Reinsurance News
PartnerRe names Jerome Matrundola as Asia-Pacific CEO of Life & Health
6th September 2017
PartnerRe has named Jerome Matrundola as CEO of Life & Health, Asia-Pacific, to lead PartnerRe’s Life and Health business operations in that region effective September 11, 2017. Matrundola will work closely with PartnerRe's existing teams in Singpore and Zurich to grow the firm's life and health Asia-Pacific reinsurance market. PartnerRe said his appointment ... Read the full article
Willis Re’s Reinsurance Index sees reinsurer profits plummet in HY 2017
6th September 2017
According to Willis Re’s latest Reinsurance Market Report, aggregate net income for shareholders’ funds in the Willis Reinsurance Index in HY 2017 plummetted to U.S. $8.3 billion from U.S. $14.5 billion at HY 2016 after what's been a below-average year for losses and a market still characterised by surplus capital ... Read the full article
BMS Iberia launches as long-term solution to Brexit
6th September 2017
BMS Group Limited has announced the launch of BMS Iberia, that will be led by Directors Fernando Claro in Madrid, and Domingo Albi in Seville, Spain. The new European venture provides BMS with a long-term solution for accessing European business in a post-Brexit world. Recently appointed Directors, Claro and Albi, will ... Read the full article
Low interest rate environment to pressure global multiline insurers through 2017: S&P
6th September 2017
The ongoing low interest rate environment is expected to pressure the operating performance of global multiline insurers (GMIs) throughout the remainder of 2017, but superior capital adequacy has helped the sector outperform the industry average, according to ratings agency S&P Global Ratings. Interest rates have remained low for some time now, ... Read the full article
Reinsurance pricing to deteriorate throughout 2018, warns Fitch
6th September 2017
Pricing in the global reinsurance sector will continue declining throughout 2018 as competition from alternative sources of reinsurance capacity intensifies and margins across the sector deteriorate further, according to analysis by Fitch Ratings. The current low-interest rate environment is expected to remain, dampening returns on the investment side of the balance ... Read the full article
Guy Carpenter promotes Boyce to Deputy CEO Global Specialties
6th September 2017
Reinsurance brokerage Guy Carpenter has announced the promotion of James Boyce to the position of Deputy CEO, Global Specialties, effective immediately. Boyce joined Guy Carpenter in 1997 after Marsh & McLennan Companies acquired Wilcox Johnson & Higgins. He joined that firm in 1996 as an Associate Director, helping to set up ... Read the full article
Tokio Marine setting up Luxembourg insurer for EU business
6th September 2017
Insurance giant Tokio Marine Group is the latest to announce a new European base to ensure continuity for trading with EU customers in the wake of the UK's Brexit move. Luxembourg has been selected by the company, and it has begun the process to establish an insurance company in Luxembourg, applying ... Read the full article
Hurricane Irma could deplete reinsurers’ cat budgets after Harvey impact
5th September 2017
Fitch has warned that although hurricane Harvey is expected to be an earnings event for the reinsurance sector it could have left some with thin catastrophe budgets for the remainder of the year. And with hurricane Irma tracking to potentially make landfall along the U.S. coastline this weekend, some reinsurers' ... Read the full article
KCC’s new RiskInsight-lite facilitates tracking of hurricane losses in real-time
5th September 2017
Global catastrophe risk modeller, Karen Clark & Company (KCC), has announced the launch of a new modelling platform that gives insurers and reinsurers the ability to track claims and losses in real-time from live hurricanes, called RiskInsight-lite. The new modelling platform also enables insurance and reinsurance companies to estimate their exceedence ... Read the full article
Carsten Thienel joins JLT Re’s Asia team from Ed
5th September 2017
JLT Re has named Carsten Thienel, who joins from a role with Ed as CEO of reinsurance for Asia Pacific, as its latest Asia Pacific team member, set to begin in the firm's Singapore office early 2018. Boasting a distinguished career of over 30 years in the industry, Thienel previously held ... Read the full article
SCOR adds VP to Group Reinsurance team
5th September 2017
Global insurance and reinsurance firm, SCOR, has named Chad Christensen Vice President (VP), Marketing Underwriter for Group Life & Accident products, within its Group Reinsurance division. Christensen joins the French-based re/insurer from Voya, where he was Director of Group Life Underwriting. He brings more than 15 years of industry experience to the new ... Read the full article
Reinsurers’ failure to return above cost of capital edging closer: S&P
5th September 2017
The ability of global reinsurers to earn returns above their cost of capital has declined significantly in the soft market environment, as low interest rates and a series of underwriting headwinds persistently erode the profitability of the sector, according to Standard & Poor's (S&P). International ratings agency, S&P, in a recent ... Read the full article
Port of Houston escaped major hurricane Harvey damage: RMS
5th September 2017
Port of Houston officials have spoken of restarting operations in the U.S.' eighth busiest container port, which seems to have escaped major damage from Hurricane Harvey with no major damage to its terminals, warehouses or storage facilities reported so far, RMS said. The container port's traffic was diverted to other regional ... Read the full article
Insurers in Nigeria advised against reliance on brokers
5th September 2017
The tendency for most insurance brokers to focus on big ticket government business is responsible for the low level of insurance penetration in the country, the Executive Vice Chairman of Insurance Brokers of Nigeria, (IBN), Prosper Okpue, said in an interview with Financial Vanguard. The IBN executive ... Read the full article
Starr Companies appoints new CUO for the Liabilities Group
5th September 2017
Starr Companies (Starr) has named Nick Lawrence Chief Underwriting Officer (CUO) for the Liabilities Group, based in the firm's London office. In is new role, Lawrence will be responsible for all of the company's London market operations, which includes US Desk and also growth and expansion across the European market where the ... Read the full article
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