Reinsurance News
Hannover Re maintains full-year net income target as it reveals Q1 results
10th May 2017
Reinsurance giant Hannover Re has reported a successful start towards achieving its full-year net income target in Q1, after kicking off the year with an optimistic move to raise the guidance for group net income from €950 million to over €1 billion. In Q1, Hannover Re's gross written premium rose by 6.6% ... Read the full article
BIBA forms Innovation Working Group to help unlock InsurTech potential
10th May 2017
Vivek Banga, Chief Digital Officer (CDO) at Arthur J. Gallagher, has been appointed Chair of the British Insurance Brokers' Association's (BIBA) newly-created, cross-industry Innovation Working Group. BIBA first announced plans for the establishment of the working group in January as part of its Manifesto in the House of Commons, with its aim ... Read the full article
Indian state-owned GIC Re names banks selected for IPO
10th May 2017
Indian state-owned reinsurer GIC Re has listed five banks; HSBC, Citi, Deutsche Bank, Kotak and Axis for its initial public offering (IPO) - with Citi as the listing’s lead manager. The reinsurer, which is currently 100% owned by the state, is awaiting government instructions on how much stake to offer through ... Read the full article
Markel International Singapore appoints new marine underwriter
9th May 2017
Markel Corporation subsidiary, Markel International Singapore, has announced the appointment of Gustaf Kristiansson as a marine underwriter, based in the firm's Singapore office, reporting to Matt Cannock. Kristiansson moves from the company's Sweden office, where he was a marine underwriter, to hold the same position in Singapore for the specialist insurer and ... Read the full article
CIRC’s finalised offshore reinsurance collateral requirements more relaxed
9th May 2017
The Chinese insurance industry regulator, the China Insurance Regulatory Commission (CIRC), has released its final requirements for collateral in cross-border reinsurance business, which relaxes some of the previous requirements. After a consultation period the Final Version of the 'Notice Relating to Collateral Provided by Offshore Reinsurers' has been released by the CIRC, ... Read the full article
Global reinsurers taking market share from London: LMG
9th May 2017
Global reinsurers have taken a share of the re/insurance market from London, as factors like a high concentration of specialist insurers and Brexit have contributed to its shrinking market presence in emerging markets and threaten a continual reduction of its global market share. The London Market Group (LMG) and The Boston Consulting ... Read the full article
“Cracks” beginning to appear in re/insurance market: Lancashire CEO, Maloney
9th May 2017
Persistent rate reductions, a continued oversupply of capacity and minimal loss activity isn't expected to materially change the outlook of the re/insurance market, but cracks are starting to appear in the space, according to the Chief Executive Officer (CEO) of Lancashire Holdings, Alex Maloney. Specialist Bermuda and London insurance and reinsurance underwriter, Lancashire ... Read the full article
Hiscox to establish EU subsidiary in Luxembourg
9th May 2017
Insurer and reinsurer Hiscox has today announced plans to establish a new European subsidiary in Luxembourg in a post-Brexit restructuring move. The international specialist re/insurer said the EU subsidiary will be used to write all Hiscox retail business in Europe and a team covering core functions like compliance, risk and internal audit will ... Read the full article
PERILS sets Cyclone Debbie insured property market loss at AU$1.116 billion
9th May 2017
PERILS has released an initial insured property market loss estimate of AU$1.116 billion (approximately US$820 million) after tropical Cyclone Debbie struck Airlie Beach in the Whitsunday Region of Queensland on 28th of March, causing significant wind and water damage across Southeast Queensland and Northeast South Wales, Australia. Darryl Pidcock, Head of PERILS ... Read the full article
Munich Re reports Q1 result, on track to hit 2017 profit guidance
9th May 2017
Reinsurance giant Munich Re has reported its first-quarter 2017 results, posting a net result of €557 million (US$436 million), and confirming that it still anticipates to hit its 2017 profit guidance across the Group. The reinsurer today announced that despite increased major loss expenditure in the opening three months of the ... Read the full article
JLT Specialty USA expands Environmental Practice with Senior Broker hire
9th May 2017
Insurance and reinsurance broker JLT Group's U.S. subsidiary, JLT Specialty USA, has expanded its Environmental team with the addition of Grant Nichols, as Senior Vice President (SVP). Based in Philadelphia, Nichols joins the firm's Environmental Specialty Group as a Senior Broker with a focus on complex environmental insurance programmes. Mike Rice, Chief ... Read the full article
Munich Re & Lincoln Financial partner to bring new life insurance opportunities to the U.S.
8th May 2017
Germany domiciled reinsurance giant Munich Re has partnered with Lincoln Financial Group to develop new life insurance opportunities for Americans with hepatitis C, in light of recent medical advances. The industry-first partnership sees the pair enable the offering of more favourable underwriting ratings for the majority of people afflicted with hepatitis ... Read the full article
IRDAI establishes expert panel to review India’s reinsurance framework
8th May 2017
India's insurance and reinsurance industry regulator, the Insurance Regulatory and Development Authority of India (IRDAI), has established a Reinsurance Expert Committee to review the country's reinsurance framework. The new committee will be Chaired by ex-IRDAI member M Ramaprasad, and other panel members include Lloyd's India Chief Executive Officer (CEO), Shankar Garigiparthy, Gen ... Read the full article
Reinsurance Association of America names Adam Kerns VP, State Relations
8th May 2017
Adam Kerns has joined the Reinsurance Association of America (RAA) as Vice President (VP), State Relations, the organisation has announced. Before joining the Association, Kerns held the position of Assistant General Counsel at the American Insurance Association (AIA), Director of Finance at Farmers Insurance Group, and Attorney, Saul Ewing LLP. Commenting on ... Read the full article
Aspen’s O’Kane underlines importance of discipline, efficiency and diversification
8th May 2017
During insurer and reinsurer Aspen's first-quarter 2017 earnings release call, Group Chief Executive Officer (CEO), Chris O'Kane, discussed the challenging reinsurance market landscape, which continues to drive a need for discipline and efficiency. Despite the challenging, softening reinsurance market landscape, Aspen Re, the reinsurance arm of Aspen, recorded a combined ratio ... Read the full article
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