Claims management company GAB Robins UK has appointed Andrew McDonald and Mike Hornby as senior adjustors.
Standard & Poor’s (S&P) is open to rating new risks that could be covered using insurance-linked securities (ILS) but terrorism risk could be a step too far for the rating agency, despite calls from some investors for the ILS market to consider this risk.
Honan Insurance Group, an Australian insurance and financial services broker, has received its broking licence from the Monetary Authority of Singapore (MAS), allowing it to operate there as a certified broker.
Barbican Insurance has appointed Chris White as underwriting manager of the firm’s energy division. He will report to David Booth, the active underwriter of Syndicate 1955.
US property/casualty insurer Great American Insurance Group, a subsidiary of financial services firm American Financial Group, is set to use the insurance linked securities (ILS) markets for the first time with a $95 million deal that will offer coverage of named storms, earthquakes, severe thunderstorms and winter storms.
Swiss Re, one of the world’s largest reinsurers, has denied that it is in discussions with Italy’s Agnelli family, the founders of Fiat and who hold substantial investment portfolios, over the acquisition of a stake in Swiss Re.
Hannover Re has posted a record profit in its 2013 results driven largely by its non-life reinsurance arm – but Ulrich Wallin, its CEO, has warned of challenges and a potential softening of the market.
Driven by Solvency II requirements that favour diversification in investment portfolios, insurers could be forced to dramatically cut the amount of corporate bonds they hold, driving up companies’ borrowing costs in the process.
A new Florida bill, designed to reduce the level of coverage granted by the state’s catastrophe pool, could mean that an additional $3 billion of business could move into the private reinsurance sector.
Some reinsurance buyers admit that they are leveraging the intense competition in the market at the moment to seek better rates – especially when placing plain catastrophe business. But most add that they are keen to maintain good relationships with the bigger reinsurers because of the other lines of business they have close relationships on.