Reinsurance
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.
Peak Re appoints underwriter manager and head of analytics
Hong Kong-headquartered reinsurer Peak Re has appointed Iain Reynods as head of analytics with Lawrence Cheng moving to head of product underwriting.
Negative outlook for reinsurance market
Ratings agency Fitch has maintained a negative outlook for the reinsurance sector, with anticipated further premium price falls and low investment yields contributing to the forecast.
IAG's half year profits fall 19.5% as provisions for 2011 Christchurch earthquake rise
Australian giant IAG is still counting the cost of the 2011 Christchurch earthquake and announced a 19.5% fall in profits for the first half of the 2015/16 financial year.
#Postpeople: 16 - 22 February 2016
All the latest insurance industry market moves between 16 and 22 February 2016 in full and in one place.
Legacy specialist acquires in Norway
Reinsurance legacy specialist Compre has acquired the marine and energy legacy portfolio of a leading Norwegian insurer.
Senior Ace executive Tim Mardon shot in Essex robbery
Tim Mardon, division president of Ace Tempest Re Bermuda, has been shot and wounded at his house by two armed robbers.
Flood Re completes reinsurance procurement
Flood Re has secured the remaining reinsurance capacity required for its three-year £2.1bn programme.
Naming of storms to potentially impact apportionment of claims
The Met Office’s new policy of naming storms that make landfall in the UK could have a significant impact on the apportionment of claims between direct insurers and their reinsurers in the excess of loss market.
Six reinsurers apply for licenses in India
The Insurance Regulatory Development Authority of India has confirmed six foreign reinsurers have applied to open branches in the country.
Guy Carpenter adds new MD for Benelux region
Susanne Miller-van der Schild will take on the role of managing director at Guy Carpenter’s Benelux office, moving from SNS REAAL.
Quiz of the week – 15 January
Test your knowledge of the week's insurance news, with the Post insurance quiz of the week.
Clinton criticises Bermuda "reinsurance loophole"
Democratic presidential hopeful Hillary Clinton has criticised tax law loopholes which allow wealth managers to set-up reinsurance companies in Bermuda to reduce tax bills.
Swiss Re appoints new UK & Ireland CEO
Swiss Re has appointed Frank O'Neill as CEO of its UK and Ireland operations, effective immediately.
Capital capacity remains in reinsurance market as Solvency II hits
Excess capacity in reinsurance will continue through 2016 with European companies already factoring Solvency II into their buying strategies, according to analysis from Guy Carpenter.
Global reinsurance capital levels firm at £273bn, says Guy Carpenter
Overall capital levels for reinsurance have stabilised, with no growth seen for the first time in several years, according to a report from Guy Carpenter.
Reinsurance pricing floor remains elusive at 1 January renewals
Despite the signs of pricing stabilisation in peak property catastrophe zones at the June/July 2015 renewals, the forecasts for a “softening in the softening” in reinsurance pricing have proved illusory, according to Willis Re.
Insured catastrophe losses were $27bn in 2015, says Munich Re
Insured natural catastrophe losses were $27bn (£18.3bn) in 2015 down from $31bn in 2014 and an average of $34bn over the past 30 years according to reinsurance giant Munich Re.