Reinsurance News
Caribbean insurers warned to expect higher reinsurance rates at renewals
9th October 2017
Reinsurance companies that operate in the Caribbean have been telling regional insurers to expect higher rates when they look to renew their reinsurance programmes, as a result of recent hurricanes in the region, according to the Association of Trinidad and Tobago Insurance Companies (ATTIC). Parts of the Caribbean were recently devastated ... Read the full article
PPL announces major updates as it looks to enhance capabilities
9th October 2017
The Board of PPL Ltd, a core component of the London Market Target Operating Model, has announced some updates to the platform, which went live on October 9th, 2017. Updates to the platform includes a new facilities functionality, more than 20 market requests, and also a number performance, security and usability ... Read the full article
Karen Clark & Co. puts hurricane Nate insured loss at almost $500 million
9th October 2017
Karen Clark & Company (KCC) expects the insurance and reinsurance industry loss from hurricane Nate to be almost $500 million, the company has announced. Hurricane Nate formed as a tropical depression in early October, before upgrading to a tropical storm on October 5th. The event brought widespread flooding to parts of ... Read the full article
Q3 2017 could be the costliest quarter ever for natural catastrophes: Aon
9th October 2017
The catastrophe risk modelling team of reinsurance broker Aon Benfield, Impact Forecasting, has said that the impacts of catastrophe events during the third-quarter of 2017 will likely make it one of the costliest quarters ever for natural disasters. During the month of September, 2017, hurricanes Irma and Maria combined with other ... Read the full article
LaLone joins Lockton Re from Willis Re as Managing Director, U.S.
9th October 2017
Reinsurance broker Lockton Re has announced the appointment of Charles (Chip) LaLone from Willis Re, as Managing Director in the U.S. In his new role, LaLone will be responsible for Lockton Re's advisory and treaty placement capabilities, as well as leadership responsibilities for improving customer relationships. LaLone is regarded as a casualty ... Read the full article
Lloyd’s signs artificial intelligence deal to transform business processes
9th October 2017
Lloyd's of London has signed its first agreement with an artificial intelligence (AI) technology provider, signing up with Expert System to enable Cogito powered cognitive automation to transform business processes and support Lloyd's market participants. Craig Civil, Head of Data Innovation, Lloyd's, said; "Artificial Intelligence drives productivity by changing the way ... Read the full article
Lancashire puts Harvey, Irma, Maria & Mexico quake losses at up to $212m
9th October 2017
Lancashire Holdings' aggregate net losses from Hurricanes Harvey, Irma and Maria and the two Mexico earthquakes are estimated to be between $106 million to $212 million, net of reinsurance, and including reinstatement premiums. These losses include the carrier's exposures through its Bermuda, UK and Lloyd's operations' exposures as well as Kinesis ... Read the full article
Reinsurers create more value for shareholders than primary players
9th October 2017
In recent years reinsurers have far outperformed their counterparts in economic value creation, with a 20% return to shareholders that far overrides the insurance industry's 13% and that of the stock market, according to McKinsey's report on the global reinsurance market. However, this overperformance may not be sustainable in the longer-term under ... Read the full article
SCOR puts Harvey, Irma, Maria, Mexico quake loss at EUR 430m
9th October 2017
French reinsurance company SCOR has estimated that its costs from recent hurricanes Harvey, Irma and Maria, as well as the earthquakes in Mexico, will come to EUR 430 million after retrocession and tax. SCOR had previously said that it believed that despite recent third-quarter 2017 catastrophe losses, it was still ... Read the full article
Insurance Development Forum aims to “change hearts and minds”
6th October 2017
With major ground-breaking public-private initiatives about to be launched to kickstart insurance in previously underexplored markets, leaders of the Insurance Development Forum (IDF) at the annual Monte Carlo Rendezvous de Septembre, invited re/insurers to "invest" in their future. Swiss Re's Christian Mumenthaler said the IDF needs "other CEO's to join the ... Read the full article
Marsh promotes Ellen Charnley to Captive Solutions president
6th October 2017
Marsh has promoted Ellen Charnley from global sales leader to president of its Marsh Captive Solutions business with immediate effect. Charnley will assume leadership of Marsh's advisory solutions and 1,200 captives in 44 domiciles around the world, reporting to Michael Poulos, Marsh’s Client Advisory Services Leader, and succeeding Nick Durant, who has ... Read the full article
Argo appoints former Travelers underwriter Steve Eccles to CUO
6th October 2017
Specialty re/insurer Argo Group International Holdings has named former Travelers Insurance underwriter, Steve Eccles, as new chief underwriting officer (CUO) of its international business. Eccles will report to head of international, Jose Hernandez, in his CUO role; “Argo Group continues to build an impressive international platform with a growing bench of ... Read the full article
“I don’t think the industry is doing enough to innovate” – Lloyd’s Chairman
6th October 2017
Lloyd's new Chairman, Bruce Carnegie-Brown, has called for a renewed emphasis on modernisation of the 300 year old insurer, saying that while Lloyd's underwriting performance has been strong, the firm's success is stunted by its overweight cost structure, in an interview with the Financial Times. "I don’t think the industry is ... Read the full article
Austral Re seeks LatAm & international expansion
6th October 2017
Brazilian reinsurance firm Austral Re is seeking to add diversification to its business model with greater expansion into Latin America and other regions internationally as well. Austral Re, which is partly backed by the World Bank's International Finance Corporation (IFC) as a shareholder, has been expanding out of its home country ... Read the full article
MS&AD forecasts up to $975m Q3 catastrophe loss
6th October 2017
MS&AD Insurance Group Holdings, Inc., the parent of a range of re/insurers including Mitsui Sumitomo and MS Amlin, expects its losses from third-quarter hurricanes and earthquakes could reach as much as $975 million. MS&AD gives a significant range in possible group losses, from around 70 billion yen ($620m) to 110 billion ... Read the full article
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