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Reinsurance News

Andy Bord named permanent CEO of Flood Re

13th April 2017

Flood Re, the UK's government-backed flood reinsurance scheme, has announced that interim Chief Executive Officer (CEO), Andy Bord will take on the position permanently. Bord was named interim CEO of Flood Re in January 2017, and after an extensive and comprehensive search undertaken by Odgers Berndtson, the reinsurer has revealed that ... Read the full article

Munich Re US (Life) launches new underwriting training programme

13th April 2017

Reinsurance giant Munich Re's US (Life) division has announced the launch of a new underwriting training initiative, which includes an extensive and comprehensive library and information on financial underwriting. The new training programme was officially introduced to almost 1,000 life insurance underwriters at the Association of Home Office Underwriters Annual Conference in San ... Read the full article

Technology – shifting global awareness and perception of re/insurance: Swiss Re

13th April 2017

Swiss Re’s Chief Executive Officer (CEO) of Reinsurance, Moses Ojeisekhoba, has pointed to “encouraging” signs that technology is shifting global perception and awareness of insurance, as it simultaneously transforms the industry’s products into shorter-term, bite-size, and more cost-efficient solutions. Ojeisekhoba suggested people’s perceptions of insurance and its use is the “most important thing ... Read the full article

Marine underwriters face growing challenges: IUMI

13th April 2017

The International Union of Marine Insurance (IUMI) said marine insurers last year faced growing challenges as energy claims rose against a reducing premium base and cargo accumulation risk and the frequency of major vessel casualties continued to increase. Donald Harrell, Chairman of IUMI’s Facts & Figures committee, commented that marine risks continue ... Read the full article

Brit hires Lim from ArgoGlobal as CEO, Global Specialty Singapore

13th April 2017

Insurance and reinsurance group Brit Ltd. has hired David Lim from ArgoGlobal and appointed him as its new CEO for its Global Specialty business based in Singapore. In the new role Lim will be will be jointly responsible for identifying growth opportunities and establishing new lines of business for Brit Singapore, ... Read the full article

$30 million Ogden rate blow to RenaissanceRe reserves

13th April 2017

Renaissance Re has announced an estimated $30 million pre-tax impact of the Ogden rate on its carried reserves, to be accounted for in the firm's first quarter results. The firm said most of the reserve increase is related to a its U.K. medical malpractice contracts within the reinsurer's Casualty and Specialty segment. One ... Read the full article

Reinsurers report premium growth in 2016, but profits fall further: Aon Benfield

13th April 2017

The latest Aon Benfield Aggregate (ABA) report, which examines 23 major reinsurance companies based in developed markets, shows that firms continue to report premium growth in spite of the testing market landscape, although profitability has declined and is expected to come under further pressure in the months ahead. During 2016 ABA companies' ... Read the full article

Swiss Re pegs its cyclone Debbie loss at $350m

13th April 2017

Global reinsurer Swiss Re has estimated its own loss due to tropical Cyclone Debbie in Australia at US$350 million net of retrocessional protection and before tax, with the firm taking a larger share of commercial insurance losses than in similar events in the past. Swiss Re also estimates the insurance industry ... Read the full article

Reinsurance News – Thursday 13th April 2017

13th April 2017

Here’s your daily Reinsurance News for Thursday 13th April 2017: Swiss Re sees its cyclone Debbie loss at US$350m, industry at $1.3bn Reinsurance giant Swiss Re has revealed that it expects an estimated loss from Cyclone Debbie of roughly $350 million, and has put the insured market loss at around $1.3 ... Read the full article

Strong growth for UK group life market: Swiss Re

12th April 2017

The latest Group Watch report from reinsurance giant Swiss Re shows solid growth in the UK group life market, with 520,000 newly covered members in 2016, taking the number of people covered by Group life schemes to beyond 12 million. "This year's results paint a very positive picture at a difficult ... Read the full article

Australia’s Terrorism Insurance Scheme revised for extended cover

12th April 2017

Amendments expected to extend Australia’s Terrorism Insurance Scheme coverage, recommended by the 2015 Triennial Review by Treasury, have been approved with effect from 1st July. The changes broaden the definition of eligible property by including buildings where at least 20% of floor space is used for commercial purposes or that are ... Read the full article

Quota shares most efficient reinsurance option under Solvency II: Scor

12th April 2017

Scor has underlined quota shares as the most efficient form of reinsurance for insurer’s capital optimisation under Solvency II - as the industry continues to adapt to the regime's regulatory requirements since its implementation last year. In a recent report on capital optimisation, Scor analysts contrasted the three capital drivers of ... Read the full article

Michael Leahey joins AXIS Re from XL Catlin

12th April 2017

AXIS Re, the reinsurance arm of Bermuda domiciled AXIS Capital Holdings Limited, has announced that Michael Leahey has joined the firm from XL Catlin, as Vice President and Deputy Head of Catastrophe Underwriting for Europe, Israel, and Middle East and North Africa (MENA). In his new role Leahey will be tasked with underwriting property ... Read the full article

R3 and ACORD launch centre of excellence for distributed ledger tech

12th April 2017

R3, the financial technology, distributed ledger and blockchain consortium, have joined forces with ACORD (Association for Cooperative Operations Research and Development) to launch a Centre of Excellence for distributed ledger technology (DLT) for the global insurance industry. R3 has major insurers including MetLife, AIA and Suncorp Group, as well as other ... Read the full article

Consolidation to remain a key trend in EU re/insurance: A.M. Best

12th April 2017

Despite the number of merger and acquisition M&A deals seen between European life and non-life insurers having fallen in 2016, A.M. Best believes that a trend of consolidation is set to continue for the sector. The rating agencies view of consolidation is that; "M&A is not, in itself, good or bad. ... Read the full article

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