Reinsurance News
MENA offers reinsurers attractive diversification opportunities
10th October 2017
The Middle East and North Africa (MENA) region remains attractive as a source of re/insurance expansion due to continued liberalisation opening up further market opportunities, as well as the benefits of diversification options, with less natural catastrophe exposures than more established markets, according to A.M. Best. Natural catastrophe events exposure is ... Read the full article
Betterview clients able to assess historical weather data via Understory partnership
10th October 2017
InsurTech drone start-up, Betterview, has announced that it will integrate Understory, Inc.'s historical weather data into its UAV software platform. Insurance and reinsurance companies use Betterview's software and services to analyse data for buildings and properties, via drone technology. By integrating Understory's historical weather data into its UAV software, Betterview's clients will ... Read the full article
Zurich Insurance backs specialty Rural insurer in £41m deal
10th October 2017
Zurich Insurance will provide £41 million worth of capacity for specialist agricultural insurer, Rural Insurance, in a five-year deal that will see Zurich replace XL Catlin as Rural's primary capacity provider. The deal will provide back up reinsurance cover for Rural's Farm, Farm Motor, Rural Business Motor, Livestock and Hailstorm products ... Read the full article
AFL appoints Neil Crouch to lead new wholesale property division
10th October 2017
AFL Insurance Brokers (AFL) has appointed Neil Crouch, who joins from a role with Lockton as Head of Broking, to lead its new wholesale property practice as part of the firm's ambitious two-year expansion plan. Crouch will head up the firm's property market expansion, with an initial focus on the North ... Read the full article
PIC insures Wolseley Group pensioner liabilities with £600m buy-in
10th October 2017
Pension Insurance Corporation, PIC, has concluded a £600 million premium pension insurance buy-in which covers all of the Trustees of the Wolseley Group Retirement Benefits Plan's, (the Plan) pensioner liabilities. David Illingworth, Chairman of Trustees, said; “This buy-in covering a significant proportion of our overall liabilities is the logical next step ... Read the full article
U.S. commercial and personal lines up in the third-quarter: MarketScout
10th October 2017
Analysis from MarketScout reveals that U.S. commercial lines and U.S. personal lines both saw average rate increases during the third-quarter of 2017, maintaining recent trends. During the third-quarter of 2017 the composite rate for U.S. commercial lines increased by an average of 1%, which is in line with the previous quarter ... Read the full article
Acappella names Bessant as Head of War, Terrorism, & Political Violence insurance
10th October 2017
Acappella Syndicate 2014 has named Louise Bessant as new Divisional Head of its War, Terrorism & Political Violence Insurance Portfolio. Bessant will be supported by Emily Humphries who joined Acappella in 2015. Bessant brings over 25 years of London market experience to the new role, including four years at Canopius before moving ... Read the full article
Beazley Dublin-based branch underwrites first policies
10th October 2017
Beazley has underwritten its first policies through its Dublin-based insurer, which was authorised by the Central Bank of Ireland in July, and established to offer contingency to the European markets in response to Brexit. Some of the policies written by Beazley Insurance are for European banks, which Beazley says are ... Read the full article
AIG’s Q3 catastrophe losses could reach $3.1 billion
10th October 2017
Global insurer American International Group, Inc. (AIG) is expecting to suffer a loss in a range from $2.9 billion to $3.1 billion from third-quarter catastrophes, pre-tax but after taking into account its reinsurance arrangements. The insurer estimates losses in ranges from $1.1 billion to $1.2 billion for Hurricane Harvey, $1.0 billion ... Read the full article
Validus records $412.7m net loss following Q3 catastrophe events
10th October 2017
Validus Holdings, the Bermuda based specialist insurance and reinsurance firm, has revealed an estimate of its losses from third-quarter 2017 catastrophe events, putting its losses at $412.7 million net, or $378.9 million net of impact on premiums earned. The $378.9 million figure is net of reinsurance, retrocessional recoveries, non-controlling interest and ... Read the full article
MENA reinsurers hit with deteriorating profitability: A.M. Best
9th October 2017
Reinsurers in the Middle East and North Africa (MENA) region have seen a trend of profitability deterioration which has caused loss ratios to far exceed those reported by the global reinsurance market, said A.M. Best. Technical performance for MENA reinsurers has come under strain by abundance of capital and soft market ... Read the full article
TigerRisk hires Seth Ruff from Swiss Re as new Head of Reinsurance Solutions
9th October 2017
Reinsurance brokerage, risk and capital strategic advisory TigerRisk Partners LLC has announced the hiring of former Swiss Re Managing Director Seth Ruff as the firms new Head of Reinsurance Solutions. Ruff joins TigerRisk from after over 17 years with reinsurer Swiss Re, where he most recently held the roles of President ... Read the full article
Arthur J Gallagher appoints Gareth Birch to UK division Managing Director
9th October 2017
Arthur J. Gallagher has appointed Gareth Birch to Managing Director of its UK Small Business & Personal Lines Division, set to succeed Martin Oliver who will leave the business at the end of October. Birch will assume responsibility for all of Gallagher’s UK private clients, consumer, smaller commercial and high net ... Read the full article
Caribbean insurers warned to expect higher reinsurance rates at renewals
9th October 2017
Reinsurance companies that operate in the Caribbean have been telling regional insurers to expect higher rates when they look to renew their reinsurance programmes, as a result of recent hurricanes in the region, according to the Association of Trinidad and Tobago Insurance Companies (ATTIC). Parts of the Caribbean were recently devastated ... Read the full article
PPL announces major updates as it looks to enhance capabilities
9th October 2017
The Board of PPL Ltd, a core component of the London Market Target Operating Model, has announced some updates to the platform, which went live on October 9th, 2017. Updates to the platform includes a new facilities functionality, more than 20 market requests, and also a number performance, security and usability ... Read the full article
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