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Reinsurance News

Positive signs as loss-hit U.S. renewals experience rate increases

12th April 2017

There are some positive signs that help to reinforce the view that the reinsurance market is largely nearing the bottom of the pricing cycle, as some catastrophe loss hit U.S. nationwide property accounts experienced rate increases in April. Risk loss hit U.S. property reinsurance renewals in April 2017 experienced rate increases ... Read the full article

Reinsurance News – Wednesday 12th April 2017

12th April 2017

Here’s your daily Reinsurance News for Wednesday 12th April 2017: Traditional reinsurance capital declined by $3 billion in Q4 2016: Aon During the final quarter of 2016 the volume of traditional reinsurance capital declined by $3 billion, while the level of alternative capital increased by $3 billion, meaning overall reinsurance capacity ... Read the full article

Urbanised Latin America – highly vulnerable to climate risk: Swiss Re

11th April 2017

With climate change ramping up the heat on emerging markets already vulnerable to natural disaster risk, the highly urbanised but marginally protected Latin America appears poised for increased economic and social fallout - if the region fails to develop improved risk mitigation solutions. Martyn Parker, Chairman of Swiss Re Global Partnerships, ... Read the full article

FM Global creates innovative map for flood risk analysis

11th April 2017

Property insurer FM Global has created an innovative map to give businesses a comprehensive overview of flood exposure after recent years have shown flooding to consistently be the costliest overall peril globally. Flooding accounted for $62 billion in economic losses last year according to Aon estimates - in response to ... Read the full article

Traditional reinsurance capital declined by $3 billion in Q4 2016: Aon

11th April 2017

The volume of traditional reinsurance capital declined in the final quarter of 2016 by $3 billion to a reported $514 billion as at December 31st, 2016, while alternative capital growth in the quarter ensured dedicated reinsurance capacity remained at $595 billion, according to Aon Benfield. Reinsurance brokerage and advisory firm, Aon Benfield, ... Read the full article

Argo Surety appoints James Bluzard to Contract Surety central region vice president

11th April 2017

Specialty underwriter Argo Surety, member of re/insurer Argo Group International Holdings, has announced James Bluzard as newly appointed central region vice president for Contract Surety with immediate effect. In his new role, Bluzard will lead the development of local office teams and supervise underwriting activities. He will report directly to David Layman, ... Read the full article

Reinsurance demand to increase in Latin America

11th April 2017

Demand for reinsurance is expected to grow in certain Latin American countries, providing opportunities for both local and global players. Aon Benfield identified a number of trends that could drive increased demand for reinsurance in Argentina, Brazil and Chile, in its latest Evolving Criteria report on regulatory and rating ... Read the full article

Emerging markets to be hit hardest by rising terrorism & populism: Aon

11th April 2017

Populism and terrorism have been converging, with both elements feeding into and propagating the other to compound global geopolitical risks, said Aon, noting a 14% increase in global terror attacks last year in its latest Risk Maps report. This terrorism increase has been compounded by rising waves ... Read the full article

Lloyd’s prepared to negotiate with Indian regulators: John Nelson

11th April 2017

Lloyd’s Chairman, John Nelson, said in an interview with the India Economic Times, that Lloyd’s would shift away from an India focus mostly surrounding reinsurance and expand into direct and specialist lines, after the first Lloyd’s syndicate, MS Amlin,  joined the India platform. Lloyd’s already writes $220 million in offshore ... Read the full article

Sompo International hires Sordillo from QBE to lead loss control

11th April 2017

International insurance and reinsurance company Sompo International, the brand that emerged after Sompo completed its acquisition of Bermudian insurance and reinsurance group Endurance Specialty Holdings Ltd., has hired a new loss control leader. Victor Sordillo joins as Senior Vice President and Loss Control Leader of Sompo International, a role in which ... Read the full article

Third Point Re hires David Govrin from Berkshire Hathaway

11th April 2017

Third Point Reinsurance Ltd. has announced the hiring of David Govrin, previously a member of Berkshire Hathaway Reinsurance Group's underwriting team, as its Executive Vice President, Underwriting at Third Point Reinsurance (USA) Ltd. Govrin had spent seven years as Vice President in Berkshire Hathaway's Reinsurance Group, as a key member ... Read the full article

Reinsurance News – Tuesday 11th April 2017

11th April 2017

Here’s your daily Reinsurance News for Tuesday 11th April 2017: Cyclone Debbie insurance losses jump to $660m Estimated insurance and reinsurance industry losses from the impact of Cyclone Debbie have increased much further in parts of Queensland and New South Wales, totalling AUS$600 million from 41,105 claims. Reinsurers cover 3/4 ... Read the full article

Diversification highlighted as key strength for Validus by A.M. Best

10th April 2017

Rating agency A.M. Best has highlighted the importance of diversification, in terms of line of business, primary insurance and reinsurance, and global locations, as a key strength of Validus Group. It's a sign of the increasing importance of diversified business models for global reinsurance firms, as the softened market requires steps ... Read the full article

MGA Ascent Underwriting appoints claims director

10th April 2017

Niche product specialist managing general agency Ascent Underwriting, which offers cyber reinsurance solutions among its range of products, has appointed Mark Bowers, previously of Tokio Marine Kiln, as its claims director. Bowers joins Ascent Underwriting with immediate effect and will take on responsibility for maintenance and development of the companies claims ... Read the full article

Reinsurers cover 3/4 of Bahama’s Hurricane Matthew claims

10th April 2017

The Bahamas Insurance Association (BIA) Chairman, Emmanual Komolafe, has called for expansion of a national risk management framework after he said the Hurricane Matthew aftermath saw a $250-$300 million foreign currency inflow associated with reinsurance - making up nearly three-quarters of the Bahamas' total $409 million post-event claims to date. “There ... Read the full article

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