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Brexit not expected to dramatically impact reinsurance at Hannover Re: CEO, Wallen

10th May 2017

The Chief Executive Officer (CEO) of reinsurer Hannover Re, Ulrich Wallen, said during the firm's annual general meeting (AGM) that it doesn't expect the UK's Brexit vote to dramatically impact its reinsurance operations, reported Reuters. Domiciled in Germany, Hannover Re has a branch in the UK from which it writes property, casualty, ... Read the full article

Nexus and Beazley Syndicate collaborate to offer cyber solutions

10th May 2017

Specialty Managing General Agent (MGA) Nexus Group has announced plans to use its broker network to collaborate with Beazley Syndicate to provide cyber insurance solutions, effective 1st of May, 2017. In the initiative to expand its solutions offer into one of the fastest growing risks and insurance markets, Nexus will act as ... Read the full article

JLT Re bolsters aviation team with two new hires

10th May 2017

JLT Re, the reinsurance arm of international insurance and reinsurance brokerage JLT Group, has added Graham Barden and Jon Warner as Partners within its aviation team, based in the firm's London office. Barden brings more than 40 years of aviation market experience to the role and has worked in both insurance ... Read the full article

BMS Group appoints new CEO of Australia

10th May 2017

Specialist insurance and reinsurance industry brokerage, BMS Group Limited, has named Andrew Godden as Chief Executive Officer (CEO) of Australia, based in the firm's Sydney office. Godden has more than 30 years of insurance industry experience and joins the firm from Arthur J. Gallagher, where he has been CEO of Australia ... Read the full article

Hannover Re maintains full-year net income target as it reveals Q1 results

10th May 2017

Reinsurance giant Hannover Re has reported a successful start towards achieving its full-year net income target in Q1, after kicking off the year with an optimistic move to raise the guidance for group net income from €950 million to over €1 billion. In Q1, Hannover Re's gross written premium rose by 6.6% ... Read the full article

BIBA forms Innovation Working Group to help unlock InsurTech potential

10th May 2017

Vivek Banga, Chief Digital Officer (CDO) at Arthur J. Gallagher, has been appointed Chair of the British Insurance Brokers' Association's (BIBA) newly-created, cross-industry Innovation Working Group. BIBA first announced plans for the establishment of the working group in January as part of its Manifesto in the House of Commons, with its aim ... Read the full article

Indian state-owned GIC Re names banks selected for IPO

10th May 2017

Indian state-owned reinsurer GIC Re has listed five banks; HSBC, Citi, Deutsche Bank, Kotak and Axis for its initial public offering (IPO) - with Citi as the listing’s lead manager. The reinsurer, which is currently 100% owned by the state, is awaiting government instructions on how much stake to offer through ... Read the full article

Markel International Singapore appoints new marine underwriter

9th May 2017

Markel Corporation subsidiary, Markel International Singapore, has announced the appointment of Gustaf Kristiansson as a marine underwriter, based in the firm's Singapore office, reporting to Matt Cannock. Kristiansson moves from the company's Sweden office, where he was a marine underwriter, to hold the same position in Singapore for the specialist insurer and ... Read the full article

CIRC’s finalised offshore reinsurance collateral requirements more relaxed

9th May 2017

The Chinese insurance industry regulator, the China Insurance Regulatory Commission (CIRC), has released its final requirements for collateral in cross-border reinsurance business, which relaxes some of the previous requirements. After a consultation period the Final Version of the 'Notice Relating to Collateral Provided by Offshore Reinsurers' has been released by the CIRC, ... Read the full article

Global reinsurers taking market share from London: LMG

9th May 2017

Global reinsurers have taken a share of the re/insurance market from London, as factors like a high concentration of specialist insurers and Brexit have contributed to its shrinking market presence in emerging markets and threaten a continual reduction of its global market share. The London Market Group (LMG) and The Boston Consulting ... Read the full article

“Cracks” beginning to appear in re/insurance market: Lancashire CEO, Maloney

9th May 2017

Persistent rate reductions, a continued oversupply of capacity and minimal loss activity isn't expected to materially change the outlook of the re/insurance market, but cracks are starting to appear in the space, according to the Chief Executive Officer (CEO) of Lancashire Holdings, Alex Maloney. Specialist Bermuda and London insurance and reinsurance underwriter, Lancashire ... Read the full article

Hiscox to establish EU subsidiary in Luxembourg

9th May 2017

Insurer and reinsurer Hiscox has today announced plans to establish a new European subsidiary in Luxembourg in a post-Brexit restructuring move. The international specialist re/insurer said the EU subsidiary will be used to write all Hiscox retail business in Europe and a team covering core functions like compliance, risk and internal audit will ... Read the full article

PERILS sets Cyclone Debbie insured property market loss at AU$1.116 billion

9th May 2017

PERILS has released an initial insured property market loss estimate of AU$1.116 billion (approximately US$820 million) after tropical Cyclone Debbie struck Airlie Beach in the Whitsunday Region of Queensland on 28th of March, causing significant wind and water damage across Southeast Queensland and Northeast South Wales, Australia. Darryl Pidcock, Head of PERILS ... Read the full article

Munich Re reports Q1 result, on track to hit 2017 profit guidance

9th May 2017

Reinsurance giant Munich Re has reported its first-quarter 2017 results, posting a net result of €557 million (US$436 million), and confirming that it still anticipates to hit its 2017 profit guidance across the Group. The reinsurer today announced that despite increased major loss expenditure in the opening three months of the ... Read the full article

JLT Specialty USA expands Environmental Practice with Senior Broker hire

9th May 2017

Insurance and reinsurance broker JLT Group's U.S. subsidiary, JLT Specialty USA, has expanded its Environmental team with the addition of Grant Nichols, as Senior Vice President (SVP). Based in Philadelphia, Nichols joins the firm's Environmental Specialty Group as a Senior Broker with a focus on complex environmental insurance programmes. Mike Rice, Chief ... Read the full article

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