re & Ping An partner on mobile parametric insurance for Chinese typhoon risk
7th July 2017
Swiss Re has partnered with Chinese property and casualty insurer, Ping An, to offer China's first ever mobile-enabled parametric cover for property insurance for typhoon response and post-disaster recovery for high-risk regions. Under the agreement, Swiss Re provides reinsurance and technological support as well as its catastrophe models and data on natural ... Read the full article
FERMA appoints six board members & confirms re-election of Willaert as President
7th July 2017
Jo Willaert has been confirmed as President of the Board of the Federation of European Risk Management Associations (FERMA) for a further two years, with the organisation also announcing the election of six Board members. The general assembly of FERMA met in Brussels on Friday June 30th, 2017, and have now ... Read the full article
Ghana’s Insurance Commission to implement new reinsurance guidelines
7th July 2017
In an effort to consolidate the insurance and reinsurance industry in Ghana, the country's National Insurance Commission (NIC) is to implement new reinsurance guidelines, reports Prime News Ghana. The news comes after a meeting in Accra, Ghana, between Chief Executive Officers (CEOs) of member firms' of the Ghana Insurers Association (GIA) ... Read the full article
Neon hires Chris Conway to Bermuda Property Reinsurance team
7th July 2017
Insurance and reinsurance specialist Neon has announced the hiring of Chris Conway to its Bermuda Property Reinsurance underwriting team, as it looks to expand its activities in the United States market. Conway will report to Neon's Head of Property Reinsurance, Nick Pritchard, and joins the firm immediately. He will be tasked with ... Read the full article
Severe flooding most likely peril to increase with climate change
7th July 2017
Flooding is already one of the most costly perils for the re/insurance community and a recent report by AIR Worldwide shows flooding costs are set to skyrocket; it's the risk with the most evidence from climate science supporting forecasts of an increase in frequency and intensity of both coastal and ... Read the full article
U.S. border-adjustment tax on life cover reinsurance could hurt the economy
6th July 2017
Think tank R Street has warned a U.S. border-adjustment tax (BAT) on internationally sourced reinsurance for life insurance and annuities could have a far-reaching negative impact on the U.S. economy - by staving off capital influx and thus economic investment, while making insurance unaffordable to citizens most in need of ... Read the full article
Fairfax completes Allied World acquisition
6th July 2017
Fairfax Financial Holdings has announced the successful completion of the acquisition of Allied World Assurance Company Holdings and closing of the exchange offer for all Allied World issued and outstanding ordinary shares, by Fairfax Financial Holdings (Switzerland) GmbH. According to a recent announcement the parent company intends that Fairfax Switzerland, its indirect ... Read the full article
LMA Claims Committee backs satellite imagery & intelligence service for Lloyd’s
6th July 2017
The Lloyd's Market Association's Claims Committee (LMACC) will support and fund a satellite imagery and intelligence scheme for Lloyd's of London managing agents. The new service will be open to all Lloyd's managing agents, and is designed to improve claims processes and exposure management, both pre and post a natural disaster, ... Read the full article
Cyber market can achieve scale needed to absorb excess capacity, says Cavanagh
6th July 2017
Cyber risk has fast become one of the reinsurance industry's biggest challenges and opportunities, and with an improved understanding of the risks, creating a cyber reinsurance market large enough to absorb the wealth of excess industry capital is achievable, according to Willis Re Chief Executive Officer (CEO), John Cavanagh. The reinsurance ... Read the full article
Munich Re launches customised drone insurance cover
6th July 2017
Munich Re America, a division of reinsurance giant Munich Re, has launched a new commercial drone insurance product offering a customised liability solution for small to medium-sized clients of insurers. The new product comes in response to increased opportunities for drone use in the U.S. after Federal Aviation Agency (FAA) Rule ... Read the full article
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