Reinsurance News
AIG UK underwrites first Shariah-compliant W&I policy in London M&A market
20th October 2017
AIG UK has underwritten the first Shariah-compliant Warranty and Indemnity (W&I) insurance policy issued in the London M&A insurance market, through Cobolt Underwriting's 'Islamic Window' solution. The buyer of the £5 million W&I policy is a Gulf based financial institution run on Shariah principles, which sought out Shariah-compliant financing to fund ... Read the full article
Cohen & Company hires former Twelve Capital exec as Managing Director
20th October 2017
Cohen & Company, LLC has named John Butler as the new Managing Director of U.S. Insurance Asset Management Platform and Global ILS Programme, with effect from November 1st, 2017. Butler joins from Twelve Capital, a Swiss-based insurance specialist and asset manager, where he most recently served as Managing Partner and Head ... Read the full article
P&C soft market trend continues despite severe Q3 cat losses: CreditSights
20th October 2017
The aggregation of severe re/insurance losses from the recent natural catastrophes across North and South America are not significant enough to impact the current trend of the P&C reinsurance market softening, according to CreditSights analysts. P&C reinsurance continues to be characterised by an excess supply of capital, while primary insurers have ... Read the full article
Aon Benfield expands Siccardi’s role to EMEA & UK Head of Client Services
20th October 2017
Aon Benfield, the global reinsurance arm of international broker Aon, has announced the appointment of Leonora Siccardi as EMEA & UK Head of Client Services, based in London. Siccardi will report to Maggie Westdale, Chief Financial Officer (CFO) of Aon Benfield, Richard Posgate, Co-Chief Executive Officer (CEO) of EMEA, Aon Benfield, ... Read the full article
California insurers report preliminary $1 billion+ wildfire losses
20th October 2017
Preliminary wildfire loss estimates from eight California insurers has reached $1.045 billion after over 7,000 structures have been either damaged or destroyed, the California Department of Insurance reported. The losses are for damages to commercial and residential structures, personal and commercial vehicles, and agricultural equipment, and the numbers are expected to ... Read the full article
Meteo Protect gets Lloyd’s coverholder approval
20th October 2017
Weather risk broker Meteo Protect has received Lloyd's of London Coverholder approval with authority to underwrite and issue policies on behalf of Lloyd's syndicates. Meteo Protect’s Coverholder status connects it with Lloyd's worldwide specialist insurance and reinsurance market, offering the broker "a wealth of new opportunities to provide weather index-based insurance to ... Read the full article
Sompo Holdings racks up $617mn HIM & Mexico quake losses
20th October 2017
Sompo Holdings has racked up losses from the August and September hurricanes that devastated the East Coast of the U.S. and the Caribbean, and the two major Mexico earthquakes, of $617 million (JPY 70bn), pre-tax. Hurricanes Harvey and Irma accounted for the Japanese carrier's heaviest losses with $211.6 million (JPY 24bn) ... Read the full article
Ironshore Hong Kong reveals commercial legal expense mitigation cover
20th October 2017
Ironshore Hong Kong has introduced a specialty professional lines product that offers protection for After-the-Event Legal Expenses providing coverage for parties subject to expense losses following commercial litigation action to help mitigate loss exposure. The coverage, which is standardized within the U.K. legal community, has been adapted specifically for the Hong ... Read the full article
Swiss Re estimates $3.6bn of losses from HIM and Mexico quakes
20th October 2017
Global reinsurance giant Swiss Re has released estimated catastrophe losses for the third-quarter of $3.6 billion, driven by hurricanes Harvey, Irma and Maria, and the Mexico earthquakes. The figure is based on a total market insured loss of $95 billion from the three hurricanes and earthquakes in Mexico, and is net ... Read the full article
Re/insurance essential to managing today’s megatrends: Industry experts
20th October 2017
The megatrends of today's world are driving new and additional risks to economies in all regions, highlighting the necessity and value of re/insurance protection in mitigating the risks and increasing global resilience. Speaking as part of a panel at the recently held Guernsey Insurance Forum in London, PwC's Global InsurTech Leader, ... Read the full article
Cat losses push Travelers to underwriting loss in Q3
19th October 2017
Travelers has reported an underwriting loss of $246 million for the third-quarter of 2017, driven by a huge increase in catastrophe losses to $700 million, compared with just $89 million in the same period last year. The $700 million of Q3 catastrophe losses relates primarily to hurricanes Harvey, Irma, and Maria, ... Read the full article
Mitsui Sumitomo to provide weatherXchange platform with indicative pricing
19th October 2017
The global platform that offers companies access to index-based weather risk protection, weatherXchange, has revealed that MSI GuaranteedWeather (MSI GW), a Mitsui Sumitomo Insurance subsidiary, is to provide the weatherXchange Instantaneous Indicative Pricing service with indicative pricing. This comes after WeatherXchange announced Sompo Global Weather, a division of Sompo International Holdings, as ... Read the full article
Africa’s reinsurance market forecast for growth
19th October 2017
Africa's reinsurance executives continue to be bullish about the prospects of their markets, expecting Africa's US$6.8 billion reinsurance market to make a comeback in 2018 after insurance premiums declined by 15.3% in 2016 following a drop in the continent's gross domestic product (GDP) growth, according to the Africa Reinsurance Pulse ... Read the full article
Munich Re’s Pina Albo named new CEO of Hamilton Insurance Group
19th October 2017
Bermuda domiciled Hamilton Insurance Group has announced that Pina Albo will join the company from reinsurance giant Munich Re, to become the firm's new permanent Chief Executive Officer (CEO) after the departure of Brian Duperreault. Albo will assume the CEO position from February 1st, 2018, and replaces Interim Group CEO, David Brown, ... Read the full article
Horseshoe Re promotes Francis to President
19th October 2017
Horseshoe Re has announced the promotion of Yulanda Francis from Senior Vice President (SVP) to President. As well as serving as President she'll retain her current responsibilities for client serving, with the treasury and underwriting teams reporting to her. Francis will report directly to Andre Perez, Chief Executive Officer (CEO) of Horseshoe Group, ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
