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Global life reinsurance industry poised for continued growth momentum: S&P

8th August 2017

Global ratings agency Standard & Poor's (S&P) expects emerging life insurance regions, such as the Asia-Pacific, and continued growth in the longevity risk transfer space to drive the expansion of the international life reinsurance sector. Over the last three years S&P has observed strong growth momentum in the longevity risk transfer space, ... Read the full article

Aon Netherlands to acquire UMG from Aegon for €295 million

8th August 2017

Netherlands-based subsidiary of insurance and reinsurance brokerage Aon, Aon Groep Nederland, has announced that it will acquire Unirobe Meeùs Groep (UMG) from Aegon for €295 million (US$348.4 million). The deal is expected to close in the fourth-quarter of this year, and remains subject to council advice and approval from Dutch regulators. The ... Read the full article

Insurance sector M&A declines in H1 but expected to rebound: Clyde & co

8th August 2017

The volume of insurance mergers and acquisitions (M&A) in the first-half of 2017 declined by 8.6% to 170 deals when compared with the preceding six months, although more deals are expected in the remainder of the year, according to Clyde & Co. Clyde & Co's recently published mid-year 2017 Growth Report ... Read the full article

Fitch predicts continued premium rate declines in Asia as reinsurance competition intensifies

8th August 2017

Rating Agency Fitch has predicted a continued trend of softening reinsurance premium rates for the remainder of 2017 in Asia, as competition intensifies with both established reinsurers expanding operations in the region and increasing numbers of start-ups joining the playing field. Capital abundance has brought further declines to Asia's reinsurance premium ... Read the full article

Price declines steeper than expected as surplus capital defines market: Morgan Stanley

7th August 2017

Morgan Stanley analysts predict reinsurance pricing will continue to soften in the 0-5% range as traditional and alternative reinsurance capital attracts increasing numbers of investors seeking the safety of uncorrelated assets, making a market turn unlikely in the near future. Pricing pressure in reinsurance has followed the trend of decline of ... Read the full article

Mutual Reinsurance Bureau commences search for new CEO

7th August 2017

The current Chief Executive Officer (CEO) of the Mutual Reinsurance Bureau (MRB), Timothy Dorr, is to retire from the joint reinsurance association once a new CEO has been chosen. Dorr has served as the Illinois-based joint reinsurance association's CEO since 2010, and has announced plans to retire once a replacement CEO has ... Read the full article

GIC Re files for IPO

7th August 2017

India's state-backed reinsurance company, General Insurance Corporation of India (GIC Re), has filed for an initial public offering (IPO) with the Securities and Exchange Board of India. According to a draft red herring prospectus, filed August 7th, 2017, the firm plans to sell 17.2 million new shares, while the government, which currently ... Read the full article

Ransomware attacks up by 50% in H1 2017: Beazley

7th August 2017

Insurer Beazley has said that during the first six months of this year ransomware attacks increased by 50% when compared with the previous year, with accidental breaches also continuing to drive a significant volume of losses. The insurer has released its H1 2017 Beazley Breach Insight report, which, based on its ... Read the full article

Protectionist measures hindering re/insurance market growth: Insurance Europe

7th August 2017

Insurance Europe has voiced its concern with protectionist measures in Indonesia, Turkey and Argentina that are stifling both domestic and international insurance and reinsurance market growth. The organisation has released its latest fact sheets for Indonesia, Turkey, and Argentina, in light of protectionist measures and regulatory frameworks and guidelines it feels ... Read the full article

Asian re/insurance regulators continue to walk the protectionist tightrope

7th August 2017

Asian re/insurance regulators have continued the trend towards localisation and protectionism to stop capital outflow from insurance premium cedance, with this year seeing India join the ranks of countries introducing further “order of preference” rules. These rules require insurers to give local reinsurers and branches of onshore foreign insurers first 'right ... Read the full article

Markel hires political risk underwriter from Sompo Canopius

7th August 2017

Markel International has hired Alex Holcroft from Sompo Canopius as Political Risk Underwriter based in Singapore, and reporting to Senior Underwriter in London, Nicola Marriage. Holcroft will form part of the company's existing trade credit and political risk team serving the Asia-Pacific region. The team of four is led by Abhishek Chhajer, Senior Underwriter, who ... Read the full article

Blenheim adds specialty reinsurance division with hire of Cutts from Talbot

7th August 2017

Blenheim Syndicate 5886 at Lloyd's of London has announced the launch of a specialty reinsurance division, with the hiring of John Cutts from Talbot. Blenheim was launched by ex-Cathedral syndicate founders Peter Scales and John Lynch, and has an underwriting team largely hailing from that syndicate, which was bought by Lancashire ... Read the full article

Berkshire Hathaway falls to underwriting loss on AIG, Ogden, reserves & cats

7th August 2017

Warren Buffett's Berkshire Hathaway reported its second-quarter and half-year results on Friday, revealing an underwriting loss as a number of factors impacted profits at Buffett's insurance and reinsurance divisions. Overall insurance underwriting fell to a -$22 million loss at Berkshire Hathaway, down from an underwriting profit of $337 million in the ... Read the full article

Liberty Specialty enters Netherlands Fine Art & Specie market with underwriting hire

4th August 2017

Subsidiary of Liberty Mutual Insurance Group, Liberty Specialty Markets (LSM), has announced the appointment of Paul Seip as Senior Underwriter, Fine Art & Specie, signalling the firm's entry into the business line in the Netherlands. Seip will undertake his new role from August 1st, 2017 and will be based in the ... Read the full article

Mexico secures $360 million of catastrophe cover with World Bank cat bond

4th August 2017

Mexico has secured $360 million of protection against earthquake and tropical cyclone risks via a catastrophe bond transaction from the World Bank, which has now completed. The deal is structured into three tranches, with one providing protection against Mexico earthquakes, one against Atlantic tropical cyclones, and one providing coverage against Pacific ... Read the full article

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