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Two of Europe’s biggest reinsurers – Hannover Re and SCOR – have posted solid results for 2012 benefiting from rate increases on the back of the heavy catastrophe losses of 2011 and a relatively benign loss environment in 2012. 7 March 2013
Insurance
Risk Management Solutions (RMS) has made Paul Dali chairman of its board of directors. Dali, a venture capitalist who has previously backed a number of highly successful technology companies, had already served as an advisor to the board for the past year. In addition to Dali, Dr Gerald Held, a corporate director on numerous technology company boards and a former Silicon Valley software executive, joins the RMS board as an independent director. And Dominique Trempont, an executive and board member with a focus on cloud and new media, also joins the board. 6 March 2013
Insurance
Allianz Risk Transfer and Nephila Capital have finalized an agreement securing another three years of risk capacity for Nephila. Under the agreement, Allianz Risk Transfer will continue to assist Nephila in its natural catastrophe and weather risk strategies, providing specialized services, such as balance sheet access, non-recourse leverage and other flexibility that will continue to benefit Nephila’s investors. Nephila said the extension enhances its ability to offer its clients a portfolio of diversified and high quality investment alternatives while continuing to diversify Allianz Risk Transfer’s business lines. 6 March 2013
Insurance
Insurers in the UK were subjected to a record number of high-level inspections by the Financial Services Authority (FSA) last year despite the regulatory body saying it would be scrapping what is an intensive and time consuming process for companies. Some claim the increase in onsite inspections represented a regulatory backlash following the UK banks’ well documented failures. 6 March 2013
Insurance
A benign year for catastrophes has helped UK-based Amlin post strong results for 2012, which have been praised by analysts. The re/insurer has also entered into an agreement to acquire a specialist P&I and marine insurer based in Rotterdam in the Netherlands. 4 March 2013
Insurance
The latest delay in the implementation of Solvency II until 2016 represents an opportunity for some insurers to deal with any outstanding run-off and US-based Asbestos Pollution and Health Hazard (APH) liabilities. 1 March 2013
Insurance
A number of recent acts of terrorism and violence against energy companies and their facilities around the world have led to an upsurge of interest in terrorism and political violence coverage. This is being matched by buoyant levels of capacity in the sector, despite a sense of unease among insurers underwriting these risks. 28 February 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
News
Gunther Saacke, the chief executive officer of Q-Re, the reinsurance subsidiary of Qatar Insurance Company (QIC), believes the unique ownership and capital structure of the reinsurer can offer cedants much-needed diversification on their panels away from the “vagaries of Wall Street”. 27 February 2013
Insurance
The constant delays around the process for the Solvency II directive to be approved and ultimately implemented by the European Parliament represent a source of great frustration to European insurers in need of certainty around if and when the directive will come into force. 26 February 2013
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