Reinsurance News
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FERMA appoints six board members & confirms re-election of Willaert as President
7th July 2017
Jo Willaert has been confirmed as President of the Board of the Federation of European Risk Management Associations (FERMA) for a further two years, with the organisation also announcing the election of six Board members. The general assembly of FERMA met in Brussels on Friday June 30th, 2017, and have now ... Read the full article
Fidelis & former Hiscox Re exec Ashton launch specialty joint venture
3rd July 2017
Fidelis Insurance has announced the creation of a new specialty joint venture with Rob Ashton, former head of specialty at Hiscox Re Specialty, that will have a strong focus on the cyber reinsurance market. The new venture will begin writing business from January 1st, 2018, with a focus on niche specialty ... Read the full article
De-risking the right step for Novae: Peel Hunt
30th June 2017
Recent and ongoing steps taken to de-risk itself will benefit Lloyd's insurance and reinsurance specialist Novae Group, according to analysts at Peel Hunt. Novae "is taking the right actions to ease capital pressure, rebuild tangible equity and crystalize the intrinsic value of the business" the analysts explain, after reviewing the reinsurance ... Read the full article
Ed makes five appointments as it expands professional and executive risks business
20th June 2017
Reinsurance broker Ed has made five new appointments as it looks to expand its professional & executive risk operations, which will be led by Paul Richards as Managing Director. The broker has named James Baird as Director, Neal Hughes as Divisional Director, Rupert Alabaster as Divisional Director, and James Faith as Producer/Broker. Chris ... Read the full article
Allianz warns against complacency despite 50% decline in global shipping losses
15th June 2017
Analysis by Allianz Global Corporate & Specialty (AGCS), a division of global insurer Allianz, reveals that worldwide shipping losses declined by 50% in 2016 over the last ten years. However, with areas of concern appearing to be on the rise and budgets coming under increasing strain, the insurer warns against ... Read the full article
Large UK companies concerned over crisis resilience, finds AJG report
14th June 2017
Research by YouGov that was commissioned by Arthur J. Gallagher reveals that a quarter of large UK companies are concerned about their crisis resilience in response to rising threats, such as cyber attacks and terror events, further highlighting the need for important and adequate risk transfer solutions. According to the research ... 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
“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
Growing loss complexity driving loss adjusting innovation: Cunningham Lindsey
6th June 2017
The evolution of the risk transfer landscape, underlined by increasingly complex insured losses, is driving greater innovation in loss adjusting, according to recent analysis from Cunningham Lindsey. Loss adjusting, claims management, and risk solutions firm, Cunningham Lindsey, has produced its 2017 Major and Complex Loss Review, which reveals increased innovation in loss adjusting ... Read the full article
Chief Risk Officers need to update skills for re/insurer’s success
6th June 2017
Chief Risk Officers (CROs) are "integral to the future success of insurance companies,” but need to develop a new set of strategic skills to match demands of the future, according to a joint report by Mazar, accounting and advisory services firm and risk technology research firm, Chartis Research, which found ... Read the full article
M&A activity to increase as foreign firms move into international markets: Fitch
23rd May 2017
Rating agency Fitch highlighted in its report on last year’s reinsurance trends that Merger and acquisition (M&A) activity is not only growing in response to limited organic expansion options, but also as firms with reinsurance operations increasingly become the target of foreign companies seeking to move capital and operations into ... Read the full article
Terms & conditions show signs of weakening in 2017: Fitch
18th May 2017
The persistent soft reinsurance market environment is again resulting in the weakening of terms and conditions (T&Cs), as market participants increasingly utilise multiyear protection, extended hours clause, and the inclusion of risks that aren't fully understood by the industry, according to Fitch Ratings. Throughout the softening reinsurance market cycle there have ... Read the full article
Global reinsurers taking market share from London: LMG
9th May 2017
Global reinsurers have taken a share of the re/insurance market from London, as factors like a high concentration of specialist insurers and Brexit have contributed to its shrinking market presence in emerging markets and threaten a continual reduction of its global market share. The London Market Group (LMG) and The Boston Consulting ... Read the full article
AGCS appoints new offshore energy underwriter in London
5th May 2017
Allianz Global Corporate & Specialty (AGCS), a division of insurer and reinsurer Allianz, has announced the appointment of Zoe Massie as Offshore Energy Underwriter, based in the firm's London energy team. In her new role Massie will report to Tracey Hunt, AGCS Regional Head of Energy, London. Massie started her insurance ... Read the full article
Risk preparedness at lowest level since 2007: Aon
3rd May 2017
Reinsurance broker Aon Benfield has said firms are at their lowest levels for risk preparedness since 2007 - when it first began to assess the risk environment for businesses in its bi-annual global risk management survey. This is down to firms not yet having caught up with the speed of the ... Read the full article