Reinsurance News
Lloyd’s needs to raise its profile to be a market for the future: Cavanagh
7th June 2017
The growth of insurance and reinsurance centres around the world, the consolidation of the broker community, and challenging market conditions have created an increasingly competitive operating landscape, driving a need for the Lloyd's of London marketplace to raise its profile, warns Willis Re Chief Executive Officer (CEO), John Cavanagh. International ratings agency A.M. ... Read the full article
William Lewis to lead Ironshore’s Australian & New Zealand insurance offerings
7th June 2017
Ironshore International has announced the appointment of William Lewis as Managing Director of Ironshore Australia Pty Limited, responsible for leading its multi-line insurance offerings across Australia and New Zealand. Lewis will based in the firm's Sydney office and reports to Managing Director, Ironshore Asia Pacific, Hui Yun Boo. Hui Yun Boo, commented on ... Read the full article
XL Catlin lifts global property insurance capacity to $500m
7th June 2017
Insurer and reinsurer XL Catlin has increased its global property insurance capacity by 25% to $500 million, and which the company says is available on a quota share or layered basis. The 25% capacity extension enables the re/insurer to address more of its domestic and international property insurance needs, as clients increasingly ... Read the full article
Zep Re becomes just second foreign reinsurer to launch Ethiopia office
7th June 2017
Kenya domiciled reinsurer Zep Re, or PTA Reinsurance Company, has established a new regional office in Ethiopia in an effort to boost its reinsurance operations in Africa's second largest market by population, according to reports from the region. The new office has now opened following the signing of a hosting agreement ... Read the full article
AIG management’s ability to execute turnaround questioned by S&P
7th June 2017
The ability of the management of troubled insurance giant American International Group (AIG) to execute on its recovery plans has been questioned by rating agency Standard & Poor's, despite the arrival of Brian Duperreault as CEO. AIG has been working to turn-around its performance in recent years, an ongoing process ... Read the full article
Axa Re gets approval to open India reinsurance branch
7th June 2017
French reinsurer, Axa Re, has received second stage R2 regulatory clearances from Indian regulator, IRDAI, to open a branch in the country. The reinsurer hopes to begin operations in July when it receives the final round of regulatory clearances, R3, after completing its capital infusion plan, the Press Trust of India (PTI) ... Read the full article
Swiss Re names Slack CEO of Corporate Solutions Australia & New Zealand
7th June 2017
Global reinsurance giant Swiss Re has made another senior appointment within its commercial insurance focused arm, naming Melanie Slack as CEO Australia & New Zealand for Swiss Re Corporate Solutions. Slack has been with Swiss Re since 2002, gaining international experience across a variety of senior management positions in Asia, Europe ... Read the full article
Sri Lanka natural disaster reinsurance expired just before floods
7th June 2017
The National Insurance Trust Fund (NITF) of Sri Lanka's failure to sign reinsurance arrangements that lapsed around two months ago means the organisation will have to use its own funds to pay compensation for property damage from recent flooding and landslides in the country. Reports from the Disaster Management Centre (DMC) claim ... Read the full article
MarketScout targets InsurTech & MGA facility expansion
7th June 2017
Texas based insurance exchange and managing general agent MarketScout has sold its $100 million workers compensation MGA and will use the proceeds to fund a change in strategy, as it switches its focus to Insurtech and MGA facilities. MarketScout owns the successful MarketScout Exchange, where it connects agents with insurers and ... Read the full article
Will Clark joins Sompo Canopius AG Trade Credit Insurance from AIG
7th June 2017
Will Clark, a prominent industry veteran with over thirty years' experience in banking and trade credit insurance, has joined Sompo Canopius' AG Trade Credit Insurance team from AIG as part of the firm's expansion plans for its specialty lines. In his new role, Clark will focus on building a new book ... Read the full article
Vermont legislation rehaul allows reinsurers to expand with agency captives
7th June 2017
Vermont Governor Phil Scott signed new legislation to add agency captives, reinsurers controlled by brokers or insurer agencies, to the types of captives allowed in Vermont - one of the world's largest captive domiciles. An agency captive is set up to receive a share of premiums written and pays its share of ... Read the full article
Arch reveals $38m Q2 property facultative reinsurance loss
7th June 2017
Bermudian insurance and reinsurance group Arch Capital Group Ltd. has revealed what it terms as "unusually high" levels of losses in its property facultative reinsurance book during the second-quarter of 2017. The company says that it expects that second quarter 2017 pre-tax underwriting income will experience around a $38 million hit ... Read the full article
Heritage completes reinsurance placement at cheaper cost & improved terms
6th June 2017
Heritage Insurance Holdings, Inc.'s insurance subsidiaries, Heritage Property & Casualty Insurance Company (Heritage P&C) and Zephyr Insurance Company (Zephyr), have completed their respective 2017-2018 reinsurance programmes at a reduced cost and under improved terms. The programmes are incorporated into one reinsurance structure and includes traditional reinsurance, collateralized reinsurance, coverage by the Florida Hurricane ... Read the full article
SCOR expands EMEA longevity risk capabilities with new appointment
6th June 2017
French insurer and reinsurer SCOR has announced the appointment of seasoned longevity risk transfer executive, Wolfgang Murmann, as its new Head of Longevity for Europe, the Middle East and Africa (EMEA). The appointment of Murmann, who has a solid track record in longevity risk transfer markets and joins from asset management firm, Insight Investment, will enable ... Read the full article
Agricultural index based insurance under the loupe in Africa
6th June 2017
The African agriculture industry is in the throngs of change surrounding the technology, regulation and distribution of index based insurance - developments which are improving the operating environment for insurers as demand for insurance solutions grows. This is according to Jonathan Dixon, Chair of the International Association of Insurance Supervisors (IAIS) ... Read the full article
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