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No systemic risk in traditional re/insurance: Insurance Europe

20th February 2018

Insurance Europe, a European insurance and reinsurance federation, has responded to the International Association of Insurance Supervisors' (IAIS) pre-consultation on an activities-based approach (ABA) to systemic risk, concluding that systemic risk among re/insurers is rare. The insurance body says that, "Traditional insurance is not systemically risky and systemic risk from individual ... Read the full article

CBL Insurance Europe ordered to cease underwriting Irish business

20th February 2018

The Central Bank of Ireland has ordered CBL Insurance Europe dac, a branch of New Zealand-based specialist insurer CBL Corporation, to stop underwriting after regulatory authorities concluded the firm needed to raise capital to increase claim reserves for its French construction lines. The French construction business makes up over 60% of ... Read the full article

India’s IRDAI to delay reinsurance order of preference regulations

20th February 2018

The Insurance Regulatory and Development Authority of India (IRDAI) has reportedly delayed the setting of new regulations, part of which would have confirmed that its nascent domestic market has preference in reinsurance placements. According to Christopher Croft, Chief Executive of the London & International Insurance Brokers’ Association (LIIBA), lobbying to prevent ... Read the full article

The Hartford enters $200m renewal rights agreement with Farmers Exchanges

20th February 2018

The Hartford has entered into a renewal rights agreement with the Farmers Exchanges to acquire its Foremost Insurance commercial independent agent business, gaining access to nearly $200 million in commercial lines premium. Stephanie Bush, The Hartford’s head of Small Commercial and Personal Lines, said; “this renewal rights agreement further strengthens The ... Read the full article

Aspen taking steps to improve U.S. property insurance results

20th February 2018

Aspen Insurance Holdings Limited, the Bermudian insurance and reinsurance group, is taking steps to improve the performance of its property insurance book, beginning with the shuttering of its Bermuda-based U.S. property underwriting unit. Aspen's 2017 results were deeply disappointing, according to CEO Chris O’Kane, who said that the company was taking ... Read the full article

UK life insurers seen as resilient, even under Brexit pressures: S&P

20th February 2018

Rating agency S&P has marked the U.K. life insurance sector as being one of the few major markets with a low risk assessment, forecast for growth, and spurred on by the expansion to all employers of the automatic enrolment of staff into company pensions this year, but Brexit could challenge the ... Read the full article

AI can deliver more efficient client value: Dan Glaser, MMC

19th February 2018

Marsh & McLennan (MMC) President and Chief Executive Officer (CEO) Dan Glaser discussed the role of Artificial Intelligence (AI) in both disrupting and advancing the re/insurance industry, noting its potential to improve data use and drive more efficient value to customers, in a recent interview with A.M. BestTV. Commenting on how ... Read the full article

Swiss Re completes CHF 1 billion share buy back programme

19th February 2018

Swiss Re has completed the November 2017 launched public share buy-back programme of up to CHF 1 billion purchase value as of 16th February. Since November 2017 Swiss Re has repurchased nearly eleven million of its shares for a total purchase value of close to CHF 1 billion at an average purchase ... Read the full article

Lloyd’s market oversight shifts towards a principles based approach

19th February 2018

Lloyd's of London's Performance Management Director, Jon Hancock, highlighted the increasing shift towards a principles based approach in the management of Lloyd's market oversight in a recent speech to the Insurance Institute of London. "I believe in a principles based approach, where individuals are left to run their businesses as they ... Read the full article

It’s not a hard market, just a better one, says Lancashire Holdings

19th February 2018

Despite 2017 catastrophe losses driving rate increases at the January 1st, 2018 renewals season, the shift in demand and supply remains insufficient to push the sector into a hard market, according to Paul Gregory, Lancashire Holdings Group Chief Underwriting Officer (CUO) and Chief Executive Officer (CEO) of Lancashire Insurance Company ... Read the full article

UK life and non-life insurance sector “stable” in 2018: S&P

19th February 2018

The S&P outlook for both life and the non-life sector for UK insurers is stable in 2018, with expansion forecast for life insurance, but regulatory risk could pose a challenge to the industry. The expectation is that economics in the UK will remain in line with historical standards for the most ... Read the full article

InsurTech success lies in “identifying scalable niches & looking beyond insurance”: IBM

19th February 2018

Re/insurers should look for opportunities to harness new technologies that increase customer interaction value, improve agility and add flexibility in product development through InsurTechs, IBM advised in a recent study. The banking and transport sectors have already undergone a widespread shift with the ecosystem model smashing traditional paradigms, and whilst being ... Read the full article

Randall & Quilter completes reinsurance-to-close of Hamilton legacy book

19th February 2018

Randall & Quilter (R&Q) has announced the completion of its previously announced agreement to provide capital in conjunction with AXA DBIO to support the Reinsurance to Close (RITC) of Hamilton Underwriting's Syndicate 3334’s 2014 and prior years of account. The RITC consists of net reserves of about £30 million and ... Read the full article

Enstar finalises reinsurance-to-close of Neon legacy liabilities

19th February 2018

Bermuda based insurance, reinsurance and run-off specialist Enstar Group has announced the completion of a previously disclosed reinsurance-to-close transaction between its Lloyd's managing agency, StarStone Underwriting, and Neon Underwriting for Enstar’s Syndicate 2008. The transaction will see Enstar assume the liabilities of Neon’s Syndicate 2468, amounting to net reinsurance reserves ... Read the full article

“Unfavourable trends” push A.M. Best to go negative on AXIS Capital

19th February 2018

Rating agency A.M. Best has turned negative on the ratings of Bermudian insurance and reinsurance firm AXIS Capital Holdings Limited, citing "unfavorable trends in the group’s operating performance." Specifically, A.M. Best said that AXIS' insurance segment is the main source of its concern, saying that, "Historically AXIS’ operating performance ranks among ... Read the full article

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