Reinsurance News
BIBA signs agreement with WBN to ensure post-Brexit continuity
21st March 2018
The British Insurance Brokers’ Association (BIBA) and the Worldwide Broker Network (WBN) have signed an agreement that facilitates the introduction of BIBA member firms to one of WBN's member firms in an EU member country, in order to ensure continuity post-Brexit. The arrangement is scheduled to be launched to members by ... Read the full article
Liberty Specialty Markets promotes Joanna Hitchcock to Terrorism Underwriter
21st March 2018
Liberty Specialty Markets (LSM) has promoted Joanna Hitchcock to the newly created role of Paris-based Terrorism Underwriter as part of a strategy to grow its European Terrorism account. Hitchcock was promoted from a role as Assistant Underwriter for Terrorism in London. In her new Paris based role, Hitchcock will meet brokers and attend ... Read the full article
U.S. P/C industry falls to underwriting loss in 2017 on back of record cat losses: A.M. Best
21st March 2018
A.M. Best has estimated that in 2017 the U.S. property / casualty (P/C) industry experienced catastrophe losses of $52.9 billion, an increase of more than 26% when compared with the previous high set in 2011, and which resulted in a net underwriting loss of $23.5 billion. The ratings agency explains that ... Read the full article
Lloyd’s market falls to £2bn pre-tax loss on catastrophes
21st March 2018
The Lloyd's of London insurance and reinsurance market fell to a £2 billion pre-tax aggregated loss across the market in 2017, due to the impact of the major catastrophe loss events. This compares to a pre-tax profit of £2.1 billion achieved in the more benign catastrophe year of 2016. The hurricanes and ... Read the full article
Lloyd’s introduces electronic placement mandate for syndicates
20th March 2018
The Lloyd’s of London marketplace has announced that it is to issue a mandate for electronic placement, which will require syndicates to progressively write more of their risks electronically. After Q2 2018, all Lloyd’s syndicates will be required to write at least 10% of their risks electronically, rising to 20% in ... Read the full article
Tropical Cyclone Marcus hits Australia’s Darwin and northern coast: AIR
20th March 2018
Catastrophe risk modelling firm AIR Worldwide has assessed the scale of Category 2 Tropical Cyclone Marcus, which made landfall in Darwin, the capital of Australia’s Northern Territory, on March 17th, 2018, and reviewed the damage it caused. AIR reports that Marcus was the strongest tropical cyclone to hit the region in ... Read the full article
Aon Benfield names CEO for Bermuda in management restructure
20th March 2018
Aon Benfield, the reinsurance arm global brokerage Aon, has announced both the expansion of its Bermuda team as well as a new management structure, which includes the appointment of Matthias Meyenhofer as Chief Executive Officer (CEO) of Aon Benfield Bermuda. Meyenhofer joins from rival reinsurance broker Guy Carpenter, where he was most ... Read the full article
Capsicum Re selected as reinsurance broker for Arch’s mortgage pilot
20th March 2018
Capsicum Re has confirmed its role as reinsurance broker working with Arch Capital Group's new Washington D.C. based subsidiary, Arch MRT on the new mortgage credit risk transfer program Integrated Mortgage Insurance, IMAGIN. Led by Steven Rance, Capsicum Re's mortgage indemnity division and Arch have assembled the panel of re/insurers that will ... Read the full article
Aon UK hires Matt Kimber as Chief Risk Officer
20th March 2018
Aon UK Ltd has announced that Matt Kimber has been appointed new Chief Risk Officer (CRO) of the company, replacing current interim CRO John Nicholson. Kimber, who joins Aon from broker Jardine Lloyd Thompson (JLT), will become an Aon UK board member, and will report to Julie Page, Chief Executive Officer ... Read the full article
Steve Murphy appointed Head of Santam Reinsurance
20th March 2018
South African insurer Santam has announced the appointment of Steve Murphy to Head of Santam Reinsurance, with effect from 1st April 2018. Murphy joined Santam Re on 1st July 2011 as the firm's representative in South East Asia, he worked to establish and develop Santam Re’s activities and business in China, ... Read the full article
Lloyd’s names Dawnmarie Black as U.S. Northeast Regional Director
20th March 2018
The specialist Lloyd’s of London insurance and reinsurance marketplace has named Dawnmarie Black, who joins from London broker BMS Group, as U.S. Northeast Regional Director. Based in the Boston area, Black will assume responsibility for market development activities in a 12 state region stretching from Maryland to Maine, and Washington D.C. Lloyd’s ... Read the full article
Everest Re to partner with Hudson Structured and co-invest in InsurTech
20th March 2018
Bermudian reinsurer Everest Re Group, Ltd. has announced plans to enter into a strategic agreement with Hudson Structured Capital Management, Ltd. (HSCM), an investment adviser specialising in re/insurance and transportation, which will see them collaborate across a number of areas, including co-investment in new InsurTech opportunities. The partnership will combine HSCM’s ... Read the full article
UK gov introduces Bill targeting Ogden rate and whiplash reforms
20th March 2018
The UK government's Ministry of Justice has announced intentions to introduce the Civil Liability Bill into the House of Lords, which is designed to address needed reforms to both the Ogden discount rate and whiplash claims. In early 2017, the Ogden rate (also known as the Personal Injury Discount Rate, and ... Read the full article
Strong re/takaful growth prospects for Islamic finance sector, reports Moody’s
20th March 2018
Moody’s has predicted that the Islamic finance and re/takaful sectors are likely to continue to exhibit strong growth in the coming years, largely driven by fertile growth prospects in Southeast Asia and North Africa. The takaful market, which is the Islamic alternative to insurance, attracted gross premium contributions of US $14.9 ... Read the full article
Liberty Mutual names Eman Securities & DP Jindal Group as new India partners
20th March 2018
Liberty Mutual Insurance has grown its insurance joint venture in India with Eman Securities and DP Jindal Group as new joint venture partners for its India promotion, set to replace Videocon Industries. The new partnership aims to expand and fortify the company’s position as one of the fastest growing general insurance ... Read the full article
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