Reinsurance News
Major reinsurers combined ratios over 100% on normalised basis: Fitch
16th March 2017
On a normalised basis major European reinsurers combined ratios were over 100% last year, but industry players benefitted from unusually favourable circumstances with lower-than-expected major losses and large prior year reserve releases meaning carriers maintained resilience in a tough market, according to Fitch. This normalised combined ratio rate of over 100% means under ... Read the full article
Swiss Re Board of Directors proposes election of three new members
16th March 2017
The Board of Directors at global reinsurer Swiss Re has proposed to elect three new non-executive and independent board members, in Jay Ralph, Joerg Reinhardt and Jacques de Vaucleroy. The reinsurance giant announced in a recent statement that its Board of Directors proposes to elect the new members at the AGM on ... Read the full article
Greenlight Reinsurance Ireland appoints Patrick O’Brien as CEO
16th March 2017
Greenlight Capital Re’s subsidiary, Greenlight Reinsurance Ireland DAC, has announced Patrick O’Brien as new Chief Executive Officer. O’Brien has been promoted to CEO after joining Greenlight Re Ireland in June last year, acting as General Manager. Commenting on his promotion, O'Brien said Greenlight Re’s expertise in the US for innovative solutions and ... Read the full article
Reinsurance helps Microsoft make its cloud data centers greener
16th March 2017
Software and technology giant Microsoft is leveraging the reinsurance market to help it access sources of renewable energy while bearing less risk, making its data centers which provide cloud services greener. Reinsurers are attracted to renewable energy risks as they can often be considered a diversifying risk, versus the more typical ... Read the full article
Reinsurance News – Thursday 16th March 2017
16th March 2017
Here’s your daily Reinsurance News for Thursday 16th March 2017: NZ insurers see $694m reinsurance recovery for Kaikoura quake so far According to the Insurance Council of New Zealand insurers in the country are to reclaim NZ$694 million from the global reinsurance market following the 14th November magnitude 7.8 earthquake in Kaikoura. Read the full article
Willis Towers Watson appoints new Head of Benelux
15th March 2017
Global insurance and reinsurance brokerage Willis Towers Watson (WTW) has named Bibi de Vries as its new Head of Benelux (Belgium, Netherlands, and Luxembourg), effective immediately. Succeeding Bart den Hartog, who is leaving the firm to join elipsLife in Zürich, Switzerland, de Vries will be based in Amstelveen in the Netherlands, and ... Read the full article
XL obtains license to begin operations in Monaco
15th March 2017
XL Catlin has received approval to issue insurance in the Principality of Monaco through XL Insurance Company SE (XLICSE). As of March 10th, the re/insurer can officially begin operations in Monaco, where the firm's become one of the only global re/insurers with approval to offer products to both local brokers and clients under its new license. XL ... Read the full article
Munich Re board member Ludger Arnoldussen resigns
15th March 2017
Munich Re has announced the resignation of Board of Management member Ludger Arnoldussen, who will be leaving to seek new challenges after over ten years with the company. Arnoldussen's official resignation date is April 26, long-term company leader Hermann Pohlchristoph who's worked with Munich Re for the last 15 years, has been ... Read the full article
LMA to simplify nuclear insurance industry with new model wordings
15th March 2017
In response to recent growth in the construction of nuclear power stations and a desire to make the protection of such construction projects easier for insurers and reinsurers, the Lloyd's Market Association (LMA) Wording Forum is looking to make wordings more appropriate for the global nuclear industry. The LMA has announced that ... Read the full article
Higher U.S. interest rates promote pension-risk transfer
15th March 2017
Higher interest rates could incentivise the growth of U.S. pension-risk transfer business as rate changes make it less expensive for employers to transfer pension obligations, providing a further catalyst in what's become a thriving cross-Atlantic longevity risk transfer business. Chief Investment Officer of United Technologies Corp, Robin Diamonte, told the Wall Street ... Read the full article
Insurance supervisors must understand and adapt to FinTech: IAIS
15th March 2017
The development of innovative FinTech has the potential to disrupt the global insurance and reinsurance industry in numerous ways, highlighting a range of challenges and opportunities for insurance supervisors, says the International Association of Insurance Supervisors (IAIS). In a new report, the IAIS explores the potential disruption the global insurance industry ... Read the full article
Fortune Financial requests share of India government premiums
15th March 2017
Fortune Financial’s reinsurance entity ITI has requested it be given a share of the reinsurance premium currently designated for government-owned GIC Reinsurance, in a letter to India's insurance industry regulator, the Insurance Regulatory and Development Authority of India (IRDAI), according to reports. According to CNBC- TV18 sources, the reinsurer wrote to IRDAI officials, ... Read the full article
Qatar Re capitalisation passes the $1 billion mark
15th March 2017
Bermuda domiciled reinsurance firm hailed the completion of its recent significantly oversubscribed $450 million perpetual bond debt issuance today, saying that it takes the reinsurers capital passed the $1 billion mark. Size still does matter in reinsurance, with some cedents continuing to tier their reinsurance panel based on factors such ... Read the full article
Conservative guidance given as Munich Re sets itself up for ongoing softness
15th March 2017
Global reinsurance giant Munich Re has delivered relatively conservative profit guidance for 2017, targeting a range of EUR 2 billion to EUR 2.4 billion, as it sets itself up to navigate expected challenges and softness in the market. The mid-point of the firms 2017 profit target is below the consensus expectation ... Read the full article
Reinsurance News – Wednesday 15th March 2017
15th March 2017
Here’s your daily Reinsurance News for Wednesday 15th March 2017: Conservative guidance given as Munich Re sets itself up for ongoing softness Reinsurance giant Munich Re has announced a conservative profit guidance for 2017, targeting a range of between €2 billion to €2.4 billion, in response to the softening marketplace. ... Read the full article
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