Reinsurance News
Sonja Ochsenkuehn joins XL Catlin from AIG to lead Global Programs
10th July 2017
The global insurance division of insurer and reinsurer, XL Catlin, has announced the appointment of Sonja Ochsenkuehn from insurer AIG, as Head of Global Programs. Ochsenkuehn has worldwide responsibility for XL Catlin's insurance operations' Global Programs, which are key to the company's offerings to its clients. In fact, XL Catlin explains that last ... Read the full article
TigerRisk becomes first broker to join blockchain research centre
10th July 2017
TigerRisk Partners has become the first insurance broker to join R3 and ACORD's, Association for Cooperative Operations Research and Development, insurance industry Centre of Excellence for Distributed Ledger Technology/blockchain. The Centre of Excellence was launched to provide a dedicated environment for both R3 and ACORD members to research and experiment with ... Read the full article
Willis acquires 49% stake in Indian insurance broker Almondz
10th July 2017
Willis Towers Watson has acquired a 49% stake in Indian composite insurance broker Almondz, the joint venture will combine Willis' global network and expertise with Almondz' local reach and clientele. Almondz serves clients across a broad range of industries and sectors with nine offices throughout the country and over 300 associates. Almondz ... Read the full article
Ensurance UK receives Lloyd’s Coverholder status, partners with Swiss Re & XL Catlin
10th July 2017
Australia's Ensurance Ltd has announced that its wholly owned Managing General Agency (MGA) subsidiary, Ensurance UK Ltd, has partnered with Swiss Re Corporate Solutions and XL Catlin, and also received Lloyd's Coverholder status as it continues its plans for international growth. Ensurance UK Ltd will initially specialise in construction and engineering ... Read the full article
Lloyd’s undergoes large-scale structural changes
10th July 2017
Jon Hancock, Lloyd's Director of Performance Management, spoke at the recent ALM Annual Conference on plans for 2017 structural changes which aim to drive growth, incorporate latest technologies, reduce currently "unsustainable" distribution and admin costs and adapt to meet emerging market risks. Lloyd's is working to introduce a series of performance ... Read the full article
Reinsurers’ betting on benign loss year, market bottom elusive: Peel Hunt
10th July 2017
Further, and steeper-than-expected rate declines across the U.S. property catastrophe space at the mid-year renewals suggests the reinsurance market is struggling to find a bottom, as players bank on yet another benign underwriting year, according to analysts at Peel Hunt. Citing reinsurance broker Willis Re's recent analysis, Peel Hunt, in a ... Read the full article
Theresa May announces Africa development insurance package at G20
10th July 2017
At the G20 meeting last week, Prime Minister Theresa May announced an ambitious package for development and investment in Africa including a new London Centre for Global Disaster Protection, creating a link between UK expertise and developing nations to promote risk management and investment. The plan includes an offer of up ... Read the full article
Willis names James Jackson Head of FINEX FI for Great Britain
10th July 2017
Global insurance and reinsurance brokerage, Willis Towers Watson (WTW), has named James Jackson Head of FINEX Financial Institutions (FI) for Great Britain (GB), succeeding Dr. Paul Search. WTW's FINEX business is part of its Corporate Risk and Broking division, and acts as the broker's financial, executive and professional risk specialty group. Jackson ... Read the full article
Russian reinsurers see loss of foreign premiums
10th July 2017
Russian reinsurers have seen premiums shrink by 15 %, or a loss of RUB 9,747.14 million this year so far, about half of the losses were from Russian premiums and 39% from premiums ceded from abroad, Xprimm reported. The tough market conditions caused several small-middle sized Russian reinsurers to close - a ... Read the full article
IRB Brasil Re initial public offering underway
10th July 2017
The awaited initial public offering of Brazilian reinsurance firm IRB Brasil Resseguros S.A. (IRB Brasil Re) has now commenced, with the offering launched on Friday. IRB Brasil Re filed its official IPO prospectus with the Sao Paolo stock exchange on Friday, detailing a plan that will see some of its existing ... Read the full article
Global terrorism risk re/insurance pools push to drive market innovation
10th July 2017
Global terrorism risk insurance and reinsurance pools met in Paris for the inaugural International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP) conference recently, to discuss the changing terror risk landscape and the need for continued innovation. The event was hosted by GAREAT, the Fédération Française de l'Assurance (“FFA”) and CCR, and brought ... Read the full article
G20 countries to discuss climate insurance partnership
7th July 2017
At the G20 summit agenda in Hamburg - the biggest global economies are expected to discuss climate insurance partnerships to support climate policies that would accelerate movement towards Paris Climate Agreement goals. The German presidency made climate change one of the top priorities on the G20 agenda, Christoph Bals, Vice-Chair of MCII ... Read the full article
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
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