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.
Zurich North America merges Commercial and Specialty units
26th May 2017
Zurich North America has announced plans to merge its Specialty Products business with its North American Commercial Insurance unit to simplify company processes and make product offers more accessible to its clients. The newly expanded unit will be led by Paul Horgan, head of North America Commercial Insurance, who reports to Mike Foley, Chief ... Read the full article
Recent Canadian flooding unlikely to impact reinsurance: S&P
26th May 2017
While losses will cause a hit to insurers, the recent flooding that impacted parts of Canada in the provinces of Quebec, Northern Ontario and British Columbia is not anticipated to hurt reinsurers or affect reinsurance protection. Rating agency Standard & Poor's says that preliminary estimates put economic losses from the flooding ... Read the full article
AIG Philippines puts $2.5 billion towards property insurance
25th May 2017
AIG Philippines, a unit of the American non-life insurer, announced that it's set aside $2.5 billion for property insurance ahead of the P7-trillion infrastructure rollout under the administration of President Duterte. The announcement comes as AIG prepares to be able to offer cover for the country's upcoming massive investment in infrastructure ... Read the full article
Critical infrastructure the next cyber battleground
25th May 2017
As cyber threats increase, alongside the exponential advancements being seen in technology which can heighten cyber risk there is also an increasing threat to legacy systems, particularly in areas such as critical infrastructure, according to experts. It is expected that cyber attacks against critical infrastructure, power grids and energy infrastructure, telecommunications, ... Read the full article
A.M. Best sees brighter prospects for AIG under Brian Duperreault
25th May 2017
Following the recent announcement from U.S. insurance giant American International Group (AIG) that it was making Brian Duperreault its new President and Chief Executive Officer (CEO), its clear that rating agency A.M. Best sees a brighter future for the insurer. A.M. Best had placed the credit ratings of AIG under review ... Read the full article
Colorado experiences costliest catastrophe on record
24th May 2017
The Rocky Mountain Insurance Information Association has provided a preliminary insurance industry loss estimate of $1.4 billion for the large hailstorm that struck Colorado on the 8th May, 2017. The event is set to be the most costly catastrophe event ever recorded in the state, after surpassing the $845.5 million loss ... Read the full article
Tower to pass more NZ catastrophe & weather losses to reinsurers
24th May 2017
Tower Insurance, the New Zealand insurer that is in the process of selling itself, has reported that loss creep due to the 2010 and 2011 Canterbury earthquakes, plus impacts from the Tasman Tempest storm, the Kaikoura earthquakes and recent storm events will result in further reinsurance claims being made. Tower ... Read the full article
1347 Property Insurance Holdings appoints Dan Case to Chief Operating Officer
24th May 2017
1347 Property Insurance Holdings has appointed insurance and reinsurance veteran and previous Executive Vice President at BMS Re, Dan Case, to Chief Operating Officer. Case will be responsible for product strategies, underwriting, and sales and distribution, in addition to overseeing the day-to-day operations of the specialty insurer. Case brings 17 years of ... Read the full article
Re/insurance to take minimal share of $8 billion WannaCry economic loss: A.M. Best
23rd May 2017
Insurance industry focused cyber-security firm, Cyence, has pegged the WannaCry ransomware attack economic loss at an estimated $8 billion, although insurance and reinsurance protection is expected to cover just a fraction of this, warns A.M. Best. The recent, global ransomware attack that impacted 150 countries and that was felt across a number of ... Read the full article
Insurance leaders concerned at London’s ability to attract capital & talent post-Brexit: DWF
23rd May 2017
FTSE 100 insurance leaders have voiced concern over London's position as a global financial hub in a post-Brexit world, after a recent survey and accompanying report from law firm DWF highlights doubts about the city's ability to attract capital and talent once the UK leaves the European Union (EU). While no one can be ... Read the full article
Solvency II “may not provide a reliable picture of the underlying economics”: A.M. Best
22nd May 2017
Rating agency A.M. Best has said that it does not intend to use the Solvency II regime disclosures of solvency and financial condition as inputs for its own rating methodology, saying they "may not provide a reliable picture of the underlying economics of an insurer’s balance sheet at either the ... Read the full article
Allied World appoints Jodi Garratt to Australia Property Assistant Vice President
19th May 2017
Allied World Assurance Company has announced Jodi Garratt's appointment to Assistant Vice President of Property in Australia. In her new role, Garratt will focus on complementing existing local product lines with new property solutions for small and medium-sized enterprises throughout Australia; she will report to Carolyn Shreeve, Vice President and Head of ... Read the full article
Canadian consulting firm CGI appoints Paul Wishman to Vice President, Global Insurance
18th May 2017
Canadian Global Information technology consulting firm, CGI, has appointed Paul Wishman, an expert in leading digital growth and transformation of UK insurance brands, to Vice-President of Global Insurance. As CGI Vice President, Wishman will work to improve and accelerate clients' digital transformation and help insurance companies develop their digital vision and execution ... Read the full article
Reinsurance buying driven by expansion into new lines: A.M. Best
18th May 2017
Europe's 20 largest cedants have been increasing their reinsurance purchasing as they grow their product offerings with new lines of business that typically require greater technical and financial support, said A.M. Best Senior Director, Carlos Wong-Fupuy, commenting on the rating agency's latest reports on large European insurers' reinsurance ceding trends. As cyber, ... Read the full article
Lord Turner appointed as new Chubb non-executive Chairman of key European boards
17th May 2017
Chubb has announced the appointment of Adair, Lord Turner, as non-executive Chairman of its key European companies, Chubb European Group and Chubb Underwriting Agencies. In his new position, Turner will work alongside Andrew Kendrick, Regional President for Chubb in Europe, who continues to have executive management responsibility for Chubb’s operations across ... Read the full article
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