Reinsurance News
Munich Re U.S. adds InsurTech innovation role, appoints Mozeika
24th January 2017
Reinsurance giant Munich Re has created a new role in the U.S. as it seeks to help its clients seize opportunities resulting from the InsurTech wave and technological developments in risk transfer business. Robert Mozeika has been appointed to the newly created Innovation Executive at Munich Reinsurance America, Inc., the global ... Read the full article
Reinsurance price declines moderated at 1/1, capacity levels static: JLT Re
24th January 2017
Reinsurance price declines continued to moderate at the key January 1st 2017 reinsurance renewals across the majority of business lines, but the supply/demand imbalance remains despite a slowdown in third-party capital inflow, says JLT Re. Reinsurance pricing remains at historically low levels in spite of a number of market drivers contributing to ... Read the full article
Re/insurance saves up to four times its equivalent in emergency response: UN
24th January 2017
Re/insurance has proven to save as much as four times its equivalent in traditional disaster response, according to a report by the UN Under-Secretary-General for Humanitarian affairs and Chair of Insurance Development Forum, Stephen O’Brien, and the Executive Deputy Chairman XL Group and Chair of Insurance Development Forum, Stephen Catlin. Data from a ... Read the full article
Bermuda re/insurance market still viable despite declining profits: Fitch
24th January 2017
The Bermuda insurance and reinsurance market remains viable in the face of declining profits, according to Fitch Ratings, despite of the continued challenges re/insurers face and new political threats due to the Trump administration. In 2016 the Bermuda re/insurance market witnesses heightened merger & acquisition (M&A) activity while the market continued ... Read the full article
Law firms form alliance to service multinational re/insurers
24th January 2017
Four law insurance firms have joined forces to create a new model of collaboration, Legalign - designed to service insurers and reinsurers and their clients across the globe. Legalign Global's four founding member firms are German BLD Bach Langheid Dallmayr, DAC Beachcroft in the UK, Wilson Elser in the U.S. and ... Read the full article
Reinsurance News – Tuesday 24th January 2017
24th January 2017
Here’s your daily Reinsurance News for Tuesday 24th January 2017: AIG deal big enough to risk Berkshire underwriting profit: Credit Suisse The recently announced adverse development reinsurance agreement between Berkshire Hathaway and AIG is big enough to jeopardise underwriting profit in Warren Buffett's P&C business, warns Credit Suisse. Re/insurers ... Read the full article
CCR Re adds three to board of directors
24th January 2017
French reinsurance firm CCR Re has announced three new appointments to its Board of Directors, Patrick Cerceau, Charles Levi and Antoine Mantel. The board of CCR Re also consists of Pierre Blayau, a representative of CCR, Bertrand Labilloy, the reinsurers Chairman and Chief Executive Officer, and another director and member of ... Read the full article
AIG deal the first big enough to risk Berkshire underwriting profit: Credit Suisse
24th January 2017
The recently announced retroactive adverse development reinsurance agreement between Warren Buffett's Berkshire Hathaway and AIG is the first deal big enough to jeopardise an underwriting profit in Berkshire's P&C business, according to analysts at Credit Suisse. The deal announced last week sees Berkshire Hathaway subsidiary National Indemnity Company (NICO) providing ... Read the full article
Thailand seeks foreign re/insurance investors after relaxing legislation
23rd January 2017
Thailand’s Ministry of Finance has relaxed legislation to attract foreign investors and promote stability within its insurance and reinsurance industry. Under the new measures, current limits on foreign shareholding and board membership for life and non-life insurance companies will be removed or broadened. A licensed insurance company can now apply for up to ... Read the full article
Re/insurers exposure to higher claims inflation rising: UBS
23rd January 2017
Analysts at UBS have highlighted that the risk of insurers and reinsurers being exposed to higher claims inflation is on the rise, with companies focused on longer-tail business and those with lower reserve buffers being the most at risk. UBS explains that in an increasingly reflationary environment it could be that ... Read the full article
Verisk Analytics expands risk modelling services with Arium purchase
23rd January 2017
Verisk Analytics, a data analytics provider, today announced its purchase of Arium - a company specializing in liability risk modelling and decision support. The acquisition will see Arium merge with Verisk Analytics business, AIR Worldwide (AIR), expanding AIR's casualty market modelling solutions and analytics. Bill Churney, President of AIR, said; "We believe ... Read the full article
XL Catlin gets IRDAI approval to open India branch
23rd January 2017
XL Catlin’s reinsurance business announced today that the Insurance Regulatory Development Authority of India (IRDAI) has given the reinsurer final permission to open a branch in India. The new branch will offer treaty and facultative reinsurance and is set to open in Mumbai in time for the April 1st renewal period. Mike McGavick, ... Read the full article
VIG Re adds new board director
23rd January 2017
Vig Re has announced Tomasz Rowicki as its new board director, as the reinsurer seeks to further strengthen the experience of its board. Rowicki, who has over 15 years experience in the reinsurance and insurance industry, currently serves as a Member of the Managing Board of Compensa Non-Life Lithuania and is responsible for underwriting, reinsurance, claims ... Read the full article
SCOR & ChainThat test blockchain proof-of-concept for reinsurance
23rd January 2017
French reinsurance giant SCOR has been working on testing a blockchain based proof-of-concept for digitalising certain reinsurance market processes with start-up ChainThat. As the insurance technology (InsurTech) trend continues to accelerate, the majority of major reinsurance firms have been involved in testing blockchain technology (the distributed ledger style database that underpins ... Read the full article
Reinsurance News – Monday 23rd January 2017
23rd January 2017
Here’s your daily Reinsurance News for Monday 23rd January 2017: Swiss Re gets India reinsurance branch license Reinsurance giant Swiss Re has announced that it will open its new branch in India effective February 1st, 2017, after receiving final approval from the regulator. The reinsurer has also announced that Kalpana Sampat ... Read the full article
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