Reinsurance News
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
Patria Re strengthens property treaty underwriting team
17th July 2017
Ironshore International's Pembroke Managing Agency Limited has revealed the addition of property treaty underwriters to the Patria Re underwriting team. Patria Re is a global reinsurance entity focused on the Latin American markets, with Pembroke acting as the third-party managing agent for the Lloyd's of London approved Special Purpose Arrangement (SPA), which ... Read the full article
PRA urges re/insurers to adopt measures to assess and reduce silent cyber risks
17th July 2017
The UK's Prudential Regulation Authority (PRA) unit of the Bank of England has issued a supervisory statement outlining its expectations of firms that underwrite cyber risks, with an important recognition of the potential for non-affirmative, or silent cyber risk. The statement comes after a cross-industry review of which the key findings were published ... Read the full article
Rhodes to lead TransRe’s global business development
17th July 2017
New York domiciled international reinsurer, TransRe, has announced the appointment of Kyle Rhodes to the newly created role of Global Head of Business Development. Rhodes has been with TransRe for the past eleven years and has excelled in various leadership roles, and now takes on the newly created position as the ... Read the full article
U.S. gives stamp of approval for U.S.- E.U. Covered Agreement for re/insurance
17th July 2017
The U.S. Department of the Treasury and the Office of the U.S. Trade Representative have agreed to sign the U.S.-European Union (EU) Covered Agreement on prudential measures for insurance and reinsurance business. The bilateral agreement will be finalised in coming weeks and a U.S. policy statement on its implementation issued. The U.S. treasury ... Read the full article
RMS highlights potential of catastrophe re/insurance schemes in low income countries
17th July 2017
Catastrophe risk modeller RMS has conducted analysis on the potential impact of insurance schemes in low and low-middle income countries against natural catastrophe events, revealing that such structures could increase the volume of average annual asset recoveries to $3.1 billion. A new report from RMS commissioned by the UK Department for International Development ... Read the full article
Cyber losses could be far higher than expected, suggests Lloyd’s
17th July 2017
Lloyd's and Cyence have produced a report that highlights potential economic losses of up to $121 billion from cyber attacks with less than a fifth being covered by re/insurance, revealing a cyber protection gap in the tens of billions of dollars. The report looks at both a cloud service provider hack and a ... Read the full article
Hong Kong set to become link for local re/insurers’ overseas expansion
17th July 2017
In response to questions from a member of the Legislative Council of Hong Kong, Hon Chan Kin-por, the Hong Kong Secretary for Financial Services and the Treasury, James Lau, shared his perspective on where Hong Kong needs to focus to further develop its insurance market, 7thspace reported. Lau said in ... Read the full article
Probitas 1492 signs MOU with Saudi Re to acquire nearly 50% of its Bermuda holding firm shares
17th July 2017
Probitas 1492 - a Lloyd's underwriting syndicate specialising in property, construction and casualty insurance and reinsurance solutions has signed a Memorandum of Understanding with Saudi Re to acquire nearly 50% of the Ordinary Shares of its holding company Probitas Holding Bermuda Ltd (PHBL). Ash Bathia, CEO Probitas, commented that the substantial involvement of ... Read the full article
Florida market pressured at mid-year as players push for 2017 targets: Willis Re
17th July 2017
The mid-year renewals season saw continued softening of pricing in Florida with stable market demand, but pressure on traditional players is growing as they make a final push for 2017 premium targets, but are squeezed into a tighter space by greater alternative capital influx. John Cavanagh, Global Chief Executive Officer (CEO) of Willis ... Read the full article
Australian Reinsurance Pool to consider adding cyber terrorism
17th July 2017
The Australian government terrorism reinsurance agency, the Australian Reinsurance Pool Corporation (ARPC), will consider expanding its terrorism coverage to include cyber terrorism in its 2018 tri-annual review. The ARPC is a public financial corporation which manages the terrorism reinsurance scheme - which offers reinsurance for insurers covering commercial property and associated business interruption ... Read the full article
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