Reinsurance News
Lords Sub-Committee launches inquiry into EU market access post-Brexit
27th July 2017
The House of Lords EU Financial Affairs Sub-Committee has launched a new inquiry into the financial regulatory and supervisory landscape of a post-Brexit Britain, designed to examine how insurers, reinsurers, and banks could maintain EU market access. The inquiry will look at how regulation and supervision might evolve post-Brexit, in order to ... Read the full article
LMG shows support for London Centre for Global Disaster Protection
26th July 2017
The London Market Group (LMG) has underlined the importance of risk transfer in building a more resilient world against the threats of disaster situations, in a statement that welcomes the establishment of a new London Centre for Global Disaster Protection. UK Prime Minister, Theresa May, announced the creation of a new London ... Read the full article
XL Catlin’s Cyber & Data Protection cover launches in Asia-Pacific
26th July 2017
Global insurer and reinsurer, XL Catlin, has launched its Cyber and Data Protection Insurance policy in the Asia-Pacific, as companies across the region find themselves increasingly vulnerable to more sophisticated cyber threats. The new policy is designed to protect businesses across the Asia-Pacific from business interruption as a result of a network compromise and ... Read the full article
InsurTech to significantly disrupt insurance distribution & impact rates
26th July 2017
Richard Kerr, the Chief Executive Officer (CEO) of U.S. domiciled insurance exchange, MarketScout, has said that for the first time in two decades insurance distribution is to experience significant disruption, which in turn will support lower premiums, all driven by the continued rise of InsurTech. "By utilizing new tech-enabled distribution, underwriters ... Read the full article
More quakes could challenge availability of affordable cover in NZ, warns Munich Re
26th July 2017
More earthquakes in New Zealand could see commercial building owners struggle to find adequate, effective and affordable insurance protection for the risk, warns Munich Re's Scott Hawkins. General Manager, Non-life, Munich Re Australasia, Hawkins, warned of the risks during a speech at a recent building industry conference held in Wellington, New Zealand, according ... Read the full article
Highland Insurance Solutions names James Tran as new Head of Global Agriculture
26th July 2017
Highland Insurance Solutions (HIS) which partners with Tokio Marine Kiln (TMK) has announced the appointment of James Tran to Head of Global Agriculture. Tran will head up the growth and development of HIS' crop reinsurance segment, working closely with TMK's reinsurance underwriters in London and Singapore. Carl Herrmann, HIS Chief Executive Officer, ... Read the full article
Markel to acquire State National for $919 million
26th July 2017
Financial services and insurance group, Markel Corporation has announced that it will acquire fronting and program service insurance specialist, State National Companies, Inc. for approximately $919 million. Under the definitive agreement, which has been unanimously approved by both Markel and State National Boards', Markel will purchase all of the outstanding shares ... Read the full article
Ironshore launches Project Cargo Consortium to service China’s Belt & Road Initiative
26th July 2017
Ironshore’s Pembroke Managing Agency has launched a Project Cargo Consortium with a capacity limit of up to U.S. $178 million to expand Lloyd’s China platform for increased coverage of the Belt & Road Initiative. The cargo consortium aims to service one of the world's greatest infrastructure programmes; ... Read the full article
AIR Worldwide announces release of severe thunderstorm model for Australia
26th July 2017
Catastrophe risk modeller AIR Worldwide has released the industry's first Australia severe thunderstorm model, offering re/insurers a comprehensive view of risk by incorporating the three sub perils of hail, tornado, and straight-line wind. The new model simulates daily severe thunderstorms activity based on historical occurrence rates and local and seasonal weather ... Read the full article
Collaboration between re/insurers & cyber modellers a “positive step” says A.M. Best
26th July 2017
In light of a recent cyber risk report produced by the Lloyd's of London marketplace and cyber risk analytics firm, Cyence, rating agency A.M. Best has welcomed the collaborative effort to improving the understanding and management of cyber risk, describing the report as "a positive step forward." The report, Counting the ... Read the full article
Regulator puts stop to Suncorp acquisition of Tower
26th July 2017
The New Zealand Commerce Commission said today that it has "declined to grant clearance to Vero Insurance New Zealand Limited to acquire up to 100% of the shares in Tower Limited." Vero, a subsidiary of Suncorp, had looked set to complete its acquisition of Tower Insurance of New Zealand, after Read the full article
Ben Dunning joins Robus Risk Services as a Director
26th July 2017
Captive insurance management, fiduciary and financial advisory firm, Robus Risk Services Limited, has hired Ben Dunning as a Director. Dunning will serve as Director of Finance and 'Client Lead' on a range of client-managed entities at Robus Risk Services, explains the firm in a statement. He started his career at insurance ... Read the full article
Lloyd’s competitive position challenged: A.M. Best
26th July 2017
Rating agency A.M. Best says that the "increasingly difficult operating environment" poses a challenge to the Lloyd's of London insurance and reinsurance market's competitive position. Despite benefiting from its structure, scale and access to business, the Lloyd's business model faces pressures like every other insurance and reinsurance entity today. A.M. Best warns ... Read the full article
QIC’s underwriting income drops 40% on Ogden & large risk losses
25th July 2017
Qatar Insurance Company (QIC) has revealed that its net underwriting income declined by 40% in the first-half of 2017 when compared with the previous year, which the firm says was driven by large losses and the UK government's decision to lower the Ogden Discount Rate to -0.75%. QIC Group's net underwriting ... Read the full article
Buffett’s Berkshire Hathaway in talks to acquire IRB Brasil Re stake: Reports
25th July 2017
Bloomberg has reported that Warren Buffett's Berkshire Hathaway is in talks to acquire a stake in Brazilian reinsurer, IRB Brasil Resseguros S.A. (IRB Brasil Re), after the Rio de Janeiro-based firm launched an initial public offering (IPO) on Friday July 7th, 2017. Reinsurance News reported that IRB Brasil Re, Brazil's largest ... Read the full article
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