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Reinsurance News

Speed of execution key in Zurich annuity reinsurance deal: RGA

19th May 2017

The speed with which Reinsurance Group of America helped Zurich Insurance Group subsidiary Farmers Farmers New World Life to the recent $2.3 billion annuity reinsurance transaction was key and demonstrates the reinsurers ability, it said today. Yesterday we reported on the completion of the $2.3 billion annuity reinsurance transaction, ... Read the full article

XL Catlin boosts Canadian Environmental Insurance team with hires from AIG & Zurich

19th May 2017

Insurer and reinsurer XL Catlin has bolstered its Canadian Environmental Insurance division with the appointments of Marc Estrada as Environmental Team Lead, and Brian Hughes as Assistant Vice President, Environmental Underwriting. The pair will be based in the firm's Toronto, Canada office, and will both report to Joseph Madigan, Environmental Regional Manager for Canada, XL Catlin. Estrada joins ... Read the full article

Reinsurer reserve redundancies continue to deteriorate

19th May 2017

Reinsurance market conditions have remained challenging in 2017 as the soft pricing environment persists, and analysts at Fitch Ratings have noted further deterioration of overall reserve redundancies across the non-life space, suggesting companies are less able to utilise reserves to bolster weak underwriting returns. The decline in reinsurance industry reserves has ... Read the full article

Beazley, Talbot, and Chaucer develop Asian Political Risk Consortium

19th May 2017

Lloyd's of London re/insurers Beazley, Chaucer, and Talbot have collaborated on the launch of a Political Risk Consortium in Asia, providing capacity of up to $130 million for individual risks. The new Political Risk Consortium in Asia will offer increased capacity for a variety of political and contract frustration exposures. Offering ... Read the full article

Allied World appoints Jodi Garratt to Australia Property Assistant Vice President

19th May 2017

Allied World Assurance Company has announced Jodi Garratt's appointment to Assistant Vice President of Property in Australia. In her new role, Garratt will focus on complementing existing local product lines with new property solutions for small and medium-sized enterprises throughout Australia; she will report to Carolyn Shreeve, Vice President and Head of ... Read the full article

Re/insurers must engage with InsurTech & AI: Celent

19th May 2017

As the InsurTech industry becomes an increasingly important part of insurance and reinsurance, the industry is in its experimental phases of introducing artificial intelligence (AI) for processes and advisory purposes, replacing traditional practices. To answer questions on AI usage by insurers, financial services advisory firm Celent, released a report, looking at the extent clients ... Read the full article

Zurich unit in $2.3bn annuity reinsurance deal with RGA Re

18th May 2017

A subsidiary of Zurich Insurance Group has entered into a $2.3 billion reinsurance arrangement on a closed book of annuities with Reinsurance Group of America. The recently announced transaction saw Farmers New World Life, a subsidiary of Zurich, enter into an agreement with Reinsurance Group of America to reinsure a portion ... Read the full article

Canadian consulting firm CGI appoints Paul Wishman to Vice President, Global Insurance

18th May 2017

Canadian Global Information technology consulting firm, CGI, has appointed Paul Wishman, an expert in leading digital growth and transformation of UK insurance brands, to Vice-President of Global Insurance. As CGI Vice President, Wishman will work to improve and accelerate clients' digital transformation and help insurance companies develop their digital vision and execution ... Read the full article

JLT Re hires Messenger as EVP in North America team

18th May 2017

JLT Re (North America) Inc., part of the reinsurance broking arm of JLT Group, has announced the hire of Greg Messenger as Executive Vice President in Chicago, Illinois. Messenger was most recently with Guy Carpenter, before which he worked at Aon Benfield and has over 35 years of industry experience, having ... Read the full article

Liberty Specialty Markets promotes Burns to Head of Business Development, Commercial

18th May 2017

Liberty Mutual Insurance Group subsidiary, Liberty Specialty Markets (LSM), has announced the promotion of Laura Burns to Head of Business Development, Commercial. Burns joined LSM in 2010 and prior to her new appointment served as Broker Account Manager at the firm. In her new role she will be responsible for managing ... Read the full article

Terms & conditions show signs of weakening in 2017: Fitch

18th May 2017

The persistent soft reinsurance market environment is again resulting in the weakening of terms and conditions (T&Cs), as market participants increasingly utilise multiyear protection, extended hours clause, and the inclusion of risks that aren't fully understood by the industry, according to Fitch Ratings. Throughout the softening reinsurance market cycle there have ... Read the full article

Argentina changes regulation to lift limitations on foreign reinsurers

18th May 2017

The Argentine Superintendence of Insurance has announced amendments to the reinsurance regulatory framework which will see barriers to foreign reinsurers operating in the region lift, to further open up the market to international players. The changes will allow admitted foreign reinsurers to take on more risks, and will remove requirements for foreign ... Read the full article

Re/insurance essential in the management of rising, global flood risk: Guy Carpenter

18th May 2017

International reinsurance brokerage, Guy Carpenter, recently held a forum in Berlin, Germany that underlined the importance of utilising efficient and effective re/insurance capacity and solutions to improve flood risk management, one of the world's most costly perils. Flood risk is one of the world's most advancing and evolving perils, driving high ... Read the full article

Reinsurance buying driven by expansion into new lines: A.M. Best

18th May 2017

Europe's 20 largest cedants have been increasing their reinsurance purchasing as they grow their product offerings with new lines of business that typically require greater technical and financial support, said A.M. Best Senior Director, Carlos Wong-Fupuy, commenting on the rating agency's latest reports on large European insurers' reinsurance ceding trends. As cyber, ... Read the full article

Markel responds to Brexit with plans to establish German insurance company

18th May 2017

Re/insurer Markel has announced plans to open a branch in Germany to ensure it can continue to service its EU-clients after Britain leaves the union and to support its EU-27 growth strategy. The branch is set to be opened in Munich within the first half of 2018, and no later than ... Read the full article

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