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Same people, same problems: Majority of execs cynical on reforms at Lloyd’s

Europe, North America, UK07-12-2016Insurance news

While there is a sense of cautious optimism around the reforms revealed by Lloyd’s this week, a majority of market participants believe they will not be enough to adequately change the market.

Enstar to reinsure QBE’s US multi-line P/C business

North America07-12-2016Insurance news, Reinsurance news

A subsidiary of Enstar Group has entered into a conditional agreement with a subsidiary of QBE Insurance Group to reinsure US multi-line property/casualty business.

Munich Re leads on Asian bond guarantee body’s inaugural reinsurance deal

Asia-Pacific07-12-2016Insurance news, Reinsurance news

The Credit Guarantee and Investment Facility (CGIF), an organisation that provides credit guarantees for local currency denominated bonds issued by companies from a range of countries in mainly South East Asia, has completed its first reinsurance deal in a move that will free up capacity to issue more guarantees.

Marsh & McLennan Agency acquires another employee benefits firm

North America07-12-2016Insurance news

Marsh & McLennan Agency (MMA), the middle market agency subsidiary of Marsh, has acquired Ohio-based employee benefits consulting firm Benefits Resource Group (BRG).

Hanover appoints former Morgan Stanley & Credit Suisse exec to board

North America07-12-2016Insurance news

The Hanover Insurance Group has appointed former Morgan Stanley Group and Credit Suisse Group executive Jane Carlin to its board of directors.

PERILS reveals insured loss estimate from Italy quake

Europe07-12-2016Insurance news, Property cat, Reinsurance news

The insured property losses caused by series of earthquakes that hit Central Italy between in October are now estimated to be €31 million, according to catastrophe insurance data provider PERILS.

Iowa Insurance Commissioner steps down

North America07-12-2016Insurance news

Iowa Insurance Commissioner Nick Gerhart has stepped down, effective December 23. He will be replaced by deputy commissioner Doug Ommen on interim basis.

INDUSTRY INSIGHT: Russia’s new state-owned reinsurer starts grabbing business

Asia Pacific, Europe, Russia07-12-2016Insurance news, Reinsurance news

A new state-backed reinsurer in Russia will hit the long-term growth potential of global reinsurers in the country, which will be forced to cede a percent of premium to the new entity even on existing long-term treaties.

African Re blames currency depreciation for challenging year in Q3 results

Africa06-12-2016Reinsurance news

African Reinsurance Corporation (Africa Re) said the depreciation of its main operating currencies combined with losses in Ghana and Nigeria has led to it being a challenging year for the company, in its third quarter results.

UPC raises $30m; Twelve Capital to invest proceeds

Europe, North America06-12-2016Insurance news, Property cat

United Insurance Holdings (UPC), a property/casualty insurance holding company, has raised $30 million through an offering of senior notes to private investors.

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