Reinsurance News
Ed receives Guernsey license, appoints Nick Bachmann from Willis to direct expansion
7th September 2017
International wholesale and specialty reinsurance brokerage, Ed, has received a commercial insurance intermediary license by the Guernsey Financial Services Commission, and also announced the appointment of Nick Bachmann, as it expands its offering on the island. Bachmann joins Ed from rival insurance and reinsurance broker, Willis Towers Watson, and will assume ... Read the full article
Maiden Re invests in InsurTech drone start-up, Betterview
7th September 2017
Reinsurer Maiden Re has announced an investment in InsurTech drone start-up, Betterview, which has now closed a $2.05 million Series Seed round. The latest capital raise takes Betterview's total funding to $3.65 million, and was led by Compound Venture Capital, and included investments from Maiden Re, 645 Ventures, Arab Angel, Winklevoss ... Read the full article
Hurricane Harvey flood damage up to $75bn, private insured loss over $10bn: AIR
7th September 2017
Risk modelling firm AIR Worldwide has provided an estimate of the total property damage from hurricane Harvey's flooding at between $65 billion and $75 billion, while the risk modeller also estimates private insured wind, surge and flood losses of over $10 billion. The flooding property loss of up to $75 billion ... Read the full article
Net premiums down in Q2 as reinsurers look to less competitive lines: Moody’s
6th September 2017
Persistent pressures and intense competition in the global reinsurance industry led to a reduction in net written premiums (NWP) by 0.5% in Q2 2017, when compared with the previous year, and for the cohort of reinsurers tracked by international ratings agency, Moody's. According to the Moody's second-quarter 2017 global reinsurance report, ... Read the full article
P&C market reacts to potential threat of hurricane Irma: Analysts
6th September 2017
The property & casualty (P&C) market appears to be discounting a 1-in-100 year loss event for some reinsurers, as major hurricane Irma impacts the Caribbean and remains on track to make a U.S. landfall this weekend, according to industry analysts. Hurricane Irma, now a Category 5 storm with winds of ... Read the full article
Michael Wade joins TigerRisk Capital Markets & Advisory as Non-Exec Chair, UK
6th September 2017
Risk, capital and strategic re/insurance advisor TigerRisk Capital Markets & Advisory, has named Michael Wade as Non-Executive Chair of its UK division. TigerRisk Capital Markets & Advisory Chief Executive Officer (CEO), Tony Ursano, commented on the appointment; “Michael Wade is a highly accomplished and entrepreneurially minded insurance executive and public servant. "He recently ... Read the full article
Hamilton Re announces changes to underwriting leadership
6th September 2017
The Bermuda-based reinsurance arm of Hamilton Insurance Group, Hamilton Re, has announced some leadership changes as it positions itself as "a new kind of Tier 1 company." Kathleen Reardon, Chief Executive Officer (CEO) of Hamilton Re, has made a number of leadership changes to the firm's underwriting functions, aligning talent with ... Read the full article
P&C price reductions of up to 5% expected at Jan 18 renewals: Moody’s
6th September 2017
Persistent headwinds in the global reinsurance sector are expected to continue throughout 2017 and into next year, with Moody's suggesting that the January 2018 property and casualty (P&C) reinsurance renewals will see further softening across most business lines. Price declines in the reinsurance sector have slowed in more recent times, a ... Read the full article
Everest Re hires Debbie Weiser from AIG as new head of Excess Casualty
6th September 2017
Everest Re has named Debbie Weiser, who joins from an executive position with AIG, as new leader of Excess Casualty within Everest Specialty Casualty. Commenting on the appointment, Connie Germano, Head of Specialty Casualty, said; “Debbie brings to Everest extensive experience in the Umbrella and Excess space, particularly in the valued ... Read the full article
AmTrust announces new quota share reinsurance contract
6th September 2017
AmTrust Financial Services, Inc. has announced that it's entered into a new quota share reinsurance arrangement with multiple reinsurance companies, in order to reduce its catastrophe and non-catastrophe event exposure in relation to the operations of its subsidiary, Republic Companies, Inc. The new quota share arrangement is effective August 1st, 2017, ... Read the full article
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
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