Reinsurance News
EY hires Barclays Deputy Head of Insurance as a Director
5th September 2017
Dan Broome has joined EY from Barclays Bank as a Director to support the development of an additional insurance sector offering as part of its Financial Services Debt Advisory division. EY launched its Financial Services Debt Advisory team in September 2015, which now consists of seven people, and the appointment of ... Read the full article
Lloyd’s faces a mix of profitability headwinds, warns Moody’s
5th September 2017
Competition and emerging re/insurance hubs combined with declining reserves and profitability headwinds suggests that the Lloyd's of London insurance and reinsurance marketplace is to come under increasing pressure in the months and years ahead, according to Moody's Investors Service. In a new report, Moody's has said that it expects premium growth ... Read the full article
Reinsurers’ evolution must continue as challenges & uncertainty persists: A.M. Best
5th September 2017
The global reinsurance sector remains extremely challenging with limited opportunity for organic growth and declining profitability on both sides of the balance sheet, which, suggests reinsurers will need to continue adapting and evolving to the changing landscape, according to A.M. Best. Despite the widespread impact of hurricane Harvey, which is yet ... Read the full article
Starr appoints Laura Owen to Accident & Health head
4th September 2017
Starr Companies has appointed Laura Owen as head of Accident & health, responsible for all London market business and expansion into the European marketplace. Owen will be based out of the insurance and travel assistance firm's London office. Colin Buchanan, head of international casualty, commented on the appointment; “Laura brings extensive experience in the accident ... Read the full article
Compre acquires AXA Insurance run-off legacy portfolio
4th September 2017
Re/insurance legacy specialist Compre has acquired a legacy portfolio of re/insurance in run-off from AXA Insurance for an undisclosed sum. The portfolio was initially underwritten by RW Gibbon & Son between 1962-1964; it's the 26th portfolio deal completed by Compre to date. Nick Steer, CEO of Compre, said; “I am extremely pleased ... Read the full article
PCS releases Global Cyber Industry Loss Index
4th September 2017
Property Claim Services (PCS) has released a new Global Cyber Industry Loss Index for insured cyber losses with a minimum threshold of $20 million industry wide. The cyber loss index was developed in collaboration with Capsicum Re in response to growing demand for an independent view of cyber industry loss estimates. The new ... Read the full article
NAIC’s new security model to improve U.S. insurance sector’s cyber risk management: Fitch
4th September 2017
Fitch Ratings expects the National Association of Insurance Commissioner's (NAIC) recently approved Insurance Data Security Model Law to drive more rigorous cyber risk management in the U.S. insurance sector, but does warn of the potential for increased compliance costs. The NAIC has sought to establish industry standards for data security that will ... Read the full article
Cape Analytics announces product for improved assessment of cedant’s portfolio risks
4th September 2017
Structured property data provider, Cape Analytics, has launched a new cedent portfolio product offering for reinsurers that claims to enable more accurate judgement of risk exposure of cedent's portfolios. The Cape Analytics data solution relies on CAT risk models from AIR and RMS. Barney Schauble, Managing Partner at Nephila Advisors, said; "Cape Analytics ... Read the full article
April/May flooding in Quebec & Ontario results in over CA$223mn insured loss: IBC
4th September 2017
Two storms and subsequent major flooding in parts of Ontario and Quebec in early April, combined with a severe flooding event in the regions during early May, 2017, has resulted in an insurance industry loss of over CA$223 million (US$179 million), reports the Insurance Bureau of Canada (IBC). This is according ... Read the full article
JLT Re hires Paul Esterbrook from Willis Re
4th September 2017
JLT Re has added Paul Esterbrook, who joins from a role as Executive Director for Non Marine Specialty with Willis Re to its London & International Markets (LIM) Division. Commenting on the appointment Bill Bennett, Head of Division, LIM, JLT Re, said; “We are delighted Paul is joining our growing team ... Read the full article
NFIP could payout 7-10 billion hurricane Harvey claims: RMS
4th September 2017
The National Flood Insurance Programme (NFIP), the U.S. government programme to provide homeowners with flood insurance, will payout an estimated $7-10 billion in claims from hurricane Harvey and undoubtedly trigger its $1 billion of reinsurance cover, according to RMS. The NFIP, which is set to be reviewed and potentially reformed in ... Read the full article
Russell Group builds launches data provider service ALPS Casualty
4th September 2017
Russell Group has partnered with data providers Dun & Bradstreet to launch a matching service, ALPS Casualty, that matches and references each portfolio's insureds, allowing any insured to be identified through a universal identifier and thus enhancing the underwriting process. Russell Group CEO, Suki Basi commented on the launch of ALPS ... Read the full article
NFIP receives over 67,000 Harvey claims, puts reinsurance in play
4th September 2017
The National Flood Insurance Program (NFIP) has now received more than 67,000 claims due to hurricane Harvey's flooding in Texas alone, a figure which puts the NFIP's reinsurance clearly in play. The 67,000 claims had been recorded by the end of the 2nd September, having risen from 51,000 on the 31st ... Read the full article
Allianz expands African footprint with Ensure Insurance acquisition
4th September 2017
Global insurer Allianz has announced a new binding agreement to acquire 98% of Nigerian domiciled insurance firm, Ensure Insurance Plc., from its main shareholder, Greenoaks Global Holdings Ltd. Ensure Insurance provides life and non-life insurance services and during 2016 produced gross written premiums (GWP) of €11 million ($13.1mn). Nigeria has the largest ... Read the full article
Reinsurance prices, claims inflation to push up UK non-life premiums: Fitch
4th September 2017
Premiums for UK non-life insurance products could be set to rise on the back of rising claims inflation and higher reinsurance costs, according to rating agency Fitch. Fitch said that it expects UK non-life insurers will increase motor premiums even further to offset rising claims costs and also higher reinsurance costs ... Read the full article
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