Reinsurance News
DARAG to acquire Sweden-based captive insurer Ikano Försäkring AB
7th April 2017
Run-off specialist DARAG is set to acquire Ikano Försäkring AB, a Stockholm-based European captive insurer and member of the Ikano Group - an international group of companies operating in finance, insurance, production, real estate and retail. DARAG has chosen not to reveal details of the transaction costs - the share purchase ... Read the full article
Munich Re and Sompo become major investors in insurtech start-up Trov
7th April 2017
Munich Re’s venture capital subsidairy, HSB Ventures, has led a $45 million investment in technology start-up Trov, that will see the reinsurer act as investor and underwriting partner as the start-up expands into Europe, Asia and South Africa, Reuters reported. Japanese insurer Sompo Holdings has joined forces with the German reinsurance ... Read the full article
Japanese reinsurance renewals see broader coverage, lower rates
7th April 2017
According to reinsurance broker Willis Re, Japanese reinsurance renewals saw an expansion of coverage achieved by many ceding companies, and rates continued to decline in the region. The April 1st reinsurance renewals see a significant proportion of Japanese property insurance and property catastrophe reinsurance renewed and in 2017 market forces continued ... Read the full article
$2 billion insured losses for severe U.S. weather events in March: Aon Benfield
7th April 2017
Aon Benfield’s March Global Catastrophe report reveals a month of above average payouts as an expected $2 billion hits the U.S. re/insurance industry after an extremely active severe weather season struck central and eastern parts of the country. Major damage from early March tornadoes, hail and straight-line winds in the Plains, ... Read the full article
JLT Speciality appoints Gavin Shiels to Senior Vice President
7th April 2017
Jardine Lloyd Thompson Group’s U.S. subsidiary, JLT Specialty, has announced the appointment of Gavin Shiels to Senior Vice President. Shiels most recently served as Senior Vice President for Aon, where his primary responsibilities included managing consulting and brokerage services in Real Estate, Technology, Financial Institution, and Food & Beverage industries segments. He ... Read the full article
One Re appoints Willis veteran to Board Chairman
7th April 2017
African reinsurer, One Re, has announced Nicholas Davenport as appointed Board Chairman with immediate effect. Davenport is successor to Gilles Bonvarlet who is stepping down from the Board after providing leadership from the firm's early days of expansion out of the start-up phase. The newly appointed chairman has nearly 30 years of ... Read the full article
Reinsurance News – Friday 7th April 2017
7th April 2017
Here’s your daily Reinsurance News for Friday 7th April 2017: Favourable terms seen at April reinsurance renewal: Aon Buyers of reinsurance protection witnessed favourable terms at the 1st April 2017 renewals with record levels of capacity maintaining pressure on pricing, according to Aon Benfield. U.S. severe weather losses $2bn+ in ... Read the full article
Reinsurers acting as insurers benefit from dual market insight
6th April 2017
Reinsurers acting as insurers see a dual advantage from moving in closer to the risk, as they benefit not only from higher returns without so many middlemen, but also from receiving full insight into how both insurance and reinsurance lines of business operate. Gregory Hendrick, property/casualty president of XL Catlin, said he ... Read the full article
U.S. severe weather drives Q1 2017 global insured losses: Aon Benfield
6th April 2017
2017 first quarter global catastrophe loss estimations have been set at $7.6 billion - showing an active, but below 10- year average payout season, according to reinsurance broker Aon Benfield's estimations in its newly released first quarter market trends report. Following on from last year’s insured loss records - where the ... Read the full article
Munich Re’s HSB Engineering Insurance appoints biz dev & distribution director
6th April 2017
HSB Engineering Insurance (HSB), the specialist industrial engineering and construction insurance arm of reinsurer Munich Re, has appointed a new business development and distribution director. Richard Slatter joins HSB from a Sales Director role at British Engineering Services. Prior to that he was at RSA Engineering for over 20 years and ... Read the full article
RMS releases cyber-physical risk model for property exposures
6th April 2017
Leading risk modeller RMS today announced the introduction of a new range of ‘cyber-physical’ models to help property re/insurers manage and understand the growing risk of cyber attack scenarios that could lead to physical damage to property. The model’s focus is on attacks against I.T. (information technology systems) that are intended ... Read the full article
Insurer Croatia Osiguranje completes Croatia Lloyd takeover
6th April 2017
Insurer Croatia Osiguranje yesterday announced the completion of its takeover of local reinsurance entity Croatia Lloyd. The acquisition enables the firm's expansion into the reinsurance segment, which the insurer hopes to utilise to give a boost to its affiliate businesses in Macedonia, Bosnia and Herzegovina, Serbia and Slovenia. Croatia Lloyd had been ... Read the full article
Lloyd’s adds new Council and Franchise Board appointments
6th April 2017
Lloyd's of London has named Gregory Fleming as a nominated member of the Council of Lloyd's and Patricia Jackson as an independent non-executive director of the Franchise Board, with the pair set to serve an initial term of three years. Fleming replaces Henrique Meirelles, who stepped down from the Council last ... Read the full article
Favourable terms seen at April reinsurance renewal: Aon
6th April 2017
Reinsurance buyers found favourable terms at the 1st April 2017 renewals, as record levels of reinsurance capital kept pressure on pricing and provided plenty of capacity to fulfill buyers needs, according to Aon Benfield. In its latest Reinsurance Market Outlook report, the broker explained that the high-levels of reinsurance ... Read the full article
Swiss Re Corporate Solutions Brazil appoints Calheiros as CEO
6th April 2017
Swiss Re Corporate Solutions, the commercial insurance arm of global players Swiss Re, has appointed Luciano Calheiros as CEO of its new Brazilian joint-venture operations. Luciano Calheiros will become CEO of Swiss Re's new commercial insurance joint-venture in Brazil as of 1st May 2017, succeeding Joao Nogueira, who is transitioning to ... Read the full article
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