Reinsurance News
LMG launches permanent body to manage London market modernisation
13th April 2018
The London Market Group (LMG) has announced the establishment of a permanent body designed to manage market services, called the London Insurance Market Operations & Strategic Sourcing (LIMOSS). The new body has been launched to both source and manage the portfolio of market services the London insurance and reinsurance market has ... Read the full article
Expected annual severe convective storm losses higher than hurricanes & earthquakes combined: KCC
13th April 2018
Recent analysis from Karen Clark & Company (KCC) that utilises its severe convective storm (SCS) Reference Model shows that the peril is a growing concern for the insurance and reinsurance industry, driving expected annual aggregate losses above the expected insured losses from hurricanes and earthquakes combined. According to KCC analysis, the ... Read the full article
Barbican teams up with cyber specialists on ‘One-Step-Ahead’ resilience product
13th April 2018
Barbican Insurance Group has developed a new cyber resilience product in collaboration with specialists TSC Advantage and FICO, called Barbican Cyber ‘One-Step-Ahead’ (OSA). OSA combines software components, on- and off-site training, and detailed evaluation and recommendation reports to help insured organisations assess and improve their overall cyber security measures. Barbican has structured ... Read the full article
Marsh’s Lay leaves Canada to become CEO of UK & Ireland
13th April 2018
Marsh has announced that Chris Lay is to become Chief Executive Officer (CEO) of its UK & Ireland region and of Marsh Limited, and has appointed Sarah Robson to replace him as President and CEO of Marsh Canada. Lay, who has been with Marsh for 30 years, will relocate back to ... Read the full article
PERILS’ updated IEDs show European windstorm as the biggest exposure
13th April 2018
Catastrophe data loss aggregation and estimation firm, PERILS AG, has released the 2018 update of the PERILS Industry Exposure Database (IED), which shows that the biggest exposure in the industry database is European windstorm. PERILS explains that the updated country IEDs for 2018 have once again been produced from scratch, and ... Read the full article
Asta appoints Laura McMaster as Deputy Chief Actuary
13th April 2018
Asta has announced that it is to strengthen its actuarial capabilities with the appointment of Laura McMaster as Deputy Chief Actuary. McMaster brings 15 years’ actuarial experience to her new position at Asta, and will report to Chief Actuary Richard Barke. She joins Asta from Lane Clark & Peacock, where she served ... Read the full article
Reinsurance CEOs confident they can fend off insurtech threat
12th April 2018
CEOs of major reinsurance firms believe that while the digitalisation of insurance and the current technology wave is something they have to embrace, they can successfully fend off the threat from digital-only InsurTech start-ups. Insurance and reinsurance is an industry that has been besieged by tech start-ups in recent years, once ... Read the full article
Paul Blunden joins ArgoGlobal from Tokio Marine Kiln as medical class underwriter
12th April 2018
Lloyd's of London insurer and member of Argo Group, ArgoGlobal, has named Paul Blunden as medical class underwriter, effective immediately. In his new role, Blunden will report to ArgoGlobal's Head of Specialty, John Moffatt, and joins the firm from Tokio Marine Kiln where he was most recently medical underwriter. While at ... Read the full article
Bermuda Monetary Authority reports increase in re/insurance registrations
12th April 2018
The Bermuda Monetary Authority (BMA) has reported a recent rise in the number of insurance and reinsurance registrations on the island. 11 re/insurers registered with the BMA during the first two months of 2018, compared with just five for the same period in 2017. Registrations included three Class E Long-Term (life) commercial ... Read the full article
$4.3bn deficiency in 2017 P&C industry reserves: Morgan Stanley
12th April 2018
In its annual actuarial analysis of industry reserves, Morgan Stanley reported a year-on-year (YoY) deterioration that left Property and Casualty (P&C) industry reserves $4.3 billion deficient in 2017. This figure marks a further decline from the $2.5 billion deficiency that Morgan Stanley estimated in 2016, representing an overall deterioration of $1.8 ... Read the full article
Mark James joins CNA from AIG as SVP, Global Reinsurance
12th April 2018
U.S. domiciled commercial insurer CNA has announced the appointment of Mark James as Senior Vice President (SVP), Global Reinsurance, reporting to Doug Worman, Executive Vice President (EVP) and Chief Underwriting Officer (CUO), CNA. James brings more than 15 years of reinsurance industry experience to the role, and will be responsible for the ... Read the full article
Intelligent machines will profoundly alter re/insurance industry: SCOR
12th April 2018
French-based insurer and reinsurer SCOR has predicted in a recent report that the re/insurance industry is likely to be profoundly altered by the growth and integration of intelligent machines, which will bring both significant opportunities and risks for companies. SCOR noted that the development of intelligent machines has recently been accelerated ... Read the full article
Volante Global names Underwriting and Franchise Director
12th April 2018
Volante Global Limited, an international managing general agent (MGA) platform, has announced the appointment of Jerry Probert as Underwriting and Franchise Director. The appointment also sees Probert join the Volante Executive Committee and Volante Global Board, and he will work closely with the firm's Founder and Chief Executive Officer (CEO), Talbir ... Read the full article
Indian regulator exempts 24 re/insurance schemes from goods and services tax
12th April 2018
The Insurance Regulatory and Development Authority of India (IRDAI) has announced that 24 re/insurance schemes are to be exempt from goods and services tax (GST), provided firms pass the savings on to customers. In a circular directed to all insurers, the IRDAI confirmed that the proposal to exempt reinsurance schemes was ... Read the full article
Everest Re’s Q1 cat losses reveal rising California wildfire costs
12th April 2018
Everest Re Group has reported that it expects to incur $100 million of estimated catastrophe losses in the first quarter of 2018, largely due to rising industry loss estimates from the California wildfires, which are now projected at over $13 billion. Loss estimates have risen dramatically since the fourth quarter of ... Read the full article
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