Reinsurance News
European reinsurers best placed to benefit from a flight to quality at renewals: Deutsche Bank
12th January 2018
Europe's big four reinsurance players are in a good starting position for the 2018 renewals and Deutsche Bank analysts expect the reinsurers to benefit from a flight to quality during renewals, as clients rethink their reinsurance programmes. In spite of the prolonged softened reinsurance marketplace and the huge level of catastrophe ... Read the full article
LSM names Renske Franke-le-Clercq as Head of European Commercial & Specialty Claims
12th January 2018
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has named Renske Franken-le-Clercq as Head of European Claims for Commercial and Specialty business. Based in The Hague, Renske will join LSM’s claims leadership team reporting to Mike Gillett, Head of Claims for LSM, and to Kadidja Sinz, Head of Europe ... Read the full article
U.S. life insurers can expect mixed impact from tax reforms: Fitch Ratings
12th January 2018
Fitch Ratings has said that the U.S. tax reforms set to come into effect in 2018 will have both positive and negative impacts for domestic life insurers, but warned that a cut in the corporate tax to 21% could result in players using less offshore reinsurance. Essentially, Fitch warns that U.S. ... Read the full article
JLT appoints Lucy Clarke to CEO of JLT Specialty
12th January 2018
Jardine Lloyd Thompson (JLT) has appointed Lucy Clarke to Chief Executive of the group’s worldwide insurance broking activities, with the title Global Chief Executive Officer (CEO) of JLT Specialty. The appointment is effective from the beginning of April 2018; the remit of this new role covers all JLT's business activities except ... Read the full article
Zurich appoints Carsten Schildknecht as CEO Germany
12th January 2018
Carsten Schildknecht has been appointed as the new Chief Executive Officer (CEO) of Zurich Insurance Group's Germany operations, after the existing CEO Marcus Nagel announced he would be stepping down. Schildknecht worked at Generali Group from 2013 to 2016 as Group Chief Operating Officer and a member of the insurers Management ... Read the full article
Weather network & analytics provider Understory announces U.S. expansion plans
12th January 2018
Weather network and analytics provider Understory has announced plans to expand its national coverage to over 90% of U.S. weather catastrophes, growing its network from 500 to 5,000 sensors a ten fold increase by the end of 2019. “The insurance industry has never been able to access such geospatially-specific data on storm-related ... Read the full article
Verisk’s ISO business expands personal lines flood insurance programme
12th January 2018
Verisk has launched a new personal lines flood insurance program designed to make flood coverage widely available to homeowners anywhere in the United States through its ISO business. "The floods of recent years have highlighted the inadequacy or complete lack of coverage for many Americans, including those who didn't think they ... Read the full article
U.S. surety reinsurance soft market terms continue into 2018
12th January 2018
U.S. Surety reinsurance risk adjusted rate reductions have continued into the start of 2018 with the market still characterised by abundant capacity, however, rate reductions were lower than those of previous years due to some price increases seen in loss affected programmes, according to Willis Re. Some loss affected treaties renewed ... Read the full article
California mudslide losses will reach into tens of millions: Aon
12th January 2018
The devastating mudslides that struck southern California after torrential rains are likely to cause an economic loss of over $100 million and insured losses of at least tens of millions of dollars, according to an Aon Benfield division. The latest weekly catastrophe recap report from Aon Benfield's Impact Forecasting unit explains ... Read the full article
Lloyd’s Market Association names leadership of Claims Committee
12th January 2018
The Lloyd's Market Association (LMA) has appointed Tony Rai as Chair and Hannah Purves as Deputy Chair of the LMA Claims Committee (LMACC), each will serve two year terms with effect from 31 January 2018. Rai, the current Head of London Market Claims for Hiscox is set to replace outgoing chair, Anthony Hobkinson; Purves ... Read the full article
Winter storm Eleanor/Burglind insured loss EUR 1.1bn – 1.6bn: AIR Worldwide
11th January 2018
AIR Worldwide has placed Winter Storm Eleanor / Burglind insured loss estimates at between EUR 1.1 billion and EUR 1.6 billion with the majority of losses expected in Germany, France, the United Kingdom, Belgium, Switzerland, and the Netherlands. Lower levels of loss are also expected in Austria, the Czech Republic, Denmark, Estonia, Finland, ... Read the full article
National General reveals $63-65 mn Q4 impact from California fires
11th January 2018
National General has revealed an expected $63 - $65 million pre-tax impact to 2017 fourth quarter results from the fires that ravaged Northern and Southern California. The estimated losses are net of reinsurance recoverables and including reinstatement premiums, and at $53 million pre-tax the firm's total losses from the fire are roughly ... Read the full article
Aon Baltic completes acquisition of broker Balto Link
11th January 2018
Aon Baltic has announced the completion of the acquisition of insurance broker Balto Link, a Baltic region specialist in large corporate business and online sales. General Manager of Aon Baltic Žilvinas Petrauskas commented; “joining forces with Balto Link will create value and empower results for clients of both firms. Balto Link’s ... Read the full article
QBE Insurance names Vivek Bhatia as CEO of Australian and New Zealand Operations
11th January 2018
QBE Insurance Group has announced the appointment of Vivek Bhatia as Chief Executive Officer (CEO) of Australian and New Zealand Operations (ANZO). Bhatia joins QBE from icare, the NSW Government public financial corporation and one of the largest social insurers globally with more than AU$30 billion in assets and AU$6.7 billion ... Read the full article
Bank of England seeks to lighten Solvency II reporting overhead
11th January 2018
The UK Bank of England's Prudential Regulatory Authority (PRA) arm has begun a new consultation process which could result in changes to ease some of the regulatory reporting burden re/insurers have faced under Solvency II. The proposals, contained in a consultation paper titled "Changes in insurance reporting requirements", ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
