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Reinsurance News

Greig Woodring & Steve McGill elected to The Hartford’s Board

20th October 2017

The Hartford has elected Greig Woodring and Steve McGill to the company's Board of Directors to succeed Charlie Strauss and Patrick Swygert, who will not stand for re-election in May 2018 upon reaching mandatory retirement age. The appointments are effective from December 20th, 2017. The Hartford’s Chairman and Chief Executive Officer (CEO), Christopher Swift, ... Read the full article

AIG UK underwrites first Shariah-compliant W&I policy in London M&A market

20th October 2017

AIG UK has underwritten the first Shariah-compliant Warranty and Indemnity (W&I) insurance policy issued in the London M&A insurance market, through Cobolt Underwriting's 'Islamic Window' solution. The buyer of the £5 million W&I policy is a Gulf based financial institution run on Shariah principles, which sought out Shariah-compliant financing to fund ... Read the full article

Cohen & Company hires former Twelve Capital exec as Managing Director

20th October 2017

Cohen & Company, LLC has named John Butler as the new Managing Director of U.S. Insurance Asset Management Platform and Global ILS Programme, with effect from November 1st, 2017. Butler joins from Twelve Capital, a Swiss-based insurance specialist and asset manager, where he most recently served as Managing Partner and Head ... Read the full article

P&C soft market trend continues despite severe Q3 cat losses: CreditSights

20th October 2017

The aggregation of severe re/insurance losses from the recent natural catastrophes across North and South America are not significant enough to impact the current trend of the P&C reinsurance market softening, according to CreditSights analysts. P&C reinsurance continues to be characterised by an excess supply of capital, while primary insurers have ... Read the full article

Aon Benfield expands Siccardi’s role to EMEA & UK Head of Client Services

20th October 2017

Aon Benfield, the global reinsurance arm of international broker Aon, has announced the appointment of Leonora Siccardi as EMEA & UK Head of Client Services, based in London. Siccardi will report to Maggie Westdale, Chief Financial Officer (CFO) of Aon Benfield, Richard Posgate, Co-Chief Executive Officer (CEO) of EMEA, Aon Benfield, ... Read the full article

California insurers report preliminary $1 billion+ wildfire losses

20th October 2017

Preliminary wildfire loss estimates from eight California insurers has reached $1.045 billion after over 7,000 structures have been either damaged or destroyed, the California Department of Insurance reported. The losses are for damages to commercial and residential structures, personal and commercial vehicles, and agricultural equipment, and the numbers are expected to ... Read the full article

Meteo Protect gets Lloyd’s coverholder approval

20th October 2017

Weather risk broker Meteo Protect has received Lloyd's of London Coverholder approval with authority to underwrite and issue policies on behalf of Lloyd's syndicates. Meteo Protect’s Coverholder status connects it with Lloyd's worldwide specialist insurance and reinsurance market, offering the broker "a wealth of new opportunities to provide weather index-based insurance to ... Read the full article

Sompo Holdings racks up $617mn HIM & Mexico quake losses

20th October 2017

Sompo Holdings has racked up losses from the August and September hurricanes that devastated the East Coast of the U.S. and the Caribbean, and the two major Mexico earthquakes, of $617 million (JPY 70bn), pre-tax. Hurricanes Harvey and Irma accounted for the Japanese carrier's heaviest losses with $211.6 million (JPY 24bn) ... Read the full article

Ironshore Hong Kong reveals commercial legal expense mitigation cover

20th October 2017

Ironshore Hong Kong has introduced a specialty professional lines product that offers protection for After-the-Event Legal Expenses providing coverage for parties subject to expense losses following commercial litigation action to help mitigate loss exposure. The coverage, which is standardized within the U.K. legal community, has been adapted specifically for the Hong ... Read the full article

Swiss Re estimates $3.6bn of losses from HIM and Mexico quakes

20th October 2017

Global reinsurance giant Swiss Re has released estimated catastrophe losses for the third-quarter of $3.6 billion, driven by hurricanes Harvey, Irma and Maria, and the Mexico earthquakes. The figure is based on a total market insured loss of $95 billion from the three hurricanes and earthquakes in Mexico, and is net ... Read the full article

Re/insurance essential to managing today’s megatrends: Industry experts

20th October 2017

The megatrends of today's world are driving new and additional risks to economies in all regions, highlighting the necessity and value of re/insurance protection in mitigating the risks and increasing global resilience. Speaking as part of a panel at the recently held Guernsey Insurance Forum in London, PwC's Global InsurTech Leader, ... Read the full article

Cat losses push Travelers to underwriting loss in Q3

19th October 2017

Travelers has reported an underwriting loss of $246 million for the third-quarter of 2017, driven by a huge increase in catastrophe losses to $700 million, compared with just $89 million in the same period last year. The $700 million of Q3 catastrophe losses relates primarily to hurricanes Harvey, Irma, and Maria, ... Read the full article

Mitsui Sumitomo to provide weatherXchange platform with indicative pricing

19th October 2017

The global platform that offers companies access to index-based weather risk protection, weatherXchange, has revealed that MSI GuaranteedWeather (MSI GW), a Mitsui Sumitomo Insurance subsidiary, is to provide the weatherXchange Instantaneous Indicative Pricing service with indicative pricing. This comes after WeatherXchange announced Sompo Global Weather, a division of Sompo International Holdings, as ... Read the full article

Africa’s reinsurance market forecast for growth

19th October 2017

Africa's reinsurance executives continue to be bullish about the prospects of their markets, expecting Africa's US$6.8 billion reinsurance market to make a comeback in 2018 after insurance premiums declined by 15.3% in 2016 following a drop in the continent's gross domestic product (GDP) growth, according to the Africa Reinsurance Pulse ... Read the full article

Munich Re’s Pina Albo named new CEO of Hamilton Insurance Group

19th October 2017

Bermuda domiciled Hamilton Insurance Group has announced that Pina Albo will join the company from reinsurance giant Munich Re, to become the firm's new permanent Chief Executive Officer (CEO) after the departure of Brian Duperreault. Albo will assume the CEO position from February 1st, 2018, and replaces Interim Group CEO, David Brown, ... Read the full article

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