Reinsurance News
Reinsurance News
Reinsurance industry news, analysis, insight and interviews.
Reinsurance market news coverage provided everyday, on the top reinsurers and insurers, covering news topics of relevance to the reinsurance sector, as well as commercial and specialty insurance.
Reinsurance News – Wednesday 22nd February 2017
22nd February 2017
Here’s your daily Reinsurance News for Wednesday 22nd February 2017: SCOR ready to leverage “positive prospects” in reinsurance Despite the soft and challenging reinsurance market environment French reinsurer, SCOR, has reported a net income of €603 million and a return on equity of 9.5% for 2016. Interest rates cause ... Read the full article
Ironshore increases Terrorism & Sabotage programs capacity to $400 million
21st February 2017
Bermuda domiciled specialty insurance and reinsurance holding company, Ironshore International, has announced that it's increased its Terrorism & Sabotage programs capacity to $400 million, effective immediately. The new $400 million capacity level represents growth of roughly 6.7% from the previous $375 million limit, and is in response to a rise in ... Read the full article
Modernisation, Brexit are top priorities for Lloyd’s Market Association (LMA)
21st February 2017
Modernisation of the Lloyd's and London insurance and reinsurance market, as well as the impact of Brexit on the market are considered top priority for 2017 at the Lloyd's Market Association (LMA). Speaking to chief executives from the Lloyd’s of London managing agency community, LMA CEO David Gittings said that as ... Read the full article
Tom Ridge’s cyber advisory firm to partner with Risk Cooperative
21st February 2017
Former U.S. Homeland Security Secretary Tom Ridge’s cyber advisory firm, Ridge Global, has announced plans to form a strategic and leadership partnership with Risk Cooperative to offer a new blend of advisory, education, technology and risk-transfer solutions. The firms will be led by Tom Ridge, who will serve as Chairman, and ... Read the full article
Swiss Re backed livestock insurance scheme to payout $2 million
21st February 2017
Swiss Re has announced the Kenyan Livestock Insurance Programme (KLIP) will be making a payout of about $2 million to 12,000 Kenyan farmers at the end of February, with index-based payments pegged to satellite measurements of data set to roll out with the average payout at $170 per household. The innovative insurance programme collects ... Read the full article
Interest rates cause sharp increase in longevity reinsurance: Bank of England
21st February 2017
David Rule, Executive Director of Insurance Supervision at the UK's Bank of England, said this morning that interest rate sensitivity has helped to drive an uptick in longevity reinsurance usage. Speaking at an Association of British Insurers event today, Rule discussed Solvency II as a regime, with a particular focus on ... Read the full article
RMS Colombia Earthquake Model approved by regulator
21st February 2017
International catastrophe risk management and modelling firm, RMS, has received approval from the Colombian insurance regulator to provide catastrophe modelling services for earthquake risks in the region. Colombian insurance regulator, Superintendencia Financiera de Colombia (SFC), has given approval for the RMS Colombia Earthquake Model to be utilised by national and global ... Read the full article
Premium volumes stagnant as global trade levels shrink: Munich Re
21st February 2017
Reinsurance giant Munich Re has pointed to how a two-year drop in global trade levels has hit insurance premium income, over fears this downturn could be exacerbated by an era of nationalism that pushes the globe towards economic decline. After several decades of global trade moving towards steady growth, 2015 and 2016 ... Read the full article
Transatlantic reinsurance deal to create a “level playing field”
21st February 2017
Following the proposed transatlantic reinsurance agreement between the EU and the U.S. announced earlier this year, members of the U.S. Financial Services Housing and Insurance Subcommittee recently met to discuss the deal, stating that the agreement would establish a level playing field. Announced in January 2017 the agreement aims to ... Read the full article
Reinsurance News – Tuesday 21st February 2017
21st February 2017
Here’s your daily Reinsurance News for Tuesday 21st February 2017: Ogden rate revision to result in huge re/insurer reserve charge: Willis Brokerage Willis Towers Watson has warned that the proposed revision to the Ogden discount rate would see reinsurers that operate in the UK motor industry face a £4.9 billion one-off ... Read the full article
Reinsurers cautioned over climate change risks to finance system: APRA
20th February 2017
The Australian Prudential Regulation Authority (APRA) admonished companies for a lack of action on risks from global warming, warning at the Insurance Council of Australia’s Annual Forum that climate change could “threaten the stability of the entire financial system.” "While climate risks have been broadly recognised, they have often been seen ... Read the full article
Bruce Carnegie-Brown to replace Nelson as Chairman of Lloyd’s
20th February 2017
The specialist Lloyd's of London insurance and reinsurance marketplace has announced that Bruce Carnegie-Brown is to replace John Nelson as its new Chairman, effective June 2017. Following a meeting of the Council of Lloyd's Carnegie-Brown's appointment was approved unanimously, and subject to approval and consent from the Prudential Regulation Authority (PRA) and the Financial ... Read the full article
Russian National Reinsurance to seek global diversification, ratings
20th February 2017
The Russian National Reinsurance Company will seek to enter international reinsurance markets in order to diversify its book as it gains scale, according to the reinsurers President. Nikolay Galushin, President of the Russian National Reinsurance Company, said in an interview with Interfax that in future it will be desirable for the ... Read the full article
Ogden rate revision to result in huge re/insurer reserve charge: Willis
20th February 2017
Insurance and reinsurance broker Willis Towers Watson (WTW) has warned that should the proposed Ogden discount rate revision to negative 0.5% occur, reinsurers that operate in the UK motor industry would most likely face a £4.9 billion reserve charge, while the annual cost of providing motor insurance would also increase. Analysis ... Read the full article
Ed brokers re/insurance for Iranian gas field projects
20th February 2017
Ed Broking, the London and global insurance and reinsurance brokerage, has completed the first arrangements in Iran that will see London market re/insurance capacity backing energy industry projects in the country since sanctions were in place. Since sanctions were eased in January it has now become possible for London market re/insurers ... Read the full article
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