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.
AIG to sell $600m Arch shares gained from United Guaranty sale
9th June 2017
Insurer AIG is to sell $600 million worth of shares it owns in Bermudian insurance and reinsurance group Arch Capital Group Ltd., a holding that AIG gained when it sold mortgage insurer United Guaranty to Arch. Arch completed its acquisition of United Guaranty Corporation (UGC) from American International Group (AIG) ... Read the full article
Risk management under pressure as insurers tighten budget screws: Guy Carpenter
8th June 2017
Insurers have been tightening up budgets for risk modeling investment and moving away from multi-model risk management to an approach that relies on detailed understanding of a core model, as they come under pressure to improve the bottom line in a competitive market, said Guy Carpenter. Guy Carpenter's Matthew Eagle, Head of ... Read the full article
Swiss Re Corporate Solutions opens Manchester office targeting UK expansion
8th June 2017
Global reinsurance firm Swiss Re has added a new office in Manchester, UK for its commercial insurance operations, under Swiss Re Corporate Solutions, as it seeks to strengthen its UK presence. Swiss Re wants to grow its regional commercial insurance portfolio across the UK, with the northwest offering plenty of opportunity ... Read the full article
XL Catlin lifts global property insurance capacity to $500m
7th June 2017
Insurer and reinsurer XL Catlin has increased its global property insurance capacity by 25% to $500 million, and which the company says is available on a quota share or layered basis. The 25% capacity extension enables the re/insurer to address more of its domestic and international property insurance needs, as clients increasingly ... Read the full article
Swiss Re names Slack CEO of Corporate Solutions Australia & New Zealand
7th June 2017
Global reinsurance giant Swiss Re has made another senior appointment within its commercial insurance focused arm, naming Melanie Slack as CEO Australia & New Zealand for Swiss Re Corporate Solutions. Slack has been with Swiss Re since 2002, gaining international experience across a variety of senior management positions in Asia, Europe ... Read the full article
Will Clark joins Sompo Canopius AG Trade Credit Insurance from AIG
7th June 2017
Will Clark, a prominent industry veteran with over thirty years' experience in banking and trade credit insurance, has joined Sompo Canopius' AG Trade Credit Insurance team from AIG as part of the firm's expansion plans for its specialty lines. In his new role, Clark will focus on building a new book ... Read the full article
Minova sees operating profit skyrocket in 2016
6th June 2017
Minova - an insurance and reinsurance holding company with investments in re/insurance broker BMS and specialist underwriting group Pioneer has announced an outstanding revenue of £102.8 million in 2016 strong EBITDA growth to £17.4mn and successful refinancing. This marks the first time the firm’s revenues have exceeded the £100 million mark, ... 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
Gary Geller appointed to Atradius Special Products head of underwriting
5th June 2017
Trade credit insurer, Atradius, has announced the appointment of Gary Geller to Head of Atradius Special Products Unit, London underwriting team. As an industry veteran, Geller brings over 30 years of experience in trade finance, commodity trading and management of commodity-related projects to the new role. He worked across New York, Paris ... Read the full article
Second wave of savvy InsurTechs to follow industry shakeup: Report
2nd June 2017
Business consulting expert Oliver Wyman has produced a joint report with InsurTech investor Policen Direkt that looks at over 1,000 InsurTechs and relevant players to provide guidance on which activities and business models are the most likely to flourish in coming years. The report concludes that after tech start-ups saw a ... Read the full article
Insurance is the “ultimate community product” for social resilience: ICMIF CEO
2nd June 2017
Insurance and reinsurance is far more than just a policy and the capabilities and capacity of the risk transfer industry must be utilised to increase global disaster resilience, stressed Shaun Tarbuck, Chief Executive Officer (CEO) of the International Cooperative and Mutual Insurance Federation (ICMIF). As part of the Global Platform for Disaster Risk ... Read the full article
Marsh sets up new aviation consortium, with Allianz, AXIS, Sompo & Fidelis
1st June 2017
Insurance and reinsurance broking group Marsh has launched a new aviation insurance consortium, which is backed by capacity from four major players, Allianz, AXIS Capital, Sompo International (formerly Endurance), and Fidelis. Marsh said that the Aircraft Finance Insurance Consortium (AFIC) features a "unique non-payment insurance product" which has been specially created ... Read the full article
Cyber risk aggregation a threat to re/insurer solvency
1st June 2017
While underwriting cyber risks is seen as one of the biggest opportunities in insurance and reinsurance right now, the risks to re/insurers could be equally large. Cyber attacks such as the recent WannaCry ransomware have clearly demonstrated that self-propagating cyber exploits could become major sources of aggregated losses for the insurance ... Read the full article
Trump’s budget proposal to cut federally subsidised crop insurance
31st May 2017
As the Trump administration unveils its spending plan, an agenda to bar crop insurance subsidies and cap the amount of premium aid to $40,000 per farmer has caused an uproar amongst U.S. farmers and crop insurers who fear ensuing losses to their respective industries. Part of the proposed budget includes plans ... Read the full article
Emerging markets – the flagbearer of re/insurance growth: EY
31st May 2017
Emerging markets are the primary drivers of global re/insurance growth, new figures released by EY in its latest market trends report estimate that the average real global re/insurance industry growth rate will increase by 3.7% over 2016 to 2018 - and this growth is being led primarily by booming developing markets. Over the ... Read the full article
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