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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
THB names Rodrigo Botelho Director of its European division
31st July 2017
Specialist insurance and reinsurance brokerage, THB, has named Rodrigo Botelho Director of its European division, in a move designed to expand the firms reinsurance capabilties, effective October 1st, 2017. Botelho joins the firm from Universal Seguros in Angola and will be based in the firm's Amsterdam, Holland office. Prior to Universal Seguros he held ... Read the full article
SCOR continues global expansion, announces new share buy-back
27th July 2017
French headquartered global reinsurance firm SCOR has reported another set of results which are largely in-line with or beat analyst expectations, while also showing that the firm continues to expand its footprint globally. At a time when many in the reinsurance market have been pulling-back, or contracting their reinsurance underwriting while ... Read the full article
Ironshore launches Project Cargo Consortium to service China’s Belt & Road Initiative
26th July 2017
Ironshore’s Pembroke Managing Agency has launched a Project Cargo Consortium with a capacity limit of up to U.S. $178 million to expand Lloyd’s China platform for increased coverage of the Belt & Road Initiative. The cargo consortium aims to service one of the world's greatest infrastructure programmes; ... Read the full article
QIC’s underwriting income drops 40% on Ogden & large risk losses
25th July 2017
Qatar Insurance Company (QIC) has revealed that its net underwriting income declined by 40% in the first-half of 2017 when compared with the previous year, which the firm says was driven by large losses and the UK government's decision to lower the Ogden Discount Rate to -0.75%. QIC Group's net underwriting ... Read the full article
Everest Re’s continued growth drives profits higher
25th July 2017
Global reinsurance firm Everest Re is the first of the majors to report second-quarter 2017 earnings and the statement shows that the expansive underwriter continues to find opportunities for growth, with premiums written up 17%, helping to drive profits higher, with after-tax income rising almost 70% to $227.5 million. President and ... Read the full article
UK & Germany praised for efforts to reduce protection gap in emerging regions
21st July 2017
Intentions of the UK partnership with the World Bank Group and Germany to establish a Global Partnership for Climate and Disaster Risk Finance and Insurance Solutions, has been praised by the Insurance Development Forum (IDF), the United Nations Development Programme (UNDP), and global re/insurers. Expanding on the announcement that the Read the full article
Proportion of 2017 cat losses covered by re/insurance up 10%: Aon
20th July 2017
The first-half of 2017 brought catastrophe losses to the global economy of $53 billion, 42% of which, or $22 billion was covered by re/insurance protection, according to Aon Benfield unit, Impact Forecasting's latest catastrophe report. 76% of total global catastrophe losses were from U.S. events, making the U.S. the only region ... Read the full article
Choolhun joins Ed from RKH Specialty as a Divisional Director
18th July 2017
International reinsurance broker, Ed, has named Roshan Choolhun Divisional Director of its Accident & Health (A&H) and Contingency operations. As part of his new role at Ed, Choolhun will be tasked with growing the firm's A&H and Contingency business with a focus on expanding the company's presence in the Middle East, ... Read the full article
Soft reinsurance market yet to fully play itself out, warns KBW
11th July 2017
Citing reinsurance broker Willis Re's mid-year reinsurance renewal report, analysts at Keefe, Bruyette & Woods (KBW) have warned that the soft market environment is to continue, with hopes of a market floor at the June and July renewals being premature. Reinsurance rates continued to decline at the mid-year renewals across most ... Read the full article
G20 countries to discuss climate insurance partnership
7th July 2017
At the G20 summit agenda in Hamburg - the biggest global economies are expected to discuss climate insurance partnerships to support climate policies that would accelerate movement towards Paris Climate Agreement goals. The German presidency made climate change one of the top priorities on the G20 agenda, Christoph Bals, Vice-Chair of MCII ... Read the full article
Marjorie Ngwenya succeeds Colin Wilson as Institute & Faculty of Actuaries president
4th July 2017
South-Africa based Marjorie Ngwenya succeeded Colin Wilson earlier this week as the next annual president of the Institute and Faculty of Actuaries (IFoA). For the past year Ngwenya has been IFoA President-elect, after having volunteered for the institute since she became a fellow in 2006. Ngwenya, whose tenure marks the first time the ... Read the full article
Nepal Reinsurance Company continues to expand global business
30th June 2017
According to industry reports the Nepal Reinsurance Company (NRC) has been growing its international business, and collected Rs100 million (roughly US$969,500) in the first eleven months of the fiscal year. NRC is Nepal's sole reinsurer, and has clients across 15 countries, which includes United Arab Emirates, Bahrain, Papua New Guinea and a ... Read the full article
Severe weather to increase in frequency & intensity: AIR Worldwide
30th June 2017
Catastrophe risk modeller AIR Worldwide compiled the latest findings of climate science in a report on the potential impact of climate change to extreme weather; bringing attention to tropical cyclones, extratropical cyclones, severe storms, wildfire, and floods and warning of an overall increase in frequency and intensity of severe weather phenomena ... Read the full article
Reinsurance industry helps World Bank secure $500m pandemic facility backing
29th June 2017
The global reinsurance industry has collaborated with and assisted the World Bank's launch of specialist bonds to support the $500 million Pandemic Emergency Financing Facility (PEF), which is designed to rapidly disburse funds to eligible countries facing a major disease outbreak. In response to the high financial, social and economic loss driven ... Read the full article