Reinsurance News
Report highlights potential shortcomings of organisations’ cyber controls
1st March 2017
A new report claims that insurance and reinsurance protection alone is insufficient to manage the growing threat of cyber attacks, citing that cyber controls utilised by organisations to mitigate data breaches, and similar, might not be up to the task. The analysis and report on the capabilities of cyber controls comes ... Read the full article
Ariel Re to use Xuber software across Lloyd’s and Bermuda platforms
1st March 2017
Reinsurance firm Ariel Re, which was recently acquired by Argo Group, is implementing the Xuber for Reinsurers software platform across its Lloyd’s and Bermuda businesses. By adopting the Xuber technology Ariel Re is replacing its existing legacy systems with a single platform that offers end-to-end business processing and financial reporting for ... Read the full article
XL expects $75m Ogden Rate hit on UK motor reinsurance book
1st March 2017
XL Group Ltd. said that it estimates the impact of the recent Ogden Rate change to be around $75 million, contained within its UK motor reinsurance book. XL does not underwrite much in the way of UK motor insurance or reinsurance business now, but has some exposure from business underwritten on ... Read the full article
Willis Towers Watson completes OAAGC takeover
1st March 2017
International and insurance and reinsurance broker, Willis Towers Watson (WTW), has now completed the recently announced acquisition of French aviation broker, OAAGC. The transaction sees WTW acquire the book business and team of brokerage OAAGC, significantly strengthening WTW's position as an aviation broker in France, while enabling customers of OAAGC to ... Read the full article
JLT announces executive changes, including appointment of Group COO
1st March 2017
Global insurance and reinsurance broker JLT Group announced a number of leadership changes across its business as part of its 2016 earnings release, including the appointment of a Group Chief Operating Officer (COO). Effective February 28th, 2017, Mike Methley has been named Group COO, leaving his role as Chief Executive Officer ... Read the full article
Higher reinsurance costs expected after Ogden rate cut: Fitch
1st March 2017
UK motor insurers will likely face increased reinsurance costs after the government announced plans to reduce the Ogden discount rate from 2.5% to -0.75%, Fitch Ratings has warned. Although re/insurers likely to be affected by the rate have been proactive in preparing for the rate change, a drop to a negative ... Read the full article
Generali’s Lombard elected Chairman of EcoFin Committee, Insurance Europe
1st March 2017
Chairman and Chief Executive Officer (CEO) of Generali France, Eric Lombard, has been elected Chairman of the Economic & Finance (EcoFin) Committee of Insurance Europe, replacing Dieter Wemmer. The EcoFin division of Insurance Europe oversees the organisations work on regulatory, accounting and investment-related issues, and it's been revealed that Allianz SE ... Read the full article
CCR signs agreement with French state underlining reinsurer’s role
1st March 2017
Reinsurer Caisse Centrale de Reassurance (CCR) and the State of France have entered into a new agreement to redefine CCR’s primary state delegated roles, essentially clarifying the role of the reinsurer. The agreement was signed by the Minister of the Economy and Finance, Michel Sapin, and the senior executives of CCR, ... Read the full article
Reinsurance News – Wednesday 1st March 2017
1st March 2017
Here’s your daily Reinsurance News for Wednesday 1st March 2017: SCOR expects to save up to EUR 200m from consolidation of legal entities Global insurer and reinsurer has said that it expects to save up to €200 million from the consolidation and reorganisation of its various legal entities. China Re ... Read the full article
Argo Group adds two to Board of Directors
28th February 2017
International specialty insurer and reinsurer, Argo Group International Holdings, Ltd., recently announced the appointment of Dee Lehane and Al-Noor Ramji to its Board of Directors. Currently the Independent Chair of a Cabinet Office venture, Debt Market Integrator and Chairman of ORIC International, Lehane has substantial experience with strategic issues and technology-led business adaptions at insurance ... Read the full article
China Re expects up to 35% profit dip in 2016 as investment income declines
28th February 2017
Chinese, public reinsurer China Reinsurance Corporation (China Re) has announced that it expects its net profit attributable to its equity shareholders to decline by between 30% to 35% in 2016, when compared with the previous year, in response to low investment income. According to a note issued by the company on the ... Read the full article
Arch Capital board member resigns due to potential conflict of interest
28th February 2017
Arch Capital Group Ltd., the Bermuda based insurance and reinsurance firm, has announced the resignation from its Board of CEO of The Guardian Life Insurance Company of America Deanna Mulligan. Mulligan has taken the step to resign from the Arch Board of Directors due to a "potential future conflict of interest" ... Read the full article
Hannover Re US announces executive changes as CFO retires
28th February 2017
The U.S. division of reinsurance giant Hannover Re, Hannover Life Reassurance Company of America (Hannover Re US), has announced that Chief Financial Officer (CFO) David Wheat is to retire later this year, and be replaced by Clint Thompson. Effective June 30th, 2017, Wheat will retire from his position as Executive Vice ... Read the full article
Lloyd’s urges re/insurance industry to protect assets from “stranding”
28th February 2017
Lloyd’s has advised the re/insurance industry to take a proactive approach to assess and protect against dangers of global asset-stranding and liabilities, as climate change-related regulation and taxation policies pose a growing threat to the security of portfolio investments. Lloyd’s partnered with the University of Oxford Smith School of Enterprise and ... Read the full article
Korean Re and IRB Brasil Re sign MUO to boost reinsurance cooperation
28th February 2017
Reinsurers Korean Re and IRB Brasil Re have announced that the pair signed a memorandum of understanding (MOU) on February 24th, 2017 in Rio de Janeiro. Korean Re President Won Jong-gyu and IRB Brasil Re President Tarcisio Godoy met at Brasil Re’s headquarters in Rio to sign the MOU, ... Read the full article
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