Reinsurance News

Sompo International hires AXIS duo for U.S. middle market property push

23rd May 2017

Sompo International, the international specialty insurance and reinsurance brand that emerged after Sompo completed its acquisition of Bermudian firm Endurance Specialty Holdings Ltd., has hired two executives from AXIS Capital to launch a new U.S. middle market property insurance push. Sompo International's has launched a new U.S. middle market property insurance ... Read the full article

Gen Re hires William Casill (ex-AXA Equitable) as new Chief Actuary

22nd May 2017

Gen Re, the Berkshire Hathaway owned specialist reinsurance company, has hired William (Bill) Casill, FSA, as Senior Vice President and Chief Actuary of its North American life and health business. Casill was most recently with AXA Equitable, where he held the role of Head of Reinsurance and Corporate Chief Underwriter. In his ... Read the full article

Solvency II “may not provide a reliable picture of the underlying economics”: A.M. Best

22nd May 2017

Rating agency A.M. Best has said that it does not intend to use the Solvency II regime disclosures of solvency and financial condition as inputs for its own rating methodology, saying they "may not provide a reliable picture of the underlying economics of an insurer’s balance sheet at either the ... Read the full article

Munich Re partners for brownfield soil remediation offering

22nd May 2017

An insurance unit of Germany-based reinsurance giant Munich Re has entered into a new partnership with Reterro, Inc. to develop and offer process substitute performance insurance protection for soil remediation projects. Reterro is a vertically integrated brownfield redevelopment firm that provides comprehensive soil remediation technology for owners of distressed brownfield properties. In ... Read the full article

Re/insurers’ financial accounts reporting set for major change with IFRS 17 release

22nd May 2017

The International Accounting Standards Board (IASB) has released a new global basis for insurance contracts accounting, with the issuance of the International Financial Reporting Standards (IFRS) 17, which industry experts have called "the biggest shake-up of financial reporting for decades." IFRS creates a common global language for business, enabling easy understanding of company accounts across ... Read the full article

Liberty Specialty Markets hires new Senior Underwriter, Global Financial Risks

22nd May 2017

Liberty Mutual Insurance Group subsidiary, Liberty Specialty Markets (LSM), has announced the appointment of Sam Wilde from Deutsche Bank, as a Senior Underwriter, Global Financial Risks. Wilde will report to Huw Owen, Global Financial Risks, Head of London Markets, and will be based in the firm's London office. In the new ... Read the full article

Average cyber limit doubles & penetration levels increasing: CIAB

22nd May 2017

A number of factors continue to converge in the global cyber insurance space resulting in increased demand, while the average cyber policy limit has roughly doubled in the last six months, according to The Council of Insurance Agents & Brokers (CIAB). The CIAB's latest Cyber Insurance Market Watch Survey highlights some ... Read the full article

Aegon selling its two largest US run-off businesses to Wilton Re

22nd May 2017

Global insurance and financial services specialist Aegon is selling its two largest U.S. run-off insurance businesses to Wilton Re, the U.S. life re/insurer that specialises in the acquisition of in-force portfolios. Aegon is selling its payout annuity business and Bank Owned / Corporate Owned Life Insurance business (BOLI/COLI), to Wilton Re, ... Read the full article

Specialty reinsurance premiums grow as traditional business takes a hit: Fitch

22nd May 2017

International financial services rating agency, Fitch Ratings, has highlighted a trend of non-life reinsurers moving into specialty lines, as they seek pockets of premium growth to offset stiff competition in more traditional business lines. Fitch Managing Director, Jim Auden, said industry competition had weakened market pricing significantly in the last three ... Read the full article

IRB Brasil Re to pursue initial public offering (IPO)

22nd May 2017

Brazilian reinsurance firm IRB Brasil Resseguros S.A. (IRB Brasil Re) is resuming the process of going public having received approval from shareholders to register for an initial public offering (IPO). The reinsurer is backed by the Brazilian government, which owns 27% of IRB Brasil Re, and a number of major financial ... Read the full article

WannaCry was the first true cyber catastrophe event: RMS

19th May 2017

RMS cyber risk management expert, Tom Harvey, called the recent WannaCry ransomware attack that hit businesses across the globe the world's "first ever cyber-catastrophe," he told Reinsurance News it demonstrates the systemic nature of the risk with "a single vulnerability resulting in hundreds of thousands of infected machines across over ... Read the full article

Canada Life Reinsurance announces new executive appointments

19th May 2017

Canada Life Reinsurance has named Jeff Poulin as Executive Vice President, Reinsurance, replacing John Occleshaw, while Derek Popkes has been appointed Chief Operating Officer (COO) of Reinsurance at the firm. After spending almost two decades with Canada Life (part of the Great-West Lifeco Group of companies), including five years as Head ... Read the full article

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

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