Reinsurance News
RMS releases version 17.0 of its North American Earthquake Models
9th June 2017
Global catastrophe risk modelling firm RMS has released its updated version 17.0 RMS North America Earthquake Models, which provides a more accurate and comprehensive view of earthquake risks across the U.S., Canada, and Mexico. RMS describes the release as a "major step forward in managing earthquake risk," claiming that its new ... Read the full article
Topa Insurance Co. names Chang AVP of reinsurance & programs
9th June 2017
U.S. domiciled Topa Insurance Co. has announced the appointment of Olive Chang as Assistant Vice President (AVP) of reinsurance and programs, based in the firm's Calabasas, California office. In her new role Chang will have responsibility for the management of reinsurance and programs operation, including quality control of both treaty and facultative reinsurance placement ... Read the full article
Reinsurers face losses from South Africa storm and fires
9th June 2017
Losses from South Africa's recent Cape storm and fires in Knysna have made it a tough start to the year for insurers in the region, as analysts warn the industry will come under pressure to manage the growing claims costs, although a cushion will be provided by reinsurance cover. Earlier this week Cape ... Read the full article
AIG to sell $600m Arch shares gained from United Guaranty sale
9th June 2017
Insurer AIG is to sell $600 million worth of shares it owns in Bermudian insurance and reinsurance group Arch Capital Group Ltd., a holding that AIG gained when it sold mortgage insurer United Guaranty to Arch. Arch completed its acquisition of United Guaranty Corporation (UGC) from American International Group (AIG) ... Read the full article
W.R. Berkley sets up Entertainment & Sports and Environmental units
9th June 2017
W. R. Berkley Corporation today announced the formation of two independent operating units, Berkley Entertainment & Sports and Berkley Environmental, after these segments grew into independently successful businesses and evolved out of Berkley Specialty Underwriting Managers. W. Robert Berkley, Junior president and chief executive officer of W. R. Berkley Corporation, said; “Berkley ... Read the full article
IAG purchases additional $1 billion catastrophe reinsurance cover
9th June 2017
Australian general insurer Insurance Australia Group (IAG) has strengthened its reinsurance cover through the purchase of an additional $1 billion catastrophe protection on top of its existing $7 billion programme. The $1 billion reinsurance deal includes one prepaid reinstatement and begins on 1st of June running for a contractual period of 19 ... Read the full article
No sign pricing will bounce back quickly as reinsurance market nears bottom: Deutsche Bank
9th June 2017
The January 1st, 2018 renewal season could see pricing in the reinsurance market finally reach the elusive and much discussed bottom of the cycle, with the question then turning to how long the trough will be, suggests analysts at Deutsche Bank. Deutsche Bank has completed its seventh Global Financial Services Conference in ... Read the full article
Markel reorganises to create new insurance unit, Markel Assurance
9th June 2017
Markel Corporation has established a new insurance unit called Markel Assurance that sees the combination of the re/insurer's Wholesale (excess and surplus lines) and Global Insurance (complex, risk-managed accounts) divisions, and that will be led by Bryan Sanders. The reorganisation and subsequent creation of Markel Assurance will be made up of underwriting ... Read the full article
Severe U.S. weather in May to cost insurers almost $3 billion: Aon Benfield
8th June 2017
Impact Forecasting, the catastrophe risk modelling unit of reinsurance broker Aon Benfield, has reported that severe weather in the U.S. in May is expected to result in an insurance and reinsurance industry loss of nearly $3 billion. Impact Forecasting's latest global catastrophe report shows that the majority of economic and insured losses ... Read the full article
Risk management under pressure as insurers tighten budget screws: Guy Carpenter
8th June 2017
Insurers have been tightening up budgets for risk modeling investment and moving away from multi-model risk management to an approach that relies on detailed understanding of a core model, as they come under pressure to improve the bottom line in a competitive market, said Guy Carpenter. Guy Carpenter's Matthew Eagle, Head of ... Read the full article
Matthew McCampbell joins U.S. Risk from Essent Group
8th June 2017
Brokerage U.S. Risk, LLC has named Matthew McCampbell Executive Vice President (EVP) of Corporate Strategy and Development, joining from Essent Group, Ltd. In his new role McCampbell will be responsible for for leading all acquisition activity as the plan continues its aggressive growth strategy. U.S. Risk, LLC's current affiliates, which it offers ... Read the full article
Indian regulator sets up committee to review reinsurance framework
8th June 2017
The Insurance Regulatory and Development Authority of India (IRDAI) has announced plans to form a panel of 17 members to conduct a comprehensive reinsurance framework review. The panel will examine the current regulatory framework for reinsurance and study international best practices, as well as look at the framework for health insurance - ... Read the full article
Willis consultants negotiate closure of FNWL & RGA reinsurance deal
8th June 2017
Willis Re and Willis Towers Watson consultants acted as brokers and actuarial advisors in the recently completed Zurich Insurance Group subsidiary, Farmers New World Life (FNWL), and Reinsurance Group of America (RGA) agreement to reinsure roughly $2.3 billion reserves from its closed U.S. annuity book. To ensure a full bidding process, FNWL said it ... Read the full article
Willis Towers Watson appoints Alice Underwood to global head of Risk Consulting & Software
8th June 2017
Willis Towers Watson has announced the appointment of Alice Underwood to global head of its Risk Consulting and Software (RCS) business. Underwood joins the RCS team from Willis Re, where she led the North America analytics team and was a member of the global leadership team. Commenting on Underwood's appointment, Carl Hess, ... Read the full article
Reinsurer ROEs to diminish further regardless of reduced loss activity: KBW
8th June 2017
Any "subsidy" to the return on equities (ROEs) of reinsurers is likely to diminish in response to persistent and worse-than-anticipated rate declines at recent renewals, regardless of fewer catastrophe events in the coming months, according to Keefe, Bruyette, & Woods (KBW). For the most part, the utilisation of reserves and the ... Read the full article
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