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AIG hires Charles Fry to head reinsurance & operations in General Insurance

3rd October 2017

Global insurance player American International Group (AIG) has named Charles Fry (most recently of Novae) to the role of Head of Reinsurance, Operations and Transformation, General Insurance, effective immediately. Fry, who was most recently Group Chief Financial Officer at Novae Group plc, will oversee AIG's Global Reinsurance, Shared Services, Transformation and ... Read the full article

RMS announces release of Location Intelligence API solution

3rd October 2017

RMS has released a new product offering, dubbed Location Intelligence API, which provides location-based hazard, risk and loss metrics to offer re/insurers a consistent view of risk from underwriting to portfolio management. The risk solution compiles big data simulations of catastrophic events into loss costs, with optional additional details on key ... Read the full article

Reinsurers urged to investigate cedants financial profile

3rd October 2017

Reinsurers could place lines of business at risk by failing to properly investigate the financial profile of cedants before taking on their risks, Litmus Analysis warned. Proper investigation into ceding companies' financial position is an integral but often overlooked part of the reinsurance underwriting process. "There’s a general consensus among reinsurers that ... Read the full article

Sompo International Holdings reorganises global business, reveals new online platform

3rd October 2017

As part of Sompo International Holdings' (SIH) reorganisation of the firm's post-merger businesses, the firm is updating and standardising procedures with a new worldwide SI Group platform that includes a global clearance system (GCS) to integrate business procedures and customer reach. The first step in the platform's creation was the transfer ... Read the full article

VIG Re expands German presence with new Frankfurt office

3rd October 2017

Prague, Czech Republic domiciled reinsurer, VIG Re, the reinsurance arm of Vienna Insurance Group (VIG), opened a new office in Frankfurt, Germany at the end of September, 2017. The new unit will be led by Fabian Christoph, who joined the company in 2016 with a view to taking on this role. The ... Read the full article

Lloyd’s uncertain on Maria losses, suspends release of profits

3rd October 2017

The specialist Lloyd's of London insurance and reinsurance marketplace has suspended the release of profits to the market in light of the uncertainty surrounding potential losses from hurricane Maria, on the back of hurricanes Harvey and Irma. Lloyd's announced recently, as part of its first-half 2017 results, that it expects ... Read the full article

Conifer Holdings & Swiss Re enter into reserve development reinsurance agreement

3rd October 2017

Conifer Holdings, Inc. has signed a new adverse reserve development reinsurance agreement with global reinsurer Swiss Re, as well as implementing some other strategic initiatives in an effort to boost its financial position. The agreement with Swiss Re is effective September 28th, 2017, and provides Conifer with up to $17.5 million ... Read the full article

Reinsurance lines bring in more profits than primary

3rd October 2017

The initial response of reinsurers to the soft market was to move further into primary lines, however, A.M. best highlighted that for most firms, results for primary business are around break even and lag far behind the reinsurance side, which still brings in the majority of profits. With a return on ... Read the full article

Markus Heizmann joins Everest Re from AXIS Re

3rd October 2017

Global reinsurer Everest Re has announced the appointment of Markus Heizmann from AXIS Re, as Head of Everest Reinsurance (Ireland), dac's Zurich-based Credit & Surety Operations. Heizmann joins the firm from AXIS Re, where he was most recently Senior Underwriter for Credit & Surety. He brings more than 30 years of experience ... Read the full article

QBE expects $600m profit hit from 2017 catastrophes

3rd October 2017

Australian headquartered global insurance and reinsurance giant QBE Group said this morning that it expects a roughly US $600 million hit to its profits due to the impacts of 2017 catastrophe events. The company said that 2017 catastrophe loss experience for the global insurance and reinsurance industry could be the highest ... Read the full article

S&P warns reinsurers’ earnings based on “luck”

2nd October 2017

S&P analysts have warned that reinsurers earnings are based partly on luck, supported heavily by benign catastrophe experience and significant prior-year reserve releases. Reinsurers have been able to maintain a thin margin of profitability levels in excess of cost of capital, but these are artificial returns buoyed up by reliance on ... Read the full article

Everest becomes latest firm to gain Ireland approval amidst Brexit fallout

2nd October 2017

In response to the UK's vote to leave the European Union (EU) and to support expansion plans, Everest Re Group, Ltd. has announced that its Dublin-based subsidiary has received authorisation in principle to operate as a non-life insurer in Ireland. The new unit will be led by Stephen Cross, who has ... Read the full article

Liberty Specialty to establish specialist renewable energy team

2nd October 2017

Liberty Specialty Markets (LSM), a division of Liberty Mutual Insurance Group, has announced plans to establish a new specialist renewable energy team as it looks to expand its onshore energy capabilities. The new team will offer insurance solutions tailored to meet the demands of brokers and clients, and will be based ... Read the full article

Reinsurers 2017 earnings to fall 80%+ due to catastrophes, say analysts

2nd October 2017

According to some equity analysts that track the insurance and reinsurance sector, reinsurers should anticipate losing 80% or more of their 2017 earnings due to the impacts of the hurricane season and other catastrophe events. Having analysed some of the industry loss estimates, including the one for hurricane Maria from ... Read the full article

Chubb puts hurricane Maria loss at $220m, Mexico quakes at $25m

2nd October 2017

Insurance and reinsurance firm Chubb has estimated that hurricane Maria will cost the company up to $220 million of pre-tax losses, while the two Mexico earthquakes add another $25 million to the third-quarter toll. Chubb has already announced an estimated pre-tax loss of $1.6 billion for hurricanes Harvey and Irma, ... Read the full article

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