Reinsurance News
LMA Claims Committee backs satellite imagery & intelligence service for Lloyd’s
6th July 2017
The Lloyd's Market Association's Claims Committee (LMACC) will support and fund a satellite imagery and intelligence scheme for Lloyd's of London managing agents. The new service will be open to all Lloyd's managing agents, and is designed to improve claims processes and exposure management, both pre and post a natural disaster, ... Read the full article
Cyber market can achieve scale needed to absorb excess capacity, says Cavanagh
6th July 2017
Cyber risk has fast become one of the reinsurance industry's biggest challenges and opportunities, and with an improved understanding of the risks, creating a cyber reinsurance market large enough to absorb the wealth of excess industry capital is achievable, according to Willis Re Chief Executive Officer (CEO), John Cavanagh. The reinsurance ... Read the full article
Munich Re launches customised drone insurance cover
6th July 2017
Munich Re America, a division of reinsurance giant Munich Re, has launched a new commercial drone insurance product offering a customised liability solution for small to medium-sized clients of insurers. The new product comes in response to increased opportunities for drone use in the U.S. after Federal Aviation Agency (FAA) Rule ... Read the full article
Jonathan Tilman announced as Ed’s Chief Actuary
6th July 2017
International reinsurance brokerage, Ed, has announced the appointment of Jonathan Tilman from Charles Taylor Managing Agency, as Chief Actuary. Tilman will take up the position during the final quarter of this year, and brings more than 30 years of London market experience, and 20 years of executive management experience to the new ... Read the full article
Commercial property pricing down in 2017, casualty to breakeven: Moody’s
6th July 2017
Analysts at Moody's Investors Service (Moody's) have noted a continuation of the weak commercial property pricing environment, with further declines expected in 2017, but does note an expectation that pricing in commercial casualty business will breakeven in 2017, for the third year running. Moody's has published its annual rate change and ... Read the full article
Continental Re urges African re/insurers to be more inward looking
6th July 2017
Continental Re Managing Director, Dr. Femi Oyetunji, said African insurers needed to unite and collaborate to grow to a capacity that would allow local carriers to retain more of the risks and offset an over-dependence on international players, the Guardian Nigeria reported. While speaking of the impact the carrier has had ... Read the full article
Swiss Re signs MoU on disaster resilience with City of Dalian, China
6th July 2017
At last week's World Economic Forum Summit in China, Swiss Re signed a Memorandum of Understanding (MoU) with the Chinese Dalian city administration to improve its comprehensive insurance programme for disaster resilience. The programme includes catastrophic insurance solutions to protect against natural and man-made disasters such as fire and explosion. Vice Mayor ... Read the full article
Beach & Associates names Daniel Shaw Senior Vice President
6th July 2017
Insurance and reinsurance broker Beach & Associates (Beach) has announced the appointment of Daniel Shaw as Senior Vice President (SVP), leading the firm's wholesale property and casualty treaty unit in London. Shaw brings nearly two decades of industry experience to the new role, and most recently served as North American Casualty ... Read the full article
Former Swiss Re CEO Liès proposed as new Chairman of Zurich Board
6th July 2017
The Zurich Insurance Group (Zurich) Board of Directors has put Michel Liès forward for election as Chairman at the upcoming April, 2018 Annual General Meeting (AGM). Lies is proposed to succeed Tom de Swaan who has held the position since 2013 and been a board member since 2006. Tom de Swaan, Chairman of ... Read the full article
James Kent to replace Cavanagh as global CEO of Willis Re
6th July 2017
Global reinsurance broker Willis Re has announced that James Kent will replace John Cavanagh as Global Chief Executive Officer (CEO), when he retires at the end of December, 2017. Kent joined Willis Re in 2004, and has held the position of Deputy Global CEO since December 2016. Prior to this, and ... Read the full article
Peter Zaffino named Global Chief Operating Officer of AIG
6th July 2017
American International Group (AIG) has named Peter Zaffino, previously of CEO of brokerage and risk management firm Marsh LLC, as its new Global Chief Operating Officer, effective August 1st 2017. The rumours that Zaffino would be following his ex-colleague and new AIG President and Chief Executive Officer Brian Duperreault have been ... Read the full article
AXIS Capital acquiring Novae Group for $604m
5th July 2017
Global specialty insurance and reinsurance firm AXIS Capital Holdings Limited is acquiring Novae Group plc, the Lloyd's of London focused diversified specialty re/insurer in a transaction worth $604 million. AXIS said that the acquisition will add "scale and breadth" to its international specialty insurance business, creating a $2 billion London specialty ... Read the full article
Munich Re names two new Executive Vice Presidents
5th July 2017
Munich Re U.S. Life has announced Marc-André Giguère's promotion to Executive Vice President (EVP) of Reinsurance, and Micheal Taht as newly promoted EVP of Research Analytics and Underwriting. Prior to joining Munich Re in 2015, Giguère worked in the U.S. for 20 years with Ernst & Young and Towers Perrin. Michael DeKoning, President ... Read the full article
Hannover Re leads renewal for Iskan Insurance Company
5th July 2017
Egyptian insurer, Iskan Insurance Company, has reportedly renewed its 2017-2018 reinsurance agreements with a group of foreign reinsurance companies, led by reinsurance giant Hannover Re. Speaking with Amwal Al Ghad, Iskan Insurance Company's Managing Director for Technical Affairs, Mohamed Khalifa, confirmed German-based Hannover Re as the lead reinsurer for its 2017-2018 reinsurance renewal. Amwal Al ... Read the full article
Parametrics could hedge re/insurers Florida AOB exposure
5th July 2017
A claims abuse epidemic, widely known as the assignment of benefits (AOB) issue continues to hinder the Florida market, but parametric risk transfer solutions could be utilised to help fund losses driven by higher claims totals, New Paradigm Underwriters recently told Artemis. Artemis explained that the assignment of benefits (AOB) issue can occur ... Read the full article
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