Reinsurance News
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
Arch completes AIG United Guaranty Insurance (Asia) takeover
5th July 2017
Arch Capital Group Ltd. has now announced that on July 1st, 2017, it completed its acquisition of American International Group, Inc.'s (AIG) subsidiary, AIG United Guaranty Insurance (Asia) Limited. Arch has said that it plans to immediately change the company name to Arch MI Asia Limited (Arch MI Asia), and that Tak ... Read the full article
Delta Insurance commences Singapore operations
5th July 2017
New Zealand's Delta Insurance has become the first cyber and technology Lloyd's of London coverholder in Asia, following the launch of Delta Insurance Singapore. The launch is the company's first overseas office in Singapore, and is part of the company's broader, strategic expansion plans. Ian Pollard, Managing Director of Delta International, said; ... Read the full article
Munich Re names ex-Allianz Chairman Zimmerer to supervisory board
5th July 2017
Global reinsurance firm Munich Re has appointed Maximilian Zimmerer, previously the Chairman of the Allianz board, to the Supervisory Board of Munich Re with effect from 4th July 2017. Zimmerer succeeds Peter Gruss, who resigned his seat on the Supervisory Board as of 30th June 2017, having been a Board member ... Read the full article
Reinsurer launches first catastrophe research centre in China
5th July 2017
China's largest reinsurance company, China Re, has launched the first centre dedicated to catastrophe, weather and natural disaster research in the country. It is the first research institution focusing on disasters and through its work China Re hopes that new technologies and services can be developed, which will support the development ... Read the full article
Korean government to back cyber insurance uptake
5th July 2017
The Korean government has launched a research initiative with the Consortium of Computer Emergency Response Team, to boost the domestic cyber insurance market. The Korean Ministry of Science, ICT & Future Planning's new cyber-smart policies could include incentives for policyholders that make use of both cyber insurance and information security service providers. On the ... Read the full article
Fidelis promotes Ian Turner to Group Chief Actuary
5th July 2017
Specialty insurance and reinsurance provider Fidelis Insurance has promoted Ian Turner to the role of Group Chief Actuary, subject to all necessary approvals. Turner joined Fidelis as Head of Capital Modelling in 2016. He will take up the new actuarial role with immediate effect and will report to Hinal Patel, Group ... Read the full article
China & emerging markets driving global insurance premium growth
5th July 2017
Global insurance premium growth totalled 3.1% in 2016, a decline when compared with the previous year, and with much of the expansion coming from China and other emerging markets, according to the Swiss Re Institute's latest sigma study. Global insurance premium growth declined from the 4.3% reported in 2015 to 3.1% in ... Read the full article
Drones “hugely powerful” for re/insurance; Chubb CEO Evan Greenberg
5th July 2017
Evan Greenberg, Chairman and CEO of Chubb called the use of drones "hugely powerful" for the re/insurance industry. Speaking at the MMC Young Professionals Forum 2017 on Thursday, Greenberg called attention to the potential of drones, the digitalisation revolution, and the importance for the future of the re/insurance industry of preserving the ... Read the full article
Swiss Re names Kreutzer Head of Market Underwriting for Austria, Central & Eastern Europe
4th July 2017
Reinsurance giant Swiss Re has announced that Christian Kreutzer will succeed Andrea Fuchs as Head of Market Underwriting for Austria, Central & Eastern Europe, effective July 1st, 2017. xprimm.com reports that Kreutzer is currently based in Hong Kong, where he led Swiss Re's Facultative P&C team for the Asia-Pacific region from August 2015, ... Read the full article
Federated National completes 2017-2018 catastrophe reinsurance programs
4th July 2017
Federated National Holding Company (FNHC) has announced the completion of its 2017-2018 catastrophe reinsurance programs, at an estimated cost of $180 million, and which provide $2.1 billion of aggregate coverage. Federated National's 2017-2018 reinsurance programs cover both Florida and non-Florida exposures, and are effective July 1st, 2017. This year's program includes ... Read the full article
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