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Reinsurance News

AXIS Re CEO Nichols resigns, Ekberg named interim reinsurance head

14th February 2017

John 'Jay' Nichols, the Chief Executive Officer (CEO) of AXIS Capital Holdings Limited's reinsurance division, AXIS Re, has stepped down from his position, and Jan Ekberg has been named as interim Head of Reinsurance. Nichols will remain with the company in a transitional role until the end of March, 2017. "On behalf ... Read the full article

EEU to establish common reinsurance model for Commonwealth countries

14th February 2017

The Eurasian Economic Union (EEU) is reportedly planning to develop a common reinsurance structure for countries in the Commonwealth. Industry reports claim that the EEU is looking to create a common reinsurance model in order to remove cross-border reinsurance barriers. It's expected that insurance companies will be able to share the assumed risks ... Read the full article

High U.S. tornado activity manageable for EU reinsurers in Q1: RBC

14th February 2017

Tornado activity in the U.S. during January was particularly high when compared to a three-year average, a trend that continued into February. However, analysts at RBC Capital Markets say that while activity has been elevated, costs are likely to be well within first-quarter catastrophe budgets for European reinsurers. A total 138 tornadoes ... Read the full article

IAIS names Jonathan Dixon as new Secretary General

14th February 2017

The International Association of Insurance Supervisors (IAIS) has named Jonathan Dixon as the successor to long-time Secretary General Yoshihiro Kawai. Dixon will commence his new role in November this year, following the IAIS Annual Conference. Victoria Saporta, Chair of the IAIS Executive Committee, commented on the appointment; "Jonathan Dixon brings a unique ... Read the full article

Ed appoints new Head of International Property and Casualty

14th February 2017

Specialty reinsurance broker Ed has named Namik Gulsun as head of international property and casualty, making this appointment the latest after what has been a series of new hires. Gulsun is set to take up his new position immediately, working alongside James Venton, head of U.S. property and casualty, and reporting ... Read the full article

NSW wildfire loss estimates at AU$20 million and rising

14th February 2017

The Insurance Council of Australia (ICA) has set estimated insured losses at AU$20 million ($15.3) and rising after nearly 100 bushfires have ravaged New South Wales (NSW). The ICA has declared an insurance catastrophe as fires destroyed homes, stock and other assets; ICA Chief Executive Officer (CEO), Rob Whelan, commented; “At ... Read the full article

SCOR makes senior promotions across Global Life business

14th February 2017

French reinsurance firm SCOR has announced a number of senior appointments in its Global Life reinsurance business unit, as it promotes a number of staff from within. Paolo De Martin, Chief Executive Officer of SCOR Global Life, commented; "With today's promotions we continue to optimally position SCOR Global Life for the ... Read the full article

High hopes for Indian reinsurance: Munich Re

14th February 2017

Substantial and sustained growth for reinsurance is forecasted  in India, driven by expansion in construction, energy, liability and agriculture lines of business as the country continues to see strong GDP growth, according to Munich Re. Munich Re’s Economic Research unit has projected steady growth for the Indian reinsurance market, with more ... Read the full article

Reinsurance News – Tuesday 14th February 2017

14th February 2017

Here’s your daily Reinsurance News for Tuesday 14th February 2017: Reinsurance price declines to continue into 2018, benefiting insurers Prices in the global reinsurance sector are expected to continue declining into 2018, suggesting primary insurers stand to benefit from cheaper risk capital. Watford Re’s total return from investments, ... Read the full article

Ironshore marshalling new capacity for energy middle-market risks

13th February 2017

Ironshore’s Specialty Casualty arm has expanded its energy coverage capacity with a new oil and gas facility, Ironshore Energy Solutions, to deliver capacity for U.S. on-shore middle market energy liability risks. The facility will provide capital to underwrite middle market sector risk on behalf of six consortium insurance companies and has put ... Read the full article

Re/insurance CEOs highlight threats to growth in PwC survey

13th February 2017

A survey by PwC has revealed that re/insurance industry CEOs are more concerned about threats to industry growth than leaders in any other industry. Results from PwC’s 20th annual Global Survey of re/insurance CEOs that polled opinions of 95 re/insurance CEOs from 39 countries, showed industry leaders feel more threatened than ... Read the full article

Reinsurance to limit effect of Ogden rate change for UK motor insurers

13th February 2017

Reinsurance is expected to limit the impact of potential rate changes to the Ogden discount rate, analysts at Berenberg reported, after the Ministry of Justice announced that it's delayed its decision on whether the rate should be lowered until February, 2017. Berenberg said it anticipated a discount rate reduction to 1.5-2 ... Read the full article

Nearly 100 severe wildfires ravage NSW, Australia

13th February 2017

Nearly 100 wildfires have raged across Australia’s New South Wales (NSW) state destroying at least 30 homes, amidst some of the worst weather conditions seen in the country's recent history as winds sweep through land already parched by a record-breaking heatwave. Officials said conditions were worse than during the 2009 “Black ... Read the full article

ARPC Chair to step down after current term

13th February 2017

Joan Fitzpatrick, the Chair of the Australian government-backed terror risk reinsurance venture, the Australian Reinsurance Pool Corporation (ARPC), has announced that she will not seek reappointment when her term expires on June 30th, 2017. Fitzpatrick was initially appointed to the position of Chair on January 1st, 2013, after being appointed to ... Read the full article

Reinsurance price declines to continue into 2018, benefiting insurers

13th February 2017

Reinsurance prices are forecast as likely to continue declining at similar rates to those seen at the recent January renewals into 2018, with the result being an ongoing opportunity for insurers to benefit from cheaper risk capital. That's the view of analysts at Canaccord Genuity, who highlight the benefits that lower ... Read the full article

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