Reinsurance News
Florida Commission approves RMS North Atlantic Hurricane Models
26th May 2017
Risk modeller RMS's version 17.0 North Atlantic Hurricane Models were certified by the Florida Commission on Hurricane Loss Projection Methodology (FCHLPM) on May 12, 2017, for use in residential rate filings with the Florida Office of Insurance Regulation. The new hurricane risk model incorporates the latest research, science and data on landfall ... Read the full article
Recent Canadian flooding unlikely to impact reinsurance: S&P
26th May 2017
While losses will cause a hit to insurers, the recent flooding that impacted parts of Canada in the provinces of Quebec, Northern Ontario and British Columbia is not anticipated to hurt reinsurers or affect reinsurance protection. Rating agency Standard & Poor's says that preliminary estimates put economic losses from the flooding ... Read the full article
Re/insurance challenges and opportunities of the future: EY
26th May 2017
As the re/insurance industry enters an era marked by shifting inner dynamics and fast-paced changes to macroeconomic conditions, EY analysts have outlined the unique challenges and opportunities set to create the market of the future. EY said the key long-term determinants of this changing scape were down largely to demographic shifts, policy ... Read the full article
Insurance premium growth to outpace GDP in Africa, but regulation & lack of talent a concern
25th May 2017
The 2nd African Insurance Barometer reveals an expectation across the market of accelerated premium growth, which is anticipated to outpace GDP. However, an inability to attract needed talent and concerns surrounding the continent's regulatory environment continues to dampen growth prospects. This year's African Insurance Barometer includes responses from 29 regional and global ... Read the full article
Guy Bowker to replace Mark Smith as Enstar CFO from Jan 1st, 2018
25th May 2017
Bermuda domiciled insurance and reinsurance group, Enstar Group Limited, has revealed that Guy Bowker will take over as Chief Financial Officer (CFO) after Mark Smith steps down at the end of 2017 to move into a consulting role for the firm. Currently Chief Accounting Officer (CAO) and Deputy CFO, Bowker joined the firm ... Read the full article
Blue Marble Microinsurance & Nespresso launch Colombia crop insurance pilot
25th May 2017
Blue Marble Microinsurance, an association of eight firms aiming to improve the socio-economic environment of the underprivileged through commercially viable insurance solutions, has partnered with Nestle Nespresso SA to create a pilot crop insurance program for smallholder coffee farmers in Colombia. The pilot project's objective is to protect the coffee industry and ... Read the full article
AIG Philippines puts $2.5 billion towards property insurance
25th May 2017
AIG Philippines, a unit of the American non-life insurer, announced that it's set aside $2.5 billion for property insurance ahead of the P7-trillion infrastructure rollout under the administration of President Duterte. The announcement comes as AIG prepares to be able to offer cover for the country's upcoming massive investment in infrastructure ... Read the full article
Critical infrastructure the next cyber battleground
25th May 2017
As cyber threats increase, alongside the exponential advancements being seen in technology which can heighten cyber risk there is also an increasing threat to legacy systems, particularly in areas such as critical infrastructure, according to experts. It is expected that cyber attacks against critical infrastructure, power grids and energy infrastructure, telecommunications, ... Read the full article
Lloyd’s market hit a “turning point” in 2016, listed insurers outperforming market: RBC
25th May 2017
Difficult global insurance and reinsurance market conditions over the past few years intensified in 2016 fuelling additional earnings pressure on both listed Lloyd's insurers and the overall, Lloyd's of London marketplace. And analysts at RBC Capital Markets feel that those with less correlation to Lloyd's market trends are likely to ... Read the full article
Liberty Mutual announces Jessica Dekermanji as CUO, Dedicated Energy Vertical
25th May 2017
Liberty Mutual has announced the appointment of Jessica Dekermanji to National Insurance Specialty Energy unit Senior Vice President (SVP) and Chief Underwriting Officer (CUO). In her new role, Dekermanji will head up a team focused on growing the firm's energy product solutions and integrating new technologies to improve clients' cost and efficiency in ... Read the full article
XL Catlin promotes Rob McAdams to Chief Underwriting Officer, Global Marine
25th May 2017
Insurer and reinsurer XL Catlin has announced the promotion of Rob McAdams as Chief Underwriting Officer (CUO) for its Global Marine, effective immediately. McAdams has 20 years of industry experience and was previously UK/Ireland Marine Leader at the firm. Prior to joining legacy XL he worked for Reliance National in New York, and ... Read the full article
Allianz AGCS promotes Hansen to lead global aviation
25th May 2017
Allianz Global Corporate & Specialty (AGCS), the corporate focused division of insurance and reinsurance giant Allianz, has promoted Mike Hansen to be its new Global Head of Aviation, effective immediately. Hansen will succeed Henning Haagen who has managed AGCS’s aviation business for five years. Haagen was appointed Northeast Zone Executive for ... Read the full article
ProAssurance puts $200m into Dale Syndicate 1729
25th May 2017
ProAssurance Corporation has expanded its commitment to Lloyd's of London insurance and reinsurance underwriting group Dale Underwriting Partners, adding $200 million to its capital commitment to Syndicate 1729, through to the 2022 year of account. Duncan Dale chief executive, Dale Underwriting Partners, commented on the capital injection; "ProAssurance has been keen ... Read the full article
A.M. Best sees brighter prospects for AIG under Brian Duperreault
25th May 2017
Following the recent announcement from U.S. insurance giant American International Group (AIG) that it was making Brian Duperreault its new President and Chief Executive Officer (CEO), its clear that rating agency A.M. Best sees a brighter future for the insurer. A.M. Best had placed the credit ratings of AIG under review ... Read the full article
Sendai Framework’s targets based on too little data: RMS
24th May 2017
RMS Catastrophe Risk Expert, Dr. Robert Muir-Wood, has spoken out against the short-term metrics used to measure progress towards the Sendai Framework for Disaster Risk Reduction 2015-2030, warning countries could fall short in their risk mitigation efforts if they don't have proper tools to assess progress and accurately measure risks. The Sendai Framework ... Read the full article
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