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Updated: 19 min 13 sec ago

HIM fails to deliver what reinsurers hoped for

29 January, 2018 - 15:03
Record losses from the 2017 hurricane season have failed to trigger the rate increases the industry had hoped, with many experts and reports based on analysis of the recent renewals now suggesting that low rates may be here to stay.

Enstar strikes £840m legacy reinsurance deal with AXIS-Novae

29 January, 2018 - 14:48
Bermuda-based Enstar Group, through its Lloyd’s managing agency StarStone Underwriting, has finalised a reinsurance-to-close transaction with AXIS Managing Agency for Novae's £840 million legacy business portfolio, according to a Jan. 29 press release.

European insurers may face higher cost of capital due to IFRS 17

29 January, 2018 - 14:48
The new international accounting standard for insurance contracts from 2021, IFRS 17, could temporarily increase the cost of capital for European insurers, Fitch Ratings said in a Jan. 26 note.

ILS market recovers from $630m nat cat loss in Q4

29 January, 2018 - 14:48
The fourth quarter of 2017 saw considerable loss activity across all insurance-linked securities (ILS) investments with a preliminary estimate of $630 million in cat bond principal losses including hurricane, earthquake, and wildfire activity, according to a Willis Towers Watson Securities report.

Artex expands Asia Pacific presence; appoints Singapore CEO

29 January, 2018 - 14:47
Risk management provider Artex has launched a new office in Singapore to oversee the growth and development of its Asia Pacific captive and risk solutions strategy.

QBE prepares Nordic expansion with new hire

29 January, 2018 - 14:47
QBE Business Insurance has appointed Maths Stanser as market manager for the Nordics to drive growth in the region.

Allianz partners with JLT for after the event insurance

29 January, 2018 - 14:47
Allianz Legal Protection (ALP) and JLT Specialty have created Omnium, a specialist after the event (ATE) insurance solution for insolvency practitioners (IP’s).

Drones create gap in traditional aviation cover

29 January, 2018 - 14:47
Traditional aviation insurance policies are unlikely to address all elements of emerging risks from the rapidly increasing use of drones and general liability underwriters will have an important role to play in providing cover, according to a new report from the International Underwriting Association (IUA).

Alesco bolsters energy practice with key hires

29 January, 2018 - 14:47
Alesco Risk Management Services, a specialist insurance and risk management broker, has expanded its energy division with the appointment of two new partners.

Schultz: ILS market proved itself in 2017

29 January, 2018 - 13:51
The ILS market starts 2018 in a very positive place after the hurricane losses of 2017, according to Paul Schultz, chief executive of Aon Securities.

Aspen Insurance CEO departs after Q4 loss

29 January, 2018 - 10:20
Aspen Insurance's chief executive officer Stephen Postlewhite is leaving the business with immediate effect, according to a Jan. 26 press release.

US P&C net income drops 33% YOY

29 January, 2018 - 10:18
The private US property/casualty (P&C) insurance industry saw its net income after taxes decline 30.3 percent year on year to $22.4 billion in the first nine months of 2017, according to data provider ISO and the Property Casualty Insurers Association of America (PCI).

Probitas 1492 opens office in Mexico

29 January, 2018 - 10:16
Lloyd's underwriting syndicate Probitas 1492 has opened a regional office in Mexico City to serve the Latin American markets.

Dutch pension fund plans to boost ILS investments

29 January, 2018 - 10:14
PGGM, the Dutch pension fund manager overseeing assets of nearly €200 billion ($248 billion), is looking to increase its allocation to insurance-linked securities (ILS), according to a Jan. 26 Reuters report.

Blockchain could cut insurers’ admin costs by 30%; B3i goes commercial

29 January, 2018 - 10:12
Blockchain technology could reduce re/insurer’s administrative costs by up to 30 percent by making transactions faster and more efficient, according to Ken Marke, head of strategic development at Ageas UK and a representative of the blockchain insurance industry initiative B3i.

Scottish Re starts sale/restructuring for Cayman units

29 January, 2018 - 10:11
Bermuda-based life reinsurance specialist Scottish Re Group has started the implementation of a sale and restructuring plan for its Cayman Islands subsidiary, Scottish Annuity & Life Insurance Company (SALIC), and its US subsidiary, Scottish Holdings (SHI).

Chubb prepares for cooperation with Chinese giant PICC

29 January, 2018 - 10:10
Chubb has made changes within its senior leadership team following a strategic cooperation agreement with PICC Property & Casualty Company of China.

Bermuda targeted in sector consolidation push

26 January, 2018 - 09:58
The recent US tax change and the significant natural catastrophe losses that hit the market in 2017 are expected to trigger consolidation in the re/insurance sector with a particular focus on Bermuda.

Retrocession rates jump up to 20% in January renewals

26 January, 2018 - 09:40
Rate increases in the January 2018 renewals were lower than expected after the significant natural catastrophe losses of the third quarter of 2017 but retrocession catastrophe programmes increased by up to 20 percent, according to a JLT Re market report.

Aspen warns of $245m underwriting loss in Q4

26 January, 2018 - 09:37
Aspen expects to record an underwriting loss of approximately $245 million in the fourth quarter of 2017, according to a Jan. 25 press release.

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