Reinsurance
H1 natural catastrophe losses $70bn less than in 2011
Insured losses from natural catastrophes were approximately $12bn in the first six months of 2012, significantly less than the $82bn in the first half of 2011.
Swiss Re untroubled by immediate Eurozone crisis
Swiss Re faces no immediate threat from the Eurozone crisis and could withstand the orderly exit of multiple countries from the euro, its chairman was quoted as saying on Monday.
Lack of cat activity leads to plentiful capacity in reinsurance market
Reinsurance capital continued to strengthen through the second quarter of 2012 as a result of limited exposure to catastrophe losses in the opening six months of the year.
Fitch affirms Lloyd's A+ rating
Fitch Ratings has affirmed Lloyd's' insurer financial strength rating at 'A+', impressed with its ability to cope with the 2011 catastrophe losses.
UIB appoints new non-exec
Globsl reinsurance broker UIB has appointed Ralph Sharp as a board member and non-executive director for both UIB Ltd and UIB Holdings.
Tempo directors eye capacity providers and team hires following launch
The directors behind the launch of multi-line MGA – Tempo Underwriting – are hoping to forge a strong relationship with the broking fraternity after outlining their criteria for imminent team hires.
Novae Re exodus to damage reinsurance book
The resignations of the chief executive of Novae Re’s Zurich operation Gunter Saacke, chief underwriting officer Will Schuerch and 10 underwriters have sparked concerns that the insurer cannot retain business written by certain divisions.
MDS offers self insurance facilities with launch of PCC
European insurance and reinsurance broking and risk consulting provider, MDS Group has launched of High Dome PCC, a protected cell company (PCC) to provide alternative risk financing services including self insurance facilities, access to reinsurance…
AM Best affirms Mapfre Re ratings amid sovereign turmoil
AM Best Europe has affirmed the financial strength ratings of A (Excellent) and issuer credit rating of 'A' for Mapfre Re, following the recent market volatility surrounding Spain's economic conditions.
Former Indie deputy MD Condon passes away
The former Independent Insurance deputy managing director Philip Condon, pictured right, passed away at the weekend aged 63.
Hardy suspends Singapore underwriting amid refocus on US risk
Hardy Underwriting is refocusing its property treaty business on US risk and away from the international business that brought catastrophic losses over the past two years.
Global non-life premiums expanded 1.9% in 2011
Global reinsurance premiums declined 0.8% in real terms in 2011, according to Swiss Re's latest Sigma study.
Emerging markets drive global premium growth
Economic growth in emerging markets and selective rate increases in developed markets helped drive a 1.9% increase in global non-life insurance premiums in 2011.
'Unresolvable differences' forces Axis Capital chairman to step down
Bermudian reinsurer Axis Capital's non-executive chairman, John Charman has stepped down after he was unable to "resolve differences" with the board of directors over "his understanding of the role and responsibilities of the chairman position".
Disagreement sees "house guest" Charman axed as ex-Axis chairman Butt reinstated
Axis Capital has appointed board member and former chairman Michael Butt as non-executive chairman of the board of directors, succeeding founder and former chairman John Charman.
Brit offloads legacy liabilities to Riverstone
Brit Group has agreed the sale of its Financial Services Authority-regulated Brit Insurance Limited to Riverstone Group.
Japan to allow sovereign guarantees for tankers
Japan's cabinet plans to approve a bill giving sovereign guarantees for the nation’s oil tankers, circumventing sanctions aimed at stalling Iran's nuclear programme, according to Bloomberg.
Aon estimates €5bn loss from Italian quake
The magnitude 6.0 earthquake in Italy's Emilia-Romagna region last month caused an estimated €5bn in economic losses, according to Aon Benfield's monthly global catastrophe report.
Ex-Willis man Mikrut takes up JLT Re executive VP role
JLT Reinsurance has appointed Henry Mikrut as executive vice president.
Mapfre Re downgraded amid fears over future of Spanish economy
Mapfre Group’s reinsurance arm’s issuer credit rating has been downgraded by AM Best Europe following an assessment of the consolidated group’s financial strength and ongoing risks in the Eurozone.
Willis Re appoints regional director for APAC and ME
The reinsurance arm of broker Willis Group today appointed Kieran Angelini-Hurll as regional director of its Indian Sub-Continent, Middle East, North Africa and Turkey operations.
Barnier "hopeful" of political agreement on Solvency II
Despite "rapid progress" being made, Solvency II may not apply from 1 January 2014 if political consensus is not reached in the next few weeks, according to Michel Barnier.
Willis restructure aims to integrate "siloed and independent businesses"
Willis Global, the reinsurance, specialties and wholesale arm of Willis Group, will implement a series of "client-centric" structural changes aimed at growing the premiums placed annually through its three core segments.
Scor and key subsidiaries upgraded to A+
French reinsurer Scor has had its insurer financial strength rating upgraded from A to A+ by Standard and Poor's along with core subsidiaries.