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Microinsurance: Should You Rely on Regulation to Drive Distribution?

23rd May 2017

‘Compulsory’ is perhaps the most tempting potential characteristic of any insurance business model. It nods to the prospect of complete market coverage. Total. One hundred percent. The need to attract customers becomes unnecessary—the regulation does that for you! And you can begin to imagine a wide range of operational alternatives ... Read the full article

M&A activity to increase as foreign firms move into international markets: Fitch

23rd May 2017

Rating agency Fitch highlighted in its report on last year’s reinsurance trends that Merger and acquisition (M&A) activity is not only growing in response to limited organic expansion options, but also as firms with reinsurance operations increasingly become the target of foreign companies seeking to move capital and operations into ... Read the full article

Re/insurance to take minimal share of $8 billion WannaCry economic loss: A.M. Best

23rd May 2017

Insurance industry focused cyber-security firm, Cyence, has pegged the WannaCry ransomware attack economic loss at an estimated $8 billion, although insurance and reinsurance protection is expected to cover just a fraction of this, warns A.M. Best. The recent, global ransomware attack that impacted 150 countries and that was felt across a number of ... Read the full article

Pool Re says will work to pay any Manchester attack claims as quickly as possible

23rd May 2017

UK terrorism reinsurance backstop Pool Re has said that it will work with its various members to respond to any claims arising after last night's horrific attack in Manchester. The northern UK city of Manchester was struck by a terrorist attack last night, after a suspected suicide bombing at a pop ... Read the full article

XL Catlin appoints Steven Bauman to head of captive practice in North America

23rd May 2017

XL Catlin has announced the appointment of Steven Bauman to head of global programs and captive practice in North America, effective May 23. Bauman will oversee XL's North American global insurance programs and captive business, ensuring these follow compliance and best practice rules, developing innovative captive products, and helping with structuring global captive ... Read the full article

Globe Underwriting launches marine division with hires from Tokio Marine Kiln

23rd May 2017

UK based managing general agent (MGA) Globe Underwriting has hired a marine underwriting team from Tokio Marine Kiln and launched a marine division. The five-strong team has worked together for nearly two decades at Tokio Marine Kiln and International Transport and Maritime Underwriting. The team is led by Peter Rogers, head ... Read the full article

Swiss Re sets up combined Property & Casualty Underwriting Hub in Asia

23rd May 2017

Global reinsurance giant Swiss Re has announced today that it is setting up a new combined Property & Casualty (P&C) Reinsurance Underwriting Hub for the Asia Pacific region. The new Hub will be led by Sharon Ooi, as Head P&C Underwriting for Asia, Australia & New Zealand. Ooi will be tasked with ... Read the full article

Insurance leaders concerned at London’s ability to attract capital & talent post-Brexit: DWF

23rd May 2017

FTSE 100 insurance leaders have voiced concern over London's position as a global financial hub in a post-Brexit world, after a recent survey and accompanying report from law firm DWF highlights doubts about the city's ability to attract capital and talent once the UK leaves the European Union (EU). While no one can be ... Read the full article

Sompo International hires AXIS duo for U.S. middle market property push

23rd May 2017

Sompo International, the international specialty insurance and reinsurance brand that emerged after Sompo completed its acquisition of Bermudian firm Endurance Specialty Holdings Ltd., has hired two executives from AXIS Capital to launch a new U.S. middle market property insurance push. Sompo International's has launched a new U.S. middle market property insurance ... Read the full article

Gen Re hires William Casill (ex-AXA Equitable) as new Chief Actuary

22nd May 2017

Gen Re, the Berkshire Hathaway owned specialist reinsurance company, has hired William (Bill) Casill, FSA, as Senior Vice President and Chief Actuary of its North American life and health business. Casill was most recently with AXA Equitable, where he held the role of Head of Reinsurance and Corporate Chief Underwriter. In his ... Read the full article

Solvency II “may not provide a reliable picture of the underlying economics”: A.M. Best

22nd May 2017

Rating agency A.M. Best has said that it does not intend to use the Solvency II regime disclosures of solvency and financial condition as inputs for its own rating methodology, saying they "may not provide a reliable picture of the underlying economics of an insurer’s balance sheet at either the ... Read the full article

Munich Re partners for brownfield soil remediation offering

22nd May 2017

An insurance unit of Germany-based reinsurance giant Munich Re has entered into a new partnership with Reterro, Inc. to develop and offer process substitute performance insurance protection for soil remediation projects. Reterro is a vertically integrated brownfield redevelopment firm that provides comprehensive soil remediation technology for owners of distressed brownfield properties. In ... Read the full article

Re/insurers’ financial accounts reporting set for major change with IFRS 17 release

22nd May 2017

The International Accounting Standards Board (IASB) has released a new global basis for insurance contracts accounting, with the issuance of the International Financial Reporting Standards (IFRS) 17, which industry experts have called "the biggest shake-up of financial reporting for decades." IFRS creates a common global language for business, enabling easy understanding of company accounts across ... Read the full article

Liberty Specialty Markets hires new Senior Underwriter, Global Financial Risks

22nd May 2017

Liberty Mutual Insurance Group subsidiary, Liberty Specialty Markets (LSM), has announced the appointment of Sam Wilde from Deutsche Bank, as a Senior Underwriter, Global Financial Risks. Wilde will report to Huw Owen, Global Financial Risks, Head of London Markets, and will be based in the firm's London office. In the new ... Read the full article

Average cyber limit doubles & penetration levels increasing: CIAB

22nd May 2017

A number of factors continue to converge in the global cyber insurance space resulting in increased demand, while the average cyber policy limit has roughly doubled in the last six months, according to The Council of Insurance Agents & Brokers (CIAB). The CIAB's latest Cyber Insurance Market Watch Survey highlights some ... Read the full article

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