Reinsurance News
AXIS Insurance adds two to U.S. property & casualty team
16th May 2017
AXIS Capital Holdings Limited has named both James Martin and Russ Madore as Vice President, U.S. Programs, AXIS Insurance Property and Casualty, reporting to John Tatum, Executive Vice President and Head of U.S. Programs, AXIS Insurance. The pair will be based in the firm's Alpharetta, Georgia, U.S., office, and each will ... Read the full article
Aon Benfield launches High Performance Computing platform for re/insurers’ financial reporting
15th May 2017
Reinsurance broker Aon Benfield has announced the introduction of an integrated enterprise High Performance Computing (HPC) business platform as a framework to financial reporting - PathWise Solutions Group IFRS. Pathwise enables businesses to simultaneously model assets, liabilities, and scenario generators - enabling easier management and reporting of complex financial and biometric ... Read the full article
Global ransomware attack highlights the growing need for cyber re/insurance
15th May 2017
Last weekend's devastating global ransomware attack has refocused attention on the need to mitigate against growing risks of cyber threat with greater protection and re/insurance cover, and prompted a cybersecurity stock purchase by European investors. The cyber attack locked up more than 200,000 computers in over 150 countries - disrupting hospitals, businesses, ... Read the full article
Commercial P/C rates decline in Q1 as market challenges persist: CIAB
15th May 2017
Commercial property/casualty (P/C) rates declined for the ninth consecutive quarter across small, medium and large accounts in the first-quarter of 2017, while on average, rates across all business lines declined by 0.7%, according to the Council of Insurance Agents & Brokers' (CIAB) latest report. "Commercial premium pricing this quarter was consistent ... Read the full article
AIG, Hamilton & Two Sigma reveal strategic partnerships and MOU
15th May 2017
Following AIG's appointment of Brian Duperreault as President & CEO and new senior executive appointments at Hamilton Insurance, it's been revealed that the two companies, alongside Two Sigma Insurance Quantified, plan to expand their relationships, which includes the acquisition of Hamilton USA by AIG. Senior executive appointments have been announced at both AIG ... Read the full article
Hamilton Insurance appoints new Chairman & Interim Group CEO
15th May 2017
Bermuda domiciled insurer and reinsurer, Hamilton Insurance Group, has named William C. Freda as its new Chairman of the Board, and David A. Brown as Interim Group Chief Executive Officer (CEO), following the resignation of Brian Duperreault. AIG recently confirmed that Duperreault is to take over as President, CEO and Director of the company, ... Read the full article
AIG names Brian Duperreault President, CEO & Director
15th May 2017
Insurer AIG has now announced the appointment of Brian Duperreault as its new President, Chief Executive Officer (CEO) and Director, signalling his resignation as Chairman and CEO of Hamilton Insurance Group. Rumours suggesting the appointment of Duperreault as the new CEO of AIG had been circulating the insurance and reinsurance industry for the past ... Read the full article
Sompo units launch nat cat model for NW Australia offshore installations
15th May 2017
Sompo Japan Nipponkoa Insurance, Inc (SJNKI), and Sompo Canopius AG are to launch a stochastic natural catastrophe risk model for North-West Australia Offshore Installations, according to an announcement. The new risk model is to be launched today at the APPEA Conference and Exhibition 2017 (APPEA 2017), a gas and oil ... Read the full article
Gen Re gets IRDAI approval to open Mumbai branch
15th May 2017
Gen Re, which is owned by Warren Buffett's Berkshire Hathaway, has received final approval from the Insurance Regulation and Development Authority of India (IRDAI) to open a Mumbai branch. The new branch will allow the firm to deliver reinsurance solutions from a local base, enabling a more efficient operation within the Indian ... Read the full article
Tokio Marine Kiln updates on Lloyd’s Syndicates improvements
15th May 2017
Tokio Marine Kiln has revealed the latest forecasts for its Lloyd's Syndicates, announcing improvements on the 2015 year of account driven by favourable claims development. Tokio Marine Kiln Syndicates Limited operates Syndicates 510, 557, and 308 at the Lloyd's of London specialist insurance and reinsurance marketplace, and has now released ... Read the full article
Profitability of U.S. commercial lines business increasingly challenged: Fitch
12th May 2017
International financial services rating agency, Fitch Ratings, has warned of declining profitability in the U.S. commercial insurance industry, driven by intense competition, reduced reserve strengthening and catastrophe losses. "Industry competition has weakened market pricing significantly in the last three years, gradually taking a toll on profitability, and it's unlikely we will ... Read the full article
Former DARAG CEO, Arndt Gossmann joins SOVAG’s Management Board
12th May 2017
Insurer SOVAG has announced that its Supervisory Board has appointed Arndt Gossmann, who recently retired as Chief Executive Officer (CEO) of European run-off insurer DARAG, and Dr. Gerd Meyer as new Management Board members. The appointments are limited until 2018, and both Gossmann and Dr. Meyer, two insurance industry experts, will be tasked ... Read the full article
U.S. property/casualty insurers fall to $4.7bn underwriting loss in 2016: ISO, PCI
12th May 2017
U.S. property/casualty (P/C) insurers recorded a $4.7 billion net underwriting loss in 2016 with a combined ratio of 100.7%, compared with an underwriting gain of $8.9 billion and a combined ratio of 97.8% a year earlier, as higher catastrophe losses and less favourable reserve development impacted profitability, according to ISO, ... Read the full article
HPS Investment Partners, MDP and Price Forbes merge UK business networks
12th May 2017
HPS Investment Partners (HPS) and Madison Dearborn Partners (MDP) have announced plans to merge their UK regional business networks. The merger will include most of the firm's existing general insurance investments, two recent acquisitions, and reinsurance broker Price Forbes. Autonet, Chase Templeton, Ryan Direct Group, Towergate Group and Price Forbes will join forces to ... Read the full article
Tokio Marine Kiln & MGAA partner to enhance UK’s delegated underwriting network
12th May 2017
International specialist insurer Tokio Marine Kiln (TMK) will become the principal sponsor of the Managing General Agents’ Association (MGAA), affirming its commitment and support for the delegated underwriting network in the UK. The size of the actual investment remains unclear, but the partnership will see TMK become the principal sponsor of the ... Read the full article
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