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Winter storm Eleanor/Burglind insured loss EUR 1.1bn – 1.6bn: AIR Worldwide

11th January 2018

AIR Worldwide has placed Winter Storm Eleanor / Burglind insured loss estimates at between EUR 1.1 billion and EUR 1.6 billion with the majority of losses expected in Germany, France, the United Kingdom, Belgium, Switzerland, and the Netherlands. Lower levels of loss are also expected in Austria, the Czech Republic, Denmark, Estonia, Finland, ... Read the full article

National General reveals $63-65 mn Q4 impact from California fires

11th January 2018

National General has revealed an expected $63 - $65 million pre-tax impact to 2017 fourth quarter results from the fires that ravaged Northern and Southern California. The estimated losses are net of reinsurance recoverables and including reinstatement premiums, and at $53 million pre-tax the firm's total losses from the fire are roughly ... Read the full article

Aon Baltic completes acquisition of broker Balto Link

11th January 2018

Aon Baltic has announced the completion of the acquisition of insurance broker Balto Link, a Baltic region specialist in large corporate business and online sales. General Manager of Aon Baltic Žilvinas Petrauskas commented; “joining forces with Balto Link will create value and empower results for clients of both firms. Balto Link’s ... Read the full article

QBE Insurance names Vivek Bhatia as CEO of Australian and New Zealand Operations

11th January 2018

QBE Insurance Group has announced the appointment of Vivek Bhatia as Chief Executive Officer (CEO) of Australian and New Zealand Operations (ANZO). Bhatia joins QBE from icare, the NSW Government public financial corporation and one of the largest social insurers globally with more than AU$30 billion in assets and AU$6.7 billion ... Read the full article

Bank of England seeks to lighten Solvency II reporting overhead

11th January 2018

The UK Bank of England's Prudential Regulatory Authority (PRA) arm has begun a new consultation process which could result in changes to ease some of the regulatory reporting burden re/insurers have faced under Solvency II. The proposals, contained in a consultation paper titled "Changes in insurance reporting requirements", ... Read the full article

Langhorne Re launched by RGA and RenRe as in-force life & annuity reinsurer

11th January 2018

Two major global reinsurance firms, Reinsurance Group of America and RenaissanceRe, have launched a new start-up named Langhorne Re, which will target in-force life and annuity business and leverage third-party capital as part of its backing. Langhorne Re will be a global reinsurer targeting large in-force life and annuity blocks, the ... Read the full article

Zurich backs FCA sandbox tested insurtech Laka

11th January 2018

Global insurer Zurich is financially backing an insurance technology (insurtech) start-up named Laka that has tested its product in the UK's Financial Conduct Authority’s (FCA) Regulatory Sandbox. Formerly known as Insure a Thing and now renamed Laka, the start-up offers a new model for insurance, only earning fees when acting in ... Read the full article

CNA Hardy hires Middleton from EXIN as new Luxembourg CEO

11th January 2018

Lloyd's and London headquartered specialist commercial insurer CNA Hardy has named Stuart Middleton as CEO of its Luxembourg subsidiary. Middleton joins CNA Hardy from his most recent role at specialist insurer EXIN, where he was one of the leaders of the firms wholesale operations. Before that he had senior underwriting roles ... Read the full article

InsurTech Hippo partners with Spinnaker to expand U.S. smart home cover

11th January 2018

California-based InsurTech firm Hippo announced a strategic partnership with Spinnaker Insurance Company, with the ambitious aim to expand its U.S. presence and smart home cover to over 60% of the population by the end of the year. The partnership - Spinnaker's first with an InsurTech - enables Hippo to leverage Spinnaker's ... Read the full article

XL Group raises Q4 catastrophe loss to $315mn, adds $98mn tax charge

11th January 2018

XL Group has released preliminary loss estimates for the Southern California Wildfires of $45 million and $20 million for other severe weather events, with losses split at about even between the firm's insurance and reinsurance segments. XL also announced an expected one-time tax charge of about $98 million to impact 2017 ... Read the full article

Allianz Global Corporate & Specialty SE appoints Lars Vissing to Regional Head of Claims

11th January 2018

Allianz Global Corporate & Specialty SE (AGCS) has appointed Lars Vissing as Regional Head of Claims set to succeed Martin Henson who will retire from the position in February 2018 after nearly 20 years with Allianz. Based in London and Copenhagen, Vissing will lead AGCS’ claims team in the UK, Ireland, ... Read the full article

Subsidiaries could help Bermudian reinsurers mitigate new tax changes: Analysts

11th January 2018

The Buckingham Research Group (BRG) has said that Bermudian reinsurers could mitigate payments under the Base Erosion and Anti-Abuse Tax (BEAT), which is part of the newly approved tax bill, by establishing a new subsidiary. BRG recently held a conference call during which it discussed the potential impacts of the newly ... Read the full article

Qatar Re approved to open new London branch office

11th January 2018

Qatar Reinsurance Company Limited (Qatar Re), the Bermuda based reinsurer of the QIC Group, has received its approvals to open a branch office in London, as it seeks expansion into the UK market. Both the Qatar Central Bank and the UK's Prudential Regulation Authority (PRA) have authorised Qatar Re to carry ... Read the full article

Casualty market calms after HIM but reinsurers push for improved T&Cs: Willis Re

10th January 2018

The global casualty market remains orderly and has calmed down somewhat from the initial impacts of third-quarter hurricanes, however, the trend of improved terms and conditions (T&C) for reinsurance buyers is now slowing, and even reversing in some instances, according to Willis Re. In its recent 1st View report, reinsurance broker ... Read the full article

The Hartford reveals $850mn tax, $180mn cat impacts in Q4

10th January 2018

The Hartford has revealed an expected $850 million charge on Q417 financial results from the impact of lower U.S. corporate tax rates on the company's net deferred tax assets. The company anticipates a further pre-tax $180 million in Q4 losses for the most part due to California wildfires. These factors would reduce ... Read the full article

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