A new company has been launched that plans to offer capital providers in Central and Eastern Europe (CEE), the Middle East & North Africa (MENA) and countries that were formerly part of the Soviet Union (an area known as the Commonwealth of Independent States (CIS)) access to catastrophe retrocessional reinsurance business.
JLT Reinsurance Brokers (JLT Re) has appointed Charles Withers-Clarke as head of its Bermudian operation.
Ironshore – the Bermuda-based insurer – has appointed Joe Roberts as chief financial officer.
Catastrophe modelling firm AIR Worldwide estimates insured losses in Germany from the recent floods in central Europe will be between €4 billion and €5.8 billion. The overall economic impact is expected to be much higher. While the worst damage has already occurred, this flood event is ongoing.
Korean Re has appointed executive director Jong-Gyu Won as its new chief executive.
Insurers and reinsurers are unlikely to be badly hit by the recent floods to hit Central Europe, which could be the worst since 2002. But a number of lessons could be taken from the recent losses, according to AM Best.
Poor liquidity, under-pricing, under-reserving, and management and governance issues are among the main recurring issues that have caused, and still are causing, the failure of rated and unrated insurers, according to a report published by Standard & Poor's Ratings Services.
The proliferation of the use of sidecars by the reinsurance industry in recent years will almost certainly mean the end of batches of new start-ups forming on the back of market cycles. But some sidecars are also being formed for the wrong reasons.
While innovation and the ability to be responsive to clients’ needs are often highly valued qualities within a rapidly changing reinsurance industry, sheer size and financial strength are also qualities still considered critical by many buyers.
Swiss Re has revealed how it ‘stopped’ 23 business transactions going ahead last year because they failed to meet certain criteria around sustainability and corporate responsibility. A further 18 deals were temporarily halted until certain criteria could be met.