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Marine

London needs to be more ‘inventive’ to lure business away from local markets

The London insurance market must innovate in order to win marine business over local markets, senior industry executives have said.

Mon 11 Dec 2017

UK reinsurance buyers avoid concentration risk

News

Legal/ Regulatory

UK reinsurance buyers avoid concentration risk

Despite the consolidation that has taken place in the reinsurance industry in the past two years, UK insurers dependency on any one specific carrier has “fallen marginally” since 2015.

Mon 11 Dec 2017

News

Nichols to join Brit's new Bermuda platform

Former Axis Capital and RenaissanceRe executive Jay Nichols has joined the Board of Brit Ltd’s new $100mn collateralised Bermuda reinsurer, Sussex Capital.

Mon 11 Dec 2017

News

Legal/ Regulatory

PRA warns on cat model dependency

The Prudential Regulation Authority (PRA) encouraged UK (re)insurers to be aware of the limitations of vendor cat models and to avoid the risk of “unknowingly betting the insurer on any one peril”.

Mon 11 Dec 2017

AIG picks up $149mn loss for paralysed dancer

News

Losses

AIG picks up $149mn loss for paralysed dancer

AIG is understood to be the lead insurer on a $149mn claim following an incident that left a dancer paralyzed at O’Hare airport, Chicago.

Mon 11 Dec 2017

News

Liberty to redomicile its UK insurance company to Luxembourg

Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance, intends to redomicile its insurance company from the UK to Luxembourg, while maintaining its substantial London presence.

Fri 8 Dec 2017

News

Brit relocates Gibraltar reinsurer to Bermuda

Brit has announced that it is relocating its Gibraltar based reinsurer, Brit Insurance Gibraltar to Bermuda.

Thu 7 Dec 2017

News

Losses

AIR pegs Maria losses at $27bn-$48bn

AIR Worldwide has dramatically reduced its loss estimates for Hurricane Maria to $27bn-$48bn.

Thu 7 Dec 2017

News

People Moves

Aon Benfield bolsters credit and financial risk team with new hire

Aon Benfield has swooped on Liberty Specialty Markets for Rupert Evans to strengthen its credit and financial risks team, Reinsurance understands.

Thu 7 Dec 2017

FCA issues RFIs to London brokers following wholesale review

News

Legal/ Regulatory

FCA issues RFIs to London brokers following wholesale review

UK regulator, The Financial Conduct Authority (FCA), has yesterday (4 December) issued a request for information (RFI) to brokers across the London market as it progresses with its study into how competition is working in the London wholesale market, Reinsurance can reveal.

Tue 5 Dec 2017

News

Losses

Mapfre books $1.3bn gross cat losses in Q3

Spanish (re)insurer Mapfre has posted gross cat losses of $1.3bn (€1.1bn) in the third quarter.

Mon 4 Dec 2017

Ingrid Carlou steps down as CEO of Patria Re

News

People Moves

Ingrid Carlou steps down as CEO of Patria Re

The CEO of Mexican reinsurer Patria Re, Ingrid Carlou is to step down with immediate effect.

Mon 4 Dec 2017

Lloyd’s insurer Neon files $60mn UK ILS application with PRA

News

Legal/ Regulatory

Lloyd’s insurer Neon files $60mn UK ILS application with PRA

The first application for a UK insurance linked securities (ILS) transaction has been filed with the Prudential Regulation Authority (PRA) on behalf of the Lloyd’s (re)insurance group Neon, Reinsurance can reveal.

Mon 4 Dec 2017

Neon appoints Novae’s Overton to new head of pricing role

News

People Moves

Neon appoints Novae’s Overton to new head of pricing role

Expansive Lloyd’s insurer Neon has continued its strategy of transforming its executive team by recruiting Tim Overton to the newly created role of head of pricing.

Mon 4 Dec 2017

News

Former Tokio Millennium CEO in bid to launch $1bn Bermuda reinsurer

Former Tokio Millennium Re chief executive Tatsuhiko (Tats) Hoshina is looking to raise up to $1bn to launch a new Bermudian reinsurance platform, Reinsurance can reveal.

Mon 4 Dec 2017

News

Legal/ Regulatory

FCA issues RFIs to London brokers following wholesale review

UK regulator, The Financial Conduct Authority (FCA), has yesterday (4 December) issued a request for information (RFI) to brokers across the London market as it progresses with its study into how competition is working in the London wholesale market, Reinsurance can reveal.

Mon 4 Dec 2017