Reinsurance News
Gen Re partners with iXledger on blockchain for life & health insurance
29th August 2017
iXledger and Gen Re have announced a partnership to use blockchain and other technologies to develop life and health insurance cover products. Ross Campbell, Chief Underwriter, Life/Health Research & Development, Gen Re, said; "We are very pleased to have established this strategic collaboration with iXledger to create transformative solutions that better ... Read the full article
Troy Fornof joins Western World as Underwriting & Marketing VP
29th August 2017
Troy Fornof is set to join reinsurer Validus Holdings' primary arm Western World Insurance as Underwriting and Marketing Vice President of Contract Division from August 28th. Fornof will work closely with Tim Hochkeppel, Gary Tiepelman and Rosemary D’Aco to oversee the continued expansion of the firm’s Contract Binding Authority business, working from ... Read the full article
AXIS’ increased offer for Novae accepted by shareholders
29th August 2017
The revised and increased offer made by global specialty insurance and reinsurance firm AXIS Capital Holdings Limited to acquire Lloyd’s of London focused diversified specialty re/insurer Novae Group plc has been accepted by shareholders, the company reported today. Novae Group held a General Meeting earlier today in London and approximately 99.97 ... Read the full article
Harvey could slash European reinsurers’ net income by 1/3
29th August 2017
Hurricane Harvey could slash European reinsurers’ net income by nearly one third with insured losses reaching up to $10-20 billion, or more given the extent of flood damage, analysts predict this could stabilise but not significantly impact the soft market pricing cycle. European reinsurers could see a net loss of 27% ... Read the full article
Continued liberalisation of Brazilian market will expand reinsurance lines: Capsicum Re
29th August 2017
Brazil's insurance industry regulator, Superintendencia de Seguros Privados (Susep), is expected to increase permitted foreign reinsurer market share in stages over the next three years, meaning certain business lines are expected to grow, but challenges and uncertainty remain in the country, according to Capsicum Re. Widespread economic and political uncertainty in ... Read the full article
Tokio Marine & Nichido Fire Insurance opens office in Cambodia
29th August 2017
Tokio Marine & Nichido Fire Insurance (TMNF), a Tokio Marine Holdings subsidiary, has expanded into the fast developing insurance market of Cambodia with the establishment of a representative office in Phnom Penh on 22 August. With the ongoing development of the country's infrastructure, Japanese firms have been investing and moving into ... Read the full article
Harvey’s wind & storm surge insured losses at $1.2 bn to $2.3bn: AIR Worldwide
29th August 2017
AIR Worldwide has estimated Hurricane Harvey’s initial Texas wind and storm surge insured losses will range from $U.S. 1.2 billion to $U.S. 2.3 billion. This figure doesn't include the growing impact of the increasing levels of catastrophic flooding or business interruption losses resulting from the closure of oil refineries in the ... Read the full article
Finance executives highlight pension risk transfer drivers
29th August 2017
Increasing premiums to the Pension Benefit Guaranty Corp. (PBGC), combined with asset-related volatility and increasing life expectancies are amongst the top reasons finance executives transfer pension exposure to an insurer, according to a new survey by CFO Research and Prudential Financial, Inc. A new survey including the responses of 80 senior finance executives at ... Read the full article
Hurricane Harvey floods could bring NFIP reinsurance into play
29th August 2017
The flooding caused by hurricane Harvey's torrential rainfall continues and is in many cases worsening, with it being termed "catastrophic" and the worst rainstorm in American history. Flood losses to residential homes are of course dealt with by the National Flood Insurance Program (NFIP), where coverage has been purchased and that ... Read the full article
White Mountains elects Mary Choksi to Board of Directors
25th August 2017
Bermuda domiciled financial services holding company, White Mountains Insurance Group, Ltd., has announced that Mary Choksi has been elected to its Board of Directors, effective immediately. Choksi has been elected as a director of the firm, and was formerly Founding Partner of the Strategic Investment Group. Currently, she serves as a ... Read the full article
Hurricane Harvey likely to be an earnings event and a reminder to the industry: KBW
25th August 2017
In light of Hurricane Harvey's expected path towards Texas, with reports predicting the storm to intensify to a Category 3 storm as it makes landfall late Friday or early Saturday, analysts at Keefe, Bruyette & Woods (KBW) expect the event to remind re/insurers of hurricane risks as losses are likely ... Read the full article
Macau insurers to withstand Hato losses with reinsurers taking bulk of commercial/BI impact: A.M. Best
25th August 2017
Rated non-life insurance companies in Macau are expected to be able to withstand the losses driven by Typhoon Hato, which made landfall north of Macau as a Category 2 typhoon on the Saffir-Simpson Scale on the 23rd of August, 2017, with much of the loss being passed to reinsurers, according ... Read the full article
50% of potential Harvey insured loss expected to be covered by reinsurance: J.P. Morgan
25th August 2017
As hurricane Harvey continues its track towards the state of Texas as a Category 2 storm, expected to intensify to a Category 3 storm as it makes landfall late Friday or early Saturday, the expected loss remains uncertain. However, J.P. Morgan expects roughly 50% of the insured loss to be ... Read the full article
Munich Re acquires interest of Starwood Energy wind farms
25th August 2017
Munich Re has expanded its energy investment portfolio with the purchase of 49% of Starwood Energy Group's interest in two Texas wind farms, likely as a diversifying investment for its asset-side operations. The energy focused private investor, Starwood Energy, sold its interests in the Horse Creek and Electra wind farms in Haskell and ... Read the full article
RMC opens two new London offices
25th August 2017
Risk management and actuarial consulting service provider RMC Group, has expanded its international operations with the addition of two new London offices. Ryan Mitchell, President of European Operations, said opening the London offices "is a strong statement of our intent to expand RMC’s international presence and growth." Mitchell will be working from ... Read the full article
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