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Global commercial rates continue to decline, pressuring combined ratios: Marsh

16th August 2017

Commercial insurance rates declined, on average, for the seventeenth consecutive quarter in Q2 2017, driven by excess capacity and intense competition, according to the latest Marsh Insurance Market Index. Moderating renewal rate declines in the global commercial insurance market occurred in Q2 for the sixth consecutive quarter, declining, on average, across ... Read the full article

Brit hires former XL Catlin exec Tom Bongi to develop professional lines

14th August 2017

Brit has named Tom Bongi as Executive Vice President (EVP) of Professional Lines at Brit Global Specialty USA with effect from 14 August 2017. Bongi joins Brit from XL Catlin where he acted as Director of Underwriting, Global Professional Lines, leading underwriting operations across Professional Lines and Cyber Liability. In his new role ... Read the full article

GIC Re plans ambitious international growth including Lloyd’s syndicate

10th August 2017

Indian state-owned General Insurance Corporation (GIC Re) has announced ambitious plans to diversify its revenue base into the life segment and expand business lines throughout the global market, in a red herring prospectus. The firm recently filed an Initial Public Offering (IPO) constituting 14.22% of the firm’s post-offer paid-up equity share ... 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

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

M&A in Asia driven by incentives for foreign diversification & local capacity growth

4th August 2017

Soft market conditions provide the backdrop for reinsurance industry Merger & Acquisitions (M&As) throughout Asia, although the highly varied local industry dynamics and levels of market maturity create a mixed bag of motives, with some reinsurers driven to acquire by foreign diversification needs while others merge to grow their own ... Read the full article

RenRe adds two to Board of Directors

3rd August 2017

RenaissanceRe Holdings Ltd. has announced the addition of Duncan P. Hennes and Dr. Valerie Rahmani to its Board of Directors, as independent directors, effective August 2nd, 2017. Hennes is the Co-Founder and Partner of Atrevida Partners, LLC, and Dr. Rahmani recently served as Chief Executive Officer (CEO) of Damballa, Inc., a cyber-security firm. Commenting on the appointments, James L. Gibbons, non-Executive ... Read the full article

Reinsurers’ reserves strong, but release levels “unsustainable”: Morgan Stanley

3rd August 2017

Reserving will continue to be a key debate in the reinsurance space as current release levels are "unsustainable" although reinsurers still remain mostly comfortably reserved, according to Morgan Stanley equity analysts. Analysts commented in the firm's latest market research report that most reinsurers are comfortably reserved, although with varying buffer levels ... Read the full article

Brokers must educate SMEs on rising security threats: A.J. Gallagher

1st August 2017

A report commissioned by Arthur J. Gallagher (A. J. Gallagher) reveals how unprepared UK small and medium-sized enterprises (SMEs) are to manage and respond to rising security threats, calling on the broker community to improve awareness and education of the exposures. UK SMEs are becoming increasingly aware of security threats to ... Read the full article

Allianz and InsurTech start-up Flock announce pay-as-you fly drone cover

1st August 2017

Allianz and InsurTech start-up Flock have announced the soon to come launch of the UK's first pay-as-you fly drone insurance that can be tailored to each flight through the Flock app and provides up to £10 million liability cover. The pay-as-you-fly drone insurance is the first product to be launched by ... Read the full article

Pool Re CEO urges re/insurers to adapt to evolving terror threat

31st July 2017

The terrorism re/insurance model needs to evolve in line with changing threats after the 2017 attacks in the UK showed gaps in business interruption (BI) cover and the potential vulnerability of motor insurers to terror threats, Pool Re Chief Executive Officer (CEO), Julian Enoizi told Bloomberg in an interview. After this ... Read the full article

Growth elusive in 2017, but Beazley makes a win on specialty lines

27th July 2017

Beazley revealed a winning start to the year at the 2017 mid-way point, reporting an overall 6% pre-tax profit increase due to pockets of growth in specialty lines despite market conditions for traditional large-scale risks becoming more competitive. The insurer's pre-tax profits rose by over $8 million to $159 million on gross ... Read the full article

Inaugural IFTRIP a defining moment for terror risk pools: Pool Re’s Enoizi

21st July 2017

Speaking ahead of the inaugural International Forum of Terrorism Risk Pools' (IFTRIP) conference, held in Paris on June 28th, 2017, Pool Re Chief Executive Officer (CEO), Julian Enoizi said that as the first formal collaboration event between the world's terrorism re/insurance entities it would be a defining moment for national ... Read the full article

Demand for casualty reinsurance increases at mid-year renewals: Willis Re

20th July 2017

Commenting on trends in the casualty market after the 2017 mid-year renewals, Willis Re said demand for reinsurance is increasing as the cyber market expands and global demand is stimulated by pending regulation in the European Union (EU) and Australia. As underlying cyber coverage expands with first party exposures, reinsurers appear ... Read the full article

Sonja Ochsenkuehn joins XL Catlin from AIG to lead Global Programs

10th July 2017

The global insurance division of insurer and reinsurer, XL Catlin, has announced the appointment of Sonja Ochsenkuehn from insurer AIG, as Head of Global Programs. Ochsenkuehn has worldwide responsibility for XL Catlin's insurance operations' Global Programs, which are key to the company's offerings to its clients. In fact, XL Catlin explains that last ... Read the full article