Reinsurance News
Hiscox to establish EU subsidiary in Luxembourg
9th May 2017
Insurer and reinsurer Hiscox has today announced plans to establish a new European subsidiary in Luxembourg in a post-Brexit restructuring move. The international specialist re/insurer said the EU subsidiary will be used to write all Hiscox retail business in Europe and a team covering core functions like compliance, risk and internal audit will ... Read the full article
PERILS sets Cyclone Debbie insured property market loss at AU$1.116 billion
9th May 2017
PERILS has released an initial insured property market loss estimate of AU$1.116 billion (approximately US$820 million) after tropical Cyclone Debbie struck Airlie Beach in the Whitsunday Region of Queensland on 28th of March, causing significant wind and water damage across Southeast Queensland and Northeast South Wales, Australia. Darryl Pidcock, Head of PERILS ... Read the full article
Munich Re reports Q1 result, on track to hit 2017 profit guidance
9th May 2017
Reinsurance giant Munich Re has reported its first-quarter 2017 results, posting a net result of €557 million (US$436 million), and confirming that it still anticipates to hit its 2017 profit guidance across the Group. The reinsurer today announced that despite increased major loss expenditure in the opening three months of the ... Read the full article
JLT Specialty USA expands Environmental Practice with Senior Broker hire
9th May 2017
Insurance and reinsurance broker JLT Group's U.S. subsidiary, JLT Specialty USA, has expanded its Environmental team with the addition of Grant Nichols, as Senior Vice President (SVP). Based in Philadelphia, Nichols joins the firm's Environmental Specialty Group as a Senior Broker with a focus on complex environmental insurance programmes. Mike Rice, Chief ... Read the full article
Munich Re & Lincoln Financial partner to bring new life insurance opportunities to the U.S.
8th May 2017
Germany domiciled reinsurance giant Munich Re has partnered with Lincoln Financial Group to develop new life insurance opportunities for Americans with hepatitis C, in light of recent medical advances. The industry-first partnership sees the pair enable the offering of more favourable underwriting ratings for the majority of people afflicted with hepatitis ... Read the full article
IRDAI establishes expert panel to review India’s reinsurance framework
8th May 2017
India's insurance and reinsurance industry regulator, the Insurance Regulatory and Development Authority of India (IRDAI), has established a Reinsurance Expert Committee to review the country's reinsurance framework. The new committee will be Chaired by ex-IRDAI member M Ramaprasad, and other panel members include Lloyd's India Chief Executive Officer (CEO), Shankar Garigiparthy, Gen ... Read the full article
Reinsurance Association of America names Adam Kerns VP, State Relations
8th May 2017
Adam Kerns has joined the Reinsurance Association of America (RAA) as Vice President (VP), State Relations, the organisation has announced. Before joining the Association, Kerns held the position of Assistant General Counsel at the American Insurance Association (AIA), Director of Finance at Farmers Insurance Group, and Attorney, Saul Ewing LLP. Commenting on ... Read the full article
Aspen’s O’Kane underlines importance of discipline, efficiency and diversification
8th May 2017
During insurer and reinsurer Aspen's first-quarter 2017 earnings release call, Group Chief Executive Officer (CEO), Chris O'Kane, discussed the challenging reinsurance market landscape, which continues to drive a need for discipline and efficiency. Despite the challenging, softening reinsurance market landscape, Aspen Re, the reinsurance arm of Aspen, recorded a combined ratio ... Read the full article
Insurance Council of Australia adds Lloyd’s & Zurich representatives to Board of Directors
8th May 2017
The Insurance Council of Australia (ICA) has announced that Chris Mackinnon, Lloyd's Australia Ltd's General Representative in Australia and Rajbir Nanra, Chief Executive Officer (CEO), General Insurance, Zurich Financial Services Australia Ltd, have joined the ICA Board of Directors. The new appointments takes the number of non-executive directors to 11, the ... Read the full article
Bermuda’s Women in Reinsurance welcomes three new board members
8th May 2017
The organisation dedicated to promoting the professional development of women working in Bermuda's reinsurance market, Women in Reinsurance (WiRe), has today announced the appointment of three new board members - Tracey Gibbons, Peta White and Stephen Young. Kathleen Reardon, Chair of WiRe and Chief Executive Officer (CEO) of Hamilton Re, welcomed the ... Read the full article
Chubb announces successful integration of key EU operating units
5th May 2017
Following the acquisition of Chubb Corporation by ACE Limited in 2016, Chubb has announced the completion of the integration of key European operating companies. In Europe, and on May 1st 2017, the insurance operations of Chubb Insurance Company of Europe SE was successfully transferred to ACE European Group Limited and, in ... Read the full article
BDA launches Bermuda risk directory portal
5th May 2017
Bermuda's Business Development Agency (BDA), in partnership with professional services firm Deloitte, has launched a new Bermuda risk directory web portal. The new service is designed to provide brokers with easy access to a full range of insurance and reinsurance services, and has been described as an updated and relaunched version ... Read the full article
Re/insurers optimistic about investment and asset management opportunity: Goldman Sachs
5th May 2017
Goldman Sachs' latest insurer asset management survey reveals a dramatic change in the usual credit cycle for inflation, rates and equity returns, with only one-third of insurers now believing they're in the late stages of the credit cycle, compared with last year's three quarters of correspondants. This represents a reversal in ... Read the full article
Tokio Millennium Re CEO discusses refined capital markets strategy & broader reinsurance market trends
5th May 2017
Stephan Ruoff, Chief Executive Officer (CEO) of Tokio Millennium Re (TMR), discussed the firm's main target markets and operating strategies in a recent interview with Reinsurance News. Ruoff highlighted the firm's commitment to income diversification through gaining momentum in two major areas, and also discussed the rise of InsurTech, the global political ... Read the full article
Munich Re’s HSB Ventures leads $29mn Next Insurance capital raise
5th May 2017
Munich Re's venture capital subsidiary, HSB Ventures, has led a $29 million Series A round of funding for Next Insurance, an online insurance platform designed for small to medium sized businesses. Reinsurance giant Munich Re's HSB Ventures led the capital raise alongside Markel, Nationwide, and other existing investors, says Next Insurance. "The small ... Read the full article
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