Reinsurance News
Soft reinsurance market yet to fully play itself out, warns KBW
11th July 2017
Citing reinsurance broker Willis Re's mid-year reinsurance renewal report, analysts at Keefe, Bruyette & Woods (KBW) have warned that the soft market environment is to continue, with hopes of a market floor at the June and July renewals being premature. Reinsurance rates continued to decline at the mid-year renewals across most ... Read the full article
Philippines Insurance Commissioner elected Vice Chairman of Asian Re Management Board
11th July 2017
Commissioner of the Philippines' Insurance Commission, Denis Funa, has been announced as the new Vice Chairman of the Management Board of the Asian Reinsurance Corporation (Asian Re). Funa's election occurred at the 40th Meeting of the Council of Members and 11th Meeting of the shareholders Assembly in Bangkok, 30th June, 2017. Launched in ... Read the full article
Assurant secures $1.36 billion catastrophe reinsurance program
11th July 2017
Assurant, Inc. has announced the completion of its 2017, $1.36 billion per-occurrence property catastrophe reinsurance program, enabling the firm to protect 2.8 million homeowners and renters policyholders against catastrophe risks. Assurant, an international provider of risk management solutions, explains that its 2017 global, property catastrophe reinsurance program includes base reinsurance premiums ... Read the full article
2016 Texas hail losses smash records at over $5 billion
11th July 2017
At over $5 billion Texas homeowner hail losses in 2016 smashed previous records for the highest annual losses ever recorded, according to statistics released by the Texas Department of Insurance (TDI). Further records were set by combined wind damage and hail losses to residential property reaching nearly $6 billion, and 2016 ... Read the full article
TigerRisk’s X-gRm platform to list live New Paradigm parametric deals
11th July 2017
It's been revealed that New Paradigm Underwriters has committed to using electronic reinsurance trading platform, X-gRm, to place and purchase reinsurance coverage. New Paradigm Underwriters is the originator of parametric insurance solutions, Hurricane PM™ & Industry Parametric Protection™ (IPP), and is looking to trade up to $100 million of capacity utilising the ... Read the full article
S&P revises AXIS outlook to negative after planned takeover of Novae Group
11th July 2017
International financial services rating agency, S&P Global Ratings, has revised its outlook on AXIS Capital Holdings Ltd. to negative from stable, after its recently announced planned acquisition of Novae Group for $604 million. S&P has revealed that while it's affirmed its 'A-' long-term counterparty credit and senior debt ratings on AXIS ... Read the full article
Sonja Ochsenkuehn joins XL Catlin from AIG to lead Global Programs
10th July 2017
The global insurance division of insurer and reinsurer, XL Catlin, has announced the appointment of Sonja Ochsenkuehn from insurer AIG, as Head of Global Programs. Ochsenkuehn has worldwide responsibility for XL Catlin's insurance operations' Global Programs, which are key to the company's offerings to its clients. In fact, XL Catlin explains that last ... Read the full article
TigerRisk becomes first broker to join blockchain research centre
10th July 2017
TigerRisk Partners has become the first insurance broker to join R3 and ACORD's, Association for Cooperative Operations Research and Development, insurance industry Centre of Excellence for Distributed Ledger Technology/blockchain. The Centre of Excellence was launched to provide a dedicated environment for both R3 and ACORD members to research and experiment with ... Read the full article
Willis acquires 49% stake in Indian insurance broker Almondz
10th July 2017
Willis Towers Watson has acquired a 49% stake in Indian composite insurance broker Almondz, the joint venture will combine Willis' global network and expertise with Almondz' local reach and clientele. Almondz serves clients across a broad range of industries and sectors with nine offices throughout the country and over 300 associates. Almondz ... Read the full article
Ensurance UK receives Lloyd’s Coverholder status, partners with Swiss Re & XL Catlin
10th July 2017
Australia's Ensurance Ltd has announced that its wholly owned Managing General Agency (MGA) subsidiary, Ensurance UK Ltd, has partnered with Swiss Re Corporate Solutions and XL Catlin, and also received Lloyd's Coverholder status as it continues its plans for international growth. Ensurance UK Ltd will initially specialise in construction and engineering ... Read the full article
Lloyd’s undergoes large-scale structural changes
10th July 2017
Jon Hancock, Lloyd's Director of Performance Management, spoke at the recent ALM Annual Conference on plans for 2017 structural changes which aim to drive growth, incorporate latest technologies, reduce currently "unsustainable" distribution and admin costs and adapt to meet emerging market risks. Lloyd's is working to introduce a series of performance ... Read the full article
Reinsurers’ betting on benign loss year, market bottom elusive: Peel Hunt
10th July 2017
Further, and steeper-than-expected rate declines across the U.S. property catastrophe space at the mid-year renewals suggests the reinsurance market is struggling to find a bottom, as players bank on yet another benign underwriting year, according to analysts at Peel Hunt. Citing reinsurance broker Willis Re's recent analysis, Peel Hunt, in a ... Read the full article
Theresa May announces Africa development insurance package at G20
10th July 2017
At the G20 meeting last week, Prime Minister Theresa May announced an ambitious package for development and investment in Africa including a new London Centre for Global Disaster Protection, creating a link between UK expertise and developing nations to promote risk management and investment. The plan includes an offer of up ... Read the full article
Willis names James Jackson Head of FINEX FI for Great Britain
10th July 2017
Global insurance and reinsurance brokerage, Willis Towers Watson (WTW), has named James Jackson Head of FINEX Financial Institutions (FI) for Great Britain (GB), succeeding Dr. Paul Search. WTW's FINEX business is part of its Corporate Risk and Broking division, and acts as the broker's financial, executive and professional risk specialty group. Jackson ... Read the full article
Russian reinsurers see loss of foreign premiums
10th July 2017
Russian reinsurers have seen premiums shrink by 15 %, or a loss of RUB 9,747.14 million this year so far, about half of the losses were from Russian premiums and 39% from premiums ceded from abroad, Xprimm reported. The tough market conditions caused several small-middle sized Russian reinsurers to close - a ... Read the full article
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