Reinsurance News
Insurance news
Insurance news of relevance to the reinsurance market.
Our focus is on insurance and reinsurance news for large account, commercial and specialty lines, as well as pure reinsurance and retrocession news, analysis, insight and interviews.
Average global insurance pricing increased by 0.8% in Q4: Marsh
1st March 2018
Record-setting catastrophe losses in 2017 sparked hopes of a bottoming out of the soft market cycle and although re/insurance renewal rates trailed expectations, Q4 2017 saw a reversal of the trend of declining rates as global insurance industry prices increased for the first time in four years, according to Marsh ... Read the full article
CCR names Nicolas Bauduceau to Head of Public Funds & Prevention Department
1st March 2018
CCR, which provides the French insurance market with reinsurance cover against natural disasters through a state-backed Natural Disaster compensation scheme, has appointed Nicolas Bauduceau to Head of the Public Funds & Prevention Department. Bauduceau boasts significant experience natural risk prevention expertise; in 2006, he worked for the European Center for Flood Risk Prevention (CEPRI) ... Read the full article
UAE insurers see strong growth in 2017, but A.M. Best outlook remains negative
28th February 2018
The insurance market of the United Arab Emirates (UAE) has continued to demonstrate strong growth and exceptional profitability in 2017 as a consequence of 2015s regulatory reforms , however A.M. Best's outlook for the sector remains negative with significant challenges lurking on the 2018 horizon. Preliminary disclosures of the national insurers ... Read the full article
Re/insurers left in “unacceptable position” of Brexit uncertainty: BIBA
28th February 2018
Hopes for the UK government to lay out clear grounds for businesses during the transition period appear to have been dashed after the government's response to the Treasury Select Committee’s report on transitional arrangements for exiting the EU leaves re/insurers in an "unacceptable position" according to Steve White, Chief Executive ... Read the full article
PRA and UK Treasury consulting on extensive Solvency II reform package: Sam Woods
27th February 2018
Speaking at the annual conference of the Association of British Insurers (ABI), Sam Woods, Deputy Governor for Prudential Regulation and Prudential Regulation Authority (PRA) Chief Executive Officer (CEO) said consultations are now underway for an extensive package of reforms that aim to improve re/insurers' implementation of Solvency II. Woods said that ... Read the full article
Federal Budget changes could hit crop insurers’ underwriting profits: KBW
27th February 2018
The proposed Federal Budget could negatively impact the crop insurance industry, with about $26 billion of the proposed savings affecting crop insurers through capped underwriting profits along with reduced eligibility and lower subsidies, according to Keefe, Bruyette & Woods. The revised budget hopes to make about $47 billion of Farm Bill-related ... Read the full article
Cologne offered as post-Brexit home for re/insurers
22nd February 2018
Henriette Reker, who's served as the Mayor of Cologne since 2015, made the case for Cologne as a suitable home to EU-servicing re/insurers seeking post-Brexit refuge, offering UK and international re/insurers a post-Brexit home in a meeting this week with industry representatives. As one of Germany's leading insurance centres, Cologne already ... Read the full article
Atlas General Insurance expands property capacity after “milestone” growth
22nd February 2018
Atlas General Insurance Services has announced the expansion of its property capabilities with increased limits and additional market capacity following a successful 2017 underwriting year, in which it achieved milestone growth of over $50 million of Primary Limit and $30 million of Excess Limit in DIC, and $20 million of ... Read the full article
V3 Insurance Partners appoints Janitschke to Chief Operating Officer
21st February 2018
Specialty insurance program administrator, V3 Insurance Partners, has named Brian Janitschke as Chief Operating Officer (COO), who is returning to the MGA space from recent roles as the Chief Actuary of Capital Insurance Group and the leader of Business Intelligence at Western National Insurance. Susan Rivera, President and Chief Executive Officer ... Read the full article
The Institute of Risk Management issues new insurance guidance framework
21st February 2018
The Institute of Risk Management’s (IRM) Internal Model Industry Forum (IMIF) has announced the release of its eighth guidance document for the insurance market, the Journey from Model Validation to Model Risk Management. Philip Whittingham FIRM, Head of Model Validation and Risk Governance at XL Catlin, who is also the chair ... Read the full article
WMIH Corp and Nationstar Mortgage enter merger agreement
21st February 2018
WMIH Corp and Nationstar Mortgage Holdings with its flagship brand Mr. Cooper have announced that they have entered into a definitive merger agreement. WMIH Chief Executive Officer (CEO) Bill Gallagher, said; “Nationstar aligns perfectly with our acquisition strategy and has a strong track record of providing mortgage servicing and loan and ... Read the full article
ACORD names two new board directors
21st February 2018
Global standards-setting body for insurers ACORD has revealed updates to its 2018 Board of Directors, naming John Artesani, Executive Vice President & Chief Operating Officer, Lexington Insurance, and Mark Cook, Global Chief Information Officer of Marsh, as new directors. Zacharias, Senior Vice President of Chubb, was elected Chair of the Board last year and ... Read the full article
Zurich launches UK Innovation Foundry
20th February 2018
Zurich has launched a new initiative to tackle changing customer demands and help drive change throughout its operations, the UK Innovation Foundry, set to be led by Mark Budd, UK Head of Innovation. The Innovation Foundry will progress Zurich’s innovation agenda and support the development of all ideas in a formally coordinated ... Read the full article
CBL Insurance Europe ordered to cease underwriting Irish business
20th February 2018
The Central Bank of Ireland has ordered CBL Insurance Europe dac, a branch of New Zealand-based specialist insurer CBL Corporation, to stop underwriting after regulatory authorities concluded the firm needed to raise capital to increase claim reserves for its French construction lines. The French construction business makes up over 60% of ... Read the full article
The Hartford enters $200m renewal rights agreement with Farmers Exchanges
20th February 2018
The Hartford has entered into a renewal rights agreement with the Farmers Exchanges to acquire its Foremost Insurance commercial independent agent business, gaining access to nearly $200 million in commercial lines premium. Stephanie Bush, The Hartford’s head of Small Commercial and Personal Lines, said; “this renewal rights agreement further strengthens The ... Read the full article
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