Reinsurance News
Munich Re partners with insurtech Betterview for drone imagery, analysis, reporting
18th January 2018
Global reinsurance player Munich Re has entered into a partnership with insurance technology and drone start-up Betterview, that will see the Munich Reinsurance America, Inc. unit offering drone imagery, analysis and reporting to its insurance company clients. Munich Re will refer any of its insurance company clients that might benefit from ... Read the full article
Pioneer Underwriters launches cyber cover for investment managers
18th January 2018
Pioneer Underwriters has launched a new cyber risk cover that addresses the specific needs of investment managers in relation to cyber exposure. At a breakfast briefing this morning, Simon Holt, Senior Underwriter for Financial Institutions, said; “Pioneer’s cyber offering provides pre and post loss cyber risk management services and as an ... Read the full article
Probitas 1492 names Mark Smith as Senior Underwriter
18th January 2018
Probitas 1492 has named Mark Smith as Senior Underwriter for Management Liability in the Financial Lines team. Smith, who joins Probitas from QBE, is set to take responsibility for the syndicate’s Management Liability portfolio. Neila Buurman, Chief Underwriting Officer for Casualty, commented; "we are very excited that Mark has joined the team ... Read the full article
Volante Global launches London market commercial motor MGA, Edison Motor
18th January 2018
Multi-class international managing general agent (MGA) platform, Volante Global Limited, has announced the establishment of Edison Motor, a London market commercial motor insurance MGA. Edison Motor will offer comprehensive commercial motor insurance solutions to niche markets in the UK, with key business lines being the public sector, such as police forces, fire ... Read the full article
Neon expands Political & Credit Risk team
18th January 2018
Neon has expanded its Political and Credit Risk team with the appointment of Paul Barrett who joins from Arthur J. Gallagher. Barrett is the latest of a string of hires for Neon's Political and Credit Risk team, following the appointments of Anthony Vaughan, Senior Credit Analyst, and Paul Carrington, Underwriter, both ... Read the full article
Ironshore makes two exec promotions within Bermuda operations
18th January 2018
Bermuda domiciled insurance and reinsurance holding company, Ironshore, has announced the appointment of Steve Horton as Chief Executive Officer (CEO) of Iron Starr, and Susan Pateras to Chief Operating Officer (COO), Ironshore Bermuda. In their new positions, both Horton and Pateras will report to Ironshore Bermuda CEO, Mitch Blaser. Blaser, commented; "Steve and ... Read the full article
UK life insurers could see greater reserve releases as mortality rate grows
18th January 2018
The UK mortality rate increased in 2017 overtaking 2015 as the worst year for deaths since 2003 and as UK life insurers' models are updated to more accurately reflect current trends, more responsive models could result in greater reserve releases. RBC Capital Market analysts noted that CMI 2016 substantially underestimated the ... Read the full article
Reinsurance market demonstrates its resilience at 1/1: Guy Carpenter
18th January 2018
Commenting on the state of the global reinsurance market after the key January reinsurance renewals, broker Guy Carpenter notes how resilience the market has been and that little in the way of capital has evaporated despite the major losses of last year. In fact, Guy Carpenter's analysis shows that reinsurance capital ... Read the full article
Multi-line reinsurance rate hardening at 1/1 for Lloyd’s market: Peel Hunt
17th January 2018
The Lloyd's property catastrophe reinsurance market has turned a corner with single-digit rate increases at 1/1 renewals and with further rate hardening expected at mid-year renewals, said Peel Hunt analysts, reflecting views from both the underwriter and broker community after a tour of Lloyd's. Rates increased by about 5% across loss-free ... Read the full article
U.S. life reinsurance market forecast as stable for 2018: A.M. Best
17th January 2018
A.M. Best's outlook for the U.S. life reinsurance market for 2018 is stable, with the market characterised by modest growth, mortality levels that remain within pricing parameters and the strong positions of major players. Michael Adams, A.M. Best, Senior Financial Analyst, commenting on the stable outlook, said; "reinsurers are somewhat less ... Read the full article
AXIS expects $130mn catastrophe loss bill & $42mn tax charge in Q4 2017
17th January 2018
AXIS Capital Holdings Limited has reported a preliminary catastrophe loss estimate of $130 million as a result of fourth-quarter 2017 catastrophe and weather-related events. The total is net of tax and estimated recoveries from both reinsurance and retrocessional covers, and is also inclusive of reinstatement premiums. The estimate includes a change in ... Read the full article
Collaboration needed to support reinsurance market revolution: Johansmeyer, PCS
17th January 2018
The current dynamics of the global reinsurance market suggests a "revolution is brewing," but in order for the market to take advantage of the opportunities ahead, a collective mentality might be what's needed, according to Tom Johansmeyer, Assistant Vice President (AVP), PCS Strategy and Development. "The global reinsurance market shows all ... Read the full article
Extreme weather seen as top 2018 global risk: WEF
17th January 2018
Environmental risks are at the top of the World Economic Forum's (WEF) Global Risk Perception Survey for the second year running, though the interconnected nature of risks observed in 2018 are believed to threaten the system on which economies and international relations are based. The WEF's Global risks report highlighted the ... Read the full article
Sompo Canopius subsidiary names William Kelly as Senior Vice President of U.S. unit
17th January 2018
Canopius has named William Kelly as Senior Vice President (SVP) of the U.S. management & professional lines team. In his New York based role, Kelly will report to head of U.S. management & professional lines, Laurie Banez. Banez, said; “Bill is widely respected by brokers and clients and has a diverse background ... Read the full article
Non-life run-off market will continue to grow after exceeding $700bn: PwC
17th January 2018
The trend of strong non-life run-off transaction activity continued in 2017 with the global insurance run-off market exceeding U.S. $700 billion and PwC predicts disposal of legacy business will continue in coming years. The majority of all global respondents in the PwC survey say they will undertake restructuring or exit activity in the ... Read the full article
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