Reinsurance News
JLT Re hires Tony Manzitto to expand U.S. Structured Products team
5th June 2017
Insurance and reinsurance broker JLT Re (North America) Inc. has further bolstered its Structured Products team with the addition of Tony Manzitto as Executive Vice President in Los Angeles, California. Manzitto is expected to join the reinsurance broker during June, 2017, and the new role will see him focus on the development ... Read the full article
LCI appoints Dominque Charpentier as its new Chairman
5th June 2017
The Lebanese Credit Insurer (LCI) recently announced the appointment of Dominque Charpentier as its new Chairman, at its 2017 Annual General Meeting (AGM). LCI was established in 2001 as a joint venture between Atradius and a group of local and regional insurers and private holding companies, as the first independent specialized credit insurance company in ... Read the full article
QBE North America & AmWINS launch national excess property programme
5th June 2017
QBE North America has formed a strategic programme alliance with AmWINS Special Risk Underwriters (SRU) - one of the largest independent wholesalers in the U.S. - to launch a national excess property programme. The excess property programme offers cover for both soft occupancy; habitational, hospitality, retail, and manufacturing - areas where QBE is a market ... Read the full article
Full impact of Ogden Rate on reinsurance pricing still to be seen: A.M. Best
5th June 2017
The total impact to reinsurance pricing from the increase of the UK's Ogden Rate, or the personal injury discount rate, has yet to be seen, with further reinsurance price rises expected at future renewals. Catherine Thomas, senior director at A.M. Best, said; "Companies have been affected to different degrees by the ... Read the full article
Re/insurers need proactive cyber development and marketing strategies: Inga Beale
5th June 2017
Speaking at Mexico's AMIS Insurance Conference, Lloyd's Inga Beale reiterated the urgency of getting aboard the cyber insurance market, which she said could triple in size to $7.5 billion by 2020. "I don’t think that, as a sector, we are doing enough to promote the benefits of cyber insurance and make ... Read the full article
Aiden Joo joins XL Catlin from Zurich Global as Senior Underwriter
2nd June 2017
XL Catlin has appointed Aiden H. Joo as Senior Underwriter in New York to expand its U.S. underwriting capabilities for Structured Risk Solutions. Joo joins from Zurich Global Corporate where he was an underwriter and deal architect, developing a variety of insurance solutions including integrated insurance programs, risk financing and alternative risk transfer programs ... Read the full article
Increasing regulation on data breaches to spur cyber re/insurance growth: RBC
2nd June 2017
Cyber has been hailed as the re/insurance shooting star with the potential to more than double in size by 2020 - nothing brings more promise to the industry then this emerging market space. Although growth so far has stemmed mostly from the U.S. cyber market, RBC said in a recent report ... Read the full article
Influence of InsurTech being felt in personal lines insurance: Conning
2nd June 2017
The rise of innovative technology and the resulting increased investment into technology-focused business models is impacting all industries of the world, including numerous areas of the insurance and reinsurance value chain and business systems. FinTech and InsurTech have become increasingly common words across the risk transfer industry, as a need for greater efficiency ... Read the full article
Reinsurers express regret at Trump’s exit of the Paris Climate Agreement
2nd June 2017
Reinsurance giants Swiss Re and Munich Re have added their voices to the growing international condemnation of Trump’s decision to exit the Paris Climate Agreement. The Swiss reinsurer - which has been researching climate change and its effects for the past 30 years - said; "we can say: it is a ... Read the full article
Universal subsidiaries finalise 2017 reinsurance programmes, reduce retentions
2nd June 2017
Universal Insurance Holdings, Inc. subsidiaries have announced the completion of their 2017-2018 reinsurance programmes, which includes participation from Nephila Capital (via Allianz Risk Transfer), Everest Re, RenaissanceRe, Chubb Tempest Re and a number of Lloyd's of London syndicates. Universal Property & Casualty Insurance Company (UPCIC) and American Platinum Property and Casualty ... Read the full article
Greenlight Capital Re names Simon Burton as its new CEO
2nd June 2017
Cayman Islands domiciled specialty reinsurer, Greenlight Capital Re, Ltd., has announced Simon Burton as its new Chief Executive Officer (CEO), effective July 1st, 2017. Burton succeeds Leonard Goldberg who is to step down as interim CEO but will remain on the firm's Board of Directors. The company has announced that Burton will also join ... Read the full article
Ergo sees greater annual profit contribution to Munich Re
2nd June 2017
Ergo Group, the primary insurer of reinsurance giant Munich Re, has revealed plans to generate increasing profit for the reinsurer moving forward after the successful restructuring of its operations. After launching a full-scale restructuring project in 2016 the Ergo Group is now structured to operate more efficiently, with the firm citing ... Read the full article
Second wave of savvy InsurTechs to follow industry shakeup: Report
2nd June 2017
Business consulting expert Oliver Wyman has produced a joint report with InsurTech investor Policen Direkt that looks at over 1,000 InsurTechs and relevant players to provide guidance on which activities and business models are the most likely to flourish in coming years. The report concludes that after tech start-ups saw a ... Read the full article
Willis Towers Watson and Roost to set up Home Telematics Consortium
2nd June 2017
Insurance and reinsurance broker Willis Towers Watson has entered into an agreement with Roost - innovator in smart home technology - to establish a Home Telematics Consortium with 5-10 U.S. insurance carriers to help connect property insurers to the Internet of Things. The aim of the consortium is to combine household ... Read the full article
HCI secures 2017 reinsurance programme
2nd June 2017
HCI Group's insurance Subsidiary, Homeowners Choice Property & Casualty Insurance Company (Homeowners Choice), has completed its reinsurance placement for the 2017-2018 year, announcing a comprehensive programme that provides cover against hurricanes and other catastrophic losses up to $968 million for a first event. The first event element of the programme covers a probable ... Read the full article
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