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Reinsurance News

Private re/insurance loss from hurricane Harvey $18-25bn: RMS

9th September 2017

Private re/insurance market insured Hurricane Harvey losses for wind, storm surge and inland flood damage across Texas and Louisiana are estimated to reach about $18-25 billion, according to RMS. The risk modeller estimated total insured losses, including the government's National Flood Insurance Programme (NFIP), at $25 to $35 billion, with an ... Read the full article

8.5 million Florida properties at “significant risk” from Hurricane Irma: CoreLogic

9th September 2017

About 8.5 million Florida properties are at significant risk of potential wind damage from Hurricane Irma, according to Analytics and data-solutions provider, CoreLogic. Data analysis released yesterday shows an estimated 8.5 million residential and commercial Florida properties are at either "Extreme", "Very High" or "High" risk of Hurricane Irma wind damage. Furthermore, some ... Read the full article

Insured Irma losses for French Islands reach €1.2 billion: CCR

9th September 2017

Insured losses from widespread flooding and damage after Hurricane Irma hit Saint Martin and Saint Barthelemy Islands has reached roughly €1.2 billion (approx US$1.44bn), according to preliminary CCR estimates. This loss estimate is for insured losses covered by the French Natural Disaster scheme from damage to residential buildings, vehicles and businesses, ... Read the full article

Floridian re/insurers at risk of “notable financial strain” from Irma: Fitch

9th September 2017

As hurricane Irma maintains its track towards the state of Florida, U.S., Fitch Ratings has warned of the potential impact the storm could have on the Florida insurance and reinsurance market. Hurricane Irma is on track to hit Florida on Sunday morning, September 10th, 2017, potentially as a Category 4 ... Read the full article

Reinsurers offset sluggish market with M&As: Fitch

8th September 2017

Reinsurers continue to turn to M&As for the opportunity to diversify with some entities choosing to acquire service businesses outside of reinsurance, driven by low returns on reinsurance capital, according to Fitch’s 2017 mid-year financial results report. The main strategy for offsetting sluggish market growth has continued to be M&As this ... Read the full article

Opportunities exist for reinsurers to adapt to new insurance market landscape: EY

8th September 2017

As the global reinsurance market continues to experience a supply/demand imbalance, EY has warned of a number of threats to the industry's business model that could see some struggle to survive, although opportunities do exist to navigate the testing and changing marketplace. Global advisory firm EY, in a recent reinsurance industry ... Read the full article

Ben Northridge to join Capsicum DA as a Director from Willis Re

8th September 2017

Specialist binding authority broker, Capsicum Delegated Authority (Capsicum DA), has announced the hiring of Ben Northridge from Willis Re as a Director, based in the firm's London office. In his new role, Northridge will focus on the development of the company's Accident & Health product distribution, as well as some other ... Read the full article

Lloyd’s reinsurance segment suffers losses in 2016: A.M. Best

8th September 2017

Last year proved turbulent for Lloyd's reinsurance segment which saw losses as combined ratios in all three lines of property, casualty and specialty went over 100%, despite Lloyd's attempts to realise combined ratios below 100% with reserve releases and close monitoring of its reinsurance exposures, according to A.M. Best's latest ... Read the full article

China Continent Insurance Co adopts eBaoTech’s new generation core system

8th September 2017

China Continent Insurance Co (CCIC) has adopted eBaoTech’s micro service and cloud-native architecture based new generation core system to lead its digital transformation. China’s sixth largest insurer said the underwriting and reinsurance systems provided by eBaoTech form important components of the firm’s strategic IT transformation. CICC general manager, Chen Yong, commented; "CCIC ... Read the full article

CCRIF to payout $15.6 million to Caribbean Islands for Hurricane Irma damage

8th September 2017

CCRIF SPC,the former Caribbean Catastrophe Risk Insurance Facility, has announced it will be making payouts of about $15.6 million to Caribbean Islands that have been devastated by hurricane Irma - just half the sum of the payouts made last year after hurricane Matthew. The governments of Antigua & Barbuda and Anguilla ... Read the full article

GC executives call for common cyber risk currency development

8th September 2017

The global insurance and reinsurance industry needs to develop a common cyber risk currency in order to improve risk differentiation in a rapidly expanding part of the risk transfer space, according to Guy Carpenter's Morley Speed and Carolyn Morley. As the cyber risk market continues to evolve, diversification is essential, but so ... Read the full article

BIBA calls for “speedy implementation” of proposed changes to UK discount rate law

8th September 2017

The British Insurance Brokers' Association (BIBA) has welcomed the Lord Chancellor’s proposed changes to the law used to set the discount rate, in response to May's Ministry of Justice's (MOJ) Damages Discount Rate consultation,  and has called for their speedy implementation. BIBA Executive Director, Graeme Trudgill, said; “BIBA’s response to the ... Read the full article

Marsh announces new management structure & names key senior executives

8th September 2017

President and Chief Executive Officer of Marsh, John Doyle, has announced the addition of Global Risk & Digital and Global placement specialities units as well as new appointments to the firm's executive management team as part of a restructuring effort. Doyle commented; “this is an exciting time in our industry as ... Read the full article

Guy Carpenter hires Eisele from Swiss Re to be new Pacific region CEO

8th September 2017

Reinsurance brokerage Guy Carpenter has named Andre Eisele from reinsurer Swiss Re, to become its new CEO of the Pacific Region. Additionally, Guy Carpenter has appointed ex-Munich Re managing director Heinrich Eder to the Guy Carpenter Advisory Board for the Pacific Region. The two senior appointments reflect Guy Carpenter's push deeper into ... Read the full article

DARAG strengthens core team with three senior appointments

7th September 2017

European run-off insurer DARAG has announced three senior appointments, naming Mike Trotman as new Chief Financial Officer (CFO) Alex Roth as Head of M&A and Jim Wilson as new Group Chief Actuarial Officer. The firm said the three appointments are key to the future of the Group and its position as ... Read the full article

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