Reinsurance
Italy's sovereign IDR slashed two notches by Fitch
Italy’s sovereign long-term issuer default rating has been downgraded to ‘A-‘ from ‘A+’ by Fitch.
Malaysian Reinsurance Berhad has "A-" IFS rating affirmed
AM Best has affirmed the financial strength rating of "A-" (Excellent) and issuer credit rating of “A-” of Malaysian Reinsurance Berhad, the wholly owned subsidiary of MNRB Holdings Berhad.
BMS opens in New York
Broker BMS has launched a new office in New York.
XL expands political risk and trade credit team
XL Group is expanding its global political risk and trade credit team with four new appointments based in London.
Zurich's 2011 cat losses may trigger aggregate reinsurance
Zurich Financial Services expects the impact of the floods in Thailand and the increased cost of the earthquakes in New Zealand in the fourth quarter of 2011 to range between $200 and $250m (€189.9m).
Renaissance Re adds $45m Thai losses
Renaissance Re estimates the flooding in Thailand will cost it $45m (£29m) from its fourth quarter 2011 results but it said revisions of the New Zealand earthquake and the Tohoku earthquake losses are not expected to be significant.
Marine hull insurers await rating impact in wake of cruise ship sinking
The Costa Concordia cruise ship disaster has been called the largest insurance loss in maritime history with some suggesting it could be “bigger than the Titanic”.
Market moves: The busy world of broking
As January draws to a close, the past week has been a busy time in the world of insurance broking. Aon Benfield, Willis and Marsh all welcomed new chief executives, while Towergate, UIB and Prime Professions also made moves for new staff. However, it was…
View from the top: A case of déjà vu in the market
The current economic situation means now is the right time to generate rate rises, says Toby Esser.
Mergers & Acquisitions: Bucking the trend
As the market weighs up the value of assets such as Groupama and Brit’s UK arms, deal making by insurers appears to be buoyant, especially when compared to other industry sectors. But is this a trend that is set to continue?
Reinsurance - January renewals: Toughen up
Despite the catastrophes of 2011, the predicted — and much needed — January renewal rate hardening has failed to materialise.
Spotlight on environment: Extreme measures
Extreme weather events can have enormous economic costs, with huge uncertainty surrounding them. So how can this uncertainty be communicated in a meaningful way to decision makers?
Spotlight on environment: Providing protection
With climate change increasing the likelihood of natural disasters, insurers must influence the debate on how businesses and governments manage risks such as supply chain failure.
Post magazine – 26 January 2012
The latest issue of Post magazine is now available to subscribers as a digital and interactive e-book.
Brit reinsurance boss Turner quits as insurer merges divisions
Brit reinsurance boss Jonathan Turner has left the firm as the business merges its reinsurance and global markets strategic business units.
HCC: Thai flooding cost $10m in Q4
HCC Insurance Holdings has revealed fourth quarter Thailand flooding catastrophe loss estimates of $10m (£6.4m), taking the year’s losses to $117m.
Montpelier Re and Mitsui stay quiet on Hardy bids
Bermudan-based reinsurer Montpelier Re and Lloyd’s insurer Mitsui Sumitomo have refused to comment on rumours that they will bid on troubled Lloyd’s insurer Hardy.
Reinsurers reluctant to cover Thai cat fund
Global reinsurers may be reluctant to cover the recently announced Thai catastrophe fund if asked to by the nation’s government, according to market analysts.
Thai cat fund could prove too costly for reinsurers
International reinsurers will have to be “seriously convinced” the Thailand government’s catastrophe fund is profitable if they are to insure it.
Ace recruits communications head from HSBC
Global reinsurer Ace has appointed Darragh Gray as director of communications and marketing for its Europe, Middle East and North Africa operations.
Cruise ship disaster: Hannover Re hit with multimillion pound loss
International reinsurer Hannover Re has suffered a marine hull loss of €30m from the Costa Concordia disaster.
Hannover Re expects double-digit million euro loss from Concordia
Hannover Re’s total loss from the stricken Costa Concordia could be in the mid-double-digit million euro range, according to the firm.
Governments should act like companies, says Geneva Association
Governments of risk-prone countries must make progress in understanding the risks their countries are exposed to and learn to manage them properly, according to the Geneva Association.
Mapfre appoints three chairmen across the business
Rafael Casas, Javier Fernández-Cid and Pedro de Macedo have been appointed chairmen by the boards of directors of Mapfre America, Mapfre Internation and Mapfre Re respectively.