New proposed capital requirements under Solvency II will force re/insurers to both reassess their strategic priorities – potentially placing non-core business into run-off – while also selling discontinued books of businesses to specialist third parties.
Extremely competitive pricing is tempting yet more cedants to use the capital markets to offset their risks as the pipeline of cat bonds continues to grow.
Asia Capital Reinsurance Group (Asia Capital Re) has opened a branch office in the Dubai International Financial Centre (DIFC). It says strong economic growth in the Middle East combined with substantial investments in infrastructure in the region means many opportunities for reinsurers.
Better understanding and coping with new risks will be the biggest challenge for reinsurers going forward – but those that succeed will also experience the most growth. This change dynamic also means an opportunity for reinsurance brokers to add greater value to their clients.
Willis Group Holdings, through its subsidiary Willis Limited, has agreed to acquire PPH Limited and its subsidiary Prime Professions Limited, a UK-based professional indemnity insurance broker.
Hiscox Bermuda has expanded its US property-catastrophe team with the appointment of Bill Lazzaro as vice president – underwriting.
Brit Insurance has reached agreement with HCC to acquire the Criminal Justice Services Operations team from HCC International Insurance Company. The team, based in Scottsdale, Arizona, is led by Mike Davis, who joins Brit as vice president.
Willis Re Australia has reshuffled its leadership team. Michael Harden, the current chief executive, will become chairman while Cameron Green, its current chief operating officer, will take over as CEO.
PartnerRe has appointed Laurie Desmet to its executive management committee. She will serve as chief operations officer, group, with executive responsibility of PartnerRe’s operations support worldwide.
AXIS Capital Holdings has appointed Peter Wilson as its president of US Insurance. He will be responsible for the management of all of the company’s US insurance operations, including the professional lines and property/casualty divisions.