Reinsurance
$600m of Thai flood losses fall to Swiss Re
Swiss Re estimates its claims costs from severe flooding in Thailand will be $600m of the $11bn total losses.
Swiss Re estimates Thai losses at $600m
Swiss Re estimates its claims costs from the flooding of 1500 industrial units in Thailand to be $600m, net of retrocession and before tax.
Japan to set up Asian nat cat insurance plan
Japan is planning to establish a large-scale insurance system encompassing the Asia-Pacific region to cover developing countries hit by devastating earthquakes, typhoons and other disasters.
Torus acquires Starr’s Continental Europe renewal rights
Specialty insurer Torus's syndicate 2243 has acquired the renewal rights to the European business of CV Starr's syndicate 1919.
Munich Re receives funding from German ministry for climate change initiative
Munich Re has teamed up with the Caribbean Catastrophe Risk Insurance Facility and specialist microinsurance broker Micro Ensure to develop insurance solutions developing countries vulnerable to climate change.
Challenges lie ahead for China's insurance market
The Chinese insurance market’s share of world insurance premiums has grown from 1% to 4% in the space of a decade, but with rapid growth come new challenges, according to an Aon Benfield report.
China’s P&C growth behind average
Reinsurance broker Aon Benfield says China’s property and casualty insurance growth has been too slow.
Cayman insurance law regulation changes almost complete
Enhanced regulations are being finalised relating to the Cayman Islands Insurance Law 2010, which was passed early last year.
Hyperion promotes APAC head to CEO of Dual International
International reinsurer Hyperion has promoted its head of Asia Pacific, Damien Coates, to chief executive officer of Dual International.
Haircut on bonds could be absorbed by European insurers
A 50% haircut on Greek, Irish and Portuguese sovereign bonds could be absorbed into European insurers’ existing capital resources, according to Swiss Re’s senior economist.
Swiss Re warns of low profits for 2012
Swiss Re’s economists say the insurance industry will not pick up until after 2012.
Simmons & Simmons expands insurance team
Law firm Simmons & Simmons has added insurance partner Pollyanna Deane to its corporate and commercial group in London.
Market moves: Fresh faces for underwriters
As the industry heads into December, underwriting agencies and insurers lead the way in the job market. This week saw major moves at Chubb, More Than and Travelers, while Evolution, Arista and Ink all welcomed new staff. It was another slow week for…
Former Aon UK boss Mahoney takes chair role and invests in analytics firm
Former Aon UK boss and past winner of the British Insurance Awards Achivement gong Dennis Mahoney has been appointed chairman of Sciemus, the analytics and modelling company.
Sciemus recruits former Aon Group chairman
Modelling company, Sciemus, has appointed insurance industry veteran Dennis Mahoney as its new chairman.
Post magazine – 1 December 2011
The latest issue of Post magazine is now available to subscribers as a digital and interactive e-book.
Hendrick to lead XL insurance arm
Greg Hendrick is set to replace Dave Duclos as chief executive of XL’s insurance unit.
Montpelier: Reinsurance rates likely to rise
The reinsurance industry has suffered an “unusually high frequency” of international catastrophes and rates could rise by 10% next year, according to Montpelier boss Tim Aman.
Omega seeks clarification over Haverford bid as deadline approaches
Lloyd's insurer Omega has admitted that bidder Haverford is considering cutting its offer for 25% of the business.
US reinsurers report worsening COR
The Reinsurance Association of America has reported that 19 US property-casualty reinsurers wrote $18.3bn of net premiums during the nine-months ended 30 September 2010 compared to $18.7bn for the same period in 2009.
Howden announces two new hires
Howden Insurance Brokers has appointed Karen Kutger and Dawn Sequeira to its wholesale and reinsurance division.
Antares’ ceded reinsurance appoints head
Specialist Lloyd’s insurer Antares has named Richard Anson as head of ceded reinsurance.
Editor's comment: Knowledge swap shop
The first of many: that appears to be the over-riding theme of this week’s insurance market developments. First we had the groundbreaking strategic partnership struck between Catlin and China Re, in a move both parties expect will prove extremely…
Catlin and China Re deal predicted to be catalyst for Lloyd’s investment
The “landmark” strategic partnership between Catlin and China Re is expected to be a catalyst for a boom in Lloyd’s investment from insurers in emerging economies.