Reinsurance News

Confusing, Costly Cyber Policies Create Obstacles to Market Growth: Deloitte

Despite the rising profile of cyber risks, buyers have failed to widely embrace cyber coverage. At the same time, insurers generally have remained cautious about writing the coverage on a large scale basis. A recent report published by accounting and …

Asta Invests in London & Dubai Reinsurance MGA, Arma Underwriting

Asta, the London-based Lloyd’s third party managing agent and specialist MGA investor, announced it has agreed to invest in the development of Arma Underwriting Ltd. Asta will take a minority equity stake in Arma and will also support the company’s infrastructure including finance and IT. Arma received “in principle” approval from the Dubai Financial Services Authority on Feb. 19, and …

Solvency II Drives Demand for Reinsurance During 1/1 Renewals: Fitch

The January renewals period show that Solvency II will increase demand for reinsurance products as European insurers attempt to strengthen their capital position through risk transfers, Fitch Ratings said. The main beneficiaries are likely to be the financially strongest reinsurers …

Ed Announces Series of Appointments and One Departure

Ed, the London-based reinsurance, wholesale and specialty broker, has announced several appointments over the past few weeks in the areas of international property and casualty, marine and energy, finance, and underwriting. The company also announced one departure. Announced on Feb. …

Nichols Resigns as AXIS Re’s CEO; Ekberg Named Interim Head of Reinsurance

Bermuda-based AXIS Capital Holdings Ltd. announced that John “Jay” Nichols has resigned from his position as chief executive officer of AXIS Re. Nichols has agreed to remain with the company in a transitional role until March 31. AXIS has named …

Neon Names AlphaCat’s Pritchard as Head of Property Reinsurance

Neon has appointed Nick Pritchard as head of Property Reinsurance. Pritchard initially will be based in Neon’s Bermuda office and will oversee the growth of Neon’s property reinsurance operations across both its Bermuda and London offices. The appointment will be …

Munich Re Q4 Earnings Drop to 500M Euros ($530M) on Nat Cat Claims

Munich Re, the world’s biggest reinsurer, reported a bigger-than-expected drop in fourth-quarter earnings as claims from natural disasters rose while prices continue to fall. Net income declined to about 500 million euros ($530 million) from about 700 million euros a year …

Ascot Taps Hiscox Healthcare Specialists, Thompson, Williamson & Keith  

Ascot Underwriting Ltd. announced that Ian Thompson, Nick Williamson, and Justin Keith will be joining Ascot on March 1 to underwrite healthcare, casualty treaty, and specialty reinsurance business, based in Ascot’s office in Bermuda. The appointments are subject to regulatory …

Swiss Re & SAP Partner to Develop Financial Steering & Reporting Solution

Swiss Re has formed a strategic partnership with SAP SE, the enterprise application software company, to develop a solution to address the increasingly complex demands of global regulators, in the areas of financial steering and reporting. Insurance companies currently must manage …

1/1 Renewals Saw Some Price Stabilization, Record Capital, Demand Uptick: JLT Re

The challenging operating environment confronting reinsurers has led to some price stabilization at the Jan. 1, 2017 renewals, as they face the reality of deteriorating results and margin compression, according to JLT Re in a newly published report. Twelve months …