Reinsurance News
Blue Marble Microinsurance & Nespresso launch Colombia crop insurance pilot
25th May 2017
Blue Marble Microinsurance, an association of eight firms aiming to improve the socio-economic environment of the underprivileged through commercially viable insurance solutions, has partnered with Nestle Nespresso SA to create a pilot crop insurance program for smallholder coffee farmers in Colombia. The pilot project's objective is to protect the coffee industry and ... Read the full article
AIG Philippines puts $2.5 billion towards property insurance
25th May 2017
AIG Philippines, a unit of the American non-life insurer, announced that it's set aside $2.5 billion for property insurance ahead of the P7-trillion infrastructure rollout under the administration of President Duterte. The announcement comes as AIG prepares to be able to offer cover for the country's upcoming massive investment in infrastructure ... Read the full article
Critical infrastructure the next cyber battleground
25th May 2017
As cyber threats increase, alongside the exponential advancements being seen in technology which can heighten cyber risk there is also an increasing threat to legacy systems, particularly in areas such as critical infrastructure, according to experts. It is expected that cyber attacks against critical infrastructure, power grids and energy infrastructure, telecommunications, ... Read the full article
Lloyd’s market hit a “turning point” in 2016, listed insurers outperforming market: RBC
25th May 2017
Difficult global insurance and reinsurance market conditions over the past few years intensified in 2016 fuelling additional earnings pressure on both listed Lloyd's insurers and the overall, Lloyd's of London marketplace. And analysts at RBC Capital Markets feel that those with less correlation to Lloyd's market trends are likely to ... Read the full article
Liberty Mutual announces Jessica Dekermanji as CUO, Dedicated Energy Vertical
25th May 2017
Liberty Mutual has announced the appointment of Jessica Dekermanji to National Insurance Specialty Energy unit Senior Vice President (SVP) and Chief Underwriting Officer (CUO). In her new role, Dekermanji will head up a team focused on growing the firm's energy product solutions and integrating new technologies to improve clients' cost and efficiency in ... Read the full article
XL Catlin promotes Rob McAdams to Chief Underwriting Officer, Global Marine
25th May 2017
Insurer and reinsurer XL Catlin has announced the promotion of Rob McAdams as Chief Underwriting Officer (CUO) for its Global Marine, effective immediately. McAdams has 20 years of industry experience and was previously UK/Ireland Marine Leader at the firm. Prior to joining legacy XL he worked for Reliance National in New York, and ... Read the full article
Allianz AGCS promotes Hansen to lead global aviation
25th May 2017
Allianz Global Corporate & Specialty (AGCS), the corporate focused division of insurance and reinsurance giant Allianz, has promoted Mike Hansen to be its new Global Head of Aviation, effective immediately. Hansen will succeed Henning Haagen who has managed AGCS’s aviation business for five years. Haagen was appointed Northeast Zone Executive for ... Read the full article
ProAssurance puts $200m into Dale Syndicate 1729
25th May 2017
ProAssurance Corporation has expanded its commitment to Lloyd's of London insurance and reinsurance underwriting group Dale Underwriting Partners, adding $200 million to its capital commitment to Syndicate 1729, through to the 2022 year of account. Duncan Dale chief executive, Dale Underwriting Partners, commented on the capital injection; "ProAssurance has been keen ... Read the full article
A.M. Best sees brighter prospects for AIG under Brian Duperreault
25th May 2017
Following the recent announcement from U.S. insurance giant American International Group (AIG) that it was making Brian Duperreault its new President and Chief Executive Officer (CEO), its clear that rating agency A.M. Best sees a brighter future for the insurer. A.M. Best had placed the credit ratings of AIG under review ... Read the full article
Sendai Framework’s targets based on too little data: RMS
24th May 2017
RMS Catastrophe Risk Expert, Dr. Robert Muir-Wood, has spoken out against the short-term metrics used to measure progress towards the Sendai Framework for Disaster Risk Reduction 2015-2030, warning countries could fall short in their risk mitigation efforts if they don't have proper tools to assess progress and accurately measure risks. The Sendai Framework ... Read the full article
Colorado experiences costliest catastrophe on record
24th May 2017
The Rocky Mountain Insurance Information Association has provided a preliminary insurance industry loss estimate of $1.4 billion for the large hailstorm that struck Colorado on the 8th May, 2017. The event is set to be the most costly catastrophe event ever recorded in the state, after surpassing the $845.5 million loss ... Read the full article
Tower to pass more NZ catastrophe & weather losses to reinsurers
24th May 2017
Tower Insurance, the New Zealand insurer that is in the process of selling itself, has reported that loss creep due to the 2010 and 2011 Canterbury earthquakes, plus impacts from the Tasman Tempest storm, the Kaikoura earthquakes and recent storm events will result in further reinsurance claims being made. Tower ... Read the full article
Russell Fisher to lead Ironshore’s London Political Risk & Trade Credit business
24th May 2017
Bermuda domiciled insurance and reinsurance holding company, Ironshore Inc., has hired Russell Fisher as Vice President (VP) of its Political Risk and Trade Credit unit to underwrite European business, the company has announced. Fisher will be based in the firm's London office and will report to Don Asadorian, Senior Vice President ... Read the full article
Berkshire Hathaway’s Nico drives $2.4bn net loss for group of U.S. reinsurers
24th May 2017
Analysis from the Reinsurance Association of America (RAA) reveals that a group 18 U.S. reinsurers fell to a net income loss of $2.4 billion in the first-quarter of 2017, driven largely by National Indemnity Company (Nico) recording a net income loss as its combined ratio surpassed 100% coupled with over $5.8 ... Read the full article
1347 Property Insurance Holdings appoints Dan Case to Chief Operating Officer
24th May 2017
1347 Property Insurance Holdings has appointed insurance and reinsurance veteran and previous Executive Vice President at BMS Re, Dan Case, to Chief Operating Officer. Case will be responsible for product strategies, underwriting, and sales and distribution, in addition to overseeing the day-to-day operations of the specialty insurer. Case brings 17 years of ... Read the full article
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