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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

India’s GIC Re prepared to move into Iranian market

10th April 2017

Leaders of India’s GIC Re and Central Insurance of Iran set the agenda for closer re/insurance collaboration between the two countries on the sidelines of the Management Board Meeting of Asian Reinsurance Corporation (Asian Re). Alice Vaidyan, Chief Executive Officer of state-owned GIC Re said she was prepared to meet officials ... Read the full article

XL Catlin names Bewlay as Global Casualty CUO

10th April 2017

Insurance and reinsurance firm XL Catlin has named Nancy Bewlay as Global Chief Underwriting Officer of its Casualty insurance operations, effective April 17th. Bewlay takes on underwriting and portfolio management for all of XL Catlin's Casualty insurance coverages globally in the role, reporting to Neil Robertson, Chief Executive, Insurance Underwriting and ... Read the full article

Aon promotes John Bruno to Chief Operations Officer

10th April 2017

Aon has announced the promotion of John Bruno to Chief Operations Officer with immediate effect. Bruno joined Aon in 2014 as the Executive Vice President of Enterprise Innovation and Chief Information Officer. His main responsibilities at Aon have involved delivering innovative infrastructure and technology solutions that have simplified processes, increased productivity and ... Read the full article

Andy Faber joins Everest Re from AIG to lead Life Sciences practice

10th April 2017

Andy Faber has joined Everest Re from AIG as leader of the newly launched Life Sciences practice within the Specialty Casualty Group. Working from Everest's Boston-based office, Faber will develop and head up a dedicated life sciences team to bring tailor-made insurance solutions to the U.S. market. He will be reporting to Connie Germano, Head ... Read the full article

Pacific Islands’ reinsurance backed parametric insurance facility expands

10th April 2017

A $29.73 million regional disaster risk finance project with a parametric insurance facility backed by reinsurance markets has been launched in Fiji to improve access to catastrophe re/insurance within the Pacific Islands. The new facility represents a scale-up to the PCRAFI: Furthering Disaster Risk Finance in the Pacific project, which has already enabled ... Read the full article

Conning forecasts record levels of M&A activity in 2017

10th April 2017

A record number of M&A transactions in the distribution end of the market, with tech-driven service providers and equity brokers at the forefront of the transaction boom, is predicted for 2017 in investment management firm, Conning’s, annual global insurance M&A study. Insurance brokers and private equity sponsors have been leading the ... Read the full article

Reinsurance News – Monday 10th April 2017

10th April 2017

Here’s your daily Reinsurance News for Monday 10th April 2017: $2 billion insured losses for severe U.S. weather events in March: Aon Benfield Global insured catastrophe losses from severe winter weather in the U.S. in March is expected to reach $2 billion, according to Aon Benfield. Japanese reinsurance renewals ... Read the full article

Beazley Re expected to start underwriting third-party business

10th April 2017

Beazley Re, the Irish domiciled internal reinsurance company of Lloyd's and international insurance and reinsurance specialist Beazley, is expected to begin underwriting third-party business as well. Beazley said in its annual report that it filed an application with the Central Bank of Ireland to convert Beazley Re dac, its long-established ... Read the full article

Jamaica seeking increased disaster insurance

7th April 2017

Jamaica is working to close its protection gap with increased re/insurance cover purchase, after government estimates have shown that without further protection, a storm the magnitude of the 1988 Caribbean Hurricane Gilbert would cause economic devastation that would set the country years back in its development goals. The government is collaborating ... Read the full article

Willis Towers Watson to offer airline cyber insurance solutions

7th April 2017

Willis has moved deeper into cyber risk solutions with the introduction of CyFly - an insurance product that expands business interruption cover to include a wider range of airline cyber exposure associated costs. Willis’ recent industry risk index identified failure of critical IT systems as the biggest risk facing the global aviation ... Read the full article

AXIS Re looks to engage, develop next generation of reinsurance professionals

7th April 2017

Bermudian reinsurance unit AXIS Re, part of the AXIS Capital Holdings Limited re/insurance company, is looking to engage and develop the next generation of insurance and reinsurance professionals, holding a student hackathon. The inaugural “Future of Insurance” student hackathon will be held in the Siebel Center for Design on the campus ... Read the full article

DARAG to acquire Sweden-based captive insurer Ikano Försäkring AB

7th April 2017

Run-off specialist DARAG is set to acquire Ikano Försäkring AB, a Stockholm-based European captive insurer and member of the Ikano Group - an international group of companies operating in finance, insurance, production, real estate and retail. DARAG has chosen not to reveal details of the transaction costs - the share purchase ... Read the full article

Munich Re and Sompo become major investors in insurtech start-up Trov

7th April 2017

Munich Re’s venture capital subsidairy, HSB Ventures, has led a $45 million investment in technology start-up Trov, that will see the reinsurer act as investor and underwriting partner as the start-up expands into Europe, Asia and South Africa, Reuters reported. Japanese insurer Sompo Holdings has joined forces with the German reinsurance ... Read the full article

Japanese reinsurance renewals see broader coverage, lower rates

7th April 2017

According to reinsurance broker Willis Re, Japanese reinsurance renewals saw an expansion of coverage achieved by many ceding companies, and rates continued to decline in the region. The April 1st reinsurance renewals see a significant proportion of Japanese property insurance and property catastrophe reinsurance renewed and in 2017 market forces continued ... Read the full article

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