Reinsurance News
Russia’s national reinsurer approved to enter Egyptian specialty market
24th August 2017
The Russian National Reinsurance Company (RNRC) has received approval from the Egyptian market watchdog to operate as a foreign reinsurance company in the local specialty market. The approval means that RNRC is now included in the Egyptian local official register of the foreign reinsurers, and the entry is a continuation of ... Read the full article
JLT Re promotes Dranchak to Head of Strategic Advisory for the Americas
24th August 2017
Global reinsurance broker and advisory JLT Re has promoted Nick Dranchak to Head of Strategic Advisory for the Americas, a role that will seem him lead delivery of strategic advisory services across the U.S., Canada and throughout Central and South America. Dranchak joined JLT Re’s Strategic Advisory team in 2014 and ... Read the full article
Mitsui Sumitomo to acquire Fairfax’s 98% First Capital interest
24th August 2017
Fairfax and Mitsui Sumitomo Insurance (MSI), a subsidiary of MS&AD Insurance Group Holdings, have entered into an agreement to pursue a strategic partnership which will include establishing reinsurance relationships and Mitsui's acquisition of Fairfax's 97.7% interest in First Capital Insurance Limited of Singapore. Under the agreement the firms announced plans to collaborate in ... Read the full article
U.S. reinsurers’ combined ratio edges closer to 100% in H1 2017, loss ratio rises
24th August 2017
Analysis on the performance of 18 reinsurance companies during the first-half of 2017, by the Reinsurance Association of America (RAA), highlights further deterioration of combined ratios and rising loss ratios. The group of 18 U.S.-based property/casualty reinsurers recorded a combined ratio of 97.1% in the first-half of 2017, compared with 94.8% ... Read the full article
Cyber insurance rates decline on capacity increase
24th August 2017
Cyber insurance rates and prices in the United States declined for the second consecutive quarter in Q2 2017, as the increasing availability of capacity targeting cyber liability underwriting influences the market. According to the latest quarterly look at global insurance rates by broker Marsh, the cyber risk underwriting segment has just ... Read the full article
Neil Monahan joins AXIS Re from Swiss Re as SVP, Professional Liability, U.S.
23rd August 2017
AXIS Re, the reinsurance arm of AXIS Capital Holdings Limited, has appointed Neil Monahan, formerly of Swiss Re, as Senior Vice President (SVP), Professional Liability, U.S., reporting to Jon Colello. In his new role, Monahan will be responsible for leading the reinsurer's professional liability reinsurance underwriting operations in the U.S., and will be based ... Read the full article
Allianz and Brokerslink partnership already showing its worth
23rd August 2017
A strategic partnership between global insurer and reinsurer, Allianz, and Brokerslink, a company which is composed of brokers and risk consultant entities, provides the latter's clients in 95 countries with improved access to Allianz' solutions and is already proving successful. According to a statement Allianz clients are already benefiting from the ... Read the full article
Pioneer launches new suite of cyber coverages for allied healthcare entities
23rd August 2017
Pioneer Special Risk has launched a new suite of cyber solutions that provides allied healthcare entities with protection against a range of digital exposures. The cyber risk landscape is one of the most rapidly advancing and changing exposures in the global insurance and reinsurance industry, with breaches having the potential to ... Read the full article
Re/insurers could see earnings pressured by rising mortality rates
23rd August 2017
Rising mortality rates among the younger population in the U.S. could impact revenues for insurers and reinsurers that cater to lower-income markets, A.M. Best warned. In the last two years there's been an increase in mortality rates among younger age groups which could translate into earnings pressure on firms operating in the ... Read the full article
Brexit to create opportunities in the UK annuities market
23rd August 2017
The uncertainties of Brexit could create further opportunities in the bulk annuities market for pension schemes and reinsurers as a weaker pound makes buy-out more affordable for schemes with overseas sponsors, said Hymans Robertson in a recent report. The UK's well-developed and highly competitive bulk annuities market could see more mergers ... Read the full article
Mike Boseman named as Brown & Riding’s new COO
23rd August 2017
U.S.-based wholesaler and specialty insurance broker, Brown & Riding, has named Mike Boseman as its new Chief Operating Officer (COO), based in the firm's Los Angeles headquarters. Boseman will take on responsibility for the company's strategic operations, which includes both client and carrier development, improving information technology service offerings, and also enforcing Brown & ... Read the full article
Great American expands E&S presence with wholesale offering
23rd August 2017
Great American Insurance Group has announced plans to expand its excess & surplus (E&S) line offerings to wholesale brokers via the creation of a new division, called Great American Risk Solutions. The firm has announced that the new unit will leverage the combined expertise and experience of both the American Empire Group ... Read the full article
Co-Founder of Crop Pro Insurance named as firm’s new President
23rd August 2017
Experienced insurance operations leader and co-Founder of Crop Pro Insurance, Joe Young, has been named as the firm's new President. Young brings extensive industry experience to the role of President, which includes leadership positions at AmTrust Insurance Services, The Climate Corporation, and also John Deere Insurance Company. While at the The Climate ... Read the full article
NexAssure Group to launch specialist MGA in London
23rd August 2017
Singapore-based financial and specialty reinsurer, NexAssure Group, is to launch a specialist managing general agent (MGA) called NexAssure Agency (UK) Limited in London, and has named Mark Angel to lead the unit. Angel has been appointed as Head of Specialty and will be tasked with leading the firm's expansion into both ... Read the full article
European reinsurers scrape by with help of low CAT losses
23rd August 2017
The big four European reinsurers' profitability has been kept afloat by a first half of 2017 that's seen catastrophe loss levels at well below the ten-year average, but Fitch ratings warned that under normal circumstances Munich Re and Hannover Re would have made losses. On a global scale, 2017 has been ... Read the full article
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