Reinsurance News
Kaikoura earthquake losses “well within reinsurance limits” – RBNZ
1st June 2017
Losses due to the Kaikoura, New Zealand earthquake, the magnitude 7.8 tremblor that occurred on the 14th November 2016, are seen as "well within reinsurance limits" for insurers operating in the country, according to the Reserve Bank of New Zealand. "While there is substantial uncertainty over the claim costs, they appear ... Read the full article
Commercial insurance rates down overall in Q1 but U.S. casualty renewals increase: Marsh
1st June 2017
Q1 2017 marked the sixteenth consecutive quarter commercial insurance rates declined on average, although decreases did moderated across all coverage lines for the fifth quarter running. Despite U.S. cyber liability rates falling for the first time since 2014, U.S. casualty renewal rates actually increased in Q1 2017, according to broker Marsh. Persistent industry ... Read the full article
Hurricane season to bring additional challenges to U.S. P/C industry: Fitch
1st June 2017
The U.S. property & casualty insurance industry is strongly capitalised and has the capacity to withstand what's expected to be an active hurricane season ahead despite the continued challenges of competitive pricing, said Fitch Ratings' in its 2017 hurricane season report. The agency cautioned, however, that a major catastrophic hurricane could be hard-hitting ... Read the full article
Marsh sets up new aviation consortium, with Allianz, AXIS, Sompo & Fidelis
1st June 2017
Insurance and reinsurance broking group Marsh has launched a new aviation insurance consortium, which is backed by capacity from four major players, Allianz, AXIS Capital, Sompo International (formerly Endurance), and Fidelis. Marsh said that the Aircraft Finance Insurance Consortium (AFIC) features a "unique non-payment insurance product" which has been specially created ... Read the full article
U.S. Life & Health sector net income up 73.5% in Q1 2017: A.M. Best
1st June 2017
The U.S. Life/Health (L/H) insurance and reinsurance industry recorded net income of $7.7 billion in the first-quarter of 2017 compared with $4.5 billion a year earlier, representing growth of 73.5%, according to analysis from global rating agency A.M. Best. The analysis includes data from companies that make up an estimated 84% ... Read the full article
Cyber risk aggregation a threat to re/insurer solvency
1st June 2017
While underwriting cyber risks is seen as one of the biggest opportunities in insurance and reinsurance right now, the risks to re/insurers could be equally large. Cyber attacks such as the recent WannaCry ransomware have clearly demonstrated that self-propagating cyber exploits could become major sources of aggregated losses for the insurance ... Read the full article
Guy Carpenter hires van Oort from Gen Re as MD for Benelux operations
1st June 2017
Reinsurance broker Guy Carpenter has announced that it has hired Hans van Oort from General Re to be Managing Director of its Benelux operations, as the company looks to strengthen its regional team. van Oort will join Guy Carpenter as of the 1st December 2017, taking on responsibility for growing Guy ... Read the full article
Trump’s budget proposal to cut federally subsidised crop insurance
31st May 2017
As the Trump administration unveils its spending plan, an agenda to bar crop insurance subsidies and cap the amount of premium aid to $40,000 per farmer has caused an uproar amongst U.S. farmers and crop insurers who fear ensuing losses to their respective industries. Part of the proposed budget includes plans ... Read the full article
Border tax could decrease supply of international reinsurance capital
31st May 2017
Think tank R Street Institute scholars analysed the impact that a decrease in the supply of international reinsurance would have on property insurance premiums, highlighting the enormous costs that would be passed down to customers, should the border-adjustment tax (BAT) become reality. R Street said the most striking impact would be ... Read the full article
Markel adds Hannah Purves & Simon Wilson as board members
31st May 2017
Specialist insurer and reinsurer Markel International has added Hannah Purves and Simon Wilson to the Boards of Markel Syndicate Management Ltd. and Markel International Insurance Company Ltd., the company has announced. Wilson has been the head of Markel's national market operations since 2015, and joined Markel in 2010 from working as the Managing Director ... Read the full article
Arthur J. Gallagher & Co acquires Zuber Insurance Agency & Williams-Manny Insurance
31st May 2017
Arthur J. Gallagher & Co has expanded its reach throughout the states of Texas and Illinois with the acquisition of Zuber Insurance Agency, a commercial and personal property/casualty insurer serving clients in Texas and Williams-Manny Insurance, a retail insurance broker and employee benefits consultant in Northern Illinois. The teams and directors of both ... Read the full article
RenRe leads Sri Lanka natural disaster reinsurance program: Reports
31st May 2017
Renaissance Reinsurance Singapore, a division of the Bermudian reinsurance firm RenaissanceRe (RenRe), is the lead reinsurer on a 15 billion rupee (around $100m) renewal of the Sri Lanka governments natural disaster program. The program, which covers the entire country of Sri Lanka for natural disaster losses, is now entering in its ... Read the full article
FM Global gets license for Luxembourg subsidiary
31st May 2017
Commercial property insurer FM Global has been granted a license in Luxembourg, enabling the insurer to continue to deliver coverage to policyholders throughout the European Economic Area (EEA). “We chose Luxembourg as our EEA hub because it’s a multinational business-friendly financial center with regulatory expertise that enables us to remain true to ... Read the full article
JLT Re adds Sammur from Gen Re to North America team
31st May 2017
Reinsurance broker JLT Re has appointed Tony Sammur as Executive Vice President in Stamford, Connecticut, hiring him from reinsurer Gen Re. Sammur will tasked with helping to continue the expansion and development of JLT Re’s Regional team, led by John DeMartini, Executive Vice President, JLT Re (North America) Inc. “We are pleased ... Read the full article
Xceedance launches consulting & managed services for Bermuda marketplace
31st May 2017
International provider of insurance and reinsurance consulting and managed services, Xceedance, has expanded its services to support re/insurers domiciled in Bermuda, after the company's recent incorporation in the region. Arun Balakrishnan, Chief Executive Officer (CEO) of Xceedance, commented; "As a global consultancy and managed services provider, Xceedance is keenly aware of ... Read the full article
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