Reinsurance
Europe: Impact of the Insurance Act on reinsurers
The Insurance Act is coming into force in two weeks and it will have a significant impact on reinsurers. Here is what they should watch out for in particular.
S&P warns on offshore reinsurers using hedge fund strategies
Ratings agency Standard & Poor's is concerned there could be "carcasses on the side of the road" for offshore reinsurers using hedge fund strategies.
Beazley CEO celebrates 10 years in Asia; investigates Ireland passport
Andrew Horton, CEO of Beazley, is in Singapore this week to celebrate 10 years writing business in the continent.
Consolidation looms for European non-life market warns Eiopa
Further consolidation and M&A activity is looming for the European general insurance sector if low interest rates continue, the European Insurance and Occupational Pensions Authority (Eiopa) has warned.
Munich Re subsidiary to axe around 1,800 jobs in Germany amid 'brutal' cost cutting
Munich Re’s primary insurance group, Ergo Group, has announced plans to lower its cost basis and inject a total net figure of €1bn to 2020, but 1,800 jobs will go as part of the changes.
Sport: High stakes for large events
Sports fans are about to enjoy two major events: the UEFA Euro in France and the Olympic Games in Brazil. As millions of people prepare to visit the host nations and crowd multiple venues, insurance has a crucial role to play.
Munich Re sees profit tumble in first quarter
Munich Re has seen its quarterly profits fall by 45%, causing the group to revise downward its annual profit forecast.
Everest Re appoints Knipper as Europe head
Stephan Knipper has joined Everest Re as managing director for Continental Europe, based in Zurich.
Swiss Re names Moses Ojeisekhoba as reinsurance CEO
Swiss Re has appointed Moses Ojeisekhoba to replace Christian Mumenthaler as the firm’s CEO of reinsurance.
Traditional reinsurance capital down $13bn, offset by non-traditional sources
Reinsurance capital fell 3.5% or $13bn (£9bn) in 2015 within traditional sources but non-traditional sources saw continued growth, up $70bn according to the latest Reinsurance Market Report from Willis Re.
BP Marsh buys 20% of Asia Reinsurance Brokers
Investment firm BP Marsh & Partners has acquired a 20% stake in Singapore-headquartered Asia Reinsurance Brokers for S$2.4m (£1.2m).
Reinsurance broker hires two JLT execs for marine and energy
Capsicum Re has appointed Alistair Lockhart-Smith and Jerry Reeves to its marine and energy specialty business, as a managing partner and partner respectively.
Panama Papers leak could expose insurers to wider claims
Insurers could be hit hard as a result of the fallout from the Panama Papers data leak, according to lawyers.
Gen Re CEO to retire by end of 2016
Tad Montross, CEO at Berkshire Hathaway-owned global reinsurer Gen Re, will retire by the end of the year, according to a spokeswoman at the firm.
Willis Re sees "encouraging signs" as reinsurance renewal rates fall again
Willis Re's latest reinsurance report has identified some encouraging signs for the market despite April reinsurance rates falling for the fourth year in a row.
Lloyd's to apply for Mumbai reinsurance branch
Lloyd's has started talks with the Insurance Regulatory and Development Authority about a reinsurance branch license in Mumbai, India.
Saga partners with New Re to 'reduce exposure' underwriting risk
Saga has signed a quota share agreement to cover 75% of the motor policies risks of its in-house underwriter AICL from 1 February.
Lloyd’s posts £900m profit plunge in 'undeniably tougher' market
Lloyd’s has reported a drop in pre-tax profit to £2.1bn for 2015, from £3bn the previous year.
Helvetia COR improves but IFRS profit down 21% due to “accounting effects”
Swiss-based Helvetia Group saw its IFRS after tax result fall to SFr309m (£220m) (2014: SFr393m) but there was an improvement in its combined operating ratio to 92.1% (2014: 93.5%) and other profit metrics.
Munich Re CEO to step down
Nikolaus von Bomhard will depart as CEO of reinsurer Munich Re in April 2017, with his role to be filled by Joachim Wenning.
Gen Re to close Hong Kong and Melbourne offices in restructure
Gen Re, a global reinsurer owned by Berkshire Hathaway, has decided to close six property and casualty offices after an evaluation of the business.
Pool Re boosts reinsurance cover to £1.95bn
Mutual reinsurer Pool Re has increased its reinsurance programme from £1.8bn to £1.95bn, after renewing cover it bought last March for a further three years.
GWP and COR improve for global reinsurer Scor
French reinsurer Scor has posted an upgraded financial rating on the back of a 6.4% increase in 2015 gross written premiums to €13.4bn (£10.6bn).
Swiss Re income jumps 31% as CEO steps down
After four years as CEO, Swiss Re’s Michel Liès will step down on 1 July with reinsurance head Christian Mumenthaler named as his replacement.