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Reinsurance News

Geoffrey Leathem to join Aon Benfield Africa’s executive team from Guy Carpenter

9th May 2018

Reinsurance broker Aon Benfield's Africa unit has revealed that Geoffrey Leathem will join its executive team with a focus on South African business, effective November 1st, 2018, reports BusinessTech. As well as having a focus on South African operations, Leathem's role will target strategic consulting on business development and broking ... Read the full article

Allianz expands climate strategy with long-term carbon reduction goals

9th May 2018

Allianz Group has significantly expanded its climate strategy with plans to immediately withdraw from re/insuring coal-based power plants and mines, and long-term goals to phase out its investments in coal-based business and re/insurance coverage of related risks by 2040. The Group also plans to support the long-term development of a low-carbon ... Read the full article

North P&I Club expands Cargo Claims team with new Deputy Director

9th May 2018

North P&I Club, the UK-based marine mutual liability re/insurer, has expanded its specialist Cargo Claims team with the appointment of David Richards as Deputy Director, Cargo. Richards joins North from commercial law firm Ince & Co, where he has worked since 2007, most recently as a partner. He is a specialist in ... Read the full article

World Bank Group’s MIGA to share risk with Japan’s NEXI through reinsurance

9th May 2018

MIGA (Multilateral Investment Guarantee Agency), the political risk insurance arm of the World Bank Group, and NEXI, Japan's state-owned export credit agency, have entered an official agreement to share risk, through reinsurance, on investments made by Japanese firms in developing countries. The arrangement will see MIGA and NEXI purchase reinsurance policies ... Read the full article

Asia ripe for self-insurance sector growth

9th May 2018

The use of self-insurance techniques through captives and protected cell companies is expected to expand in Asia, but education for potential corporate risk transfer sponsors needs to increase, according to the Labuan International Business and Financial Centre (Labuan IBFC). Farah Jaafar-Crossby, CEO of Labuan IBFC Inc., explained, "The self-insurance sector is ... Read the full article

Promising rate momentum for Bermudian reinsurers at Q1: Peel Hunt

9th May 2018

Peel Hunt, a specialist in corporate broking, advisory, research, sales and trading, has reported that first quarter results for Bermudian reinsurers suggest that rates are continuing to firm across a broad line of underwriting classes, but that it remains unclear whether this trend will continue. Whilst rate firming across both reinsurance ... Read the full article

QBE invests in machine learning tech firm Hyperscience

9th May 2018

QBE Insurance Group has announced that its venture capital arm, QBE Ventures, has closed an investment into machine learning tech firm Hyperscience, and has entered into an agreement to roll out its solutions across QBE globally. Hyperscience uses artificial intelligence (AI) to develop solutions for automating office work across verticals like ... Read the full article

Hannover Re expecting to surpass P&C Re strategic growth target

8th May 2018

Germany-based reinsurer Hannover Re expects to surpass its strategic growth target for its overall property and casualty (P&C) reinsurance business, driven in part by increased demand in structured reinsurance. The reinsurer recently announced its first-quarter 2018 results, which revealed solid premium growth enabled by taking advantage of improved reinsurance market conditions ... Read the full article

Malaysian Re adopts AIR Worldwide’s risk modelling platform

8th May 2018

Malaysian Reinsurance Bhd (Malaysian Re) has licensed AIR Worldwide's catastrophe risk modelling platform to help it manage its existing portfolio and assess new risks. Malaysian Re, which is a wholly-owned subsidiary of MNRB Holdings Bhd, will deploy the catastrophe modelling solution to enhance its risk pricing and portfolio management capabilities, and ... Read the full article

Zurich finalises $1bn reinsurance commission in takeover of ANZ’s OnePath Life

8th May 2018

Zurich has finalised its reinsurance arrangements with ANZ, paying $1 billion of upfront reinsurance commission as the first step in its acquisition of ANZ’s Australian life insurance business, OnePath Life. The sale of OnePath Life was announced in December 2017 and was arranged to consist of two transactions totalling $2.85 billion. The ... Read the full article

Aspen seeing mid-year rate increases of up to 7.5%: CEO, O’Kane

8th May 2018

Aspen Re, the reinsurance segment of Bermudian re/insurance group Aspen Insurance Holdings Limited, saw rate increases of 5.3% in the first-quarter of 2018, and while rates moderated at the April renewals, the firm's already seeing increases of up to 7.5% for loss-affected accounts incepting in June. Aspen's first-quarter results commentary is ... Read the full article

Tokio Marine Group receives approval for post-Brexit Luxembourg subsidiary

8th May 2018

Tokio Marine Group has received regulatory approval to establish a new re/insurance subsidiary, Tokio Marine Europe S.A., in Luxembourg as part of its plans to ensure a smooth transition following the UK's departure from the European Union (EU). The new company, which has been authorised by the Commissariat aux Assurances (CAA) ... Read the full article

RGA to invest in Getsurance via its innovation accelerator, RGAx

8th May 2018

U.S. domiciled life reinsurer, Reinsurance Group of America (RGA) is investing in InsurTech Getsurance through its innovation accelerator subsidiary, RGAx. RGA announced in 2017 that it had entered into a partnership with Getsurance, backing its digital life insurance solution designed to protect individuals with long-term disabilities against the loss of income due to illness ... Read the full article

Sompo International integrates SJNKE in preparation for Brexit

8th May 2018

Sompo International Holdings has reached a milestone in its Brexit preparation plans with the integration of Sompo Japan Nipponkoa Insurance Company of Europe Limited (SJNKE), which is now a wholly-owned subsidiary of Sompo International. In March 2018, Sompo International received regulatory approval to establish its new subsidiary, SI Insurance (Europe), ... Read the full article

THB expands UK Motor Fleet team with ex-Wrightsure brokers

8th May 2018

THB UK Risk Solutions, the UK broking subsidiary of specialist re/insurance broker THB, has expanded its Motor Fleet team with the appointments of two ex-Wrightsure brokers, Kevin Searle and Andrew Hines. Both Searle and Hines have previously worked at THB, Searle having since served as a broker in Wrightsure’s Motor Fleet team, ... Read the full article

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