Reinsurance News
Victoria Phillips named as Canopius energy underwriter
22nd January 2018
Canopius, a subsidiary of Sompo Canopius, has announced the appointment of Victoria Phillips, who joins from Marsh in Singapore, as energy underwriter. In her new role she will continue to be based in Singapore, reporting to Geoff Tin, head of energy, and working closely with the London team. Mark Newman, head of ... Read the full article
LIIBA sees electronic placement as main re/insurance distribution tool for London
22nd January 2018
London and International Insurance Brokers’ Association (LIIBA) said it is determined to see electronic placement as the "predominant distribution tool" in the London insurance and reinsurance market by the beginning of 2019. Christopher Croft, Chief Executive Officer (CEO) of LIIBA, explained that the organisation is, "Determined to see PPL become the ... Read the full article
IRDAI to finalise re/insurance regulatory framework by February
22nd January 2018
The revised Insurance Regulatory and Development Authority of India (IRDAI) re/insurance regulatory framework will be revealed by the end of February 2018, after regulators finalise any adjustments based on stakeholders' feedback. Moneycontrol reported that IRDAI Chairman TS Vijayan said regulators are "looking at the stakeholders’ responses." He added "there could be some ... Read the full article
HDI Global appoints new CFO from KPMG
22nd January 2018
HDI Global SE has announced that its Supervisory Board has named Clemens Jungsthöfel as a member of the company's Management Board and as its new Chief Financial Officer (CFO), succeeding Ulrich Read the full article
AIG to acquire Validus Holdings for $5.56 billion
22nd January 2018
It's been announced that American International Group, Inc. (AIG) will acquire all the outstanding common shares of Validus Holdings, Ltd. for an aggregate transaction value of $5.56 billion, in cash. The deal represents progress in AIG's profitable growth strategy, enhancing the firm's general insurance capabilities, while adding a robust reinsurance underwriter ... Read the full article
U.S. life/annuity insurers’ appetite for reinsurance growing, but options decline: A.M. Best
22nd January 2018
U.S. life/annuity insurers have an increased appetite for utilising reinsurance protection as a risk management tool, but consolidation in the U.S. life reinsurance sector is limiting the options for primary players, according to ratings agency A.M. Best. A.M. Best states that U.S. life/annuity insurance companies have increased the aggregate face amount ... Read the full article
Aon appoints Mike Smaje to Global Investment Practice partner
22nd January 2018
Insurance and reinsurance broker Aon has named Mike Smaje, pensions investment consultancy and asset management expert, as a partner in its Global Investment Practice set to be based out of the firm's Leeds and Manchester offices. Smaje joins from a role as an investment specialist for Aberdeen Standard (formerly Standard Life ... Read the full article
PartnerRe and PIC enter £725mn longevity reinsurance deal
22nd January 2018
Specialist pension funds insurer Pension Insurance Corporation (PIC) has announced a £725 million longevity reinsurance agreement with Bermudian reinsurer, PartnerRe. The deal covers the longevity risk acquired when PIC insured the Dockworkers Pension Fund in a full buy-in, in November last year. Kevin O’Regan, Head of Longevity and Portfolio Reinsurance at PartnerRe, ... Read the full article
Reinsurance sector favours relational approach to competition: Report
22nd January 2018
Syndicated financial markets, such as reinsurance, tend to adopt a relational approach to competition, contrary to the widespread perception of negative competition that sees companies fight to win at all costs, according to a new study. The new study, Toward a Social Practice Theory of Relational Competing, was authored by Cass ... Read the full article
Insurers remain underprepared for IFRS 17: reports
22nd January 2018
The majority of insurers surveyed in a study by Aptitude Software are unprepared for implementation of the changes to insurance accounting required in the IFRS 17, the financial software specialist said in its first bi-annual Global IFRS 17 Readiness Assessment Report (GIRA). 92% out of 240 insurers surveyed have yet to put ... Read the full article
Barbican partners with FICO to offer cyber risk assessment tool
22nd January 2018
The Barbican Insurance Group has partnered with software analytics provider FICO to offer a cyber threat monitoring and vulnerability assessment solution, the FICO Enterprise Security Store Portrait (FICO ESS Portrait). Barbican will now provide all its cyber insurance clients with a free subscription to the product. Graeme King, business group leader for ... Read the full article
U.S. tax reform could benefit European reinsurers at mid-year renewals
19th January 2018
U.S. tax reform could be a positive for European reinsurers' June and July renewals, as it carries the potential to level the taxation playing field with Bermudians who have traditionally had the upper hand on U.S. natural catastrophe business, according to Deutsche Bank. The July renewals, which focus on U.S. reinsurance ... Read the full article
Ecosystems a “huge opportunity for insurers who can react fast”: McKinsey
19th January 2018
The rise of ecosystems is a "huge opportunity for insurers who can react fast" with those who can respond quickly to the changes required by the digital technology era being most likely to gain a competitive advantage over their counterparts, said McKinsey & Company in a report on the rise ... Read the full article
JLT Specialty USA to open headquarters in Chicago
19th January 2018
JLT Specialty USA has named Chicago as its chosen base for U.S Headquarters in a joint announcement with Rahm Emanuel, saying Chicago has been a "critical part" of the firm's expansion. Michael Rice, Chief Executive Officer (CEO), JLT Specialty USA, said Chicago became an obvious choice for investment "given its impressive infrastructure, ... Read the full article
Hymans Robertson names Baljit Khatra as Risk Transfer Consultant
19th January 2018
Hymans Robertson has announced the appointment of qualified and FCA regulated actuary Baljit Khatra as Risk Transfer Consultant, set to and be based in the firm’s Birmingham office. Khatra will be based in Birmingham and joins after over 7 years at Mercer where he held a significant role within their strategic ... Read the full article
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