AXIS Capital Holdings has become the latest reinsurer to post improved profits based on its performance last year. The company made a net profit of $684 million compared with $495 million in 2012, an increase of some 38 percent.
US property catastrophe specialist ICAT has partnered with Ariel Syndicate 1910 to offer additional capacity to small and medium catastrophe exposed businesses in the US.
French reinsurer SCOR has said it witnessed and benefitted from further changes to the reinsurance market in the recent January renewals with more cedants restructuring their programmes in favour of bigger players able to offer global solutions across many lines of business.
RenaissanceRe reported a 15 percent increase in net income in 2013 making $665.7 million compared with $566 million in 2012, despite the market becoming increasingly competitive.
Validus Reinsurance, Switzerland has appointed Florian Lutz as senior vice president and senior underwriter. Lutz has over 20 years of re/insurance experience in both property and specialty lines, most recently with Axis Re in Zurich.
A new reinsurer has been formed on Bermuda led by Greg Morrison, the former chief executive of Platinum Underwriters. It will operate through MultiStrat Re, a platform formed by Taussig Capital to help hedge funds and other investors tap into the reinsurance space.
European re/insurers are wary of the recent sanction relief surrounding coverage of Iranian oil exports. That is the opinion of John Markham, an associate specialising in competition law and Alaina Wadsworth, an associate in the insurance and reinsurance Group from law firm CMS Cameron McKenna.
Starr Companies has received approval for a Canadian branch office of Starr Insurance & Reinsurance, which will be headed up by Hano Pak as chief agent and country executive.
AXIS Insurance is targeting the healthcare sector with the addition of its new unit which will provide professional liability insurance and casualty cover. The unit will be led by executive vice president Kimber Lantry. He will be based in Northern California.
Alastair Campbell will succeed Paul McNamara as chairman of the group audit committee and member of the group remuneration committee following his retirement from the board of Randall & Quilter Investment Holdings. Campbell will also assume the role of executive vice president.