Reinsurance News

BMS Group announces new Australia CEO & COO

8th May 2018

Specialist insurance and reinsurance brokerage, BMS Group Limited, has announced the appointment of Andrew Godden as Chief Executive Officer (CEO) of Australia, and Dylan Wilkinson as Chief Operating Officer (COO), BMS Australia. Based in Sydney, Godden will report to Nick Cook, CEO of BMS Group, and brings over 30 years of ... Read the full article

Fitch stays negative on reinsurance but expects improved profitability in 2018

8th May 2018

Fitch Ratings has maintained its negative outlook for the global reinsurance sector in light of ongoing competition, low interest rates and the influx of alternative capital, but does state that profitability is likely to improve for the industry in 2018. The ratings agency expects reinsurer profitability to improve in 2018, driven ... Read the full article

Little prospect of rate improvement at mid-year renewals: Hiscox

8th May 2018

Having said before that it expected rate momentum to continue through 2018, global insurance and reinsurance firm Hiscox has now changed its tune, saying that it sees "little prospect of rate improvement" for the rest of this year. In February, the Hiscox management suggested that they were anticipating further rate ... Read the full article

Munich Re first-quarter profit rises, expands premiums in April

8th May 2018

Global reinsurance player Munich Re has reported an improved first-quarter result for 2018, with profits rising almost 50% to €827 million, thanks to lower losses. Munich Re's Q1 2018 profit is reported as €827 million, up significantly from the €557 million the reinsurer reported in the prior year, thanks both to ... Read the full article

Softbank’s interest in Swiss Re deal reported to be waning

7th May 2018

According to media reports this weekend, Japanese technology & telecoms investor & conglomerate SoftBank's interest in securing a deal with global reinsurer Swiss Re is waning, as talks drag on. As we reported last week, it's been said that Swiss Re’s talks with SoftBank had stalled, which led the CFO ... Read the full article

Berkshire Hathaway underwriting & investment profit both up in Q1

7th May 2018

Warren Buffett's insurance and reinsurance businesses at Berkshire Hathaway recorded positive performance for the first-quarter of 2018, with both underwriting and investment sides of the business delivering higher profits. Berkshire Hathaway reported $407 million of underwriting profit for Q1 2018, up from a loss of -$267 million in the prior year. On ... Read the full article

Hannover Re starts 2018 with solid premium growth

7th May 2018

German reinsurance firm Hannover Re has begun 2018 with solid growth in premiums underwritten, as the firm took advantage of better market conditions to create a much larger portfolio for the year ahead. Across the business, Hannover Re reported a 17.6% increased in premiums underwritten for the quarter, a figure which ... Read the full article

Berkshire Hathaway won’t be a pioneer in cyber insurance: Warren Buffett

5th May 2018

Speaking at the annual shareholders meeting of his conglomerate Berkshire Hathaway Inc. today, Warren Buffett said that he doesn't believe anyone understands cyber risk well enough today, so his firm will not seek to be a pioneer in underwriting cyber insurance. Cyber risks are seen as an enormous opportunity by many ... Read the full article

SCOR “looking forward” to mid-year, expects confirmation of positive trends

4th May 2018

French insurer and reinsurer SCOR remains on track to deliver growth in 2018, and with the insights of the January and April renewals, is looking forward to mid-year when it expects further confirmation of positive trends. For the first-quarter of 2018 SCOR recorded net income of €166 million, up almost 17% ... Read the full article

Willis integrates capital markets offering into reinsurance business

4th May 2018

Global advisory, broking and solutions company Willis Towers Watson has announced that it plans to integrate its capital markets offering into Willis Re, the reinsurance arm of the firm. The Insurance-Linked Securities (ILS) operation was previously part of the Willis Towers Watson Securities business unit. William Dubinsky will continue to lead the ... Read the full article

AEGIS London appoints LSM’s Paul Ventris as head of internal audit

4th May 2018

AEGIS London has appointed Paul Ventris, previously of Liberty Specialty Markets (LSM), as its new head of internal audit. Ventris will now be responsible for planning and overseeing AEGIS London’s audit programme, managing the internal audit teams and reporting its activities to the Audit Committee. He joins from LSM, where he served ... Read the full article

LMG contracts Charles Taylor to centralise delegated authority data

4th May 2018

The London Market Group (LMG) has contracted Charles Taylor InsureTech Limited to provide a central service to standardise and centralise the collection, validation, processing, and supply of delegated authority data across the market. The agreement aims to enable quick and convenient submissions of risk, premium, and claims data, and is part ... Read the full article

Reinsurance expected to remain key product line for London market: DWF

4th May 2018

In a recent survey, law firm DWF LLP found that UK re/insurers and brokers expect the London Market to retain its status as a global leader in the reinsurance sector over the next five years. DWF reported that 70% of respondents thought that reinsurance would remain a key product line for ... Read the full article

Deloitte, FWD, Zilliqa, and Insurance Market partner on blockchain eco system

4th May 2018

A collaborative partnership consisting of Deloitte, FWD, blockchain platform Zilliqa, and online broker Insurance Market has launched Inmediate, a Singapore-based collaborative eco system for blockchain based re/insurance. The project was conceptualised by Insurance Market, a broker from Singapore that already has established online re/insurance distribution and blockchain expertise. Otbert de Jong, Chief ... Read the full article

Aon’s reinsurance broking revenues soar in Q1

4th May 2018

Reinsurance broking revenues at Aon plc soared in the first-quarter of 2018, with the firm reporting a 100% increase year-on-year, on a reported basis, as its Aon Benfield unit led a 3% organic revenue increase across the insurance and reinsurance broking group. Aon reported that its reinsurance business under the Aon ... Read the full article

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