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Arig launches new reinsurance subsidiary, AIM in Dubai

2nd March 2017

Bahrain domiciled treaty and facultative reinsurance provider, Arig, has received a licence from the Dubai Financial Services Authority (DFSA) to launch its wholly owned reinsurance subsidiary, Arig Insurance Management Limtied (AIM) in the Dubai International Financial Centre (DIFC). The reinsurer has announced that AIM will mainly focus on facultative specialty lines of business ... Read the full article

Swiss Re Corporate Solutions names Paul Atkinson Country Head, Japan

2nd March 2017

Swiss Re Corporate Solutions has appointed Paul Atkinson to replace Juerg Stoll as Country Manager for Japan, effective immediately. Atkinson has extensive commercial insurance experience and has worked in London, Hong Kong, Japan, and Taiwan, and is a fluent Japanese speaker. The appointment sees Atkinson replace Stoll, who has been appointed Country ... Read the full article

Reinsurers take bulk of Bahamas hurricane Matthew loss, raise rates

2nd March 2017

Insurers in the Bahamas have passed on the bulk of their losses from hurricane Matthew to the global reinsurance industry and are now that reinsurance rates are increasing at their renewals. Summit Insurance has now paid out $37 million in hurricane Matthew claims, the Bahamas Tribune reported, but the ... Read the full article

Reinsurance News – Thursday 2nd March 2017

2nd March 2017

Here’s your daily Reinsurance News for Thursday 2nd March 2017: 2016 U.S. catastrophe frequency the highest since 1980: PCS Catastrophe frequency in the U.S. in 2016 was the highest since 1980 according to PCS, with 43 events incurring insured losses of around $21 billion. Higher reinsurance costs expected after ... Read the full article

Report highlights potential shortcomings of organisations’ cyber controls

1st March 2017

A new report claims that insurance and reinsurance protection alone is insufficient to manage the growing threat of cyber attacks, citing that cyber controls utilised by organisations to mitigate data breaches, and similar, might not be up to the task. The analysis and report on the capabilities of cyber controls comes ... Read the full article

Ariel Re to use Xuber software across Lloyd’s and Bermuda platforms

1st March 2017

Reinsurance firm Ariel Re, which was recently acquired by Argo Group, is implementing the Xuber for Reinsurers software platform across its Lloyd’s and Bermuda businesses. By adopting the Xuber technology Ariel Re is replacing its existing legacy systems with a single platform that offers end-to-end business processing and financial reporting for ... Read the full article

XL expects $75m Ogden Rate hit on UK motor reinsurance book

1st March 2017

XL Group Ltd. said that it estimates the impact of the recent Ogden Rate change to be around $75 million, contained within its UK motor reinsurance book. XL does not underwrite much in the way of UK motor insurance or reinsurance business now, but has some exposure from business underwritten on ... Read the full article

Willis Towers Watson completes OAAGC takeover

1st March 2017

International and insurance and reinsurance broker, Willis Towers Watson (WTW), has now completed the recently announced acquisition of French aviation broker, OAAGC. The transaction sees WTW acquire the book business and team of brokerage OAAGC, significantly strengthening WTW's position as an aviation broker in France, while enabling customers of OAAGC to ... Read the full article

JLT announces executive changes, including appointment of Group COO

1st March 2017

Global insurance and reinsurance broker JLT Group announced a number of leadership changes across its business as part of its 2016 earnings release, including the appointment of a Group Chief Operating Officer (COO). Effective February 28th, 2017, Mike Methley has been named Group COO, leaving his role as Chief Executive Officer ... Read the full article

Higher reinsurance costs expected after Ogden rate cut: Fitch

1st March 2017

UK motor insurers will likely face increased reinsurance costs after the government announced plans to reduce the Ogden discount rate from 2.5% to -0.75%, Fitch Ratings has warned. Although re/insurers likely to be affected by the rate have been proactive in preparing for the rate change, a drop to a negative ... Read the full article

Generali’s Lombard elected Chairman of EcoFin Committee, Insurance Europe

1st March 2017

Chairman and Chief Executive Officer (CEO) of Generali France, Eric Lombard, has been elected Chairman of the Economic & Finance (EcoFin) Committee of Insurance Europe, replacing Dieter Wemmer. The EcoFin division of Insurance Europe oversees the organisations work on regulatory, accounting and investment-related issues, and it's been revealed that Allianz SE ... Read the full article

CCR signs agreement with French state underlining reinsurer’s role

1st March 2017

Reinsurer Caisse Centrale de Reassurance (CCR) and the State of France have entered into a new agreement to redefine CCR’s primary state delegated roles, essentially clarifying the role of the reinsurer. The agreement was signed by the Minister of the Economy and Finance, Michel Sapin, and the senior executives of CCR, ... Read the full article

Reinsurance News – Wednesday 1st March 2017

1st March 2017

Here’s your daily Reinsurance News for Wednesday 1st March 2017: SCOR expects to save up to EUR 200m from consolidation of legal entities Global insurer and reinsurer has said that it expects to save up to €200 million from the consolidation and reorganisation of its various legal entities. China Re ... Read the full article

Argo Group adds two to Board of Directors

28th February 2017

International specialty insurer and reinsurer, Argo Group International Holdings, Ltd., recently announced the appointment of Dee Lehane and Al-Noor Ramji to its Board of Directors. Currently the Independent Chair of a Cabinet Office venture, Debt Market Integrator and Chairman of ORIC International, Lehane has substantial experience with strategic issues and technology-led business adaptions at insurance ... Read the full article

China Re expects up to 35% profit dip in 2016 as investment income declines

28th February 2017

Chinese, public reinsurer China Reinsurance Corporation (China Re) has announced that it expects its net profit attributable to its equity shareholders to decline by between 30% to 35% in 2016, when compared with the previous year, in response to low investment income. According to a note issued by the company on the ... Read the full article

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