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Reinsurance News

XL Catlin expands available terrorism insurance limits in U.S. by 25%

20th April 2017

Global insurer and reinsurer XL Catlin has increased its available terrorism insurance coverage limits in the U.S. by 25% to $250 million, in response to continued and growing demand for insurance protection against terror events. Previously a $200 million limit, XL Catlin's standalone Terrorism insurance solution enables U.S. companies to fill any ... Read the full article

AmWINS expands with Partners acquisition

20th April 2017

AmWINS Group and Partners Specialty Group, are set to merge to form a single U.S. -based specialty insurance broking giant, with a global operating spectrum of $14 billion of combined annual premiums and 4,100 employees across 12 countries. Partners will join AmWINS' Brokerage Division, expanding the firm's broking capacity with its expertise ... Read the full article

Ogden rate cut & Berkshire adverse development cover to impact AIG’s Q1 results

20th April 2017

American International Group, Inc. (AIG) has reported that it expects both the cut to the UK Ogden Discount rate and its adverse development cover with Berkshire Hathaway to impact its Q1 2017 results. The Lord Chancellor and Justice Secretary, Liz Truss, announced early in 2017 that the UK Ogden discount ... Read the full article

Reinsurers’ profit margin pressure increasing, as capacity rises: Willis

20th April 2017

Willis Re's latest market report reveals the intense pressure profit margins have been under in current reinsurance market conditions. Analysis of the group of reinsurers the broker tracks shows aggregate net income reduced to $26.6 billion from $30.3 billion, causing a drop of return on equity (ROE) at 8.0%  down from ... Read the full article

IT spending by global re/insurers to reach $184.8 billion by end of 2017

20th April 2017

Analysis from research and advisory firm Celent shows that global insurance and reinsurance industry IT spending is expected to reach $184.8 billion by the end of this year. Celent estimates IT spending, on software technology and infrastructure as a percentage of premium and says that digitalisation, data analytics, and legacy and ... Read the full article

Berkshire Hathaway’s Gen Re reveals growing predictive analytics uptake

20th April 2017

Berkshire Hathaway’s Gen Re - a leading life/health and property/casualty reinsurer - released results from its first global predictive analytics survey for life and health insurers, revealing low but growing levels of analytics uptake within a sector still struggling to innovate. The report surveyed 136 insurance carriers across 23 countries, and ... Read the full article

Market conditions drive Bermudian re/insurers to innovate: A.M. Best

19th April 2017

Tough market conditions have driven Bermudian re/insurers to explore new lines of business, with the most recent trend being a move towards mortgage re/insurance, said A.M. Best Senior Financial Analyst Scott Mangan, in the firm's latest market trends report. The rating agency previously reported a Bermudian market pivot towards primary and ... Read the full article

Ex-Goldman analyst Nannizzi Joins W. R. Berkley to focus on insurtech investments

19th April 2017

Michael Nannizzi, who was previously the lead equity analyst covering insurance at Goldman, Sachs & Co., is joining insurance and reinsurance group W. R. Berkley Corporation to take on a role focusing on evaluating investments in insurtech start-ups. Reflecting the importance of emerging insurance technology companies in the re/insurance industry, Nannizzi ... Read the full article

Cayman Islands sees continued re/insurance sector growth

19th April 2017

The Cayman islands insurance and reinsurance industry has seen a “buoyant” start to 2017, with 8 new insurer licenses issued in the first quarter. Linda Haddleton, Chair of IMAC, a non-profit association run by Cayman Islands insurance managers, said the island has seen continued success with hosting captives and ILS structures ... Read the full article

Reinsurance purchase driven by capital management: Deloitte

19th April 2017

Reinsurance purchase by life and P&C companies appears to be on the upswing - a reversal of the previous four-year trend of decline - as insurers' capital management optimization strategies evolve, Deloitte said in a recent report. Key strategic reasons for Life companies’ purchase of reinsurance in the next years are ... Read the full article

Morgan Stanley warns of $2.5 billion P&C industry reserve deficiency

19th April 2017

Insurers and reinsurers operating in the property & casualty (P&C) arena have, during the softening cycle, utilised higher reserve releases to bolster dwindling underwriting returns. However, with the re/insurance landscape remaining under significant pressure, analysts at Morgan Stanley have warned of a ~$2.5 billion P&C sector reserve deficiency. Morgan Stanley notes ... Read the full article

Georgian reinsurer launches, backed by Guernsey-based GBGI

19th April 2017

GBGI Limited, also known as Global Benefits Group, a group focused on provision of international benefits insurance and based in Guernsey, has announced its backing of and entry into a strategic partnership with a new insurance and reinsurance firm in Georgia. JSC Risk Management and Insurance Company (known as Global Benefits Georgia) ... Read the full article

Hiscox appoints new Chief Information Officer

19th April 2017

Insurance and reinsurance group Hiscox has appointed a new Chief Information Officer (CIO), naming Ian Penny, previously CTO of Barclays in the role. At Hiscox, Penny will be in charge of the Group's IT, with a team of 300 under his leadership and will report directly to CEO Bronek Masojada. Penny replaces ... Read the full article

Pace of change to accelerate at Lloyd’s as performance deteriorates: Macquarie

19th April 2017

Analysts at Macquarie predict the pace of change at the Lloyd's of London specialist insurance and reinsurance market to accelerate in the coming months after a challenging 2016, underlined by the continued deterioration of underwriting performance. Macquarie believes the Lloyd's marketplace is undergoing a "structural revolution" that is likely to change ... Read the full article

Reinsurance News – Wednesday 19th April 2017

19th April 2017

Here’s your daily Reinsurance News for Wednesday 19th April 2017: U.S. thunderstorm insured loss hits Q1 record at $5.7bn: Aon Benfield Data from Aon Benfield's Impact Forecasting shows that U.S. severe thunderstorms and convective weather in Q1 2017 is expected to have caused re/insurance industry losses of at least $5.7 billion. ... Read the full article

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