Reinsurance News
Safety National Re hires key executives for Professional Liability Treaty division
3rd November 2017
Safety National Re has announced the addition of two new key executives within its Professional Liability Treaty division, naming Lydia Wilmot as Vice President (VP) and Stephanie Wizner as Assistant Vice President (AVP). The appointments come as part of a move to expand professional specialty capabilities at the firm. “We welcome Lydia ... Read the full article
Recent events a reminder of the effectiveness of reinsurance: David Priebe, GC
3rd November 2017
The series of recent catastrophes in Mexico, the U.S. and the Caribbean will generate more opportunities for the reinsurance industry as they demonstrate its necessity as a protection for primary risk bearers, and as an efficient tool for managing large-scale capital events. The recent loss events have the potential to make ... Read the full article
Attune appoints Martha Dreiling & Richard Stamets to leadership team
3rd November 2017
Attune has announced two key appointments, naming Martha Dreiling as Head of Analytics and Corporate Operations and Richard Stamets as Head of Underwriting Strategy. Dreiling joins from a role as Senior Vice President of Operations at OnDeck - an online lender for small businesses. In her new role, she'll be responsible to oversee ... Read the full article
Post-catastrophe rate hikes could make reinsurance M&A more attractive
3rd November 2017
Reinsurance merger and acquisitions (M&A) activity has been in the doldrums somewhat in recent quarters, as the continued pressure on reinsurers has made them less attractive over time. With tepid demand growth, pressure from high levels of excess traditional reinsurance capital, as well as growing competition from alternative capital providers, coupled ... Read the full article
Emerging Asia speeds ahead in InsurTech race: Willis Towers Watson
3rd November 2017
Emerging markets are the potential forerunners of the innovation race - often able to bring new solutions to the market at a faster pace than peers operating in highly developed markets - according to Willis Towers Watson's Q3 InsurTech briefing. With an emphasis on the China and Emerging Asia operating environment, ... Read the full article
RenRe says California wildfire loss will be significant, could be material
2nd November 2017
Bermudian reinsurance firm RenaissanceRe warned its shareholders that the devastating wildfires that have impacted the state of California in recent weeks could result in a significant, perhaps material, impact to the company. Based on its risk modelling and an initial assessment of the California wildfires, RenaissanceRe said that it anticipates that ... Read the full article
Social engineering attacks on the rise but hacking & malware still dominate: Beazley
2nd November 2017
Social engineering attacks are on the rise across numerous industries as cyber attackers increasingly look to deceive in order to scam, according to London re/insurer Beazley's Q3 2017 Breach Insights report. The most prevalent cause of data breach during the first nine months of 2017 remains hacking and malware, which amounted ... Read the full article
A quarter of Southern Brazilian cities in state of emergency following adverse weather
2nd November 2017
In Southern Brazil one-quarter of cities are in a state of emergency after being hit by a series of droughts and excessive downpours, according to a survey by Folha based on Brazil's Ministry of National Integration. 1,296 of Southern Brazilian cities have asked the federal government for aid to deal with ... Read the full article
Analysts explain $70bn Q3 catastrophe loss gap: Morgan Stanley
2nd November 2017
At an estimated $100 billion, Q3 re/insurance losses could hit records, but with just $30 billion of this reported in company losses, so far, investors are concerned over the potential knock-on consequences the giant $70 billion loss gap could have on the market. A recent Morgan Stanley report said the gap ... Read the full article
German government-backed platform offers global climate risk database
2nd November 2017
A global online database platform to share good practices and innovative solutions in climate risk insurance has been launched by the Global Index Insurance Facility (GIIF), the Munich Climate Insurance Initiative (MCII), and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ). The German government commissioned platform promotes risk transfer as an approach ... Read the full article
Knighthead Annuity announces new Chief Actuary
2nd November 2017
Brian O'Neill has been appointed as the new Chief Actuary at Knighthead Annuity and Life Assurance Company, a Cayman Islands domiciled primary fixed annuity insurer. As a member of the firm's executive management team, O'Neill will have responsibility for enterprise-wide corporate oversight of Knighthead's actuarial practices. He brings extensive industry experience to the role, ... Read the full article
Reinsurance pricing to return to 2015 levels: Analysts
2nd November 2017
Re/insurance market analysts expect pricing in the reinsurance sector to improve to levels seen in 2015, resulting in higher 2018/2019 profit estimates and improved combined ratios for Europe's big four, on the back of one of the costliest quarters on record for global natural catastrophe losses. Citing recent comments from reinsurer ... Read the full article
CCRIF SPC to payout $7mn for Trinidad & Tobago heavy rainfall
2nd November 2017
The Caribbean Catastrophe Risk Facility, CCRIF SPC, will make a US$7 million payout to Trinidad & Tobago on its Excess Rainfall (XSR) policy for heavy late October rainfall. Local officials and technocrats in Trinidad have referred to the recent rainfall, which caused widespread flooding, as "unprecedented." The Trinidad & Tobago government purchased ... Read the full article
Liberty Specialty hires Jennie Beard as Senior Underwriter
2nd November 2017
Liberty Specialty Markets (LSM), a division of Liberty Mutual Insurance, has appointed Jennie Beard, who joins from Sompo Canopius, to Senior Underwriter of War and Terrorism. Based in LSM’s London headquarters, she will report to Paul Beattie, Underwriting Manager of War & Terrorism. Michael Burle, LSM’s Head of Marine, welcomed Beard to ... Read the full article
Lancashire to take advantage of more positive 2018 as market shifts
2nd November 2017
On the back of a very challenging third-quarter for reinsurers, Lancashire Holdings expects to take advantage of a return to more disciplined underwriting practices and improved pricing that reflects true risks and exposures. Like numerous insurers and reinsurers, Lancashire reported a loss for the third-quarter of 2017, as the combined impacts ... Read the full article
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