Reinsurance News
Reinsurance News – Thursday 6th April 2017
6th April 2017
Here’s your daily Reinsurance News for Thursday 6th April 2017: Cyclone Debbie blows the lid on IAG’s reinsurance cover Insurance Australia Group (IAG) expects to fully use up its FY17-specific reinsurance cover of $96 million after Cyclone Debbie raised the insurer’s FY17 net natural peril claim cost estimations to $850 million. Read the full article
PCS launches Global Marine & Energy loss data services
5th April 2017
Property Claims Services, a Verisk Analytics business, has for the first time ventured away from the property-catastrophe sector as it kicks-off its Global Marine and Energy loss aggregation solution services. The PCS Global Marine and Energy risk model index is set to provide industry loss estimates for ocean marine and offshore energy events ... Read the full article
Commercial insurance rates rise in Q1
5th April 2017
For the first time in twenty months there are signs that commercial insurance rates have risen, according to MarketScout's composite rate index for commercial accounts in the United States. The rise of 1% is not significant, but that fact that rates have risen at all could be, as the commercial insurance ... Read the full article
RMS stress tests would see leading banks’ corporate borrowers downgraded when exposed to drought risk
5th April 2017
Risk modeler RMS found the clients of leading banks across the globe would see credit rating downgrades when tested against exposure to normal drought scenarios with a sophisticated drought stress testing tool RMS recently made in collaboration with financial institutions. RMS worked with leading banks from the U.S., China, Mexico, Brazil and other ... Read the full article
Willis appoints Thorsten Querfurt to Natural Resources Global Industry Leader
5th April 2017
Willis Towers Watson has appointed Thorsten Querfurt, joining from management consulting firm Oliver Wyman, as new Global Industry Leader for Natural Resources. In his new role Querfurt will oversee the firm’s Natural Resources segment expansion - including oil, gas and chemicals, metals and mining, and power and utilities (including renewable energy and ... Read the full article
Lloyd’s India branch opens, welcomes MS Amlin as first syndicate
5th April 2017
Lloyd's of London has officially opened its India branch office today and has welcomed MS Amlin as the first syndicate (which we covered yesterday here) to join the branch and begin underwriting as of the 1st April. A ceremonial Lloyd's policy was signed today and witnessed by the UK Chancellor ... Read the full article
Cyclone Debbie blows the lid on IAG’s reinsurance cover
5th April 2017
The Insurance Australia Group (IAG) now expects to fully use up its FY17-specific reinsurance cover of $96 million - which is set to kick in if claims rise above the $680 million mark- after Cyclone Debbie raised the insurer's FY17 net natural peril claim cost estimations to $850 million. The IAG ... Read the full article
Opportunity for reinsurers to assist life sector transformation: Berenberg
5th April 2017
As well as an opportunity to support life insurers' increasing capital needs, life reinsurance market players can also assist with the technological transformation of the industry, according to analysts at Berenberg. The growing risk of disruption from regulatory changes and digitalisation, combined with technological advances sweeping through many parts of the ... Read the full article
Stephen Catlin to retire, step down from XL board
5th April 2017
Stephen Catlin has announced his intention to retire and step down from his role as Chairman of the Board of insurance and reinsurance firm XL Group Ltd. Catlin will continue in his role as the Company’s Executive Deputy Chairman until May 15th 2017, after which he will stay on at XL ... Read the full article
Michael O’Halleran retires from Aon after 37 years
4th April 2017
Michael O'Halleran is set to retire after a life-long career spanning 37 years with Aon Benfield, Aon's global reinsurance intermediary and capital advisor. O'Halleran was one of the founders of Aon Re at its inception in 1987 and led the strategic acquisition of Benfield in 2008, he served most recently as Executive Chairman of ... Read the full article
Energy re/insurance market near a pricing cliff edge: JLT
4th April 2017
The energy insurance and reinsurance market continues to see prices decline, despite demand having dropped significantly as primary clients cut their costs and many underwriters operating at combined rations above 100%, according to broker JLT Group's Lloyd & Partners unit. The offshore and onshore energy insurance market has been beset with ... Read the full article
UK’s Flood Re scheme boosts flood insurance uptake
4th April 2017
Newly released data shows that since the introduction of Flood Re one year ago - a world flagship programme developed to provide at risk UK homeowners with more accessible and affordable flood cover - 80% of homeowners with previous flood claims saw a 50% price reduction for available quotes. The scheme ... Read the full article
Africa Re builds partnerships to boost Nigeria profit
4th April 2017
Africa Re has attributed much of its success throughout Nigeria and the African continent to developing diverse partnerships that support re/insurance market growth. The reinsurer said its unique ventures - such as the mitigation of forex risk through accepting payment of reinsurance premiums in Nigerian bank accounts and in the national ... Read the full article
PartnerRe completes acquisition of life reinsurer Aurigen
4th April 2017
PartnerRe has announced the completion of its acquisition of life reinsurance company, Aurigen Capital Limited. Aurigen’s core business has been the reinsurance of life insurance policies of North American residents, and since 2013, mortality risk solutions in the U.S. Aurigen is a top-five life reinsurer in Canada based on recurring new reinsurance ... Read the full article
M&A activity looms over Bermudian market: A.M. Best
4th April 2017
M&A activity “looms” over the Bermudian market as global re/insurers look to grow their books in a market where fresh underwriting ground is becoming increasingly scarce, A.M. Best analysts said in their recent report on Bermudian market trends. Analysts said conditions in Bermuda were “ripe” for more M&A activity, although questions which ... Read the full article
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