Reinsurance News
Insured Irma losses for French Islands reach €1.2 billion: CCR
9th September 2017
Insured losses from widespread flooding and damage after Hurricane Irma hit Saint Martin and Saint Barthelemy Islands has reached roughly €1.2 billion (approx US$1.44bn), according to preliminary CCR estimates. This loss estimate is for insured losses covered by the French Natural Disaster scheme from damage to residential buildings, vehicles and businesses, ... Read the full article
Floridian re/insurers at risk of “notable financial strain” from Irma: Fitch
9th September 2017
As hurricane Irma maintains its track towards the state of Florida, U.S., Fitch Ratings has warned of the potential impact the storm could have on the Florida insurance and reinsurance market. Hurricane Irma is on track to hit Florida on Sunday morning, September 10th, 2017, potentially as a Category 4 ... Read the full article
Reinsurers offset sluggish market with M&As: Fitch
8th September 2017
Reinsurers continue to turn to M&As for the opportunity to diversify with some entities choosing to acquire service businesses outside of reinsurance, driven by low returns on reinsurance capital, according to Fitch’s 2017 mid-year financial results report. The main strategy for offsetting sluggish market growth has continued to be M&As this ... Read the full article
Opportunities exist for reinsurers to adapt to new insurance market landscape: EY
8th September 2017
As the global reinsurance market continues to experience a supply/demand imbalance, EY has warned of a number of threats to the industry's business model that could see some struggle to survive, although opportunities do exist to navigate the testing and changing marketplace. Global advisory firm EY, in a recent reinsurance industry ... Read the full article
Ben Northridge to join Capsicum DA as a Director from Willis Re
8th September 2017
Specialist binding authority broker, Capsicum Delegated Authority (Capsicum DA), has announced the hiring of Ben Northridge from Willis Re as a Director, based in the firm's London office. In his new role, Northridge will focus on the development of the company's Accident & Health product distribution, as well as some other ... Read the full article
Lloyd’s reinsurance segment suffers losses in 2016: A.M. Best
8th September 2017
Last year proved turbulent for Lloyd's reinsurance segment which saw losses as combined ratios in all three lines of property, casualty and specialty went over 100%, despite Lloyd's attempts to realise combined ratios below 100% with reserve releases and close monitoring of its reinsurance exposures, according to A.M. Best's latest ... Read the full article
China Continent Insurance Co adopts eBaoTech’s new generation core system
8th September 2017
China Continent Insurance Co (CCIC) has adopted eBaoTech’s micro service and cloud-native architecture based new generation core system to lead its digital transformation. China’s sixth largest insurer said the underwriting and reinsurance systems provided by eBaoTech form important components of the firm’s strategic IT transformation. CICC general manager, Chen Yong, commented; "CCIC ... Read the full article
CCRIF to payout $15.6 million to Caribbean Islands for Hurricane Irma damage
8th September 2017
CCRIF SPC,the former Caribbean Catastrophe Risk Insurance Facility, has announced it will be making payouts of about $15.6 million to Caribbean Islands that have been devastated by hurricane Irma - just half the sum of the payouts made last year after hurricane Matthew. The governments of Antigua & Barbuda and Anguilla ... Read the full article
GC executives call for common cyber risk currency development
8th September 2017
The global insurance and reinsurance industry needs to develop a common cyber risk currency in order to improve risk differentiation in a rapidly expanding part of the risk transfer space, according to Guy Carpenter's Morley Speed and Carolyn Morley. As the cyber risk market continues to evolve, diversification is essential, but so ... Read the full article
BIBA calls for “speedy implementation” of proposed changes to UK discount rate law
8th September 2017
The British Insurance Brokers' Association (BIBA) has welcomed the Lord Chancellor’s proposed changes to the law used to set the discount rate, in response to May's Ministry of Justice's (MOJ) Damages Discount Rate consultation, and has called for their speedy implementation. BIBA Executive Director, Graeme Trudgill, said; “BIBA’s response to the ... Read the full article
Marsh announces new management structure & names key senior executives
8th September 2017
President and Chief Executive Officer of Marsh, John Doyle, has announced the addition of Global Risk & Digital and Global placement specialities units as well as new appointments to the firm's executive management team as part of a restructuring effort. Doyle commented; “this is an exciting time in our industry as ... Read the full article
Guy Carpenter hires Eisele from Swiss Re to be new Pacific region CEO
8th September 2017
Reinsurance brokerage Guy Carpenter has named Andre Eisele from reinsurer Swiss Re, to become its new CEO of the Pacific Region. Additionally, Guy Carpenter has appointed ex-Munich Re managing director Heinrich Eder to the Guy Carpenter Advisory Board for the Pacific Region. The two senior appointments reflect Guy Carpenter's push deeper into ... Read the full article
DARAG strengthens core team with three senior appointments
7th September 2017
European run-off insurer DARAG has announced three senior appointments, naming Mike Trotman as new Chief Financial Officer (CFO) Alex Roth as Head of M&A and Jim Wilson as new Group Chief Actuarial Officer. The firm said the three appointments are key to the future of the Group and its position as ... Read the full article
Hurricane Irma Miami-Dade landfall a $131bn Realistic Disaster Scenario: Peel Hunt
7th September 2017
On the back of hurricane Harvey, major hurricane Irma has battered parts of the Caribbean and maintains its track towards the state of Florida, with analysts at Peel Hunt citing a $131 billion Lloyd's Realistic Disaster Scenario (RDS) for the storm, should it make landfall in Miami-Dade. Hurricane Irma ... Read the full article
BMS Re US hires Paul Knutson from Willis Re as Exec Vice President
7th September 2017
Specialist re/insurance broker BMS Re US has appointed Paul Knutson, who joins from Willis Re, to Executive Vice President. Knutson will assume responsibility for expansion of business targeting regional multi-line and coastal property catastrophe reinsurance clients, reporting directly to BMS Re US CEO Andrew Bustillo. Andrew Bustillo, CEO, BMS Re US, commented; ... Read the full article
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