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Liberty appoints senior war and terrorism underwriter from Sompo

Intelligent Insurer News - 31 October, 2017 - 10:38
Liberty Mutual Insurance unit Liberty Specialty Markets (LSM) on Oct. 31 appointed Jennie Beard to the new role of senior underwriter war and terrorism.

CCRIF pays $7.0m to Trinidad & Tobago for excess rainfall

Intelligent Insurer News - 31 October, 2017 - 10:19
Caribbean catastrophe facility CCRIF said on Oct. 30 that it is paying out $7.0 million to Trinidad & Tobago from its excess rainfall policy following a period of heavy rainfall between Oct. 18 and Oct. 20, 2017.

AIG rebrands tech unit acquired from Hamilton

Intelligent Insurer News - 31 October, 2017 - 10:17
American International Group (AIG) said on Oct. 30 that it rebranded its data technology subsidiary acquired from Hamilton in October.

Catalina takes over $190m US loss portfolio

Intelligent Insurer News - 31 October, 2017 - 10:01
Bermuda-based run-off firm Catalina Holdings said on Oct. 31 that its wholly owned subsidiary Alea North America Insurance agreed to take over a portfolio of legacy US insurance liabilities in run-off from Samsung Fire and Marine Insurance US branch. 

Everest Re reports $0.6bn loss in Q3

Intelligent Insurer News - 31 October, 2017 - 09:51
Bermuda-based Everest Re reported a net loss of $639.4 million for the third quarter of 2017.

RSA appoints commercial director Europe

Intelligent Insurer News - 31 October, 2017 - 09:36
Commercial insurer RSA has appointed Jeroen den Tex as commercial director, Europe, responsible for developing the sales, marketing and distribution strategy across RSA’s five European operations, Nordic Hull and the Dubai International Financial Centre (DIFC).

Qatar Re Singapore CEO leaves, successor appointed

Intelligent Insurer News - 31 October, 2017 - 09:25
Bermuda-based Qatar Reinsurance Company (Qatar Re) said on Oct. 31 that it appointed Manik Sethi as CEO of its Singapore branch.

AIG hires general insurance CEO international from MetLife

Intelligent Insurer News - 31 October, 2017 - 09:16
American International Group (AIG) said on Oct. 30 that it appointed Chris Townsend as CEO international general insurance.

Peak Re eyes opportunity to help Malaysian insurers manage regulatory change

Intelligent Insurer News - 30 October, 2017 - 22:29
Peak Re’s licence to establish a branch in Labuan, Malaysia, to write general insurance business in Malaysia has come “at just the right time”, Jasmine Miow, director of South Asia, SEA and MENA markets at Peak Re, told SIRC Today.

Protectionist regimes are a challenge to reinsurers targeting growth in Asia

Intelligent Insurer News - 30 October, 2017 - 22:29
Asian regulators are continuing to enhance and improve their regimes, and several Asian countries are adopting protectionist measures to expand their domestic reinsurance market, Christopher Han, associate director at Fitch Ratings, told SIRC Today.

More must be done to close the quake protection gap in Japan

Intelligent Insurer News - 30 October, 2017 - 22:28
Although earthquake risk in Japan is relatively well understood and the industry performed well in the aftermath of the last big quake to hit the country, in 2011, more must be done to tackle the protection gap (the difference between the economic loss and the insured loss) and the extent to which insurance is used to protect certain risks.

C-ROSS is reshaping the Chinese reinsurance market

Intelligent Insurer News - 30 October, 2017 - 22:28
The China Risk Oriented Solvency System (C-ROSS) is driving the primary insurance market to seek more sophisticated reinsurance protection and is changing reinsurance purchasing patterns.

New Japan inland flood model launched

Intelligent Insurer News - 30 October, 2017 - 22:28
Catastrophe modelling firm AIR Worldwide has introduced a new inland flood model for Japan, which it believes is the first of its kind in the sense that it is able to factor in all types of precipitation, Milan Simic, the firm’s executive vice president and managing director, international operations, told SIRC Today.

More growth ahead

Intelligent Insurer News - 30 October, 2017 - 22:27
Indian reinsurer GIC Re is preparing to launch an IPO. Chairman-cum-managing director Alice G Vaidyan explains the reasons behind it and the company’s plans for the months ahead to SIRC Today.

Launching new risk models in Asia

Intelligent Insurer News - 30 October, 2017 - 22:27
As JBA Risk Management Singapore launches new risk models in the Asia-Pacific region, Iain Willis, its managing director, explains to SIRC Today the potential of these new products and how they will benefit the region.

How some reinsurers stand apart

Intelligent Insurer News - 30 October, 2017 - 22:27
Flaspöhler, part of NMG Consulting, conducts an annual, global study designed to illustrate reinsurers’ competitive positioning and value proposition in relation to their peers. Here, we reveal how the top reinsurers fared when brokers and insurance executives across Asia-Pacific were surveyed.

A perfect storm for shipping

Intelligent Insurer News - 30 October, 2017 - 22:26
Asian shipping has endured the coincidence of low freight rates, market consolidation, and the continued broader economic slowdown. Simon Saunders of Barbican Insurance Group discusses the implications of current conditions with SIRC Today.

Not immune to global rate pressures, but regulatory matters and technological disruptions also dominate discussions in Asia

Intelligent Insurer News - 30 October, 2017 - 22:26
While the global reinsurance markets are reeling from the recent hurricane losses and negotiating rate hikes, Asia has not seen major catastrophe losses this year and the dynamics are very different. Competition remains fierce while regulatory change and the influence of disruptive technologies on the markets are also hot topics, as Philip Chung of S&P Global Ratings explains to SIRC Today.

Ironshore appoints specialty executives in US, London Market

Intelligent Insurer News - 30 October, 2017 - 13:38
Ironshore said on Oct. 30 that it appointed three executives to underwrite specialty casualty risk in the US and the London Market.

XL outlook deteriorates due to nat cat losses

Intelligent Insurer News - 30 October, 2017 - 13:08
Fitch Ratings has reduced the outlook for Cayman Islands-based XL Group subsidiary XL (XLIT) and its property/casualty re/insurance subsidiaries to negative after “a meaningful deterioration in capitalization” following third-quarter nat cat losses.

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