Reinsurance News
Ruschlikon and London’s TOM to align modernisation efforts
17th May 2017
Ruschlikon, the global community of insurers, brokers and reinsurers, has agreed to align its modernisation efforts with the London Market TOM (Target Operating Model), building on what's been an outstanding past year for the platform's growth after meeting in a London General Assembly. The community also set a renewed a focus on ... Read the full article
BIBA highlights needed changes to Ogden rate law and calls for consultation
17th May 2017
The British Insurance Brokers' Association (BIBA) has highlighted needed amendments in the law to set the Ogden rate in the UK, which was recently cut to -0.75%, and called for the government to consult experts when considering future rate changes. Since the Ogden discount rate was cut from 2.5% to -0.75% in ... Read the full article
Lord Turner appointed as new Chubb non-executive Chairman of key European boards
17th May 2017
Chubb has announced the appointment of Adair, Lord Turner, as non-executive Chairman of its key European companies, Chubb European Group and Chubb Underwriting Agencies. In his new position, Turner will work alongside Andrew Kendrick, Regional President for Chubb in Europe, who continues to have executive management responsibility for Chubb’s operations across ... Read the full article
Fitch predicts challenging year ahead with soft reinsurance market conditions
17th May 2017
Fitch Rating has set a negative forecast for the year ahead in its 2017 outlook report, predicting a continued decline of premium rates, with soft pricing prevailing in the global reinsurance market. The soft pricing is driven by a continued over demand of capital, sluggish reinsurance purchasing, and several years of below-average ... Read the full article
Lloyd’s agrees to pay compensation for South Korea Sewol ferry victims
17th May 2017
Lloyd's of London and Korean Re have reached an agreement to pay more than 100 billion won (US$89 million) for South Korea's Sewol ferry accident victims after two years of negotiating whether or not insurance claims were valid due to the ferry owner failing to operate according to regulations, the ... Read the full article
Jay Nichols added to Baldwin & Lyons Board of Directors
17th May 2017
Former AXIS Re Chief Executive Officer (CEO), Jay Nichols, has been formally appointed to Baldwin & Lyons, Inc.'s Board of Directors, effective immediately. Nichols was CEO of AXIS Re from 2012 to 2017, and before joining the reinsurer he also served as President of RenaissanceRe Ventures Ltd., and held positions ... Read the full article
WannaCry could be a catalyst for a new approach to cyber risks: Sciemus
17th May 2017
The global cyber attack caused by the virulent new strain of self-replicating ransomware known as Wanna Decryptor, WannaCry, or WCry, could be just the catalyst that the insurance and reinsurance market needs to stimulate a new approach to cyber risks, according to experts at Sciemus. The WannaCry ransomware has impacted more ... Read the full article
Swiss Re & Taiwan Fire & Marine Insurance launch first parametric insurance for Taiwan fisheries
16th May 2017
Swiss Re and Taiwan Fire & Marine Insurance have worked together to offer the first parametric aquaculture insurance solution to provide cover against extreme rainfall for onshore fisheries, in Taiwan's Ping Tung Country. The parametric insurance solution will provide cover for 120,000 hectares of Grouper fish ponds, making Taiwanese fisheries more ... Read the full article
InsurTech firm Sherpa & Gen Re partner to disrupt traditional re/insurance model
16th May 2017
InsurTech firm Sherpa has announced plans to collaborate with reinsurer Gen Re to offer customer-driven insurance cover to provide clients with a single underwriting process and account for all risks insured, replacing and simplifying traditional methods of insuring on a product by-product basis with separate policies and processes. The new business ... Read the full article
SCOR hires Graeme Scott from Markel as EMEA Casualty CUO
16th May 2017
French reinsurance firm SCOR has announced the appointment of Graeme Scott as its EMEA Casualty Chief Underwriting Officer, hiring him from his most recent position as Head of Inwards Reinsurance at Markel International. Scott joins SCOR today and will be based in London for the reinsurer, where he will lead a ... Read the full article
Ransomware attacks spur cyber demand, could be a $14bn market: Fitch
16th May 2017
As we wrote yesterday, the recent cyber attacks that struck more than 150 countries across the globe with ransomware will stimulate new demand for cyber insurance and reinsurance coverage, and Fitch Ratings agrees, saying today that re/insurers are in a unique position to respond to assist customers faced by ... Read the full article
Duperreault plans to grow AIG, not break it up
16th May 2017
Brian Duperreault, the new President, Chief Executive Officer (CEO) & Director of AIG, plans to make the firm better than it's ever been and sees opportunities to pursue both organic and inorganic growth as he looks to take the company forward. Speaking at the firm's Consumer Insurance Investor Day webcast, Duperreault ... Read the full article
Canada hit with heavy flooding, too early to call losses
16th May 2017
Canadian provinces of British Columbia, Quebec, Ontario, and the Canadian Maritimes were hit with severe floods after persistent, heavy rainfall combined with snowmelt, causing rivers and lakes in the region to swell. Losses are expected to be felt in the millions of dollars (USD), but it's too early to call industry ... Read the full article
China’s PICC to self reinsure with PICC Re
16th May 2017
China's PICC Property & Casualty (P&C) Company Limited has entered into a reinsurance arrangement with the parent owned PICC Re reinsurance company. PICC P&C is part of the People's Insurance Company (Group) of China Limited, which also owns the reinsurer PICC Re. The paid have entered into an agreement which will see ... Read the full article
Novae adds to cyber line-up
16th May 2017
Lloyd's re/insurer Novae has added a new hire to its cyber insurance team, hiring Stuart Quick who was previously with IBM’s UK&I Cyber Security consulting practice. Quick joins Novae's cyber team as Breach Response and Cyber Operations Manager, and will report directly to Dan Trueman, Head of Cyber and Chief Innovation ... Read the full article
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