Reinsurance News

Lord Turner appointed as new Chubb non-executive Chairman of key European boards

17th May 2017

Chubb has announced the appointment of Adair, Lord Turner, as non-executive Chairman of its key European companies, Chubb European Group and Chubb Underwriting Agencies. In his new position, Turner will work alongside Andrew Kendrick, Regional President for Chubb in Europe, who continues to have executive management responsibility for Chubb’s operations across ... Read the full article

Fitch predicts challenging year ahead with soft reinsurance market conditions

17th May 2017

Fitch Rating has set a negative forecast for the year ahead in its 2017 outlook report, predicting a continued decline of premium rates, with soft pricing prevailing in the global reinsurance market. The soft pricing is driven by a continued over demand of capital, sluggish reinsurance purchasing, and several years of below-average ... Read the full article

Lloyd’s agrees to pay compensation for South Korea Sewol ferry victims

17th May 2017

Lloyd's of London and Korean Re have reached an agreement to pay more than 100 billion won (US$89 million) for South Korea's Sewol ferry accident victims after two years of negotiating whether or not insurance claims were valid due to the ferry owner failing to operate according to regulations, the ... Read the full article

Jay Nichols added to Baldwin & Lyons Board of Directors

17th May 2017

Former AXIS Re Chief Executive Officer (CEO), Jay Nichols, has been formally appointed to Baldwin & Lyons, Inc.'s Board of Directors, effective immediately. Nichols was CEO of AXIS Re from 2012 to 2017, and before joining the reinsurer he also served as President of RenaissanceRe Ventures Ltd., and held positions ... Read the full article

WannaCry could be a catalyst for a new approach to cyber risks: Sciemus

17th May 2017

The global cyber attack caused by the virulent new strain of self-replicating ransomware known as Wanna Decryptor, WannaCry, or WCry, could be just the catalyst that the insurance and reinsurance market needs to stimulate a new approach to cyber risks, according to experts at Sciemus. The WannaCry ransomware has impacted more ... Read the full article

Swiss Re & Taiwan Fire & Marine Insurance launch first parametric insurance for Taiwan fisheries

16th May 2017

Swiss Re and Taiwan Fire & Marine Insurance have worked together to offer the first parametric aquaculture insurance solution to provide cover against extreme rainfall for onshore fisheries, in Taiwan's Ping Tung Country. The parametric insurance solution will provide cover for 120,000 hectares of Grouper fish ponds, making Taiwanese fisheries more ... Read the full article

InsurTech firm Sherpa & Gen Re partner to disrupt traditional re/insurance model

16th May 2017

InsurTech firm Sherpa has announced plans to collaborate with reinsurer Gen Re to offer customer-driven insurance cover to provide clients with a single underwriting process and account for all risks insured, replacing and simplifying traditional methods of insuring on a product by-product basis with separate policies and processes. The new business ... Read the full article

SCOR hires Graeme Scott from Markel as EMEA Casualty CUO

16th May 2017

French reinsurance firm SCOR has announced the appointment of Graeme Scott as its EMEA Casualty Chief Underwriting Officer, hiring him from his most recent position as Head of Inwards Reinsurance at Markel International. Scott joins SCOR today and will be based in London for the reinsurer, where he will lead a ... Read the full article

Ransomware attacks spur cyber demand, could be a $14bn market: Fitch

16th May 2017

As we wrote yesterday, the recent cyber attacks that struck more than 150 countries across the globe with ransomware will stimulate new demand for cyber insurance and reinsurance coverage, and Fitch Ratings agrees, saying today that re/insurers are in a unique position to respond to assist customers faced by ... Read the full article

Duperreault plans to grow AIG, not break it up

16th May 2017

Brian Duperreault, the new President, Chief Executive Officer (CEO) & Director of AIG, plans to make the firm better than it's ever been and sees opportunities to pursue both organic and inorganic growth as he looks to take the company forward. Speaking at the firm's Consumer Insurance Investor Day webcast, Duperreault ... Read the full article

Canada hit with heavy flooding, too early to call losses

16th May 2017

Canadian provinces of British Columbia, Quebec, Ontario, and the Canadian Maritimes were hit with severe floods after persistent, heavy rainfall combined with snowmelt, causing rivers and lakes in the region to swell. Losses are expected to be felt in the millions of dollars (USD), but it's too early to call industry ... Read the full article

China’s PICC to self reinsure with PICC Re

16th May 2017

China's PICC Property & Casualty (P&C) Company Limited has entered into a reinsurance arrangement with the parent owned PICC Re reinsurance company. PICC P&C is part of the People's Insurance Company (Group) of China Limited, which also owns the reinsurer PICC Re. The paid have entered into an agreement which will see ... Read the full article

Novae adds to cyber line-up

16th May 2017

Lloyd's re/insurer Novae has added a new hire to its cyber insurance team, hiring Stuart Quick who was previously with IBM’s UK&I Cyber Security consulting practice. Quick joins Novae's cyber team as Breach Response and Cyber Operations Manager, and will report directly to Dan Trueman, Head of Cyber and Chief Innovation ... Read the full article

AXIS Insurance adds two to U.S. property & casualty team

16th May 2017

AXIS Capital Holdings Limited has named both James Martin and Russ Madore as Vice President, U.S. Programs, AXIS Insurance Property and Casualty, reporting to John Tatum, Executive Vice President and Head of U.S. Programs, AXIS Insurance. The pair will be based in the firm's Alpharetta, Georgia, U.S., office, and each will ... Read the full article

Aon Benfield launches High Performance Computing platform for re/insurers’ financial reporting

15th May 2017

Reinsurance broker Aon Benfield has announced the introduction of an integrated enterprise High Performance Computing (HPC) business platform as a framework to financial reporting - PathWise Solutions Group IFRS. Pathwise enables businesses to simultaneously model assets, liabilities, and scenario generators - enabling easier management and reporting of complex financial and biometric ... Read the full article

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