Reinsurance
Ogden change to cost industry £3.5bn
The change to the Ogden discount rate from 2.5% to negative 0.75% is predicted to cost the market £3.5bn across all lines of business.
Pool Re braced for first claims from Manchester attacks
Pool Re will soon receive the first claims from the Manchester terror attacks, its chief underwriting officer has confirmed.
Tysers sees revenue grow over 2016
Tysers saw its revenue increase 12.8% in 2016 to £52.8m from £46.8m in the previous year.
Helios acquires Nottus for £964,500
Helios has acquired Lloyd’s limited liability member, Nottus, as part of its strategy to increase underwriting capacity.
Ed names Wicks as non-marine reinsurance chair
Reinsurance, wholesale and specialty broker, Ed has appointed Ian Wicks as chairman of non-marine reinsurance.
Gen Re boss appointed MD for Guy Carpenter Benelux
Hans van Oort has been appointed as the managing director of Guy Carpenter Benelux and will be responsible for leading the company’s presence in Belgium.
London failing to stem reinsurance decline, says LMG
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 won't turn this year, says Fitch
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.
MS Amlin first to go live as Lloyd’s opens India platform
Lloyd’s has commenced operations in India with MS Amlin the first syndicate to begin underwriting from 1 April.
Reinsurance rate decline slows at April renewals
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.
In Depth: Ogden outrage – dismantling the discount rate
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.
Greenlight Reinsurance Ireland appoints ex-Liberty chief as CEO
Property and casualty reinsurer Greenlight has appointed ex-Liberty boss Patrick O’Brien as CEO of the company.
Ogden change could raise reinsurance rates by 400%
Higher layer reinsurance rates could increase by up to 400% as a result of the change to the Ogden discount rate, experts say.
Esure unveils plan to ride out reinsurance rate rises
CEO also says business will 'shrink' home portfolio
Solvency II safeguards mean no need for EU rule change
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 CUO to step down
Swiss Re’s Matthias Weber is to step down as group chief underwriting officer.
Swiss Re Q4 profit drops 45% due to nat cat claims
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 posts GWP of €5.3bn for 2016
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.
MS Amlin joins Flood Re scheme
Global speciality insurer MS Amlin has joined Flood Re with accessibility for the renewal of new business beginning 1 March 2017.
Neon appoints Pritchard as property head
Neon has appointed of Nick Pritchard as head of property reinsurance.
Insured nat cat losses total $39.5bn in 2016 says Willis Re
Global insured natural catastrophe losses totalled $39.5bn (£31.3bn) in 2016, the highest market losses since 2012’s $60bn, according to Willis Re.
Broker Ed names Wakefield marine and energy reinsurance head
London market broker Ed has appointed Andy Wakefield as managing director of marine and energy reinsurance.
Argo completes Ariel Re deal
Bermuda-based Argo has closed its acquisition of Lloyd's insurer Ariel Re.
Beazley posts 3% profit boost thanks to strong investment returns
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.