Reinsurance News
IFRS 17 unlikely to directly impact insurers’ ratings, says Fitch
27th December 2017
Global financial services ratings agency, Fitch Ratings, has said that the overhaul of insurance accounting as a result of the latest International Financial Reporting Standards, IFRS 17, is unlikely to have a direct impact on insurers' ratings. Fitch says that insurers' ratings most likely won't be affected by the implementation of ... Read the full article
Chubb expects a $250mn benefit from new U.S. tax law
27th December 2017
Chubb has announced an expected benefit from the new U.S. corporate tax law in excess of $250 million in the fourth quarter of 2017. This preliminary estimate reflects the one-time impact of the reduced U.S. corporate income tax rate from 35% to 20%, and the deemed repatriation of foreign subsidiary earnings ... Read the full article
Lloyd’s to focus on adopting new technologies in 2018
27th December 2017
Lloyd’s Chairman, Bruce Carnegie-Brown and Chief Executive, Inga Beale’s annual email to the market reinforced Lloyd's commitment to reducing bureaucracy, driving cost-efficiencies and modernising services as the over 100-year-old insurer strives to remain competitive in a fast-changing market. Jon Hancock the Performance Management Director at Lloyd’s of London, recently explained ... Read the full article
European insurers remain well capitalised despite heavy loss year: EIOPA
27th December 2017
The insurance sector remains well capitalised with a Solvency Capital Requirement (SCR) ratio for the median company above 200% despite the above average 2017 hurricane season having dealt a blow to firms' profitability, according to the European Insurance and Occupational Pensions Authority's (EIOPA) December 2017 Financial Stability Report. The report found that in ... Read the full article
California wildfires could trigger higher reinsurance rates: A.M. Best
22nd December 2017
Lines of business impacted by the California wildfires may see an uptick in pricing which could trigger higher reinsurance costs as pricing for perils such as smoke, ash, and brush fire may have to be re-evaluated along will terms and conditions for replacement cost values and living expenses, according to ... Read the full article
Berkshire appoints Jared McGrath to head of New Zealand Accident & Health
22nd December 2017
Berkshire Hathaway Specialty Insurance (BHSI) has appointed Jared McGrath, who joins from a role with Chubb as New Zealand Corporate Manager for Accident & Health, to head of its new line of Accident & Health products in New Zealand. In his new role he'll assume responsibility for the management of Corporate Travel, Group ... Read the full article
Travelers to realign reporting structure after retirement of President and COO
22nd December 2017
The Travelers Companies, Inc. has announced that it is realigning the reporting structure of its business leaders, in response to the retirement of President and Chief Operating Officer (COO), Brian MacLean. MacLean, who has been with the firm for three decades, is to retire on March 31st, 2018, a move that ... Read the full article
Life Company Consolidation Group to acquire Generali PanEurope
22nd December 2017
Generali has entered into a share purchase agreement to sell its entire shareholding in Generali PanEurope with Life Company Consolidation Group (LCCG) for an initial consideration of EUR 230 million. Frédéric de Courtois, Group Chief Executive Officer, (CEO) Global Business Lines & International, said; “this transaction underscores our ongoing efforts to rationalize ... Read the full article
Starr Companies names Steve Blakey & Jose Cuisia Jr as new key executives
22nd December 2017
Starr Companies, which is established and licensed to write general insurance in Hong Kong, has appointed Steve Blakey as President and Chief Executive Officer (CEO) of Starr Insurance and named Ambassador Jose Cuisia Jr as Chairman of Starr International Insurance Asia's Philippines Branch. Maurice Greenberg, Chairman, Starr Companies, said; “We are pleased ... Read the full article
RenaissanceRe estimates $40mn reduction to net income from Tax Bill
22nd December 2017
RenaissanceRe said in a preliminary assessment of the Tax Cuts and Jobs Act of 2017 that it expects to be able to write down a portion of its deferred tax asset, reducing its net income by about $40 million in the period the Tax Bill is enacted. The Tax Bill to ... Read the full article
Ed names Heather Clarkson as Managing Director of Marine
22nd December 2017
Ed has announced the appointment of Heather Clarkson, who joins from a role as Chief Broking Officer of Marine and Head of Hull at Aon Risk Solutions, to Managing Director of Marine with effect from 2nd January 2018. Clarkson boasts over three decades of insurance experience, including having served on a ... Read the full article
Nick Rnjak named as new head of Travelers’ Lloyd’s syndicate
22nd December 2017
Travelers Europe has appointed insurance industry veteran Nick Rnjak to lead its Lloyd's platform, Travelers Syndicate Management. Rnjak was promoted from a role as Chief Underwriting Officer for Travelers Syndicate. In his new role, he will continue to focus on expanding industry sector expertise and building relationships with brokers at Lloyd’s, reporting ... Read the full article
Changes in life & health insurers’ underwriting accelerating: RGA
22nd December 2017
A globally emerging trend in life and health insurers' underwriting is for less reliance on “one-size-fits-all” products and a renewed focus on more segment-specific strategies, according to a Reinsurance Group of America (RGA) survey of 25 leading life and health insurers. The industry is moving towards a consumer-centric approach with key ... Read the full article
MMC names Stacey Mills as VP and Controller
22nd December 2017
Marsh & McLennan Companies (MMC) has announced the appointment of Stacey Mills as Vice President (VP) and Controller, a role that will see her serve as the company's Chief Accounting Officer (CAO), effective January 1st, 2018. Mills joined the firm in 1999 as Controller of Putnam Investments, and has served as ... Read the full article
Reinsurance-to-close provides a clean break for Neon
22nd December 2017
The recently announced reinsurance-to-close transaction that Neon Underwriting has entered into with Enstar Group's StarStone, provides a clean break for the insurer, giving finality on legacy Marketform business. The arrangement, which we covered here, saw Enstar’s Syndicate 2008 enter into a reinsurance-to-close transaction to assume liabilities as at the 2015 ... Read the full article
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