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.
Insured loss from U.S. catastrophes in 2016 above ten-year average: PCS
2nd March 2017
The insurance and reinsurance industry loss from catastrophe events in the U.S. during 2016 reached $21 billion, with the frequency of events increasing to the highest level since 1980, according to data and analysis from Property Claims Services (PCS), a division of Verisk Analytics. The $21 billion recorded by PCS comes ... Read the full article
White Mountains appoints Manning Rountree as new CEO
2nd March 2017
Bermudian insurance, reinsurance and financial services group, White Mountains Insurance Group, Ltd., has announced the election of Manning Rountree as its Chief Executive Officer (CEO), effective immediately. Rountree has also been elected to the firm's Board of Directors and takes over the CEO position from Ray Barrette, who is retiring. Joining the firm in ... Read the full article
Toby Kayll joins THB from Integro as Managing Director, Marine
2nd March 2017
Specialist insurance and reinsurance brokerage, THB, has announced that Toby Kayll has joined the firm from Integro Insurance Brokers, as Managing Director of its Marine business. Kayll joins the firm with more than 20 years of industry experience, and joins from Integro where he was head of the broker's marine division. "Toby ... Read the full article
Enstar appoints new executive to Board of Directors
2nd March 2017
Insurer Enstar has announced the appointment of Jie Liu to its Board of Directors. Dominic Silvester, Enstar’s Chief Executive Officer (CEO), welcomed Liu to his new role; "We have worked alongside Jie in recent months as Hillhouse became a significant shareholder in Enstar and a strategic partner in KaylaRe. "In addition to ... Read the full article
Report highlights potential shortcomings of organisations’ cyber controls
1st March 2017
A new report claims that insurance and reinsurance protection alone is insufficient to manage the growing threat of cyber attacks, citing that cyber controls utilised by organisations to mitigate data breaches, and similar, might not be up to the task. The analysis and report on the capabilities of cyber controls comes ... Read the full article
XL expects $75m Ogden Rate hit on UK motor reinsurance book
1st March 2017
XL Group Ltd. said that it estimates the impact of the recent Ogden Rate change to be around $75 million, contained within its UK motor reinsurance book. XL does not underwrite much in the way of UK motor insurance or reinsurance business now, but has some exposure from business underwritten on ... Read the full article
Higher reinsurance costs expected after Ogden rate cut: Fitch
1st March 2017
UK motor insurers will likely face increased reinsurance costs after the government announced plans to reduce the Ogden discount rate from 2.5% to -0.75%, Fitch Ratings has warned. Although re/insurers likely to be affected by the rate have been proactive in preparing for the rate change, a drop to a negative ... Read the full article
Generali’s Lombard elected Chairman of EcoFin Committee, Insurance Europe
1st March 2017
Chairman and Chief Executive Officer (CEO) of Generali France, Eric Lombard, has been elected Chairman of the Economic & Finance (EcoFin) Committee of Insurance Europe, replacing Dieter Wemmer. The EcoFin division of Insurance Europe oversees the organisations work on regulatory, accounting and investment-related issues, and it's been revealed that Allianz SE ... Read the full article
Argo Group adds two to Board of Directors
28th February 2017
International specialty insurer and reinsurer, Argo Group International Holdings, Ltd., recently announced the appointment of Dee Lehane and Al-Noor Ramji to its Board of Directors. Currently the Independent Chair of a Cabinet Office venture, Debt Market Integrator and Chairman of ORIC International, Lehane has substantial experience with strategic issues and technology-led business adaptions at insurance ... Read the full article
Arch Capital board member resigns due to potential conflict of interest
28th February 2017
Arch Capital Group Ltd., the Bermuda based insurance and reinsurance firm, has announced the resignation from its Board of CEO of The Guardian Life Insurance Company of America Deanna Mulligan. Mulligan has taken the step to resign from the Arch Board of Directors due to a "potential future conflict of interest" ... Read the full article
Willis names Imran Qureshi head of its U.S. Midwest region
28th February 2017
Willis Towers Watson today announced Imran Qureshi as the new head of the broker’s U.S. Midwest region. In his new role, Qureshi will be responsible for managing and growing the company’s business and client relationships across the Midwest, he will also be joining the North America Leadership ... Read the full article
Buffet says Berkshire Hathaway is poised for a market turn
28th February 2017
In his annual letter to Berkshire Hathaway shareholders, the Sage of Omaha Warren Buffett explains that his insurance and reinsurance companies are ready to take advantage of a market turn or dislocation. Not only is Berkshire Hathaway ready to take advantage of any turn, due to its enormous cash piles, Buffett ... Read the full article
Ironshore Specialty Casualty execs take on new product line responsibilities
27th February 2017
Ironshore Specialty Casualty has announced that executives Dawn Puro and Sonny Powers will assume new product line responsibilities, effective immediately. Puro, Senior Vice President (SVP) of Specialty Casualty at the firm's New York office has been named Product Line Manager, Public Entity lines and Powers, Vice President and Product Line Manager ... Read the full article
Swiss Re targets mid-sized commercial insurance market for growth
27th February 2017
Global reinsurance firm Swiss Re is expanding the remit of its Corporate Solutions division to offer commercial insurance solutions to mid-sized corporations. The Swiss Re Corporate Solutions model has been to target the very large corporate risk managers, offering their balance-sheet and underwriting expertise to create large, often complex, tailored insurance ... Read the full article
Insured loss in Germany from storm Thomas/Doris roughly €100 million: MSK
27th February 2017
The impact of European windstorm Thomas (or Doris) is expected to result in an insurance industry loss in Germany of roughly €100 million (US$105.8mn), according to German actuarial consulting firm, Meyerthole Siems Kohlruss (MSK). Reports have described European windstorm Thomas as the strongest storm of the 2016/2017 winter storm season, so ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
