Reinsurance News
AIG reserve charge to be offset by NICO adverse development reinsurance
14th February 2017
Insurer AIG has reported its latest set of results and a significant loss, largely due to adverse reserve developments, demonstrates the importance of the recently completed retroactive adverse development reinsurance agreement between Warren Buffett's Berkshire Hathaway and the firm. American International Group (AIG) reported yet another quarterly loss, as the ... Read the full article
JBA opens U.S. office with new models for flood risk
14th February 2017
Natural hazard modelling services provider, JBA Risk Management, has opened its first U.S. office in response to demand for what it's called a gap in the insurance and reinsurance sectors' knowledge of sophisticated U.S. flood risk assessment. Despite floods consistently falling amongst the highest ranking causes of insured losses globally, and being the most prevalent ... Read the full article
Barbican boosts cyber team
14th February 2017
Barbican Insurance has appointed two new executives to head up its cyber division, naming Graeme King as new business group leader, and Richard Spotswood as underwriting manager. Both practitioners join Barbican’s Syndicate 1955 from Allianz, where King served as practice leader and underwriter for PI and cyber, and Spotswood acted as ... Read the full article
Jim George named Global Head of Claims, Swiss Re Corporate Solutions
14th February 2017
Global reinsurance giant Swiss Re's Corporate Solutions division has appointed Jim George as Global Head of Claims, succeeding Nicola Parton. George will be tasked with leading Swiss Re Corporate Solutions' global claims operations and will also serve as a member of Corporate Solutions' Management and Business Management Committees. Over the last 20 ... Read the full article
RMS hires ex-McKinsey exec Pritula
14th February 2017
After a distinguished 35 year career with McKinsey, Mike Pritula will join international catastrophe risk modelling company RMS, as President. Pritula is set to begin his new role as RMS President from March 1st, 2017, and will set the vision for the company’s client service and market development. The appointment highlights RMS’s ... Read the full article
AIR gets approval for Colombia earthquake model
14th February 2017
Catastrophe modelling firm AIR Worldwide (AIR) has received approval from Colombia’s insurance regulator to launch its integrated earthquake model for domestic insurance companies. The new model is said to be the first to provide an integrated view of loss due to ground shaking, tsunami, and liquefaction and features new damage functions for ... Read the full article
AXIS Re CEO Nichols resigns, Ekberg named interim reinsurance head
14th February 2017
John 'Jay' Nichols, the Chief Executive Officer (CEO) of AXIS Capital Holdings Limited's reinsurance division, AXIS Re, has stepped down from his position, and Jan Ekberg has been named as interim Head of Reinsurance. Nichols will remain with the company in a transitional role until the end of March, 2017. "On behalf ... Read the full article
EEU to establish common reinsurance model for Commonwealth countries
14th February 2017
The Eurasian Economic Union (EEU) is reportedly planning to develop a common reinsurance structure for countries in the Commonwealth. Industry reports claim that the EEU is looking to create a common reinsurance model in order to remove cross-border reinsurance barriers. It's expected that insurance companies will be able to share the assumed risks ... Read the full article
High U.S. tornado activity manageable for EU reinsurers in Q1: RBC
14th February 2017
Tornado activity in the U.S. during January was particularly high when compared to a three-year average, a trend that continued into February. However, analysts at RBC Capital Markets say that while activity has been elevated, costs are likely to be well within first-quarter catastrophe budgets for European reinsurers. A total 138 tornadoes ... Read the full article
IAIS names Jonathan Dixon as new Secretary General
14th February 2017
The International Association of Insurance Supervisors (IAIS) has named Jonathan Dixon as the successor to long-time Secretary General Yoshihiro Kawai. Dixon will commence his new role in November this year, following the IAIS Annual Conference. Victoria Saporta, Chair of the IAIS Executive Committee, commented on the appointment; "Jonathan Dixon brings a unique ... Read the full article
Ed appoints new Head of International Property and Casualty
14th February 2017
Specialty reinsurance broker Ed has named Namik Gulsun as head of international property and casualty, making this appointment the latest after what has been a series of new hires. Gulsun is set to take up his new position immediately, working alongside James Venton, head of U.S. property and casualty, and reporting ... Read the full article
NSW wildfire loss estimates at AU$20 million and rising
14th February 2017
The Insurance Council of Australia (ICA) has set estimated insured losses at AU$20 million ($15.3) and rising after nearly 100 bushfires have ravaged New South Wales (NSW). The ICA has declared an insurance catastrophe as fires destroyed homes, stock and other assets; ICA Chief Executive Officer (CEO), Rob Whelan, commented; “At ... Read the full article
SCOR makes senior promotions across Global Life business
14th February 2017
French reinsurance firm SCOR has announced a number of senior appointments in its Global Life reinsurance business unit, as it promotes a number of staff from within. Paolo De Martin, Chief Executive Officer of SCOR Global Life, commented; "With today's promotions we continue to optimally position SCOR Global Life for the ... Read the full article
High hopes for Indian reinsurance: Munich Re
14th February 2017
Substantial and sustained growth for reinsurance is forecasted in India, driven by expansion in construction, energy, liability and agriculture lines of business as the country continues to see strong GDP growth, according to Munich Re. Munich Re’s Economic Research unit has projected steady growth for the Indian reinsurance market, with more ... Read the full article
Reinsurance News – Tuesday 14th February 2017
14th February 2017
Here’s your daily Reinsurance News for Tuesday 14th February 2017: Reinsurance price declines to continue into 2018, benefiting insurers Prices in the global reinsurance sector are expected to continue declining into 2018, suggesting primary insurers stand to benefit from cheaper risk capital. Watford Re’s total return from investments, ... Read the full article
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