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Operating landscape a new reality for reinsurers: A.M. Best
11th January 2017
Global reinsurance companies are faced with a new market reality of lower returns and increased dependency on underwriting for profits, explains ratings agency A.M. Best. The softened reinsurance landscape has persisted for some time now, and reinsurers are finding it increasingly difficult to achieve the kind of returns on their underwriting ... Read the full article
Insurers take advantage of buyers market at 1 Jan renewals: Aon Benfield
9th January 2017
Some reinsurance buyers took advantage of favourable terms and conditions (T&C) and the efficient wealth of reinsurance capacity at the key January 1st 2017 renewals, resulting in an increased demand for protection in more developed regions, according to Aon Benfield. As expected, the softening reinsurance environment persisted into 2017 and industry players ... Read the full article
Guy Carpenter advises caution on terrorism coverage in 2017 forecast
6th January 2017
With global political volatility on the rise, terrorism coverage will require extra vigilance, while new technologies shift the landscape of challenges and opportunities for re/insurers, according to broker Guy Carpenter. New technologies, big data and predictive analytics, coupled with the "sharing" economy are some of the major emerging factors ... Read the full article
Global reinsurance capacity hits new record of $595bn: Aon Benfield
6th January 2017
Dedicated, global reinsurance capital increased by 5.3% to a record high of $595 billion over the nine months to September 30th, 2016 and, overall, demand for reinsurance protection increased during the period, according to reinsurance broker Aon Benfield. Traditional reinsurance capital increased by 4.7% over the nine months to September 30th, ... Read the full article
Reinsurance price declines moderated at 1/1 2017 renewals: Guy Carpenter
5th January 2017
Reinsurance price declines moderated at the key January 1st 2017 renewals when compared with the previous three renewal seasons, across the majority of business lines and geographies, according to reinsurance broker Guy Carpenter. The global reinsurance sector remains under significant pressure from a series of headwinds, underlined by a continuation of ... Read the full article
Mitsui Sumitomo Marine Management has licensed RMS Exposure Manager
4th January 2017
Commercial property and casualty insurer Mitsui Sumitomo Marine Management (MSMM) has licensed the RMS Exposure Manager, a move that aims to strengthen its risk accumulation management. One of the world’s leading catastrophe risk modelling and management firms, RMS, today announced that MSMM has licensed its Exposure Manager solution, the first solution ... Read the full article
Berkshire Hathaway in $1.5bn reinsurance agreement with The Hartford
3rd January 2017
Warren Buffett’s National Indemnity Company (NICO), a Berkshire Hathaway Inc subsidiary, has entered into a $1.5 billion aggregate excess of loss reinsurance agreement with The Hartford. With a reinsurance premium set at $650 million, the agreement will provide $1.5 billion of reinsurance covering adverse net loss reserve development on ... Read the full article
QBE signs deal to licence RMS Cyber Accumulation Management System
3rd January 2017
QBE Insurance Group has agreed a multi-year deal to licence the RMS Cyber Accumulation Management System, with catastrophe risk management firm RMS. The risk modeller explains that the agreement will allow the insurer's cyber business to model a variety of cyber catastrophe events. The growing threat of cyber attacks across the ... Read the full article
Endurance shareholders to vote on Sompo takeover on January 27th, 2017
30th December 2016
The shareholders of insurer and reinsurer Endurance Specialty Holdings Ltd. are set to vote on the company's $6.3 billion takeover by Sompo Holdings on January 27th 2017, the company has announced. The proposed merger agreement between the two firms was first announced in October 2016, and the shareholders vote date ... Read the full article
Reinsurance Group of America CEO joins Sun Life Financial board
15th December 2016
Greig Woodring, Chief Executive Officer (CEO) of Reinsurance Group of America (RGA), one of the world's leading life reinsurers, has been appointed to Sun Life Financial's Board of Directors effective January 1st, 2017. As well as the addition of Woodring, Sun Life Financial also announced that Stephanie Coyles, a strategic consultant and ... Read the full article
Swiss Re adopts TCFD’s recommendations for climate-related risks
14th December 2016
Reinsurance giant Swiss Re today announced that it has adopted recommendations published by the Task Force on Climate-related Financial Disclosures (TCFD), which were released today by the TCFD in London. The TCFD today released its report, 'Recommendations of the Task Force on Climate-related Financial Disclosures,' outlining some recommendations for climate-related exposures to ... Read the full article
A.M. Best maintains stable outlook for U.S. life reinsurance market
13th December 2016
International financial services ratings agency, A.M. Best, has maintained its stable outlook for the U.S. life reinsurance marketplace, in spite of the company recently revising its outlook on the U.S. life/annuity industry to negative, and maintaining its negative outlook on the global reinsurance market. A recent A.M. Best briefing on ... Read the full article
Munich Re Chairman von Bomhard enters Insurance Hall of Fame
12th December 2016
Chairman of the Board of Management at reinsurance giant Munich Re, Nikolaus von Bomhard, has been announced as the 2017 Insurance Hall of Fame Laureate, by the International Insurance Society (IIS). The IIS today announced that Dr. von Bomhard is the latest addition to the Insurance Hall of Fame, which honours insurance ... Read the full article
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