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.
MS Amlin the first Lloyd’s syndicate to underwrite backed by Flood Re
15th February 2017
Global specialty insurance group MS Amlin has become the first Lloyd's of London syndicate operator to underwrite homeowners policies backed by the government's flood reinsurance scheme, Flood Re. MS Amlin signed up with the UK Government backed Flood Re to support its underwriting of flood risks assumed through mid to high ... Read the full article
Trump / Brexit uncertainty could sell political risk cover, says Lloyd’s Beale
15th February 2017
Uncertainty in financial markets and in the international business world as a result of Donald Trump's presidency and Brexit could lead to an increased demand for political risk insurance cover, something Lloyd's of London's Inga Beale highlights as a potential opportunity. As reported by Bloomberg here, Beale spoke in ... Read the full article
Munich Re’s insurer HSB hires construction product lead
15th February 2017
HSB Engineering Insurance (HSB), a specialist engineering and construction insurer and subsidiary of reinsurance giant Munich Re, has announced the appointment of Alan Moore as Construction Product Lead. Based in the company's Birmingham, UK office, Moore will report to HSB Underwriting Manager Andrew Bazley. In his new role Moore will be ... Read the full article
AIG reserve charge to be offset by NICO adverse development reinsurance
14th February 2017
Insurer AIG has reported its latest set of results and a significant loss, largely due to adverse reserve developments, demonstrates the importance of the recently completed retroactive adverse development reinsurance agreement between Warren Buffett's Berkshire Hathaway and the firm. American International Group (AIG) reported yet another quarterly loss, as the ... Read the full article
JBA opens U.S. office with new models for flood risk
14th February 2017
Natural hazard modelling services provider, JBA Risk Management, has opened its first U.S. office in response to demand for what it's called a gap in the insurance and reinsurance sectors' knowledge of sophisticated U.S. flood risk assessment. Despite floods consistently falling amongst the highest ranking causes of insured losses globally, and being the most prevalent ... Read the full article
RMS hires ex-McKinsey exec Pritula
14th February 2017
After a distinguished 35 year career with McKinsey, Mike Pritula will join international catastrophe risk modelling company RMS, as President. Pritula is set to begin his new role as RMS President from March 1st, 2017, and will set the vision for the company’s client service and market development. The appointment highlights RMS’s ... Read the full article
AXIS Re CEO Nichols resigns, Ekberg named interim reinsurance head
14th February 2017
John 'Jay' Nichols, the Chief Executive Officer (CEO) of AXIS Capital Holdings Limited's reinsurance division, AXIS Re, has stepped down from his position, and Jan Ekberg has been named as interim Head of Reinsurance. Nichols will remain with the company in a transitional role until the end of March, 2017. "On behalf ... Read the full article
IAIS names Jonathan Dixon as new Secretary General
14th February 2017
The International Association of Insurance Supervisors (IAIS) has named Jonathan Dixon as the successor to long-time Secretary General Yoshihiro Kawai. Dixon will commence his new role in November this year, following the IAIS Annual Conference. Victoria Saporta, Chair of the IAIS Executive Committee, commented on the appointment; "Jonathan Dixon brings a unique ... Read the full article
NSW wildfire loss estimates at AU$20 million and rising
14th February 2017
The Insurance Council of Australia (ICA) has set estimated insured losses at AU$20 million ($15.3) and rising after nearly 100 bushfires have ravaged New South Wales (NSW). The ICA has declared an insurance catastrophe as fires destroyed homes, stock and other assets; ICA Chief Executive Officer (CEO), Rob Whelan, commented; “At ... Read the full article
Ironshore marshalling new capacity for energy middle-market risks
13th February 2017
Ironshore’s Specialty Casualty arm has expanded its energy coverage capacity with a new oil and gas facility, Ironshore Energy Solutions, to deliver capacity for U.S. on-shore middle market energy liability risks. The facility will provide capital to underwrite middle market sector risk on behalf of six consortium insurance companies and has put ... Read the full article
Nearly 100 severe wildfires ravage NSW, Australia
13th February 2017
Nearly 100 wildfires have raged across Australia’s New South Wales (NSW) state destroying at least 30 homes, amidst some of the worst weather conditions seen in the country's recent history as winds sweep through land already parched by a record-breaking heatwave. Officials said conditions were worse than during the 2009 “Black ... Read the full article
Armenia & Iran expand re/insurance collaboration
10th February 2017
Armenia and Iran are set to expand cooperation between their insurance industry, in a move hailed by key officials and industry leaders as a significant step for strengthening the two countries' economic ties, Armenian news agency ARKA reported today. The Armenian ministry of Economic Development and Investments announced that minister Suren ... Read the full article
Lloyd’s Market Association appoints six Claims Committee members
10th February 2017
The Lloyd’s Market Association (LMA) has announced the appointment of six new members to its LMA Claims Committee (LMACC) - the team will advise the LMA Board on strategic claims matters and provide leadership and direction to Lloyd’s claims community. Nick Sinfield, Group Head of Claims at Tokio Marine Kiln; Sheel ... Read the full article
Aon to sell Benefits Admin & HR BPO platform to Blackstone
10th February 2017
Global insurance and reinsurance broker Aon has agreed to sell the Benefits Administration & HR Business Process Outsourcing (BPO) platform of its Aon Hewitt division to Blackstone, for up to $4.8 billion. The broker announced that it's signed a definitive agreement to sell the business units to investment giant Blackstone for ... Read the full article
Price adjustment for longevity re/insurance forecasted: Aon
9th February 2017
Retirement and health broker and advisory Aon Hewitt, part of the insurance and reinsurance Aon plc group, said there's been a sooner than expected reduction in mortality improvement rates resulting in adjustments to UK longevity insurance and reinsurance capacity pricing. The carrier has urged pension schemes to review these emerging lower ... Read the full article
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