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Reinsurance News

Beazley receives green light to establish Dublin-based insurer

13th July 2017

The Central Bank of Ireland has authorised specialist insurer Beazley to convert its Dublin reinsurance firm into an insurer, after Beazley requested to transfer insurance transactions to Ireland to protect its European business after the Brexit vote. The reinsurer, Beazley Reinsurance Designated Activity Company (dac) was first established in 2009, with ... Read the full article

Soft reinsurance market a plus for Caribbean insurers: A.M. Best

13th July 2017

Despite intense competition, low-interest rates and persistent soft markets, the majority of rated Caribbean general insurers maintained profitability in 2016, as players took advantage of soft reinsurance market pricing and the benign loss environment, according to A.M. Best. In a recent industry note, analysts at A.M. Best have underlined the extensive ... Read the full article

Philippine re/insurers association to lobby for non-life insurance tax cuts

12th July 2017

The Philippine Insurers and Reinsurers Association (Pira) has announced plans to continue to lobby for lower tax rates for non-life insurers to ensure the insurance market environment is competitive and sustainable over the long-term, the Business Mirror reported. The non-life insurance sector is currently taxed at 27.5%, over five times the ... Read the full article

Stonybrook Capital forms Board of Directors

12th July 2017

Stonybrook Capital has announced the formation of a formal Board of Directors, including two independent directors, John DiGregoria, and Ian Winchester, and three internal directors, Dwight Evans, Ravi Arps, and Joe Scheerer. Each member brings unique experience and perspective to the board in the areas of operations, corporate finance, reinsurance, and capital ... Read the full article

XL Catlin has named Ashish Umre as partner of its Accelerate AI team

12th July 2017

Insurer and reinsurer XL Catlin has added a key Artificial Intelligence (AI) expert, with the appointment of Ashish Umre as the new London-based partner of its Accelerate AI team. Accelerate was set up in November 2016 as XL Catlin's internal innovation team to leverage new technologies to grow market reach, while ... Read the full article

U.S. commercial rate movements continue positive trend in Q2: MarketScout

12th July 2017

U.S. commercial property and casualty (P&C) rates increased by an average of 1% year-on-year in the second-quarter of 2017, on the back of an average 1% increase in the first-quarter of the year, according to MarketScout and Keefe, Bruyette, & Woods (KBW). The average 1% increase witnessed in the second-quarter maintains ... Read the full article

RMS releases new typhoon and earthquake models for Asia-Pacific

12th July 2017

Global risk modeller RMS has released new risk models for the Asia-Pacific region, including what is says are the most sophisticated typhoon models on the market for South Korea and Taiwan, and earthquake models for Singapore, Malaysia, Thailand and Vietnam. The new earthquake models come as a RiskLink® version 17 update, expanding RMS' ... Read the full article

Windhaven renews and expands reinsurance partnership with Greenlight Re

12th July 2017

Miami headquartered personal lines insurer, Windhaven Insurance, has announced the renewal and broadening of its relationship with Greenlight Re, via a $1.1 billion quota share transaction. Since 2011, Windhaven has worked with Cayman Island property and casualty reinsurer, Greenlight Re, with both firms benefitting from the financial and reinsurance partnership. Under the renewal, Greenlight ... Read the full article

Cunningham Lindsey appoints Stephen Foster to UK Marine Technical Director

12th July 2017

Cunningham Lindsey has announced Stephen Foster's appointment to Technical Director of its UK Marine segment, where he'll assume responsibility for handling major and complex marine cargo losses. Foster is set to take up his UK-based role from August 1st, 2017, relocating from his current position as head of the loss adjuster's ... Read the full article

U.S. Risk Insurance acquires IMS London American Brokerage and Underwriting

12th July 2017

U.S. Risk Insurance Group, LLC has acquired IMS London American Brokerage and Underwriting Services, and also named Larry Mennes as President of its contract binding operations in Texas, U.S. Alongside Mennes, the company has named Stephen Vallender Executive Vice President (EVP) at U.S. Risk Brokers, Inc.  Founded in 2005, IMS London ... Read the full article

SCOR & PIC enter £1 billion longevity reinsurance swap

12th July 2017

Pension Insurance Corporation plc (PIC) has entered into a £1 billion (US$1.28bn) longevity reinsurance transaction with French reinsurer SCOR, meaning the insurer has now reinsured over 70% of its overall longevity risk. In a statement, PIC explains the new reinsurance agreement covers the longevity exposure of roughly 7,000 in-payment lives and ... Read the full article

Kingstone Companies completes reinsurance treaties under improved terms

12th July 2017

Property and casualty insurance holding company, Kingstone Companies, Inc., has announced that its subsidiary, Kingstone Insurance Company (KICO), has completed various reinsurance agreements for the treaty year commencing July 1st, 2017. According to a statement released by the company it secured increased reinsurance protection under improved terms, and also managed to further ... Read the full article

Cyber cover to become one of leading U.S. P&C growth areas: A.M. Best

12th July 2017

Cyber cover, estimated to range from $7.5 billion - $20 billion by 2020, is predicted by industry observers to become one of the leading areas of U.S. Property & Casualty market growth, and the sector is shifting to accommodate this growth, moving from underwriting cyber as part of a combined policy ... Read the full article

Tim Phillips joins Sompo Canopius as credit & political risk underwriter

11th July 2017

Sompo Canopius AG has named Tim Phillips from Deutsche Bank as credit & political risk underwriter, effective August 30th, 2017. While at Deutsche Bank, Phillips held the position as head of credit for Russia/CIS & EE. In his new role Phillips will be responsible for underwriting a wide range of credit ... Read the full article

Desire for organic growth to drive re/insurance sector M&A

11th July 2017

According to some industry commentary, a notable reduction in share repurchases by reinsurers might well be a prelude to heightened merger and acquisition (M&A) activity in an effort to achieve organic growth, discusses John Cavanagh, Chief Executive Officer (CEO) of reinsurance broker, Willis Re. On the back of a very challenging 2016, ... Read the full article

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