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Reinsurance to limit effect of Ogden rate change for UK motor insurers

13th February 2017

Reinsurance is expected to limit the impact of potential rate changes to the Ogden discount rate, analysts at Berenberg reported, after the Ministry of Justice announced that it's delayed its decision on whether the rate should be lowered until February, 2017. Berenberg said it anticipated a discount rate reduction to 1.5-2 ... Read the full article

Nearly 100 severe wildfires ravage NSW, Australia

13th February 2017

Nearly 100 wildfires have raged across Australia’s New South Wales (NSW) state destroying at least 30 homes, amidst some of the worst weather conditions seen in the country's recent history as winds sweep through land already parched by a record-breaking heatwave. Officials said conditions were worse than during the 2009 “Black ... Read the full article

ARPC Chair to step down after current term

13th February 2017

Joan Fitzpatrick, the Chair of the Australian government-backed terror risk reinsurance venture, the Australian Reinsurance Pool Corporation (ARPC), has announced that she will not seek reappointment when her term expires on June 30th, 2017. Fitzpatrick was initially appointed to the position of Chair on January 1st, 2013, after being appointed to ... Read the full article

Reinsurance price declines to continue into 2018, benefiting insurers

13th February 2017

Reinsurance prices are forecast as likely to continue declining at similar rates to those seen at the recent January renewals into 2018, with the result being an ongoing opportunity for insurers to benefit from cheaper risk capital. That's the view of analysts at Canaccord Genuity, who highlight the benefits that lower ... Read the full article

Christopher Gray joins Sompo Canopius Re from Swiss Re

13th February 2017

Japanese specialist reinsurer, Sompo Canopius Re, has appointed Christopher Gray as its new head of Protection & Indemnity (P&I) reinsurance. Joining from reinsurance giant Swiss Re, Gray will take up his new role immediately, and report to Andy Gladwin, global head of marine treaty. Gladwin said; "Chris is a respected leader in ... Read the full article

Neon Bermuda names Pritchard Head of Property Reinsurance

13th February 2017

Global insurance and reinsurance group Neon has named Nick Pritchard as Head of Property Reinsurance, initially based in Bermuda for the firm. Pritchard will oversee the expansion of Neon’s property reinsurance operations, both across the companies Bermuda and London offices. Effective immediately, Pritchard will report to Chris Fisher, Chief Executive Officer ... Read the full article

Reinsurance News – Monday 13th February 2017

13th February 2017

Here’s your daily Reinsurance News for Monday 13th February 2017: Reinsurance demand growth seen in North America: Hannover Re Reinsurance giant Hannover Re has said that North America is expected to be one of its growth areas in the coming year, as the U.S.’s economic recovery increases reinsurance demand. Read the full article

Armenia & Iran expand re/insurance collaboration

10th February 2017

Armenia and Iran are set to expand cooperation between their insurance industry, in a move hailed by key officials and industry leaders as a significant step for strengthening the two countries' economic ties, Armenian news agency ARKA reported today. The Armenian ministry of Economic Development and Investments announced that minister Suren ... Read the full article

Lloyd’s Market Association appoints six Claims Committee members

10th February 2017

The Lloyd’s Market Association (LMA) has announced the appointment of six new members to its LMA Claims Committee (LMACC) - the team will advise the LMA Board on strategic claims matters and provide leadership and direction to Lloyd’s claims community. Nick Sinfield, Group Head of Claims at Tokio Marine Kiln; Sheel ... Read the full article

2016 insured catastrophe losses total $39.5 billion: Willis Re

10th February 2017

2016’s insured loss estimates have smashed expectations reaching $39.5 billion, the highest figure since four years, when 2012 losses rose to $60 billion, according to reinsurance broker Willis Re. The global advisory broking and solutions company released a report today listing last year’s major natural catastrophe event losses in terms of ... Read the full article

Aon to sell Benefits Admin & HR BPO platform to Blackstone

10th February 2017

Global insurance and reinsurance broker Aon has agreed to sell the Benefits Administration & HR Business Process Outsourcing (BPO) platform of its Aon Hewitt division to Blackstone, for up to $4.8 billion. The broker announced that it's signed a definitive agreement to sell the business units to investment giant Blackstone for ... Read the full article

Reinsurance could stabilise risk pools in U.S. health market reform: McKinsey

10th February 2017

Improved reinsurance mechanisms for the U.S. health insurance market have been proposed as a means to rescue the struggling industry with a more stabilised risk pool, according to a report by management consulting firm McKinsey. Health insurance in the U.S. continues to be a hotly debated issue as the new administration pursues ... Read the full article

Aon reports organic reinsurance revenue growth

10th February 2017

Insurance and reinsurance broker Aon plc has reported organic growth in its reinsurance operations at Aon Benfield in the final quarter of 2016. The broker reported a 2% increase in organic reinsurance related revenues at the firm, increasing from $323 million in the fourth-quarter of 2015 to $329 million in the ... Read the full article

Miller hires senior facultative broker from Guy Carpenter

10th February 2017

Insurance and reinsurance broker Miller Insurance Services LLP has hired a new senior broker and producer in an expansion of its facultative property capabilities. Damian Richards  joins Miller from Guy Carpenter, where he acted as Senior Vice President, with a focus on managing production and placement of facultative reinsurance for UK ... Read the full article

Reinsurance demand growth seen in North America: Hannover Re

10th February 2017

Hannover Re has underscored North America as one of its major target markets for the coming year after the U.S.’s economic recovery has raised demand for reinsurance protection. The reinsurance giant said its total premium volume for North America rose by 6.5 percent, an attractive margin of increase, especially when compared ... Read the full article

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