Reinsurance News
Duperreault plans to grow AIG, not break it up
16th May 2017
Brian Duperreault, the new President, Chief Executive Officer (CEO) & Director of AIG, plans to make the firm better than it's ever been and sees opportunities to pursue both organic and inorganic growth as he looks to take the company forward. Speaking at the firm's Consumer Insurance Investor Day webcast, Duperreault ... Read the full article
Canada hit with heavy flooding, too early to call losses
16th May 2017
Canadian provinces of British Columbia, Quebec, Ontario, and the Canadian Maritimes were hit with severe floods after persistent, heavy rainfall combined with snowmelt, causing rivers and lakes in the region to swell. Losses are expected to be felt in the millions of dollars (USD), but it's too early to call industry ... Read the full article
China’s PICC to self reinsure with PICC Re
16th May 2017
China's PICC Property & Casualty (P&C) Company Limited has entered into a reinsurance arrangement with the parent owned PICC Re reinsurance company. PICC P&C is part of the People's Insurance Company (Group) of China Limited, which also owns the reinsurer PICC Re. The paid have entered into an agreement which will see ... Read the full article
Novae adds to cyber line-up
16th May 2017
Lloyd's re/insurer Novae has added a new hire to its cyber insurance team, hiring Stuart Quick who was previously with IBM’s UK&I Cyber Security consulting practice. Quick joins Novae's cyber team as Breach Response and Cyber Operations Manager, and will report directly to Dan Trueman, Head of Cyber and Chief Innovation ... Read the full article
AXIS Insurance adds two to U.S. property & casualty team
16th May 2017
AXIS Capital Holdings Limited has named both James Martin and Russ Madore as Vice President, U.S. Programs, AXIS Insurance Property and Casualty, reporting to John Tatum, Executive Vice President and Head of U.S. Programs, AXIS Insurance. The pair will be based in the firm's Alpharetta, Georgia, U.S., office, and each will ... Read the full article
Aon Benfield launches High Performance Computing platform for re/insurers’ financial reporting
15th May 2017
Reinsurance broker Aon Benfield has announced the introduction of an integrated enterprise High Performance Computing (HPC) business platform as a framework to financial reporting - PathWise Solutions Group IFRS. Pathwise enables businesses to simultaneously model assets, liabilities, and scenario generators - enabling easier management and reporting of complex financial and biometric ... Read the full article
Global ransomware attack highlights the growing need for cyber re/insurance
15th May 2017
Last weekend's devastating global ransomware attack has refocused attention on the need to mitigate against growing risks of cyber threat with greater protection and re/insurance cover, and prompted a cybersecurity stock purchase by European investors. The cyber attack locked up more than 200,000 computers in over 150 countries - disrupting hospitals, businesses, ... Read the full article
Commercial P/C rates decline in Q1 as market challenges persist: CIAB
15th May 2017
Commercial property/casualty (P/C) rates declined for the ninth consecutive quarter across small, medium and large accounts in the first-quarter of 2017, while on average, rates across all business lines declined by 0.7%, according to the Council of Insurance Agents & Brokers' (CIAB) latest report. "Commercial premium pricing this quarter was consistent ... Read the full article
AIG, Hamilton & Two Sigma reveal strategic partnerships and MOU
15th May 2017
Following AIG's appointment of Brian Duperreault as President & CEO and new senior executive appointments at Hamilton Insurance, it's been revealed that the two companies, alongside Two Sigma Insurance Quantified, plan to expand their relationships, which includes the acquisition of Hamilton USA by AIG. Senior executive appointments have been announced at both AIG ... Read the full article
Hamilton Insurance appoints new Chairman & Interim Group CEO
15th May 2017
Bermuda domiciled insurer and reinsurer, Hamilton Insurance Group, has named William C. Freda as its new Chairman of the Board, and David A. Brown as Interim Group Chief Executive Officer (CEO), following the resignation of Brian Duperreault. AIG recently confirmed that Duperreault is to take over as President, CEO and Director of the company, ... Read the full article
AIG names Brian Duperreault President, CEO & Director
15th May 2017
Insurer AIG has now announced the appointment of Brian Duperreault as its new President, Chief Executive Officer (CEO) and Director, signalling his resignation as Chairman and CEO of Hamilton Insurance Group. Rumours suggesting the appointment of Duperreault as the new CEO of AIG had been circulating the insurance and reinsurance industry for the past ... Read the full article
Sompo units launch nat cat model for NW Australia offshore installations
15th May 2017
Sompo Japan Nipponkoa Insurance, Inc (SJNKI), and Sompo Canopius AG are to launch a stochastic natural catastrophe risk model for North-West Australia Offshore Installations, according to an announcement. The new risk model is to be launched today at the APPEA Conference and Exhibition 2017 (APPEA 2017), a gas and oil ... Read the full article
Gen Re gets IRDAI approval to open Mumbai branch
15th May 2017
Gen Re, which is owned by Warren Buffett's Berkshire Hathaway, has received final approval from the Insurance Regulation and Development Authority of India (IRDAI) to open a Mumbai branch. The new branch will allow the firm to deliver reinsurance solutions from a local base, enabling a more efficient operation within the Indian ... Read the full article
Tokio Marine Kiln updates on Lloyd’s Syndicates improvements
15th May 2017
Tokio Marine Kiln has revealed the latest forecasts for its Lloyd's Syndicates, announcing improvements on the 2015 year of account driven by favourable claims development. Tokio Marine Kiln Syndicates Limited operates Syndicates 510, 557, and 308 at the Lloyd's of London specialist insurance and reinsurance marketplace, and has now released ... Read the full article
Profitability of U.S. commercial lines business increasingly challenged: Fitch
12th May 2017
International financial services rating agency, Fitch Ratings, has warned of declining profitability in the U.S. commercial insurance industry, driven by intense competition, reduced reserve strengthening and catastrophe losses. "Industry competition has weakened market pricing significantly in the last three years, gradually taking a toll on profitability, and it's unlikely we will ... Read the full article
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