Reinsurance News
Bruce Carnegie-Brown starts as Lloyd’s Chairman today
15th June 2017
Bruce Carnegie-Brown has formally begun his position as the Chairman of the Lloyd's of London specialist insurance and reinsurance market today. Carnegie-Brown takes over from the outgoing John Nelson who has retired from the position. Carnegie-Brown commented on the appointment; “I am very excited to get started. In the months since my ... Read the full article
Cyber growth to drive increased profitability at Munich Re, says J.P. Morgan
15th June 2017
J.P. Morgan has maintained that reinsurance giant Munich Re will beat its conservative full-year 2017 net profit target and also increased its full-year 2018 and 2019 profit estimates for the reinsurer, driven by an expectation of continued cyber growth. The German domiciled reinsurer announced in March a 2017 profit guidance of ... Read the full article
Allianz warns against complacency despite 50% decline in global shipping losses
15th June 2017
Analysis by Allianz Global Corporate & Specialty (AGCS), a division of global insurer Allianz, reveals that worldwide shipping losses declined by 50% in 2016 over the last ten years. However, with areas of concern appearing to be on the rise and budgets coming under increasing strain, the insurer warns against ... Read the full article
Large UK companies concerned over crisis resilience, finds AJG report
14th June 2017
Research by YouGov that was commissioned by Arthur J. Gallagher reveals that a quarter of large UK companies are concerned about their crisis resilience in response to rising threats, such as cyber attacks and terror events, further highlighting the need for important and adequate risk transfer solutions. According to the research ... Read the full article
AIG could raise as much as $670m from Arch share sale
14th June 2017
Global insurer AIG is set to raise up to $670 million from the sale of shares it holds in Bermuda-based insurance and reinsurance specialists Arch Capital Group Ltd. The secondary share offering has now closed, with the 6,381,410 common shares offered by affiliates of American International Group, Inc. priced at $92.50 ... Read the full article
GIC to launch $1.44 billion IPO in September
14th June 2017
The General Insurance Corporation of India (GIC) is expected to launch its $1.44 billion (Rs 9,000 crore) initial public offering (IPO) from September to October, money control news reported. This represents a 10% company stake sale issue by the Indian government. GIC reported a gross premium for the financial year at Rs 33,585 ... Read the full article
Ed’s German subsidiary, Junge & Co, announces new CEO
14th June 2017
German-based maritime sector-focused insurance broker Junge & Co, a fully owned subsidiary of insurance and reinsurance brokerage Ed Broking Group, has named Olaf Fölsch as its new Chief Executive Officer (CEO). Fölsch replaces Ulfert Paulsen, who has retired after spending more than 28 years with the firm. Previously Managing Director of Junge ... Read the full article
U.S. Commercial lines mostly flat but auto prices spike: Willis Towers Watson
14th June 2017
Willis Towers Watson’s most recent U.S. Commercial Lines Insurance Pricing Survey (CLIPS) shows commercial lines have remained mostly flat or shown very modest change, but auto lines remain the stand out business segment with significant price hikes. After comparing 2017 first quarter prices with those from the same period last year, the CLIPS ... Read the full article
JLT Specialty USA to develop InsurTech Workers’ Comp solutions with Altumai
14th June 2017
Insurance and reinsurance brokerage JLT Group subsidiary, JLT Specialty USA, has announced a new partnership with Internet of Things (IoT) and analytics driven solutions specialist, Altumai. In addition, it's important to ensure worker safety across the agricultural and food sectors, and also to mitigate injury and any long-term health implications of ... Read the full article
Brokerage – the most attractive P&C re/insurance subsector: reports
14th June 2017
The broker community has remained a safe haven within the P&C re/insurance market, buoyed up by a hedge of commission rates, near-term positive organic growth prospects, and a strong bargaining position fuelled by the stiffly competitive soft market environment. However, looking farther ahead, the increasingly blurred roles of brokers and re/insurers could ... Read the full article
Howard Cheetham named Head of Distribution at Pool Re
14th June 2017
The UK's government-backed mutual terrorism reinsurer, Pool Re, has named Howard Cheetham as Head of Distribution, effective immediately. Cheetham will be tasked with increasing insurance penetration across the UK, and will report to Pool Re's Chief Underwriting Officer (CUO), Steve Coates, and brings more than 30 years of insurance and reinsurance ... Read the full article
London Grenfell Tower fire loss expected to hit reinsurers: Norway’s Protector
14th June 2017
The tragic fire overnight in a tower block named Grenfell Tower in London's Royal Borough of Kensington and Chelsea, is expected to result in a hit to reinsurers, according to the building's insurer Protector Forsikring ASA of Norway. The 24 storey Grenfell Tower building, which contains over 100 apartments and houses ... Read the full article
Neon buys Guernsey MGA Sapphire Underwriters
14th June 2017
Insurance and reinsurance specialist Neon has acquired a Guernsey-based managing general agent (MGA) Sapphire Underwriters, as it builds an international footprint in offshore re/insurance markets. Neon acquired Sapphire from its current owners Heritage Group. Following completion of the acquisition, the MGA will operate under a brand of Neon Sapphire, with its ... Read the full article
Willis Towers Watson restructures Corporate Risk and Broking leadership
14th June 2017
Insurance and reinsurance broking group Willis Towers Watson has restructured the leadership of its Corporate Risk and Broking business, in an effort to better align itself with client needs and to better manage their risks. The team is led by Philip Smaje, Global Head of Broking, and consists of broking leaders ... Read the full article
Chubb expands terror, political violence & war insurance capacity to $150 million
13th June 2017
International property and casualty insurer Chubb has announced plans to increase its capacity from $100 million to $150 million to boost its coverage capabilities for terrorism, political violence and war insurance. The insurer said the move comes in response to evolving threats and increased demand from multinational clients and was made ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
