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Trump / Brexit uncertainty could sell political risk cover, says Lloyd’s Beale

15th February 2017

Uncertainty in financial markets and in the international business world as a result of Donald Trump's presidency and Brexit could lead to an increased demand for political risk insurance cover, something Lloyd's of London's Inga Beale highlights as a potential opportunity. As reported by Bloomberg here, Beale spoke in ... Read the full article

Munich Re’s insurer HSB hires construction product lead

15th February 2017

HSB Engineering Insurance (HSB), a specialist engineering and construction insurer and subsidiary of reinsurance giant Munich Re, has announced the appointment of Alan Moore as Construction Product Lead. Based in the company's Birmingham, UK office, Moore will report to HSB Underwriting Manager Andrew Bazley. In his new role Moore will be ... Read the full article

Reinsurance News – Wednesday 15th February 2017

15th February 2017

Here’s your daily Reinsurance News for Wednesday 15th February 2017: AIG reserve charge to be offset by NICO adverse development reinsurance  AIG has reported its fourth-quarter 2016 results, posting a $2.79 billion after-tax operating loss as a result of a huge $5.6 billion Q4 reserve charge. The reserve charge ... Read the full article

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

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