Reinsurance News
Stephen Robb to succeed Peter Porrino as XL Chief Financial Officer
23rd February 2017
XL Group announced recently that Group Controller Stephen Robb will succeed retiring Peter Porrino as Chief Financial Officer (CFO), effective May 1st, 2017. Following his retirement, Porrino will continue to work as an advisor to Chief Executive Officer (CEO) Mike McGavick on a part-time basis. Commenting on the announcement, McGavick said; “First ... Read the full article
Swiss Re names Edouard Schmid to Group CUO, as Weber steps down
23rd February 2017
Mathias Weber, the Group Chief Underwriting Officer of global reinsurance firm Swiss Re, is stepping down from his role and the company is replacing him by promoting Edouard Schmid to the role. Weber has been with Swiss Re for 25 years and took the role of Chief Underwriting Officer since April ... Read the full article
Reinsurance News – Thursday 23rd February 2017
23rd February 2017
Here’s your daily Reinsurance News for Thursday 23rd February 2017: Swiss Re misses Q4 consensus, losses & pricing impact full-year result Reinsurance giant Swiss Re has reported its fourth-quarter 2016 results, revealing that impacts from natural catastrophes and the continued soft market impacted its figures. Net income in Q4 totalled $517 ... Read the full article
“Inflection point” nears as reinsurers adapt to “softer for longer,” says S&P
22nd February 2017
2017 is expected to be an "inflection point" for the challenging U.S. property/casualty (P/C) sector as claims increase and pricing and reserves diminish further, causing reinsurers to adapt to the "softer for longer" environment, says Standard & Poor's (S&P). The international ratings agency recently provided an update on the U.S. insurance ... Read the full article
Morocco and Ghana to cooperate on re/insurance
22nd February 2017
The African countries of Morocco and Ghana are set to establish closer ties on insurance and reinsurance, as the paid signed a raft of agreements designed to make cooperation easier between governments and the private sector. Insurance and reinsurance feature as part of the agreements signed, of which there were 25 ... Read the full article
Sydney storms could further strain IAG’s peril costs budget
22nd February 2017
Insurance Australia Group (IAG) has received over 13,000 claims, predominantly motor, after the severe February 18th Northern Sydney hailstorm; the costs of these rising claims could place the insurer's already strained 2017 fiscal year budget under further pressure, making a fall-back on reinsurance cover increasingly likely as the year rolls ... Read the full article
AMTrust appoints Underwriting Director of ANV Global Services
22nd February 2017
North American Managing General Underwriter (MGU), ANV Global Services, owned by multinational insurance and reinsurance group AmTrust Financial Services, has appointed James Pittinger to the role of Underwriting Director, effective immediately. In his New Jersey-based role, Pittinger will be responsible for the North American MGU business, Management Liability and Professional Lines ... Read the full article
Suncorp looks to beat Fairfax to Tower in New Zealand
22nd February 2017
Australia and New Zealand based insurer Suncorp Group has made a counter-offer to acquire Tower Insurance of New Zealand, seeking to beat Prem Watsa's Fairfax to the deal. Prem Watsa's Fairfax Financial made an all cash offer at $1.17 per share, so valuing Tower at $197 million, which was a ... Read the full article
PartnerRe investment loss triggered by U.S. risk-free rate change
22nd February 2017
PartnerRe, the reinsurance firm acquired by the Italian conglomerate EXOR, reported a fourth-quarter net loss as it suffered significant investment losses on fixed income securities following on from the increase in U.S. risk-free rates. The increase in risk-free rates was expected to negatively impact some reinsurers in late 2016, although to ... Read the full article
SCOR ready to leverage “positive prospects” in reinsurance
22nd February 2017
French reinsurance company SCOR has delivered another strong result this morning despite the softened state of the reinsurance market, reporting EUR 603 million of net income and a return on equity of 9.5% for 2016. Those figures are down slightly on 2015, but that is to be expected given the state ... Read the full article
Reinsurance News – Wednesday 22nd February 2017
22nd February 2017
Here’s your daily Reinsurance News for Wednesday 22nd February 2017: SCOR ready to leverage “positive prospects” in reinsurance Despite the soft and challenging reinsurance market environment French reinsurer, SCOR, has reported a net income of €603 million and a return on equity of 9.5% for 2016. Interest rates cause ... Read the full article
Ironshore increases Terrorism & Sabotage programs capacity to $400 million
21st February 2017
Bermuda domiciled specialty insurance and reinsurance holding company, Ironshore International, has announced that it's increased its Terrorism & Sabotage programs capacity to $400 million, effective immediately. The new $400 million capacity level represents growth of roughly 6.7% from the previous $375 million limit, and is in response to a rise in ... Read the full article
Modernisation, Brexit are top priorities for Lloyd’s Market Association (LMA)
21st February 2017
Modernisation of the Lloyd's and London insurance and reinsurance market, as well as the impact of Brexit on the market are considered top priority for 2017 at the Lloyd's Market Association (LMA). Speaking to chief executives from the Lloyd’s of London managing agency community, LMA CEO David Gittings said that as ... Read the full article
Tom Ridge’s cyber advisory firm to partner with Risk Cooperative
21st February 2017
Former U.S. Homeland Security Secretary Tom Ridge’s cyber advisory firm, Ridge Global, has announced plans to form a strategic and leadership partnership with Risk Cooperative to offer a new blend of advisory, education, technology and risk-transfer solutions. The firms will be led by Tom Ridge, who will serve as Chairman, and ... Read the full article
Swiss Re backed livestock insurance scheme to payout $2 million
21st February 2017
Swiss Re has announced the Kenyan Livestock Insurance Programme (KLIP) will be making a payout of about $2 million to 12,000 Kenyan farmers at the end of February, with index-based payments pegged to satellite measurements of data set to roll out with the average payout at $170 per household. The innovative insurance programme collects ... Read the full article
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