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Reinsurance News

“Ignoring emerging risks is not an option,” says Swiss Re’s Patrick Raaflaub

13th June 2017

Swiss Re's Group Chief Risk Officer (CRO), Patrick Raaflaub, warned re/insurers to take a proactive stance to prepare for emerging risks, after the reinsurance giant released its 2017 SONAR report with insights on top risks set to threaten society and shape demands on the re/insurance world in coming years. Raaflaub said; "Ignoring emerging ... Read the full article

Singapore Reinsurers’ Association re-elects Haushofer to Chair

13th June 2017

The Singapore Reinsurers’ Association (SRA), an industry body for the Singapore reinsurance market, has announced that Marc Haushofer of Validus Re has been re-elected as its Chairman. The Singapore Reinsurers’ Association (SRA) has announced the members of its Executive Committee (EXCO) for the 2017/2018 term of office. Marc Haushofer, Chief Executive Officer, ... Read the full article

Indonesia’s exposure growth outpacing re/insurance growth: JLT Re

13th June 2017

Insurance and reinsurance premium volumes continue to increase in Indonesia but at a slower rate than total exposure growth, which, combined with regulatory changes in the region and other determining factors suggests domestic re/insurers' exposures are on the rise, says JLT Re. The overall growth of the Indonesian economy has resulted ... Read the full article

W.R. Berkley Corporation launches surety and specialty units in Mexico

13th June 2017

W.R. Berkley Corporation has announced the formation of two units focusing on surety and specialty commercial, Berkley International Fianzas México S.A. and Berkley International Seguros México S.A., after receiving authorization to start operating by Mexican regulator Comisión Nacional de Seguros y Fianzas (CNSF). Berkley International Fianzas México S.A. will focus on surety business with Guillermo ... Read the full article

Peak Re receives approval to establish Labuan branch in Malaysia

13th June 2017

Hong Kong domiciled reinsurer Peak Re has been granted approval-in-principle to transact general reinsurance operations through the Labuan insurance market, by the Labuan Financial Services Authority (Labuan FSA), effective 23rd May, 2017. The approval means the reinsurer now has improved access to the Malaysian reinsurance sector, enabling the firm to provide and offer ... Read the full article

Overall, mid-year reinsurance renewals to be less negative than June 1st: RBC

13th June 2017

Despite a notable acceleration of price reductions in the reinsurance industry at the June 1st renewals, overall, analysts at RBC Capital Markets expect mid-year renewals to be less negative with prices starting to bottom out. Price declines in the global reinsurance market declined by an average of 5% at the recent ... Read the full article

Patria Re hires Nick Benardout to manage Lloyd’s SPS operations

13th June 2017

Mexican reinsurer Patria Re, or Reaseguradora Patria, has appointed Nick Benardout to manage its special purpose syndicate (SPS) at Lloyd's and the firms London operations. Benardout joined Patria Re yesterday to run the firms PAT6125 special purpose syndicate at Lloyd's of London. He has been hired to run the London office ... Read the full article

Everest Re to join S&P 500

13th June 2017

Hamilton, Bermuda headquartered and globally operated insurance and reinsurance group Everest Re is set to join the S&P 500, moving up from its current position as an S&P MidCap 400 company. Everest Re will join the S&P 500 GICS (Global Industry Classification Standard) Reinsurance Sub-Industry index. The classification is designed to reflect ... Read the full article

Re/insurers looking to M&A to deploy excess capital in 2017

12th June 2017

European insurance and reinsurance firms are turning to sharebacks and M&As to deploy high levels of excess capital one year after the Solvency II regime took effect, a Moody's survey of 18 Chief Financial Officers (CFOs) from Europe's largest multinationals revealed. Last year just 10% of survey participants said they were ... Read the full article

President Mugabe rejects Zep Re’s Bill to expand into Zimbabwe: Reports

12th June 2017

Kenya-based insurer and reinsurer Zep Re, also known as PTA Reinsurance Company, has been denied expansion into the Zimbabwe marketplace after President Mugabe rejected the Zep Re (Membership of Zimbabwe and Branch Office Agreement) Bill, according to industry reports. The Bill is designed to enable the insurance and reinsurance company to expand its ... Read the full article

Digital infrastructure in Africa – cutting out re/insurance middle men for faster development

12th June 2017

Digital technologies and development finance are swiftly building re/insurance solutions in countries most vulnerable to climate change, and cutting out the need for reliance on non-existent or flailing public-private partnerships, said Lars Thunell, chairman of African Risk Capacity Insurance, at the African Development Bank meetings in Ahmedabad. Developing countries often lack public-private partnership ... Read the full article

Excess capacity continues to dominate Florida property catastrophe market: Peel Hunt

12th June 2017

Pressure on Florida focused reinsurers to cut back exposures is mounting as June 1 property catastrophe reinsurance renewals show continued rate declines as the long-awaited pricing bottom fails to materialise in a market dominated by excess capacity. Peel Hunt equity analysts have echoed JLT Re's estimate of a 5.1% rate drop ... Read the full article

Argo Hires Jorge Luis Cazar León to head up Latin America re/insurance

12th June 2017

Specialty insurance and reinsurance provider Argo Group International Holdings, Ltd. has named Jorge Luis Cazar León as its new Head of Latin America, a role which will see him with oversight of both insurance and reinsurance operations in Central and South America. Cazar takes up the role with immediate effect and ... Read the full article

Compre to acquire captive Equinox CA Europe

12th June 2017

Insurance and reinsurance legacy specialist Compre has today announced plans to acquire Equinox CA Europe, a captive insurer of global engineering and construction conglomerate SNC-Lavalin. Nick Steer, CEO of Compre, said; “I am delighted to announce this latest acquisition, our fourth this year, from a leading group in its field. "This is ... Read the full article

Qatar Re reported bidding on UK motor insurer

12th June 2017

Sky News has reported that Bermuda domiciled reinsurer Qatar Re, part of the Qatar Insurance Company (QIC), has joined forces with another investor to make a £500 million bid for a UK motor insurance group. Qatar Re is reported to have aligned itself with U.S. based private equity investment ... Read the full article

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