Reinsurance News
Validus insurance unit Talbot launches terror facilities
9th February 2017
Bermudian re/insurer Validus' insurance unit Talbot has launched three enhanced terror facilities in the Singapore, Latin American and Dubai markets, after seeing growing global demand for terror coverage. The Facilities offer a full range of coverage against war and other political violence perils, Talbot's Global Practice Leader for Political Violence, Steven Tebbutt, commented; ... Read the full article
Fairfax Financial heads to New Zealand with $197m Tower acquisition
9th February 2017
Prem Watsa's Fairfax Financial, which owns Brit Insurance and is in the process of acquiring re/insurer Allied World, is entering the New Zealand insurance market with the acquisition of Tower Insurance. Announced today, Fairfax Financial has made an all cash offer at $1.17 per share, so valuing the insurer at ... Read the full article
Zurich claims on Farmers aggregate reinsurance for first time
9th February 2017
Zurich Insurance Group's fourth-quarter and full-year 2016 results show that the firm had to call on its Farmers Exchanges catastrophe reinsurance treaty for the first time, as catastrophe losses led by Texas storms increased to more than $1.3 billion. The catastrophe reinsurance programme was put in place three years ago with ... Read the full article
Arthur J. Gallagher targets cyber coverage gaps for manufacturers
9th February 2017
With a newly launched cyber insurance product broker Arthur J. Gallagher is targeting some of the gaps in existing cyber coverages, a step that could help to open up some of the untapped cyber exposure to the market which could generate significant reinsurance demand. Backed by A rated Lloyd's of London ... Read the full article
Terror coverage demand set to increase in 2017: Pool Re
9th February 2017
Re/insurers could see increased demand for terror coverage across Europe in 2017, as the emerging geopolitical landscape shows the year will bring heightened and shifting terror threats. The largest provider of terrorism reinsurance cover in the UK, Pool Re, has issued a report listing the key terrorist themes for ... Read the full article
Australian insurers increasingly look to life reinsurance
9th February 2017
After numerous issues in the Australian life and health insurance business, primary companies are increasingly looking to life reinsurance opportunities, in order to transfer exposures from older business and to resolve capital issues. Industry wide deterioration in lapse rates and rising claims trends have both impacted the life and health business ... Read the full article
Reinsurance News – Thursday 9th February 2017
9th February 2017
Here’s your daily Reinsurance News for Thursday 9th February 2017: Major reinsurers pull back on China underwriting Three of the world's biggest reinsurance companies have all pulled back on their China underwriting in response to thinning margins and increasing competition from local players. London Market Group to add ... Read the full article
U.S. weather & Chile fires lead January Catastrophe losses: Aon Benfield
8th February 2017
U.S. severe weather and Chile wildfires have led January’s catastrophe loss events, with U.S. weather losses exceeding $1 billion and Chile following with $890 million in losses after its worst wildfire event in modern history. Aon Benfield’s monthly Global Catastrophe report has released figures for January, revealing a month ... Read the full article
Aspen appoints Matthew Botein to Board as Class I Director
8th February 2017
Specialty insurance and reinsurance provider Aspen has appointed Matthew Botein to its Board of Directors as a new Class I Director, and as a member of the Board’s Investment Committee. Botein is a Managing Partner of private investment and advisory firm Gallatin Point and has extensive experience in the financial services industry, having ... Read the full article
Cost of climate change highlights important role of re/insurance
8th February 2017
A report published by the European Environment Agency (EEA) stated that economic losses to the region could rise to as much as €190 billion per year by the end of the 21st century - highlighting the growing role reinsurers will likely play in mitigating climate change loss. The report assesses the ... Read the full article
London Market Group to add reinsurance to PPL trading platform
8th February 2017
The London Market Group has announced plans to revamp its electronic trading platform (PPL) and said it’s looking to expand the lines of business available for trading to include reinsurance. The Group plans to introduce further enhancements to the platform in April, improving functions to make it relevant to all classes ... Read the full article
Major reinsurers pull back on China underwriting
8th February 2017
Three of the world's largest reinsurance firms have all pulled back on their China underwriting, as margins for the business become increasingly thin and local competition starts to influence the market. China has been seen as one of the big opportunities for reinsurance firms, a fast growing economy, significant industrial and ... Read the full article
Andy Wakefield joins reinsurance broker Ed from Willis Re
8th February 2017
Global reinsurance broker Ed has appointed Andy Wakefield as Managing Director of its Marine and Energy Reinsurance business. Wakefield will take up the new position later in the year, reporting to Kieran Angelini-Hurll, Chief Executive Officer (CEO) of Reinsurance, Ed. Commenting on the appointment, Angelini-Hurll said; "Andy is an excellent addition to our ... Read the full article
Re/insurers in Middle East see drop in credit ratings: A.M. Best
8th February 2017
Reinsurers and insurers in the Middle East have seen a slight drop in credit ratings, largely due to lower market demand brought on by a sluggish economy, according to A.M. Best’s 2016 performance report. “Commercial activity is highly correlated to oil demand and the recent period of low energy prices has depressed ... Read the full article
Aon appoints new reinsurance Global Head of Broking Strategies
8th February 2017
Reinsurance intermediary Aon Benfield has appointed Jeremy Goodman to a New York-based role as Global Head of Broking Strategies with immediate effect. Goodman will report to Eric Andersen, Chief Executive Officer of Aon Benfield, and will be responsible for networking with the firm’s reinsurance trading partners to develop innovative products that ... Read the full article
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