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Reinsurance News

London Grenfell Tower fire loss expected to hit reinsurers: Norway’s Protector

14th June 2017

The tragic fire overnight in a tower block named Grenfell Tower in London's Royal Borough of Kensington and Chelsea, is expected to result in a hit to reinsurers, according to the building's insurer Protector Forsikring ASA of Norway. The 24 storey Grenfell Tower building, which contains over 100 apartments and houses ... Read the full article

Neon buys Guernsey MGA Sapphire Underwriters

14th June 2017

Insurance and reinsurance specialist Neon has acquired a Guernsey-based managing general agent (MGA) Sapphire Underwriters, as it builds an international footprint in offshore re/insurance markets. Neon acquired Sapphire from its current owners Heritage Group. Following completion of the acquisition, the MGA will operate under a brand of Neon Sapphire, with its ... Read the full article

Willis Towers Watson restructures Corporate Risk and Broking leadership

14th June 2017

Insurance and reinsurance broking group Willis Towers Watson has restructured the leadership of its Corporate Risk and Broking business, in an effort to better align itself with client needs and to better manage their risks. The team is led by Philip Smaje, Global Head of Broking, and consists of broking leaders ... Read the full article

Chubb expands terror, political violence & war insurance capacity to $150 million

13th June 2017

International property and casualty insurer Chubb has announced plans to increase its capacity from $100 million to $150 million to boost its coverage capabilities for terrorism, political violence and war insurance. The insurer said the move comes in response to evolving threats and increased demand from multinational clients and was made ... Read the full article

Robert Paiano to succeed The Hartford’s retiring CRO Robert Rupp

13th June 2017

The Hartford has named Robert Paiano as Chief Risk Officer (CRO) set to succeed current CRO Robert Rupp, after he retires. Paiano will report to the Hartford’s Chairman and Chief Executive Officer (CEO) Christopher Swift, his appointment is effective from July 1st, 2017. Swift thanked outgoing CRO Rupp for his "service and dedication," commenting ... Read the full article

John Paulsen to join JLT Re (North America) from Guy Carpenter

13th June 2017

International reinsurance brokerage JLT Re subsidiary, JLT Re (North America) Inc., has announced the appointment of John Paulsen from Guy Carpenter, as Senior Vice President (SVP) based in Chicago, Illinois. In his new role Paulsen will have a focus on the ongoing expansion and development of the firm's regional and national ... Read the full article

“Ignoring emerging risks is not an option,” says Swiss Re’s Patrick Raaflaub

13th June 2017

Swiss Re's Group Chief Risk Officer (CRO), Patrick Raaflaub, warned re/insurers to take a proactive stance to prepare for emerging risks, after the reinsurance giant released its 2017 SONAR report with insights on top risks set to threaten society and shape demands on the re/insurance world in coming years. Raaflaub said; "Ignoring emerging ... Read the full article

Singapore Reinsurers’ Association re-elects Haushofer to Chair

13th June 2017

The Singapore Reinsurers’ Association (SRA), an industry body for the Singapore reinsurance market, has announced that Marc Haushofer of Validus Re has been re-elected as its Chairman. The Singapore Reinsurers’ Association (SRA) has announced the members of its Executive Committee (EXCO) for the 2017/2018 term of office. Marc Haushofer, Chief Executive Officer, ... Read the full article

Indonesia’s exposure growth outpacing re/insurance growth: JLT Re

13th June 2017

Insurance and reinsurance premium volumes continue to increase in Indonesia but at a slower rate than total exposure growth, which, combined with regulatory changes in the region and other determining factors suggests domestic re/insurers' exposures are on the rise, says JLT Re. The overall growth of the Indonesian economy has resulted ... Read the full article

W.R. Berkley Corporation launches surety and specialty units in Mexico

13th June 2017

W.R. Berkley Corporation has announced the formation of two units focusing on surety and specialty commercial, Berkley International Fianzas México S.A. and Berkley International Seguros México S.A., after receiving authorization to start operating by Mexican regulator Comisión Nacional de Seguros y Fianzas (CNSF). Berkley International Fianzas México S.A. will focus on surety business with Guillermo ... Read the full article

Peak Re receives approval to establish Labuan branch in Malaysia

13th June 2017

Hong Kong domiciled reinsurer Peak Re has been granted approval-in-principle to transact general reinsurance operations through the Labuan insurance market, by the Labuan Financial Services Authority (Labuan FSA), effective 23rd May, 2017. The approval means the reinsurer now has improved access to the Malaysian reinsurance sector, enabling the firm to provide and offer ... Read the full article

Overall, mid-year reinsurance renewals to be less negative than June 1st: RBC

13th June 2017

Despite a notable acceleration of price reductions in the reinsurance industry at the June 1st renewals, overall, analysts at RBC Capital Markets expect mid-year renewals to be less negative with prices starting to bottom out. Price declines in the global reinsurance market declined by an average of 5% at the recent ... Read the full article

Patria Re hires Nick Benardout to manage Lloyd’s SPS operations

13th June 2017

Mexican reinsurer Patria Re, or Reaseguradora Patria, has appointed Nick Benardout to manage its special purpose syndicate (SPS) at Lloyd's and the firms London operations. Benardout joined Patria Re yesterday to run the firms PAT6125 special purpose syndicate at Lloyd's of London. He has been hired to run the London office ... Read the full article

Everest Re to join S&P 500

13th June 2017

Hamilton, Bermuda headquartered and globally operated insurance and reinsurance group Everest Re is set to join the S&P 500, moving up from its current position as an S&P MidCap 400 company. Everest Re will join the S&P 500 GICS (Global Industry Classification Standard) Reinsurance Sub-Industry index. The classification is designed to reflect ... Read the full article

Re/insurers looking to M&A to deploy excess capital in 2017

12th June 2017

European insurance and reinsurance firms are turning to sharebacks and M&As to deploy high levels of excess capital one year after the Solvency II regime took effect, a Moody's survey of 18 Chief Financial Officers (CFOs) from Europe's largest multinationals revealed. Last year just 10% of survey participants said they were ... Read the full article

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