News

Arnoldussen to join RMS in German push

Hot on the heels of news that Giuseppina Albo left the Munich Re Board of Management to become the new CEO of Hamilton Insurance Group, a second former board member has unveiled a new role.

The great 2018 capital reload

London counts potential Brexit cost in millions

On the eve of Baden Baden, the International Underwriting Association has issued new figures highlighting that billions of pounds of London market business is threatened by the current uncertainty over the terms of the UK’s withdrawal from the European Union.

Credit Suisse raises $282.5mn for new ILS legacy funds

Leading ILS manager Credit Suisse Asset Management (CSAM) is raising up to $800mn for two new funds that will invest in securitised legacy assets.

London company market wrote £22.725bn in 2016

The London (re)insurance market reached a record size in 2016 after the International Underwriting Association (IUA) revealed today (20 October) that its members increased their business written in 2016 by 2.9 percent to £22.725bn.

Swiss Re estimates 3Q losses at $3.6bn

Swiss Re says the roll-call of recent catastrophe losses - including Hurricanes Harvey, Irma and Maria - will cost the group $3.6bn in net losses.

Snr Munich Re exec to head up HIG

Giuseppina Albo is to become the new CEO of Hamilton Insurance Group after resigning from her role on the board of management at Munich Re.

Piracy numbers continue to fall in 2017

Despite the number of maritime piracy attacks continuing to decline, the International Maritime Bureau (IMB) has urged vigilance and greater collaboration from agencies and shipping companies to tackle the continued threat in a number of hotspots.

GIC Re IPO raises $1.5bn

The state-owned General Insurance Corp of India (GIC Re), has seen its initial public offering (IPO) oversubscribed but possibly not as high as the government would have wished for.

California’s $4.6bn wildfires cost add to reinsurers’ H2 2017 loss tally

The wildfires that have swept through California’s wine making region will add a further $4.6bn in H2 2017 losses to the (re)insurance industry, rating agency Moody’s estimates.

Africa’s nascent $5.2bn P&C reinsurance market tempts overseas carriers and protectionism

The potential of Africa’s nascent $5.2bn reinsurance market to expand rapidly on the back of the continent’s improving economic prospects is continuing to tempt both overseas reinsurers and also governments from imposing protectionist measures.

Lloyd’s S&P outlook downgraded to negative

Against a backdrop of circa $100bn in industry losses from the recent catastrophic events, S&P has revised its outlook for the market from stable to negative, while maintaining it’s A+ financial strength.

California’s deadly wildfires sweep through wine country

At least 31 people have now been killed and 400 are reported missing in the deadliest week of wildfires in California’s history.

PRA swiftness of foot crucial to London’s aspiring new ILS market

It is Bismark who is often credited with observing that laws – like sausages – should never be watched being made.

XL estimates Q3 cat losses at $1.48bn

Bermudian underwriting group XL has said it expected its third quarter figures will be impacted by $1.3 billion in net losses from the recent Hurricanes Harvey, Irma and Maria.

New London ILS regime to miss 1.1s

After two years of consultation between the London (re)insurance industry, regulators and the government, the UK Parliament is expected to finally pass legislation later this month that will provide a new tax-friendly regime for constructing insurance linked securities (ILS) business in London.

Barbican appoints Booth to new role of underwriting director

Barbican, the private equity owned Lloyd’s insurer, has promoted Andy Caldwell to active underwriter of its Syndicate 1955 with his predecessor David Booth being appointed to a new role of director of underwriting.

Hoare warns of impending "reinsurance failures"

The CUO of Munich Re Syndicate Ltd, Dominick Hoare, has given a stark warning to expect “reinsurance failures” as the industry confronts a rising tide of over a $100bn in storm losses from hurricanes Harvey, Irma and Maria.

Hiscox appoints former Vodafone executive to new London CEO role

The Hiscox Group has created a new role of London Market business CEO and promoted one of its retail executives Kate Markham to the position.

Bermuda facing $25bn HIM losses

Bermuda’s (re)insurers are set to face claims of $25 billion from hurricanes Harvey, Irma and Maria (HIM), according to the Association of Bermuda Insurers & Reinsurers (ABIR).