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.
CCR Re adds three to board of directors
24th January 2017
French reinsurance firm CCR Re has announced three new appointments to its Board of Directors, Patrick Cerceau, Charles Levi and Antoine Mantel. The board of CCR Re also consists of Pierre Blayau, a representative of CCR, Bertrand Labilloy, the reinsurers Chairman and Chief Executive Officer, and another director and member of ... Read the full article
AIG deal the first big enough to risk Berkshire underwriting profit: Credit Suisse
24th January 2017
The recently announced retroactive adverse development reinsurance agreement between Warren Buffett's Berkshire Hathaway and AIG is the first deal big enough to jeopardise an underwriting profit in Berkshire's P&C business, according to analysts at Credit Suisse. The deal announced last week sees Berkshire Hathaway subsidiary National Indemnity Company (NICO) providing ... Read the full article
Thailand seeks foreign re/insurance investors after relaxing legislation
23rd January 2017
Thailand’s Ministry of Finance has relaxed legislation to attract foreign investors and promote stability within its insurance and reinsurance industry. Under the new measures, current limits on foreign shareholding and board membership for life and non-life insurance companies will be removed or broadened. A licensed insurance company can now apply for up to ... Read the full article
Re/insurers exposure to higher claims inflation rising: UBS
23rd January 2017
Analysts at UBS have highlighted that the risk of insurers and reinsurers being exposed to higher claims inflation is on the rise, with companies focused on longer-tail business and those with lower reserve buffers being the most at risk. UBS explains that in an increasingly reflationary environment it could be that ... Read the full article
Verisk Analytics expands risk modelling services with Arium purchase
23rd January 2017
Verisk Analytics, a data analytics provider, today announced its purchase of Arium - a company specializing in liability risk modelling and decision support. The acquisition will see Arium merge with Verisk Analytics business, AIR Worldwide (AIR), expanding AIR's casualty market modelling solutions and analytics. Bill Churney, President of AIR, said; "We believe ... Read the full article
XL Catlin gets IRDAI approval to open India branch
23rd January 2017
XL Catlin’s reinsurance business announced today that the Insurance Regulatory Development Authority of India (IRDAI) has given the reinsurer final permission to open a branch in India. The new branch will offer treaty and facultative reinsurance and is set to open in Mumbai in time for the April 1st renewal period. Mike McGavick, ... Read the full article
VIG Re adds new board director
23rd January 2017
Vig Re has announced Tomasz Rowicki as its new board director, as the reinsurer seeks to further strengthen the experience of its board. Rowicki, who has over 15 years experience in the reinsurance and insurance industry, currently serves as a Member of the Managing Board of Compensa Non-Life Lithuania and is responsible for underwriting, reinsurance, claims ... Read the full article
SCOR & ChainThat test blockchain proof-of-concept for reinsurance
23rd January 2017
French reinsurance giant SCOR has been working on testing a blockchain based proof-of-concept for digitalising certain reinsurance market processes with start-up ChainThat. As the insurance technology (InsurTech) trend continues to accelerate, the majority of major reinsurance firms have been involved in testing blockchain technology (the distributed ledger style database that underpins ... Read the full article
Reinsurance News – Monday 23rd January 2017
23rd January 2017
Here’s your daily Reinsurance News for Monday 23rd January 2017: Swiss Re gets India reinsurance branch license Reinsurance giant Swiss Re has announced that it will open its new branch in India effective February 1st, 2017, after receiving final approval from the regulator. The reinsurer has also announced that Kalpana Sampat ... Read the full article
Suncorp exceeds catastrophe budget again
23rd January 2017
Suncorp Group, the Australian and New Zealand general insurer, has exceeded its catastrophe loss budget in the second-half of 2016, repeating a trend that has dogged the insurer since 2013. The insurer reports a number of major claims in H2 2016, including the Kaikoura, New Zealand earthquake which it has set ... Read the full article
Swiss Re gets India reinsurance branch license
23rd January 2017
The Insurance Regulatory and Development Authority of India (IRDAI) has given Swiss Re approval to open a branch in Mumbai, making it among the first five foreign reinsurers to operate in India. The Mumbai branch will be effective from February 1st, enabling Swiss Re to offer both non-life and life and ... Read the full article
Competition, not Brexit, biggest threat to UK re/insurance: CBI/PwC
23rd January 2017
Competition, not Brexit, is named the biggest challenge to the re/insurance industry in the UK in a CBI/PwC Financial Services survey released today. Despite changing political and economic factors making for complex navigation of the British insurance and reinsurance market, stiff competition from new entrants and other areas of financial services ... Read the full article
Challenges and opportunities for insurtech start-ups: A.M. Best
20th January 2017
After witnessing the fintech revolution transform the finance world, re/insurers are moving quickly to invest in insurtech start-ups - a technological revolution pushed by tough market conditions and pulled forwards by massive possibilities. The huge influx of capital means carriers are coming under increasing pressure to find more ... Read the full article
Cayman captive insurer registrations almost double in 2016
20th January 2017
Growth figures for captive insurance, reinsurance, life and annuity company formations in the Cayman Islands nearly doubled in 2016. The Cayman Islands insurance management industry has reported figures rising from 22 new formations in 2015 to 39 in 2016. Total premiums written for the sector were at $14.6 billion, up from U.S. ... Read the full article
AIG gets adverse development reinsurance from Berkshire Hathaway
20th January 2017
American International Group, Inc. (AIG) has entered into a $9.8 billion adverse development reinsurance agreement with Berkshire Hathaway subsidiary, National Indemnity Company (NICO), effective January 1st, 2016. The $9.8 billion transaction covers 80% of substantially all of AIG's U.S. commercial long-tail exposures for accident years 2015 and prior, and this includes the ... Read the full article
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