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EEU Insurers – dependant on Western European reinsurance: S&P

24th April 2017

Insurers in the European Economic Union have been ceding most of their premiums to Western Europe, and although Chinese and Indian reinsurers have become increasingly active in the region, the region's reinsurance framework of reliance on major European firms is expected to remain intact in the near future, according to ... Read the full article

Hamilton Re acquires renewal rights to Canopius Bermuda’s excess casualty book

24th April 2017

Bermuda-based Hamilton Re, part of the Hamilton Insurance Group, has acquired the renewal rights to Sompo Canopius' excess casualty insurance book of business and also takes the two underwriters, Stephen Hartwig and Jeremy Wright, across to the firm. Hamilton Re will take on renewing the Canopius Underwriting Bermuda Limited ... Read the full article

Willis names Joe Peiser Head of Broking, North America

21st April 2017

Global insurance and reinsurance broker Willis Towers Watson (WTW) has appointed Joe Peiser as Head of Broking for North America, part of the firm's Corporate Risk and Broking segment. Peiser, based in WTW's New York office, joined the broker in 2014 and has been in the insurance industry since the 1980s. ... Read the full article

New mortality assumptions not a blip, benefits will take time to materialise: RBC

21st April 2017

The continued trend of lower than expected mortality improvements, underlined by the 2016 version of the UK mortality tables (CMI_2016), suggests that the mortality rate trend highlighted by CMI_2015 is not a blip, and that it might take some time for changes to filter through the industry, says RBC Capital Markets. In March ... Read the full article

GIC Re becomes first reinsurer to establish base at India’s GIFT City

21st April 2017

The General Insurance Corporation of India (GIC Re), the country's state-backed reinsurance entity, has now opened its office at the International Financial Services Centre (IFSC) in Gujarat International Finance Tec-City (GIFT City), after more than a year's planning. The opening of GIC Re's IFSC Insurance Office sees it become the first reinsurance ... Read the full article

Paris attack highlights need for broader terrorism coverage

21st April 2017

Yesterday evening's shootings in Paris, France, in which a police officer was killed and others wounded, highlights the need for insurance and reinsurance markets to offer broader terror cover, including business interruption. The attack occurred on the busy Champs Elysees, an area that was naturally full of tourists in the evening ... Read the full article

PRA gives UK re/insurers mid-July deadline for Brexit back-up plans

21st April 2017

The Prudential Regulatory Authority, (PRA) - the UK’s financial market regulator - has asked re/insurers to immediately address the Brexit question by setting a mid July deadline for firms to produce a worst-case-scenario back-up plan for post-Brexit trading. The regulator is demanding firms convey their plans to deal with all potential ... Read the full article

FCA investigating UK aviation brokers over sharing & misuse of information

21st April 2017

According to industry reports a number of aviation insurance and reinsurance brokers are being investigated by the UK's financial conduct authority (FCA) over the sharing and misuse of sensitive information. Brokers Aon, JLT, Willis Towers Watson, and Marsh are being investigated by the FCA as part of its probe into the ... Read the full article

Swiss Re, GOQii & Max Bupa partner to meet changing health coverage needs in India

21st April 2017

Global reinsurance giant Swiss Re has collaborated with India's Max Bupa Health Insurance and GOQii to develop and integrate "holistic wellness offerings" that meet the changing health coverage demands of Max Bupa's customers. Indian health insurer Max Bupa, a joint venture between Max India Limited and Bupa Finance plc UK, announced ... Read the full article

Border adjustment tax reform deemed unlikely: Credit Suisse analysts

21st April 2017

Since Trump's election win last year, creating a border adjustment tax has been top on the Republican's agenda, and reinsurance industry experts have since speculated on how this would impact offshore reinsurance purchases, with some predicting chaos ahead with insurance prices soaring as carriers pass extra costs down to consumers. Changes ... Read the full article

Zambia looks to control reinsurance premium outflows

20th April 2017

The African nation of Zambia is reported to be looking to control the outflow of reinsurance premiums to foreign firms, preferring to attempt to control this and to help local companies to retain more of the premium income within the country. The government of Zambia is said to be considering amendments ... Read the full article

Global Atlantic appoints life insurance veteran Barnett as Head of Sales

20th April 2017

Global Atlantic Financial Group, a leading U.S.-focused retirement life re/insurer, has appointed Sam Barnett as new Head of Sales for its life insurance segment. Barnett - an industry veteran boasting over 20 years of life insurance experience - will be responsible for reshaping and executing the firm's life insurance sales strategies. David ... Read the full article

Ogden rate change impact contributes to lower income at Travelers in Q1

20th April 2017

During its first-quarter 2017 financial release insurer Travelers reported a core income decline of $84 million, driven by lower net favourable prior year reserve development that includes a $51 million hit from the change to the Ogden Discount rate in the UK. After the UK's Lord Chancellor and Justice Secretary, Liz ... Read the full article

Bahamas First in talks with reinsurers to upscale micro insurance offers

20th April 2017

Bahamas First is in talks with reinsurers over the provision of reinsurance-backed “micro insurance” products, as it seeks to streamline the firm's product offers with more affordable solutions to improve the Island's insurance penetration. The insurer also pledged to work together with the incoming government to tackle the protection gap issue, ... Read the full article

Munich Re sees brighter growth prospects for insurers

20th April 2017

Reinsurance firm Munich Re believes that global insurance markets are set to face brighter growth prospects over the next few years, with "slightly increased growth" expected by 2018. Overall, Munich Re believes that the primary insurance sector will grow by 4.5% per annum on average (3.0% adjusted for inflation) in 2017 ... Read the full article

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