Reinsurance News
WTW expands Head of Corporate Risk & Broking Asia’s role to include Australasia
26th March 2018
Willis Towers Watson (WTW) has expanded Simon Weaver's current role as Head of Corporate Risk and Broking (CRB) for Asia to include operations in Australia and New Zealand. In what is a newly-created, expanded role, Weaver will head up CRB’s growth across Asia Pacific by coordinating Willis Towers Watson’s global CRB ... Read the full article
B3i founders establish new start-up company
26th March 2018
The Blockchain Insurance Industry Initiative (B3i) has announced the incorporation of B3i Services AG, a new start-up company formed by the founders of B3i, which aims to commercialise innovative blockchain solutions for the re/insurance industry. B3i Services AG will use a blockchain platform to provide re/insurers and customers with increased speed, ... Read the full article
Reduced U.S. tax rates could boost re/insurers’ net income by 15% in 2018
26th March 2018
While the immediate impact of the corporate tax rate reduction on re/insurers is expected to be the write-offs of deferred tax assets and liabilities according to the Kroll Bond Rating Agency (KBRA), some experts predict an overall industry boost of 15% net income growth for 2018 and 2019. However, the question ... Read the full article
Stable 2018 global outlook for re/insurance brokers: Moody’s
26th March 2018
Moody’s Investors Service has reported that re/insurance brokers have a stable 2018 outlook, crediting high product demand, capital requirements, significant variable costs, and good profit margins and cash flows for the sector’s health. Brokers in the U.S will benefit in particular, due to steady economic growth, rising P&C re/insurance rates, and ... Read the full article
Lloyd’s Inga Beale warns of climate change impact on re/insurers
26th March 2018
Lloyd's Chief Executive Officer Inga Beale has added her voice to industry experts who warn of climate change having altered the risk landscape after Lloyd's paid out £4.5 billion last year for large claims net of reinsurance. Beale said the re/insurance industry is seeing the impact of climate change, and ... Read the full article
Typically, re/insurers choose to ‘bend or blend’ their risk modelling needs: GC’s Imelda Powers
23rd March 2018
Insurance and reinsurance industry catastrophe risk models constantly evolve and advance, but when adjustments are required, typically, companies must decide whether to “bend or blend,” according to reinsurance broker Guy Carpenter’s Global Chief Catastrophe Modeler, Imelda Powers. Speaking with Reinsurance News, Powers explained that many insurers and reinsurers utilise a mix ... Read the full article
Argo Insurance introduces new U.S wage and hour product
23rd March 2018
Argo Insurance Bermuda, a global underwriter of specialty re/insurance products, has announced the launch of a new wage and hour (W&H) liability insurance product for the U.S market. The new offering will provide employers with defence and indemnity liability coverage for violations of the Fair Labor Standards Act, and will compensate ... Read the full article
February storms leave $57mn insured damage in Southern Ontario & Quebec
23rd March 2018
The Insurance Bureau of Canada (IBC) reported February storms which hit Southern Ontario and Quebec resulted in insured losses of over $57 million, according to Catastrophe Indices and Quantification (CatIQ). Ontario reported over $43 million in insured damage while Quebec reported over $14 million. Kim Donaldson, Vice-President, Ontario, IBC, said; "Climate change ... Read the full article
Ascent Underwriting names James Weatherstone as non-executive chairman
23rd March 2018
Ascent Underwriting has announced the appointment of James Weatherstone as non-executive chairman, subject to regulatory approval. Weatherstone joins Ascent from Arch where he was responsible for building the UK & international direct underwriting operations as Chief Executive Officer (CEO) of Arch Insurance London (AICE) and Arch Underwriting at Lloyd’s (AUAL). Prior to ... Read the full article
Maiden expands InsurTech initiative with innovation solutions team
23rd March 2018
Maiden Holdings has announced that its Technology Innovation Initiative will benefit from the addition of a new innovation solutions team, which will help customers leverage new re/insurance technologies. The new team, which will be led by Colin Fitt, Maiden’s Senior Vice President of Corporate Development, will support customers as they identify, ... Read the full article
XL Catlin adopts online marine claims reporting tool for North America
23rd March 2018
XL Catlin has adopted an online claims reporting tool to enhance marine insurance claims reporting in North America. Powered by RightIndem, XL Catlin’s new reporting tool streamlines the notification of loss process, enabling clients to immediately share details and visual information about an incident to start the claims management process. Anne Marie Elder, ... Read the full article
Nassau Re launches first re/insurance product under new brand
23rd March 2018
Nassau Re has announced the launch of a new single-premium multi-year guarantee annuity (MYGA), which will be the first new addition to its re/insurance offerings since its acquisition of Phoenix in 2016. The new product, called Nassau MYAnnuity (5X, 7X), will renew the company’s focus on consumer value and choice, and ... Read the full article
Hannover Re unit partners with blockchain superannuation start-up
23rd March 2018
Hannover Life Re Australasia will be partnering with GROW Super, an Australian start-up superannuation fund, to explore innovative approaches to providing group insurance using blockchain technology. GROW Super, which launched in May 2017, will use R3’s Corda blockchain infrastructure to apply distributed ledger technology to group re/insurance and deliver improved customer ... Read the full article
Claude Lefebvre to leave Hamilton Re
23rd March 2018
Bermudian reinsurer Hamilton Re has announced that Claude Lefebvre, current Chief Underwriting Officer (CUO), Partnerships & Casualty Reinsurance, is to leave the firm in order to pursue other interests. Lefebvre was a founding member of Hamilton Re, the Bermuda platform of insurer and reinsurer Hamilton Insurance Group, and will stay on ... Read the full article
Marsh’s Roy White appointed Chair of LIIBA
23rd March 2018
Chairman of UK Specialties at broker Marsh, Roy White, has been appointed as the new Chair of the Board of the London & International Insurance Brokers' Association (LIIBA), succeeding Arthur J Gallagher's Andrew Agnew. Agnew leaves the post after two years, and White takes up the position after previously serving as ... Read the full article
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