Reinsurance News
U.S. and EU regulators to focus on strengthening cooperation
2nd February 2018
In the first of three events designed to strengthen U.S. and EU regulatory cooperation, the National Association of Insurance Commissioners (NAIC) and the European Insurance and Occupational Pensions Authority (EIOPA) discussed bilateral updates to regulatory and market developments. The forum was held prior to the seventh EU-U.S. Insurance Symposium and hosted by ... Read the full article
Sompo International completes integration of Sompo America
2nd February 2018
Bermuda based Sompo International Holdings (SIH) has completed the transfer of the Sompo America companies and the integration of business operations and staff into the Sompo International Insurance platform. Commercial property, casualty and specialty products for Japanese Interest Accounts (JIA) will be managed by the Sompo Global Risk Solutions platform, under ... Read the full article
BIBA Manifesto calls for action to narrow protection gaps
2nd February 2018
The British Insurance Brokers' Association (BIBA) has released its 2018 Manifesto, Engaging, which calls for improved access to insurance solutions in an effort to narrow the region's protection gap (disparity between economic and insured losses post-event). The protection gap is viewed as one of the insurance and reinsurance industry's biggest challenges ... Read the full article
XL Catlin appoints John Kopach to Regional Underwriting Manager
2nd February 2018
XL Catlin’s Global Excess Casualty insurance business has appointed John Kopach, who joins from a similar role with Everest National Insurance, as new U.S. South East Regional Underwriting Manager. In his new role as Region Manager, Kopach will lead the Atlanta-based team towards a more geographic-focused approach in addressing broker and ... Read the full article
Global re/insurers able to adapt to new U.S. tax regime: Analysts
1st February 2018
Insurance and reinsurance industry analysts expect U.S. insurers to be able to adapt to the new U.S. tax regime, while the impact on the European reinsurance sector is expected to be broadly neutral. The U.S. tax reform lowers the corporate tax rate from 35% to 21%, and, the bill also introduces measures ... Read the full article
Bermuda based Armour Group completes acquisition of Elite
1st February 2018
Bermuda based insurer Armour Group has announced the completion of its acquisition of Elite Insurance Company (EIC) and its affiliate Elite Business Development (EBD). Armour affiliate, Armour Risk Management, is set to assume operational management of Elite along with key members of staff with in-depth knowledge of the business. Elite is an ... Read the full article
Digital ecosystems create opportunities for insurer’s expansion in mobility market
1st February 2018
McKinsey & Company highlighted opportunities for insurers to secure their mobility market position through expanding their digital ecosystems at a time when increasing numbers of stakeholders are using the growing digital economy to disrupt traditional players, in a report on digital ecosystems and platforms in insurance. With a passive and limited relationship ... Read the full article
Single Claims Agreement Party Model is launched in London market
1st February 2018
The London market Single Claims Agreement Party Model, a new claims management model that aims to simplify and streamline claims handling, has been launched live into the London market today. The model is expected to drive significant efficiencies across the market, enabling quick and efficient authorisation of claims by allowing policy leaders to agree ... Read the full article
IUA calls for national authorities to help address cyber issues
1st February 2018
The International Underwriting Association’s Cyber Underwriting Group (IUA) has called for registry of claims data in a new report that highlights the need for national authorities to help address some cyber threat issues and raise awareness of liabilities. The re/insurance industry is struggling to keep up in responding to the rapid ... Read the full article
LIIBA Chair says contract continuity must be ensured post-Brexit
1st February 2018
Speaking at the BIPAR (European Federation of Insurance Intermediaries) annual conference in Madrid today, Andrew Agnew, Chair of London & International Insurance Brokers' Association (LIIBA) said that to ensure London is where the world wants to do business, continuity is critical to ensuring clients don't suffer as a result of ... Read the full article
Volante Global launches Nordic-focused MGA Bridge Underwriting
1st February 2018
Multi-class and multi-territory international managing general agent (MGA) platform Volante Global has announced the launch of Nordic-focused MGA Bridge Underwriting AB. The Stockholm-based specialist underwriting MGA is set to be led by Torkel Lindberg as Managing Director and will work exclusively with key brokers and agents across the region, offering property, liability, financial ... Read the full article
Re/insurers set records for 2017 InsurTech investment
1st February 2018
2017 was a record-setting year for private technology investments by re/insurers, which are leading the way in InsurTech investment after significantly increasing their activity in the market in Q4 2017, according to the fourth Quarterly InsurTech Briefing from Willis Towers Watson in collaboration with CB Insights. Re/insurers have expanded their focus ... Read the full article
MENA offers attractive growth opportunities despite growing headwinds: A.M. Best
1st February 2018
The Middle East & North African (MENA) region offer attractive growth opportunities, however the credit quality of re/insurers operating in the territory is likely to be tested over the next few years as a result of the increasing geopolitical uncertainty, A.M. Best said in a Special Report on MENA. Analysts pointed ... Read the full article
Hiscox appoints Gareth Bateman & Lottie Catto to head up Special Risks unit
1st February 2018
Specialist insurer Hiscox has appointed Gareth Bateman as Development Director of Security Incident Response (SIR) within its Special Risks division and Lottie Catto as new Strategic Development Manager to further support the growth of SIR. The pair will lead the development of Hiscox’s SIR product which launched a year ago. Since 2012 Bateman ... Read the full article
Life/annuity cedants to offshore reinsurers advised to watch counterparty risk: A.M. Best
1st February 2018
About 30% of total life/annuity (L/A) premiums ceded by U.S. insurers are sent to offshore affiliates as multinationals seek out opportunities for capital and tax efficiencies, however, A.M. Best highlighted in a special report that ceding to unaffiliated offshore reinsurers can bring additional risks. The rating agency cautioned firms to do ... Read the full article
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