Reinsurance News
Sompo Intl buying Financial Institutions portfolio from Novae syndicate
30th May 2017
Sompo International, the international specialty insurer and reinsurance brand that emerged after Sompo completed its acquisition of Bermudian firm Endurance Specialty Holdings Ltd., is acquiring a Financial Institutions portfolio of business from Lloyd's player Novae. Sompo International's London Market Insurance platform has reached a definitive renewal rights agreement with Novae Syndicates ... Read the full article
Allied World Assurance launches UK Commercial unit, appoints head
30th May 2017
Allied World Assurance Company Holdings has officially launched its UK Commercial Division and announced that Darren Rowe has joined the firm from Arthur J. Gallagher as Vice President, Head of UK Commercial Division. The new UK Commercial Division enables businesses to secure single product or a combination of numerous coverages to meet ... Read the full article
Cyber, the innovative opportunity for the London market: Bousfield, Capsicum Re
30th May 2017
There's been notable concern across the global insurance and reinsurance industry of London's ability to maintain its position as an international re/insurance hub in an increasingly competitive and post-Brexit world, but could the cyber reinsurance market be the perfect opportunity for London to embrace? Discussing the growing threat of cyber in relation ... Read the full article
Fairfax to sell shares of Indian insurer ICICI Lombard
30th May 2017
FAL Corporation - a subsidiary of Fairfax Financial Holdings - has announced plans to sell 12.8% of ICICI Lombard General Insurance Company's ("ICICI Lombard") fully diluted shares to Red Bloom Investment (9.00%). Under the deal, ICICI Lombard - a leading general insurance company in India with gross written premiums of approximately $1.2 billion - is valued ... Read the full article
Mexico and Latin America seen as growth markets for Lloyd’s: Inga Beale
30th May 2017
Inga Beale highlighted Latin America and Mexico as a key region and growth opportunity for Lloyd's, as the centuries-old re/insurer positions itself for further growth in the emerging market and seeks to strengthen ties, perhaps especially in light of a post-Brexit operating environment, in a speech at the Mexico AMIS ... Read the full article
Willis Towers Watson reinsurance growth potential seen above peers: Analysts
30th May 2017
Of the top-tier insurance and reinsurance broking groups it is Willis Towers Watson that is seen as having the highest growth potential in the reinsurance sector, but execution of the strategy will be key, according to analysts at Credit Suisse. Equity analysts Ryan Tunis and Crystal Lu at Credit Suisse see ... Read the full article
IRB Brasil Re files for IPO
30th May 2017
Brazilian reinsurance firm IRB Brasil Resseguros S.A. (IRB Brasil Re) has now registered for an initial public offering (IPO) with the Brazilian Exchange Commission (Comissão de Valores Mobiliários CVM). According to reports from three key shareholders, the applications have been filed for an initial public offering of IRB Brasil Re shares, ... Read the full article
Insurtech Neos gets strategic support and capacity from Munich Re
26th May 2017
Home insurer Neos has formed a strategic partnership with reinsurance giant Munich Re, who has agreed to provide underwriting capacity through a managing general agent (MGA) towards an innovative home insurance product that uses smart home technology to proactively protect homes from fire, water damage and theft. Neos also announced having raised 5 ... Read the full article
Reinsurance helped Bahamian insurer protect capital & clients post-Matthew
26th May 2017
President of Bahamian insurer Summit Insurance Company, Tim Ingraham, has revealed how the company's "conservative reinsurance" programme enabled it to record a relatively unchanged net equity of more than $25 million in 2016, despite the adverse impact of Hurricane Matthew. Speaking to Tribune Business, Ingraham revealed that prior to Hurricane Matthew, Read the full article
Challenges continue for the U.S. P&C market: A.M. Best
26th May 2017
A.M. Best's preliminary first-quarter report on U.S. property and casualty re/insurance has shown the market is still navigating challenging waters as the trend industry loss trend continues, 2017 Q1 saw a significant net underwriting loss of $841.5 million, however, far from seriously rocking the boat, the losses don't come near the $2 ... Read the full article
Kroll Bond Rating Agency hires Pierce from Munich Reinsurance America
26th May 2017
U.S. credit rating provider and statistical rating organisation, Kroll Bond Rating Agency (KBRA), has announced the appointment of Carol Pierce from Munich Reinsurance America as Director within its insurance group. In her new role Pierce will have a focus on captives, reinsurers, and providers of alternative capital, and brings extensive industry experience ... Read the full article
Zurich North America merges Commercial and Specialty units
26th May 2017
Zurich North America has announced plans to merge its Specialty Products business with its North American Commercial Insurance unit to simplify company processes and make product offers more accessible to its clients. The newly expanded unit will be led by Paul Horgan, head of North America Commercial Insurance, who reports to Mike Foley, Chief ... Read the full article
Aspen appoints new Chief Risk Officer
26th May 2017
Aspen Insurance Holdings, the Bermudian, Lloyd's of London and U.S. platformed insurance and reinsurance specialist, has appointed Tim Aman as its new Chief Risk Officer. Aman joined Aspen earlier this year, but was formally appointed as the new Chief Risk Officer just last week. Prior to joining Aspen in February 2017, Aman ... Read the full article
Weak El Nino could bring above-average Atlantic hurricane season
26th May 2017
A weak or non-existent El Nino could bring another above-normal hurricane season this year, potentially causing significant re/insurance payouts, as Forecasters at NOAA’s Climate Prediction Center say weather conditions point towards a hard-hitting Atlantic hurricane season. The chances of an above-normal Atlantic hurricane season - the season running from June 1st through November ... Read the full article
Agricultural index insurance gains momentum in Sub-Saharan Africa
26th May 2017
Re/insurance supervisors and players in Sub-Saharan Africa have highlighted the success of agricultural index insurance in improving the region’s disaster resilience, as, they say, momentum for index insurance solutions continues to grow. Speaking ahead of the 10th Consultative Forum on building disaster resilience amongst smallscale farmers through agricultural index insurance, Jonathan Dixon, ... Read the full article
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