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Lloyd’s syndicates eager to expand presence in India

7th March 2017

Lloyd's of London syndicates are looking to expand their presence in India and are keen to increase their participation in regional reinsurance business, after Lloyd's confirmed that it will establish a reinsurance branch in the country prior to the April renewal season, according to Vineet Aneja of Clasis Law. "The establishment ... Read the full article

Swiss Re Corporate Solutions opens Malaysia office, names Country Head

7th March 2017

Swiss Re Corporate Solutions has expanded operations in Malaysia, with the launch of a new local office in Kuala Lumpur. The office, which began operations on March 1st, 2017, will service large and upper mid-sized Malaysian businesses through broking partners and intermediaries, and will function under a Labuan FSA reinsurance license. Fred ... Read the full article

International Group of P&I Clubs experience favourable reinsurance renewal: A.M. Best

7th March 2017

Members of the International Group of P&I Clubs, which dominate the marine protection and indemnity (P&I) industry, experienced a favourable reinsurance renewal for the 2017/2018 policy year, according to international rating agency, A.M. Best. Both within the International Group and an expanding fixed premium market, rates in the marine P&I sector ... Read the full article

Locke Lord hires Montgomery to build London re/insurance team

7th March 2017

International law firm Locke Lord has set out to build its first London re/insurance team with newly hired insurance consultant expert Nigel Montgomery set to take the reins. Nigel Montgomery, who has been recognised by The Legal 500 UK as a leading individual in insurance and restructuring, brings extensive experience in ... Read the full article

Qatar Re raises $450 million with perpetual bond issue

7th March 2017

The reinsurance subsidiary of Qatar Insurance Co., Qatar Reinsurance Co. (Qatar Re) which is headquartered in Bermuda, has successfully raised $450 million through a debt issuance in the form of a perpetual bond, a move that will help the firm expand further. Qatar Re is the first Gulf region owned re/insurer ... Read the full article

Ogden rate change further pressures unprofitable UK motor sector: A.M. Best

7th March 2017

UK motor insurers and reinsurers are expected to experience the greatest impact from the Ogden discount rate cut to -0.75% by the UK government, a move that A.M. Best expects to drive a high reserve charge for re/insurers and further pressure a market that struggles for profitability. International rating agency A.M. Best believed ... Read the full article

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

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