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Healthy levels of reinsurance capacity combined with the convergence of traditional and alternative sources of capital helped keep rates stable in the recent April 1 renewals – a significant renewal date for the Asia Pacific region. 11 April 2013
News
Concerns by some that the proliferation of alternative risk transfer mechanisms such as insurance-linked securities (ILS) could hamper growth among traditional reinsurers could be misplaced – based on the findings of a recent report by Aon Benfield. 10 April 2013
Insurance
Willis Re Australia has reshuffled its leadership team. Michael Harden, the current chief executive, will become chairman while Cameron Green, its current chief operating officer, will take over as CEO. 3 April 2013
Insurance
Nine of the ten most expensive insured loss events globally happened in the US in 2012 while the high insurance penetration in North America meant that $65 billion, over half of the $119 billion in economic losses in the region, were covered by insurance. 3 April 2013
News
The acceleration of new money from the capital markets flowing into the reinsurance industry is starting to concern some players worried it could hamper their own growth aspirations.
That is the view of Willis Re’s most senior executives in a renewals report that also deta 2 April 2013
Insurance
UK regulator the Financial Services Authority (FSA) has fined UK insurer the Prudential Group £30 million for its actions in relation to its failed attempt to acquire AIA, the Asian subsidiary of AIG, in early 2010. The FSA has also censured Tidjane Thiam, Prudential’s group chief executive. 27 March 2013
Insurance
Aon Risk Solutions has signed a unique co-insurance agreement with Berkshire Hathaway International Insurance that provides clients fast and efficient access to AA+ rated capacity for all eligible business placed by Aon Risk Solutions where the Lloyd’s market participates. 20 March 2013
Insurance
The Asia-Pacific region will increasingly hold the biggest opportunities for global insurers and reinsurers, according to Munich Re, which has tried to quantify forecast insurance growth in the region in a new report. But it will remain vulnerable and underinsured against natural catastrophes. 20 March 2013
Insurance
Demand for transactional risk insurance grew by 41 per cent globally in 2012 as firms increasingly turned to the insurance market to protect large deals and cross-border acquisitions or sales. 15 March 2013
News
Bermuda-based Endurance Specialty Holdings has announced that Jerome Faure will join the company on March 11 as CEO of global reinsurance. He will be responsible for Endurance’s North America, Bermuda and international reinsurance operations. Most recently, Faure was a partner in ILS Capital Management in Bermuda focused on insurance linked securities, industry loss warranties and collateralized reinsurance. Prior to that, he served as director and chief underwriting officer for Tokio Millennium Re. He started his career at Scor. 27 February 2013
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