Reinsurance News
Reinsurance News – Friday 10th March 2017
10th March 2017
Here’s your daily Reinsurance News for Friday 10th March 2017: Validus finds up to 15% of NFIP flood policies attractively priced Insurer and reinsurer Validus has revealed that after analysing the National Flood Insurance Program’s risk profile, it deems it would underwrite as much of 15% of the risk on ... Read the full article
Validus finds up to 15% of NFIP flood policies attractively priced
9th March 2017
Bermudian insurance and reinsurance company Validus Group has said that after analysing the National Flood Insurance Program's risk profile, the re/insurer deems that it would underwrite as much of 15% of the risk on its own balance-sheet. It's a clear indication that the private insurance and reinsurance market is ready and ... Read the full article
Qatar Re positioned well for growth after successful capital raise
9th March 2017
Bermuda headquartered Qatar Reinsurance Co. (Qatar Re), the reinsurance subsidiary of Qatar Insurance Co. (QIC), has said the successful completion of its significantly oversubscribed $450 million perpetual bond debt issuance positions it well for future expansion. The issue attracted more than 290 orders for more than $6.5 billion, oversubscribing by roughly ... Read the full article
AXA expands parametric cover solutions with new entity
9th March 2017
Insurer AXA has expanded its range of parametric insurance offers to small and medium enterprises (SMEs) and individuals with the launch of a new entity, AXA Global Parametrics - a move that builds on previous success to target greater potential for this product. Driven by the success of AXA's current parametric ... Read the full article
Munich Re Syndicate CUO, Hoare elected to the Council of Lloyd’s
9th March 2017
Dominick Hoare, the Chief Underwriting Officer (CUO) for the Munich Re Syndicate Ltd, has been elected unopposed as Corporate-External member to the Council of Lloyd's, effective April 19th, 2017. Representing Munich Re Capital Limited, Hoare will take up the seat until 31st January 2020. The seat was previously held by Catlin Syndicate ... Read the full article
CEO Hancock resigns from AIG, citing lack of support
9th March 2017
American International Group's President and Chief Executive Officer Peter Hancock has handed in his resignation, citing a lack of support for his tenure. Following difficult times at AIG, which has seen the company downsizing and seeking to get activist shareholders on-board with Hancock's strategy, it appears he's had enough and ... Read the full article
Brit expands use of capital markets reinsurance capacity
9th March 2017
Global insurer and reinsurer Brit has announced the expansion of its collateralised reinsurance sidecar vehicle, Versutus Ltd. to $150 million, as the firm looks to accommodate protection for its U.S. property binder insurance exposures. Effective January 1st, 2017, Versutus grew the volume of capital deployed through a number of segregated accounts to collateralise its ... Read the full article
Grinnell Mutual Reinsurance promotes Jeff Menary to CEO
9th March 2017
Grinnell Mutual Reinsurance Company has selected Jeff Menary as its new President and Chief Executive Officer (CEO), succeeding Larry Jansen upon his retirement. Menary has served the firm for an impressive 37 years, and has worked as Executive Vice President (EVP) of Line Operations since July 2014. Chairman of the Grinnell Mutual Board ... Read the full article
Shree Khare joins Hiscox from RMS as Head of Catastrophe Research
9th March 2017
Global insurer and reinsurer Hiscox has announced the appointment of Shree Khare from RMS as Group Head of Catastrophe Research, a role that will see him work closely with the firm's reinsurance and London Market operations. Khare will be responsible for leading research that directly informs Hiscox's own view of risk ... Read the full article
Markel and Novae reveal Ogden rate impacts
9th March 2017
Re/insurers Markel and Novae have released statements announcing a blow to 2016 profits and changes to reserve level strategies after being hit by the dramatic Ogden rate decrease. Markel said as the company moves to rebalance its sheets in the first quarter of 2017, it expects to increase prior years’ loss reserves for its ... Read the full article
Driverless cars may increase cyber reinsurance demand: Fitch
9th March 2017
The adoption of driverless or autonomous cars and other vehicles will completely transform the motor insurance sector, according to a report from Fitch Ratings. The impact on reinsurance markets is as yet unclear, although many believe that a general shrinking of the motor insurance risk pool will occur, as accidents become ... Read the full article
Hannover Re focuses on profits not premium
9th March 2017
Reporting its results this morning, global reinsurance firm Hannover Re stressed that it is targeting profitability, not simply accumulating premiums, in the still challenging and soft reinsurance market environment. Hannover Re reported its fifth consecutive record result this morning, with net income across the reinsurer rising by 1.8% to EUR 1.17 ... Read the full article
Regulatory equivalence, new trade deal are key Brexit concerns: LMG
9th March 2017
The London Market Group (LMG), an independent UK and London insurance and reinsurance market lobby group, has called for the UK government to assure regulatory equivalence is maintained after Brexit and that a new trade deal is secured with the EU. The LMG has published a report full of recommendations for ... Read the full article
Reinsurance News – Thursday 9th March 2017
9th March 2017
Here’s your daily Reinsurance News for Thursday 9th March 2017: Regulatory equivalence, new trade deal are key Brexit concerns: LMG The London Market Group (LMG) has called for the UK government to ensure regulatory equivalence is maintained following Brexit, asking for a new trade deal to be secured with the EU. Read the full article
Re/insurance industry losses from severe weather in Feb at $1bn+, says Aon
8th March 2017
Aon Benfield’s latest monthly Global Catastrophe Recap report shows a continuation of an active start to the year for insurers and reinsurers as severe weather events in February drives billion dollar losses across the globe. The U.S. was hit by five severe weather outbreaks in February, one in which a tornado touched down 60 ... Read the full article
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