Reinsurance News
Protection gap is not just an emerging market issue: Swiss Re
30th March 2017
Over the last 25 years, the schism between global insured and economic losses has been steadily widening, a factor that when combined with growing climate, cyber, and geopolitical threat, leaves a dangerous and costly protection gap both in developed and emerging markets. 2016 stats show fast-developing Asian economies were hardest hit; struggling ... Read the full article
Big data enables re/insurers to develop new products & models: Insurance Europe
30th March 2017
Technological advances and the rise of big data in the global risk transfer industry enables insurers and reinsurers to develop new solutions and adapt their business models to remain relevant in a rapidly changing world, which should benefit consumers, says Insurance Europe. In response to the European Supervisory Authorities’ (ESAs) joint discussion paper on ... Read the full article
Morris Tooker announced as new Hartford Middle Market head
30th March 2017
The Hartford has announced Morris Tooker, former reinsurance President of Warren Buffett's Gen Re, as new head of the firm's Middle Market segment - which covers multiline commercial insurance for midsize and larger clientele. The Hartford's Middle Market segment offers property, general liability, workers’ compensation, auto, umbrella liability and marine protection, ... Read the full article
Latin America – a beacon of success for integrated disaster risk schemes
30th March 2017
Latin America has seen growing success in mitigating risk from natural disasters as it expands its public-private partnership with re/insurance schemes to preempt heavy post-event costs, Brink - a Marsh Mclennen company's publication - recently highlighted. With populations highly concentrated in cities throughout Latin America, much of the GDP and economic ... Read the full article
Aspen raises reserves by $30 million after Ogden rate cut
30th March 2017
Aspen Insurance Holdings announced an Ogden rate change impact at $30 million pre-tax in the shape of increased carried reserves for affected lines of business. The estimated figure for the financial impact on the firm’s 2017 first-quarter results is based on a review of its open claims from relevant segments, Aspen ... Read the full article
Bermudian re/insurers’ profitability wears thin under negative market trends: A.M. Best
30th March 2017
Bermudian re/insurer's profitability margins are wearing dangerously thin after years of steady deterioration, despite the market's attempts to adapt to the current environment with a pivot towards primary and alternative classes of business and increased retrocession purchase. A.M. Best identified growing negative trends in Bermuda's Market Composite in its latest report, saying ... Read the full article
Life reinsurance expansion in Asia could outpace primary market growth: Berenberg
30th March 2017
Life reinsurance market growth in Asia could exceed the forecasted 10-15% primary insurance market increase in what’s forecasted to be a period of boom for the emerging life segment in Asia, Berenberg analysts said in their latest report on emerging Asian markets. This surge is expected to be driven by rising reinsurance ... Read the full article
JLT Re adds new partners to facultative arm
30th March 2017
Reinsurance brokerage JLT Re has added two new appointments of partners within its JLT Fac unit that focuses on property, construction and casualty facultative reinsurance. Mark Leonard has joined JLT Fac from Guy Carpenter and takes on a role as a Partner and a senior Construction producer within the division. Leonard has ... Read the full article
Investments offset underwriting decline at Lloyd’s of London
30th March 2017
The Lloyd's of London market announced its results today, revealing a decline in its underwriting profitability as the combined ratio increased to 97.9%, but pre-tax profits were flat at £2.1 billion as investment returns jumped. The fact that underwriting has become increasingly less profitable at Lloyd's of London, on a market-wide ... Read the full article
Lloyd’s of London chooses Brussels for EU base
30th March 2017
The specialist Lloyd’s of London insurance and reinsurance market has selected Brussels, Belgium as its European Union home with the aim being to be ready to underwrite business there for the 1st January 2019 renewal season. Lloyd's has been looking for an EU base for a subsidiary insurance company, to secure ... Read the full article
Reinsurance News – Thursday 30th March 2017
30th March 2017
Here’s your daily Reinsurance News for Thursday 30th March 2017: Lloyd’s of London chooses Brussels for EU base The Lloyd's of London insurance and reinsurance marketplace has chosen Brussels, Belgium as its European Union base, and aims to be ready to underwrite business there from January 1st, 2019 renewals. Read the full article
New marine insurance law fails to benefit Kenya’s declining reinsurance sector
29th March 2017
A new maritime insurance law in Kenya does little to benefit the region's reinsurers that are already operating in a challenging and shrinking marketplace, according to industry experts close to the matter. Section 20 of the Insurance Act reportedly makes it mandatory for local cargo importers to insure goods with local ... Read the full article
Christopher McKeon to join Everest Re from AIG
29th March 2017
Everest Re has announced Christopher McKeon, who joins from AIG, as new leader of its Commercial Casualty unit within the Risk Management Group. Working from the Group’s New York based office, McKeon will oversee multi-line primary casualty solutions for upper middle market clients, reporting to David Sandler, Head of the Everest ... Read the full article
Re/insurers’ future in combining risk reduction and transfer: RMS Exceedance conference
29th March 2017
Speaking to A.M. BestTV at the RMS Exceedance 2017 conference, insurers and risk modelers said risk professionals are shifting their focus to emphasize risk reduction as part of a more comprehensive insurance cover plan. Robert Muir Wood, RMS, said the future of insurance was in “how you combine risk reduction and risk ... Read the full article
UK re/insurance industry will continue to thrive post-Brexit: PwC
29th March 2017
Prime Minister Theresa May has now triggered Article 50 signalling the start of the UK's process of leaving the European Union (EU) and, for insurers and reinsurers communication is an essential part of embracing the changes and ensuring the UK re/insurance industry thrives post-Brexit, according to PwC. Commenting on the triggering ... Read the full article
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