The London market is losing ground as a global centre for reinsurance and faces significant challenges in emerging markets and diversity, according to the London Market Group
Reinsurance pricing is unlikely to change its course over the next year, with soft market conditions expected to continue and further pricing declines anticipated, according to Fitch Ratings.
Lloyd’s has commenced operations in India with MS Amlin the first syndicate to begin underwriting from 1 April.
The 1 April reinsurance renewals saw rate reductions range from flat to mid-single digit reductions, an improvement compared to the low double digit range seen 12 months ago, according to Willis Re.
The decision to cut the Ogden discount rate for the first time in 16 years sent shock waves through the industry that will be felt for months and years to come.
Property and casualty reinsurer Greenlight has appointed ex-Liberty boss Patrick O’Brien as CEO of the company.
Higher layer reinsurance rates could increase by up to 400% as a result of the change to the Ogden discount rate, experts say.
CEO also says business will 'shrink' home portfolio
The safeguards provided by Solvency II mean that a new EU framework on recovery and resolution for insurers is not required, according to Insurance Europe.
Swiss Re’s Matthias Weber is to step down as group chief underwriting officer.
Reinsurance giant Swiss Re has reported a 45% drop in fourth quarter net profit, citing costly natural catastrophe claims for the fall in profit.
Scor Global P&C reported gross written premiums of €5.3bn (£4.4bn) at the end of 2016, an increase of 1.2% at constant exchange rates.
Global speciality insurer MS Amlin has joined Flood Re with accessibility for the renewal of new business beginning 1 March 2017.
Neon has appointed of Nick Pritchard as head of property reinsurance.
Global insured natural catastrophe losses totalled $39.5bn (£31.3bn) in 2016, the highest market losses since 2012’s $60bn, according to Willis Re.
London market broker Ed has appointed Andy Wakefield as managing director of marine and energy reinsurance.
Bermuda-based Argo has closed its acquisition of Lloyd's insurer Ariel Re.
Beazley reported a 3% increase in full-year pre-tax profits of $293.2m (£234m) thanks to strong investment returns and a benign claims environment.
London market insurance and reinsurance provider Ed has appointed Neil Perry as chief financial officer.
Flood Re is on track to back 130,000 policies in its first year of operation, the scheme’s chief financial officer Adam Golding told Post.
Swiss Re and XL Catlin have both received the go-ahead from the Insurance Regulatory and Development Authority of India to open a branch in Mumbai.
AIG has agreed a $34bn (£27bn) legacy deal with National Indemnity Company, a subsidiary of Berkshire Hathaway.
Lloyd’s of London is to open a reinsurance branch in India, in time for the April reinsurance renewals.
Neil McConachie, group chief financial officer and co-founder of Fidelis, is leaving the firm.