Reinsurance News
Brokerslink names Jacqueline Legrand as Chief Executive Officer
9th February 2018
Brokerslink has appointed Jacqueline Legrand to Chief Executive Officer (CEO) set to succeed José Manuel Fonseca, who is stepping back to focus on managing the significant growth of a Brokerslink reference shareholder MDS Group. Jacqueline Legrand, CEO of Brokerslink said; “I am honoured to have this opportunity to lead Brokerslink and ... Read the full article
Jan 1st renewals complex but successful, says Everest Re’s John Doucette
9th February 2018
Bermuda-based reinsurer Everest Re has noted the combination of disruptive forces as the market approached January 1st, 2018, resulting in a complex renewal season for the reinsurance industry, underlined by the continued and growing influence of alternative capital and the market impact of 2017 catastrophe events. Speaking during the reinsurer's recent ... Read the full article
GCC market outlook negative, but focus on risk management is growing: A.M. Best
9th February 2018
Despite the balance sheets of insurers in the Gulf Cooperation Council (GCC) remaining well capitalised, the potential for investment market shocks persists, leading ratings agency A.M. Best to hold a negative outlook on the GCC insurance markets. Typically, insurance companies across GCC (Read the full article
The Insurance Council of Australia appoints three new directors to board
9th February 2018
The Board of the Insurance Council of Australia (ICA) has named Vivek Bhatia, the Chief Executive Officer (CEO) of Australian & New Zealand Operations of QBE Insurance, Richard Feledy, the Managing Director of Allianz Australia, and Sue Houghton the General Manager of Insurance BT Financial Group as new directors of ... Read the full article
Hiscox announces two senior appointments
9th February 2018
Global insurer and reinsurer Hiscox has announced two appointments as it changes the structure of its senior management team, as the firm looks to build on growth momentum in its retail operations. Chief Executive Officer (CEO) of Hiscox USA, Ben Walter, is set to move to London and take on the newly ... Read the full article
January storms expected to cost European insurers over $2 bn
9th February 2018
The Atlantic storm systems that impacted Western and Central Europe in January are expected to cost European insurers more than $2 billion, according to Aon's latest catastrophe report. The German Insurance Association (GDV) said the most significant windstorm Friederike, was the costliest windstorm in the country since Windstorm Kyrill in 2007, ... Read the full article
AIG sets up legacy reinsurance unit, as it takes $6.7bn tax act charge
9th February 2018
Insurer American International Group (AIG) announced its results yesterday, revealing continuing issues with legacy business, resulting in another reserve charge, but also the launch of a Bermudian legacy reinsurance platform. The insurer also announced a one-off charge of $6.7 billion related to the enactment of the Tax Cuts and Jobs Act, ... Read the full article
IFRS 17 could temporarily increase European insurers’ cost of capital: Fitch
8th February 2018
The new international accounting standard for insurance contracts to be implemented in 2021, IFRS 17, could temporarily increase the cost of capital for European insurers due to investors' concerns over IFRS restatement effects. In an audience poll of investors, insurance issuers, bankers and others with an interest in the insurance market ... Read the full article
Sompo International expands agriculture platform with A&A acquisition
8th February 2018
Bermuda domiciled property and casualty insurer and reinsurer, Sompo International, has announced plans to acquire Italian agricultural insurer A&A, S.r.l. (A&A). The acquisition of A&A is aligned with Sompo International's recently announced AgriSompo initiative, an international platform designed to provide innovative and coordinated agricultural risk management products tailored to local market needs. The ... Read the full article
Cunningham Lindsey appoints David Waller to Environmental Specialist Practice Group Leader
8th February 2018
Cunningham Lindsey has announced the appointment of David Waller as Environmental Specialist Practice Group Leader, set to lead a team of global experts providing specialist adjusting, consultancy and guidance in all types and sizes of environmental losses. In his new role, David will focus on driving the firm’s expertise and capability ... Read the full article
Thomas Miller Specialty completes takeover of Navigators’ fixed-premium P&I business
8th February 2018
Thomas Miller Specialty has today announced that it's completed the takeover of Navigators’ London domiciled, fixed-premium protection and indemnity operation. In mid-January 2018 it was announced that Thomas Miller Specialty, a commercial Managing General Agency (MGA), entered into exclusive discussions over the acquisition of Navigators’ fixed-premium protection and indemnity business. At the time, ... Read the full article
The shifting role of reinsurance: Frank Nutter
8th February 2018
As the cogs of change churn through the reinsurance industry bringing new market entrants, InsurTech, and block-chain technologies which promise to rewrite the standard modus operandi, the Reinsurance Association of America President Frank Nutter discussed the challenges of reinsurance adaptation. He said the challenge facing the industry is whether or not the ... Read the full article
U.S. property/casualty insurance suffers 30% net income drop in 2017
8th February 2018
The U.S. property/casualty insurance industry saw its net income after taxes drop 30% in 2017 after the industry was hit with record-setting catastrophe losses, according to ISO and the Property Casualty Insurers Association of America (PCI). The net underwriting losses reached $20.9 billion, far exceeding the $1.7 billion underwriting loss for nine-months ... Read the full article
Validus Specialty expands cyber offering with new standalone solution
8th February 2018
Validus Specialty, the cyber and technology insurance unit of Validus Specialty Underwriting Services, Inc., has released a new cyber solution that focuses on privacy and network protection. Further expanding its cyber insurance offering, Validus Specialty has launched a new standalone cyber insurance solution designed to meet the challenges faced by U.S. ... Read the full article
XL Catlin promotes Tim Powell to CUO for International Financial Lines
8th February 2018
XL Catlin has announced the promotion of Tim Powell to Chief Underwriting Officer (CUO) for International Financial Lines (IFL), with effect from March 1st. As COU Powell will lead the underwriting performance of XL Catlin’s Financial Lines portfolio in all geographies outside North America, develop overall strategic objectives for this line-of-business, ... Read the full article
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