Reinsurance News
Argo puts Q4 2016 catastrophes losses at $20m – $25m
18th January 2017
Specialty insurance and reinsurance underwriting firm Argo Group International Holdings, Ltd. has estimated its fourth-quarter 2016 pre-tax catastrophe losses at $20 million to $25 million. The preliminary estimate, released before the fourth-quarter results season begins in the coming weeks, is pre-tax and net of reinsurance and reinstatement premiums. Argo Group explained that ... Read the full article
Industry experts disagree on impact of transatlantic reinsurance agreement
17th January 2017
The EU, U.S. insurance agreement has been hailed in Washington and Brussels as a deal that will greatly boost transatlantic insurance and reinsurance business, but opinions across the industry vary. The deal is set to open up the transatlantic market to both parties as EU and U.S. authorities look to remove ... Read the full article
Ex-Gen Re claims SVP Piggot named CEO of Crawford Global Technical Services
17th January 2017
Geoff Piggot has been named as the new CEO of Crawford & Company's Global Technical Services division, having left his role at Berkshire Hathaway owned reinsurer Gen Re, where he headed up reinsurance claims as a senior vice president. Piggot will be based in London and report to Crawford's International Operations ... Read the full article
A third of total catastrophe losses in 2016 from flooding: Aon Benfield
17th January 2017
Reinsurance broker Aon Benfield named flooding as 2016’s top risk in its 2016 Annual Global Climate and Catastrophe Report released today. 2016 was the fourth consecutive year where flooding was the costliest global peril - at $62 billion it caused nearly one-third of the $210 billion global economic losses. After flooding, the reinsurance broker listed ... Read the full article
Willis Towers Watson names Faber as Global Financial Lines leader
17th January 2017
Insurance and reinsurance broking specialists Willis Towers Watson has appointed Alexis Faber as Global Head of Financial Lines, a promotion from her current role as co-head. The unit comprises Financial and Executive Lines of insurance business, Financial Solutions and other financial products and is part of the company’s Corporate Risk & ... Read the full article
Flood Re welcomes Andy Bord as interim Chief Executive
17th January 2017
Flood Re has announced Andy Bord, formerly CEO at Capita Insurance Services, as interim CEO. Having previously worked for Capita, Staysure, BGL Group and Vodafone UK Bord, Flood Re said Bord's appointment would bring; "significant experience in high-profile, consumer-facing businesses." Mark Hoban, Chairman of Flood Re, commented; “Andy has a strong knowledge ... Read the full article
2016 wind re/insurance claims to rise on hurricane Matthew
17th January 2017
The impact from intense, high wind speeds as a result of hurricane Matthew, the first Category 5 Atlantic hurricane since 2007, is likely to result in increased wind insurance claims for 2016, according to analysis by CoreLogic. An annual wind analysis report by global property information, analytics and data-enabled service provider, CoreLogic, shows ... Read the full article
Reinsurance News – Tuesday 17th January 2017
17th January 2017
Here’s your daily Reinsurance News for Tuesday 17th January 2017: “Too early to see a turn in the market,” says RBC Analysts at RBC Capital Markets have said that despite rate declines in the global reinsurance market slowing at 1/1, 2017 is too early to see a turn in ... Read the full article
International Group avoids U.S. reinsurance to cover Iran oil exports
17th January 2017
According to a report, the marine re/insurer International Group of P&I Clubs has avoided the use of U.S. domiciled reinsurance in its 2017 program, which enables it to cover Iranian exports such as oil. Reuters reported this morning that the global shipping insurance and reinsurance market has come up ... Read the full article
Berkshire Hathaway gains reinsurance license for Malaysia market
17th January 2017
Warren Buffett's Berkshire Hathaway is set to enter the Malaysian reinsurance market, having received a license from Labuan FSA to provide non-life products in the country, through its Berkshire Hathaway Specialty Insurance Company (BHSI) arm. Berkshire Hathaway has been expanding steadily into Asian and Pacific insurance and reinsurance markets, as the ... Read the full article
XL Catlin names Anne Middleton to lead ceded reinsurance
16th January 2017
Anne Middleton has been named by XL Catlin's P&C Underwriting Capital Management operation as its new Global Head of Placements, Ceded Reinsurance. In the role, Middleton will manage the firm's ceded reinsurance arrangements taking responsibility for overseeing the program, negotiating the terms, structure and pricing of XL Catlin's reinsurance. In the role ... Read the full article
BIBA calls for continued EU market access after Brexit
16th January 2017
The British Insurance Brokers’ Association (BIBA) has called for the UK government to negotiate for continued and uninterrupted access to the European single market access after Brexit. BIBA’s Chief Executive Steve White explained that more than 2,700 UK insurance intermediaries benefit from passports that enable them to access EU states and ... Read the full article
UBS turns more negative on European reinsurance sector
16th January 2017
Equity analysts at investment banking group UBS say they are now more negative on the European reinsurance sector, after January renewals saw prices decline further than expected and with fundamentals across the sector looking shaky. With risks on the horizon for the major European reinsurance firms and the London market players, ... Read the full article
Dublin possible new base for Lloyd’s EU subsidiary
16th January 2017
Lloyd’s of London is seriously considering setting up a subsidiary in Dublin to safeguard its access to European markets, the Irish Times revealed today. The insurer will present a proposal to its members to establish a branch in an EU country next month, and Dublin remains one of the key shortlisted ... Read the full article
Insurtech Bought By Many raises £7.5m, Munich Re to provide capacity
16th January 2017
Insurance technology (insurtech) start-up Bought By Many has raised a £7.5 million (US$9.5 million) Series A venture round, and reinsurance firm Munich Re is one of the backers. Bought By Many uses social media and search data in order to provide insight-driven insurance to customers. Through the addition of this insight, ... Read the full article
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