Reinsurance News
Re/insurers looking to M&A to deploy excess capital in 2017
12th June 2017
European insurance and reinsurance firms are turning to sharebacks and M&As to deploy high levels of excess capital one year after the Solvency II regime took effect, a Moody's survey of 18 Chief Financial Officers (CFOs) from Europe's largest multinationals revealed. Last year just 10% of survey participants said they were ... Read the full article
President Mugabe rejects Zep Re’s Bill to expand into Zimbabwe: Reports
12th June 2017
Kenya-based insurer and reinsurer Zep Re, also known as PTA Reinsurance Company, has been denied expansion into the Zimbabwe marketplace after President Mugabe rejected the Zep Re (Membership of Zimbabwe and Branch Office Agreement) Bill, according to industry reports. The Bill is designed to enable the insurance and reinsurance company to expand its ... Read the full article
Digital infrastructure in Africa – cutting out re/insurance middle men for faster development
12th June 2017
Digital technologies and development finance are swiftly building re/insurance solutions in countries most vulnerable to climate change, and cutting out the need for reliance on non-existent or flailing public-private partnerships, said Lars Thunell, chairman of African Risk Capacity Insurance, at the African Development Bank meetings in Ahmedabad. Developing countries often lack public-private partnership ... Read the full article
Excess capacity continues to dominate Florida property catastrophe market: Peel Hunt
12th June 2017
Pressure on Florida focused reinsurers to cut back exposures is mounting as June 1 property catastrophe reinsurance renewals show continued rate declines as the long-awaited pricing bottom fails to materialise in a market dominated by excess capacity. Peel Hunt equity analysts have echoed JLT Re's estimate of a 5.1% rate drop ... Read the full article
Argo Hires Jorge Luis Cazar León to head up Latin America re/insurance
12th June 2017
Specialty insurance and reinsurance provider Argo Group International Holdings, Ltd. has named Jorge Luis Cazar León as its new Head of Latin America, a role which will see him with oversight of both insurance and reinsurance operations in Central and South America. Cazar takes up the role with immediate effect and ... Read the full article
Compre to acquire captive Equinox CA Europe
12th June 2017
Insurance and reinsurance legacy specialist Compre has today announced plans to acquire Equinox CA Europe, a captive insurer of global engineering and construction conglomerate SNC-Lavalin. Nick Steer, CEO of Compre, said; “I am delighted to announce this latest acquisition, our fourth this year, from a leading group in its field. "This is ... Read the full article
Qatar Re reported bidding on UK motor insurer
12th June 2017
Sky News has reported that Bermuda domiciled reinsurer Qatar Re, part of the Qatar Insurance Company (QIC), has joined forces with another investor to make a £500 million bid for a UK motor insurance group. Qatar Re is reported to have aligned itself with U.S. based private equity investment ... Read the full article
Heerasing named Deputy Group Chief Executive of Asia Capital Re
12th June 2017
ACR Capital Holdings has announced plans to appoint Bobby Heerasing to Deputy Group Chief Executive and Deputy Chief Executive of its fully owned subsidiary, reinsurer Asia Capital Re, pending regulatory approvals. Heerasing brings over 20 years' re/insurance experience to the role, after having spent most of his career at Catlin and XL Catlin. Since ... Read the full article
Rod O’Malley joins StarStone as new head of cargo from XL Catlin
12th June 2017
Global specialty insurer StarStone has today announced the appointment of Rod O’Malley, who joins from XL Catlin, as head of cargo in London. As head of cargo he will report to global head of marine Simon Schnorr, who welcomed O'Malley to the team; “Rod joins us to build on StarStone’s strong existing cargo foundations ... Read the full article
Regulator questions UK pension providers on use of offshore reinsurance
12th June 2017
The UK's Prudential Regulation Authority, a division of the Bank of England, is reported to have begun questioning UK pension insurers and providers over their use of offshore reinsurance to transfer pension risks. With pension de-risking a top priority for insurers, as pension providers grapple with lower returns and longevity risk, ... Read the full article
Liberty hires Towler from Willis as future aviation reinsurance lead
12th June 2017
Liberty Specialty Markets (LSM), the London insurance and reinsurance focused division of Liberty Mutual Insurance Group, has hired Hans Towler from broker Willis into its Aviation Reinsurance team, with his role set to take over leadership for the division in future. Towler will be based in Liberty's London office and will ... Read the full article
Marsh names leaders for new aviation consortium
12th June 2017
Insurance and reinsurance brokers Marsh have named senior leaders for its newly launched aviation insurance consortium, the Aircraft Finance Insurance Consortium (AFIC). The consortium, which is backed with capacity from four major re/insurance players, Allianz, AXIS Capital, Sompo International (formerly Endurance), and Fidelis, will offer a “unique non-payment insurance product” ... Read the full article
Florida specialists remain largely untested despite 2016 activity: Fitch
12th June 2017
Despite the impacts of Hurricane Matthew and Hurricane Hermine in 2016 the balance sheet and operating infrastructure of many specialist Floridian insurers remains relatively untested against a large loss event, says Fitch Ratings. However, while the $4.5 billion insured loss from Matthew combined with the estimated $400 million loss from ... Read the full article
A U.S. flood reinsurance market boom? S&P Global
9th June 2017
The upcoming reauthorization of the National Flood Insurance Program (NFIP) has created a flurry of renewed interest in U.S. flood reinsurance, but with social and political uncertainties and the nature of flood risk itself remaining as significant obstacles, what kind of market growth is realistic for the foreseeable future? In a recent ... Read the full article
Mark Purdy joins JLT Specialty USA from Aon
9th June 2017
JLT Specialty USA, a subsidiary of insurance and reinsurance broker JLT Group, has announced the appointment of Mark Purdy as Senior Vice President (SVP), joining from Aon. Purdy will be based in the firm's Houston office, with a focus on assisting JLT clients with the improvement of their claims platform while boosting ... Read the full article
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