Reinsurance News
Reinsurance softening persists at mid-year renewals: Willis Re
3rd July 2017
Despite reinsurers' results continuing to deteriorate in the first-quarter of 2017, mid-year reinsurance industry renewals saw a continuation of the downward trend seen at January 1st and April 1st, according to Willis Re's latest 1st view report. The softening reinsurance market landscape persisted at the mid-year renewals, with buyers ... Read the full article
De-risking the right step for Novae: Peel Hunt
30th June 2017
Recent and ongoing steps taken to de-risk itself will benefit Lloyd's insurance and reinsurance specialist Novae Group, according to analysts at Peel Hunt. Novae "is taking the right actions to ease capital pressure, rebuild tangible equity and crystalize the intrinsic value of the business" the analysts explain, after reviewing the reinsurance ... Read the full article
Nepal Reinsurance Company continues to expand global business
30th June 2017
According to industry reports the Nepal Reinsurance Company (NRC) has been growing its international business, and collected Rs100 million (roughly US$969,500) in the first eleven months of the fiscal year. NRC is Nepal's sole reinsurer, and has clients across 15 countries, which includes United Arab Emirates, Bahrain, Papua New Guinea and a ... Read the full article
Five non-life insurers to close in Phillipines after capitalisation requirements spike
30th June 2017
The Phillipines Insurers and Reinsurers Association (PIRA) said five non-life insurers will be closing down due to being unable to compy with the P1.3 billion capitalisation requirement by the end of the current administration's term, Rappler reported. Eight insurance companies have also announced merger plans, bringing the number of non-life insurers in ... Read the full article
LMA establishes claims expert management Hub for Lloyd’s market
30th June 2017
The Lloyd's Market Association (LMA) Claims Committee has revealed the approval of a new Claims Expert Management Hub for Lloyd's of London carriers, called The Hub. The new Hub is designed to enable managing agents throughout the Lloyd's marketplace to better assess the effectiveness of their claims expert utilisation, while at ... Read the full article
Facilities performing “as expected” for XL Catlin, increased size paying off
30th June 2017
XL Group's senior executives recently told analysts from Keefe, Bruyette & Woods that their portfolio underwriting initiatives through facilities are performing in-line with expectations, opportunities that the company may not have had prior to the merger with Catlin. Forming XL Catlin was all about scale and relevance in the insurance and ... Read the full article
RMS launches RiskAssessor™ 2.0, a custom vulnerability solution for hurricane risk
30th June 2017
Global catastrophe risk modeller, RMS, has released RMS RiskAssessor™ 2.0, enabling insurers and reinsurers to obtain a more distinct and expansive view of hurricane risk. RMS describes the engineering-based technology as "the first auditable custom vulnerability modeling solution," which, enables the re/insurance industry to produce a more "distinct" and "expansive" view of hurricane ... Read the full article
Severe weather to increase in frequency & intensity: AIR Worldwide
30th June 2017
Catastrophe risk modeller AIR Worldwide compiled the latest findings of climate science in a report on the potential impact of climate change to extreme weather; bringing attention to tropical cyclones, extratropical cyclones, severe storms, wildfire, and floods and warning of an overall increase in frequency and intensity of severe weather phenomena ... Read the full article
Arch Insurance grows Travel business division with new hires
30th June 2017
Insurance and reinsurance provider, Arch Capital Group Ltd.'s subsidiary, Arch Insurance Group, Inc., has bolstered its Travel business division with a number of new appointments, effective June 5th, 2017. Both Cory Sobczyk and Dan Povondra have joined Arch as Vice Presidents of Business Development, while Lynn Barty has joined the firm ... Read the full article
JLT Specialty USA hires new SVP in San Francisco
30th June 2017
JLT Specialty USA, a division of global insurance and reinsurance brokerage, JLT Group, has hired Jennifer Schaeffer as Senior Vice President (SVP), based in San Francisco. She joins JLT Specialty USA from rival brokerage Aon plc, where she worked as an SVP with a focus on developing relationships with new customers, while advising ... Read the full article
Brian Ingle named head of analytics at Willis Re North America
30th June 2017
Reinsurance broker Willis Re, part of the Willis Towers Watson group, has appointed Brian Ingle to be the new head of Analytics for the Willis Re North America division. The appointment comes as a result of the appointment of previous analytics head Alice Underwood to become global head of Willis Towers ... Read the full article
Cyclone Debbie claims approach AU$ 1billion mark
30th June 2017
Tropical Cyclone Debbie losses continue to rise reaching nearly AU$1 billion in reported claims after insurers in the region received over 58,000 claims from North Queensland to northern New South Wales, according to latest figures from the Insurance Council of Australia (ICA). As of June 28, the value of the claims ... Read the full article
OdysseyRe’s Newline Group launches Affinity & Special Risks operations
30th June 2017
Specialty insurer Newline Group, which is part of specialty insurer and reinsurer Odyssey Re Holdings Corp. (OdysseyRe), has announced the launch of a new business line dedicated to U.K. and International Affinity & Special Risks solutions. The new business line sees Newline offer Motor-related Warranty, Non-motor Warranty and value-driven add-ons, such as Excess ... Read the full article
Allianz Global Corporate & Specialty SE opens South Korea branch
29th June 2017
Allianz Global Corporate & Specialty (AGCS) SE is opening a Seoul branch targeting "significant growth opportunities" in the South Korean corporate and specialty insurance segment as the country launches a number of large-scale infrastructure projects. Noh Chang Tae, a Korean national with almost 25 years insurance experience, will assume the role ... Read the full article
USI Insurance to acquire Wells Fargo Insurance Services USA
29th June 2017
USI Insurance Services (USI) and Wells Fargo & Company ( Wells Fargo) have announced the entry into an agreement that will see USI acquire Wells Fargo Insurance Services USA (WFIS). The acquisition includes WFIS' Insurance Broking and Consulting unit, Employee Benefits and Property & Casualty national practices, and also Safehold Special Risk, ... Read the full article
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