Reinsurance News
Reinsurance News – Tuesday 7th March 2017
7th March 2017
Here’s your daily Reinsurance News for Tuesday 7th March 2017: Warren Buffett cautions against underwriting at any cost Berkshire Hathaway's Warren Buffett warned reinsurers against underwriting business at any cost in his annual letter to shareholders. AXIS expects $50m Ogden rate hit to UK motor reinsurance business Insurance and reinsurance ... Read the full article
Fidelis names Hinal Patel as CFO to succeed McConachie
6th March 2017
Fidelis Insurance, the total-return style insurance and reinsurance start-up launched by ex-Lancashire executives Richard Brindle and Neil McConachie, has announced that Hinal Patel will succeed McConachie in the role of Chief Financial Officer. McConachie was announced as stepping down from the Chief Financial Officer role for personal reasons back in ... Read the full article
Bermudian market underwriting takes a hit, but profits remain steady: Fitch
6th March 2017
The underwriting results of Bermuda re/insurers were weakened by larger catastrophe losses and reduced reserve redundancies, according to Fitch Ratings. The combined ratios of the 12 large publicly traded re/insurers with Bermuda operations that Fitch Ratings tracks averaged 91.9% in 2016, up from 88.5% in 2015, as the impact of larger catastrophe ... Read the full article
J.C. Flowers & Co acquires UK General Insurance Group
6th March 2017
Investment firm J.C. Flowers & Co has announced plans to acquire British personal lines insurance provider UK General Insurance Group. Financial agreement terms are undisclosed, and the acquisition remains subject to regulatory change of control approval from the UK Financial Conduct Authority. UK General is a leading UK personal lines insurer, offering ... Read the full article
Marine lines added to London’s PPL trading platform
6th March 2017
Marine lines of business are now available on the London Market Group's PPL electronic trading platform. The PPL platform has been steadily expanding, with specialty lines of insurance business being added lately and soon reinsurance business set to join it as well. David Ledger, Chairman of the PPL Board commented; "The ... Read the full article
Padilla joins MS Amlin from XL Catlin as Senior Underwriter, Latin America
6th March 2017
MS Amlin has announced the appointment of Frank Padilla from insurer and reinsurer XL Catlin, as Senior International Casualty Underwriter in Latin America. The new appointment underlines MS Amlin's commitment to the Latin America marketplace and its continued expansion in the region. The firm remains focused on servicing clients locally across Latin America, ... Read the full article
Swiss Re highlights role of re/insurance in cyber risk
6th March 2017
Swiss Re has launched its new re/insurance think tank, the Swiss Re Institute, with the release of a report that investigates the growing sphere of cyber risk, examining constraints in risk assessment as well as potential new models for risk analytics and coverage. Opportunities for reinsurance are expanding in the fast-developing ... Read the full article
Sydney and NSW hailstorm costs soar for Australian re/insurers
6th March 2017
As claims from a freak Sydney and New South Wales (NSW) summer hailstorm continue to pour in, the Insurance Australia Group (IAG) has updated its loss estimates to around AU$160 million, after having received over 20,000 claims, and insurer Suncorp Group has reported a similar figure for anticipated losses. Under the firm’s ... Read the full article
AXIS expects $50m Ogden rate hit to UK motor reinsurance business
6th March 2017
Insurer and reinsurer AXIS Capital Holdings Limited has revealed an expectation of a $50 million hit under its UK motor reinsurance book due to the recent Ogden Rate change. AXIS Capital said that the impact of the UK Ministry of Justice’s recent reduction in the discount rate used to calculate lump ... Read the full article
Asian insurance market must embrace the rise of Insurtech
6th March 2017
The rise of technology or Insurtech in the global insurance and reinsurance industry is driving innovations and opportunities in the Asian marketplace as should be embraced rather than avoided, according to industry leaders and experts. Speaking to A.MBestTV at the 2017 Asia CEO Insurance Summit held in Singapore recently, insurance industry ... Read the full article
Hiscox Re finding opportunities in casualty & speciality lines
6th March 2017
Insurer and reinsurer Hiscox has reported a record year for profit in 2016 despite tough market conditions and helped by the performance of its Hiscox Re and insurance-linked securities (ILS) unit where it found opportunity for growth in casualty and specialty business lines. Overall, the re/insurer reported a record £354.4 million profit ... Read the full article
Reinsurance News – Monday 6th March 2017
6th March 2017
Here’s your daily Reinsurance News for Monday 6th March 2017: Sydney hail loss rises, as IAG & Suncorp estimate up to AU$370m The Insurance Council of Australia (ICA) has said that the final re/insurance industry loss bill from the severe summer hailstorm that struck Sydney and parts of New South Wales, ... Read the full article
PartnerRe hires Cabrera from Aon Benfield to head up Latin America
3rd March 2017
Reinsurance firm PartnerRe has hired Humberto Cabrera, coming from broker Aon Benfield, to the role of Head of Latin America, where he will lead the reinsurers business operations in that region. Cabrera will replace PartnerRe's Interim Head of Latin America, Salvatore Orlando, who will continue in his role as Head of ... Read the full article
Hong Kong wants to further develop its reinsurance industry
3rd March 2017
Hong Kong is concerned that it has been losing reinsurance business, as it faces considerable competition both from the region and world in areas such as reinsurance, marine insurance and captive business. A new report from Hong Kong's Financial Services Development Council (FSDC) notes that reinsurance is crucial for Hong Kong's ... Read the full article
U.S. hurricane tail risk potentially higher than averages suggest: JLT Re
3rd March 2017
JLT Re, the reinsurance arm of international brokerage JLT, has warned that future climate scenarios suggest that Northeast U.S. hurricane tail exposure is greater than historical averages claim. The warning comes from Josh Darr, Senior Vice President (SVP) & Lead Meteorologist of JLT Re North America, addressing an audience at a ... Read the full article
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