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XL Catlin hires new Director Emerging Markets Development

23rd February 2018

Bemuda based re/insurance giant XL Catlin continue to drive its emerging market strategies forward by appointing Claudia Thyme to the role of Director Emerging Markets Development. Thyme will work closely with business leaders across XL Catlin to explore opportunities for profitable growth, and her contribution will focus particularly on Latin America. ... Read the full article

Allianz to buy remaining 5% of Euler Hermes shares in squeeze-out

23rd February 2018

Allianz has revealed plans to initiate a squeeze-out and delisting of Euler Hermes' remaining 5% of market float share capital and voting rights, in a move that will see the insurer complete plans for 100% ownership of the global trade credit insurer. Allianz intends to file a tender offer in coming ... Read the full article

James River Group sets up Carolina Re in response to tax reforms

23rd February 2018

James River Group Holdings, Ltd. has announced that effective January 1st, 2018, the firm will restructure its internal quota share to be ceded to Carolina Re Ltd., a newly established Bermuda Class 3A re/insurer. The restructuring steps taken by James River Group is in response to the introduction of the Tax Cuts ... Read the full article

UK annuity market presents a “significant” opportunity for re/insurers

23rd February 2018

With a total addressable defined benefit (DB) market size of GBP2.3 trillion, the UK annuity market presents a significant opportunity for insurers and reinsurers as more pension schemes de-risk liabilities, driving demand for longevity reinsurance, according to Fitch's UK Annuity Market report. BPA market deals nearly doubled in 1H17 compared with ... Read the full article

Asia to be a driver of InsurTech and re/insurance growth: Willis Towers Watson

23rd February 2018

As one of the largest underdeveloped re/insurance markets globally Asia remains a key growth region with demand forecast to grow as natural catastrophes become more frequent and intense. Willis Towers Watson’s second annual Asia Insurance Market report highlighted the potential for Asia to become an InsurTech hub and drive global re/insurance ... Read the full article

Enstar to reinsure $350m third-party motor portfolio for Zurich Australia

23rd February 2018

Enstar Group Limited has announced an agreement to reinsure Zurich Insurance Group’s New South Wales Motor Vehicle Compulsory Third Party (CTP) insurance business. A wholly-owned subsidiary of the Bermuda insurance group will assume AUD$350 million of gross reinsurance reserves relating to the CTP insurance business as of January 1, 2018. Enstar’s Chief ... Read the full article

Swiss Re says “no certainty” SoftBank deal will be consumated

23rd February 2018

Swiss Re said this morning that while it's board is carefully assessing a potential transaction with Japanese tech and telecoms giant SoftBank, there is "no certainty" a common ground will be found and a deal proceed. Swiss Re confirmed recently that it has been in talks with SoftBank about the ... Read the full article

Anbang control seized by Chinese government

23rd February 2018

Control of Anbang Insurance has been taken over by the Chinese government, according to the insurance regulator, who cited "illegal business operations." The Chinese insurance regulator has taken a dim view of Anbang's growth and expansion, feeling that some of its operations are not suitable and has now also charged its ... Read the full article

Federated National completes acquisition of Monarch

23rd February 2018

Federated National Holding Company has completed its acquisition of 100% of Monarch National Insurance Company, the primary operating subsidiary of Monarch Delaware Holdings LLC (MDH), held by the Company’s joint venture partners and repayment of the related debt. The firm's subsidiary, Federated National Insurance Company (FNIC), purchased for about US $12 ... Read the full article

Swiss Re suffers $4.7bn catastrophe losses, profits with $331m of income for 2017

23rd February 2018

Reinsurance major Swiss Re has reported net income of $331 million across the group business in 2017 this morning, despite the catastrophes of the last year hitting the firm for $4.7 billion of losses. Swiss Re's ability to turn a profit even after such large levels of losses is testament to ... Read the full article

Steamship Mutual applies for Netherlands subsidiary in light of Brexit: Reuters

22nd February 2018

Steamship Mutual, a British ship insurance company, is reportedly planning to establish a new Netherlands subsidiary in response to the UK's vote to leave the European Union (EU), according to Reuters. Widespread uncertainty still surrounds the Brexit process, and in response a number of insurers and reinsurers have announced plans to ... Read the full article

Generali to underwrite more sustainable business and commit to green investments

22nd February 2018

Assicurazioni Generali S.p.A. has announced an underwriting commitment to increase the percentage of their premium portfolio related to the renewable energy sector, as well as invest €3.5 billion in ‘green’ sectors by 2020 and gradually divest away from coal-related companies. Generali intends to underwrite more business it classifies as sustainable by expanding ... Read the full article

MarketScout launches MGA to target health & social services industry

22nd February 2018

National electronic insurance exchange and MGA incubator MarketScout, has announced the launch of a new MGA set to write on behalf of Lloyd’s of London syndicates with a focus on the health care and social services industry. Michele Vincent, the lead underwriter for the MarketScout facility, said; “We have thoroughly researched ... Read the full article

Munich Re and Bosch partner for Industry 4.0 and IoT

22nd February 2018

Global reinsurance giant Munich Re has signed a cooperation agreement with international technology and service company Bosch, in an effort to develop new solutions for connected manufacturing in Industry 4.0. The agreement was signed on February 22nd, 2018 at the Bosch ConnectedWorld conference, and is the first Internet of Things (IoT) ... Read the full article

Cologne offered as post-Brexit home for re/insurers

22nd February 2018

Henriette Reker, who's served as the Mayor of Cologne since 2015, made the case for Cologne as a suitable home to EU-servicing re/insurers seeking post-Brexit refuge, offering UK and international re/insurers a post-Brexit home in a meeting this week with industry representatives. As one of Germany's leading insurance centres, Cologne already ... Read the full article

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