US insurers must keep a close eye on the risk profile of their investment portfolios as they seek higher yields, Standard & Poor’s has warned.
Losses from Typhoon Haiyan in the Philippines could be between $500 and $700 according to Willis Re.
The re/insurance markets could again take on elements of terrorism risk, according to Kean Driscoll, CEO of Validus Reinsurance. He said he disagrees with assertions previously made by the industry that terrorism cannot be priced.
Stefan Lippe, the former chief executive of Swiss Re and current board member of AXA, has joined Zurich-based weather risk management specialist CelsiusPro as its chairman.
Argo Group International Holdings, an international underwriter of specialty insurance and reinsurance products, has promoted Matthew Wilken to president of Argo Re. In his new role, Wilken will oversee the company’s property catastrophe reinsurance operations based in Bermuda.
AIG in Europe has appointed Kelly Lyles as head of specialty lines for EMEA region. She will report to James Shea, president, global specialty lines and Emmanuel Brule, president, commercial insurance, EMEA.
Chris McKeown has been appointed chief executive officer of New Ocean Capital Management, the investment management company recently formed by XL, with funds managed by Stone Point Capital.
Swiss Re is set to acquire an 11.1 percent stake in Sul América S.A. from ING Group N.V. and a 3.8 percent stake from members of the Larragoiti family for a total amount of approximately $334 million.
Residual markets such as in Florida are a result of inconsistent pricing signals from traditional reinsurers. Convergence capital can help to smooth rate changes and in turn reduce the regulatory burden.
Specialist re/insurance underwriter, Canopius Group, has strengthened its global specialty business unit with a number of appointments.