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InsurTech innovation key to re/insurers survival: Davos WEF 2017

19th January 2017

At the 2017 World Economic Forum in Davos the technological revolution and strategies for how to remain on the cutting-edge of the innovation race have been a focal point for industry experts across finance, insurance and reinsurance industries. John Cryan, Deutsche Bank CEO, named effectively using technology as the key to ... Read the full article

Allied World “go-shop” period expires with no offers

19th January 2017

The "go shop" period for specialty insurance, reinsurance and investments player Allied World Assurance Company Holdings, AG, under the terms of its planned merger with Canadian property & casualty insurance and reinsurance group Fairfax Financial Holdings Limited has not resulted in any offers. Fairfax is set to acquire Allied World in ... Read the full article

Lloyd’s cedents make the most of soft reinsurance market: RBC Capital Markets

18th January 2017

As expected, the London insurance and reinsurance marketplace saw rates fall further at the key January 1st 2017 renewals, but cedents were able to take advantage of current soft reinsurance market conditions, resulting in increased reinsurance demand, says RBC Capital Markets. A number of insurance and reinsurance industry observers and analysts ... Read the full article

Compre in second run-off acquisition of 2017 with Swiss Re

18th January 2017

Independent insurance and reinsurance legacy specialist, Compre, has announced its second acquisition of the year, providing a legacy solution to global reinsurer Swiss Re. Compre announced earlier this month that it had acquired the run-off re/insurance business of the UK branch of AG Insurance SA, and now the legacy specialist has announced its ... Read the full article

“Milestone” agreement reached for EU and Bermudian re/insurers

18th January 2017

The European Insurance and Occupational Pensions Authority (EIOPA) and the Bermuda Monetary Authority (BMA) have today signed a Memorandum of Understanding (MoU) - a deal applauded as a “milestone” in cross-market collaboration for the insurance and reinsurance industry. The MoU creates a foundation for further cooperation, information exchange, and mutual understanding ... Read the full article

Vista Reinsurance Promotes Ashley Mims to Senior Vice President

18th January 2017

Reinsurance broker Vista Reinsurance Intermediaries announced Vice President Ashley Mims’ promotion to Senior Vice President today. Mims first joined the company as Vice President and Reinsurance Broker in 2014, bringing more than 20 years of experience in financial analytics, client relationship management and new business development within the reinsurance industry. Philip C. ... Read the full article

Reinsurers tighten Gulf property terms in wake of skyscraper fires: A.M. Best

18th January 2017

Reinsurance companies have tightened terms and conditions, as well as increase their commission rates, on residential and commercial property risks in the Gulf and Middle East region in the wake of a number of fires in high-rise buildings, according to A.M. Best. Reinsurers had already introduced stricter terms and conditions across ... Read the full article

Reinsurance News – Wednesday 18th January 2017

18th January 2017

Here’s your daily Reinsurance News for Wednesday 18th January 2017: Global insured catastrophe losses rise to $54 billion in 2016: Aon Insured catastrophe losses in 2016 totalled $54 billion according to reinsurance broker Aon Benfield, and was driven by earthquakes, flooding, severe weather, and tropical cyclones. Industry ... Read the full article

Lloyd’s to announce location of new EU subsidiary in Q1: John Nelson

18th January 2017

The specialist Lloyd's of London insurance and reinsurance marketplace is set to make an announcement on its new European subsidiary during the first-quarter of this year in response to the UK's vote to leave the EU, according to Lloyd's Chairman, John Nelson. Industry reports earlier this week claimed that the Read the full article

Argo puts Q4 2016 catastrophes losses at $20m – $25m

18th January 2017

Specialty insurance and reinsurance underwriting firm Argo Group International Holdings, Ltd. has estimated its fourth-quarter 2016 pre-tax catastrophe losses at $20 million to $25 million. The preliminary estimate, released before the fourth-quarter results season begins in the coming weeks, is pre-tax and net of reinsurance and reinstatement premiums. Argo Group explained that ... Read the full article

Industry experts disagree on impact of transatlantic reinsurance agreement

17th January 2017

The EU, U.S. insurance agreement has been hailed in Washington and Brussels as a deal that will greatly boost transatlantic insurance and reinsurance business, but opinions across the industry vary. The deal is set to open up the transatlantic market to both parties as EU and U.S. authorities look to remove ... Read the full article

Ex-Gen Re claims SVP Piggot named CEO of Crawford Global Technical Services

17th January 2017

Geoff Piggot has been named as the new CEO of Crawford & Company's Global Technical Services division, having left his role at Berkshire Hathaway owned reinsurer Gen Re, where he headed up reinsurance claims as a senior vice president. Piggot will be based in London and report to Crawford's International Operations ... Read the full article

A third of total catastrophe losses in 2016 from flooding: Aon Benfield

17th January 2017

Reinsurance broker Aon Benfield named flooding as 2016’s top risk in its 2016 Annual Global Climate and Catastrophe Report released today. 2016 was the fourth consecutive year where flooding was the costliest global peril -  at $62 billion it caused nearly one-third of the $210 billion global economic losses. After flooding, the reinsurance broker listed ... Read the full article

Willis Towers Watson names Faber as Global Financial Lines leader

17th January 2017

Insurance and reinsurance broking specialists Willis Towers Watson has appointed Alexis Faber as Global Head of Financial Lines, a promotion from her current role as co-head. The unit comprises Financial and Executive Lines of insurance business, Financial Solutions and other financial products and is part of the company’s Corporate Risk & ... Read the full article

Flood Re welcomes Andy Bord as interim Chief Executive

17th January 2017

Flood Re has announced Andy Bord, formerly CEO at Capita Insurance Services, as interim CEO. Having previously worked for Capita, Staysure, BGL Group and Vodafone UK Bord, Flood Re said Bord's appointment would bring; "significant experience in high-profile, consumer-facing businesses." Mark Hoban, Chairman of Flood Re, commented; “Andy has a strong knowledge ... Read the full article

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