Nine of the ten most expensive insured loss events globally happened in the US in 2012 while the high insurance penetration in North America meant that $65 billion, over half of the $119 billion in economic losses in the region, were covered by insurance.
Accountancy firm KPMG has expressed concerns over consultation papers released by the European Insurance and Occupational Pensions Authority (EIOPA) which the regular proposes should be adopted by national supervisors from January 1, 2014.
Global growth equity firm General Atlantic has bought a 30 per cent stake in Hyperion Insurance Group, the international intermediary. The deal values the company at an equity value of £250 million.
The latest delay to the implementation date of Solvency II, which many now not come into force until January 2016, represents welcome breathing space for many insurers and reinsurers yet to make firm decisions on how to deal with legacy business and run-off portfolios.
A combination of strong new issuance and the fact that few bonds mature this year mean the reinsurance industry should expect 2013 to be a bumper year for cat bond issuance.
The acceleration of new money from the capital markets flowing into the reinsurance industry is starting to concern some players worried it could hamper their own growth aspirations. That is the view of Willis Re’s most senior executives in a renewals report that also deta
Swiss Re has settled its dispute with Berkshire Hathaway over a life retrocession agreement which was concluded in 2010. The Swiss reinsurer has agreed to recapture certain treaties while Berkshire Hathaway will make a payment of $610 million to Swiss Re.
Argenta Syndicate Management, a subsidiary of Argenta Holdings, has appointed David Thompson to the new role of head of claims and reinsurance operations, following the company’s decision to combine both departments into a single division. He will report to Paul Hunt, underwriting director.
ProSight Specialty Underwriters, operating Syndicate 1110 at Lloyd’s, has appointed Dennis Huggins as technology underwriter. He takes up his position with immediate effect.
Aon Global Risk Consulting, the risk management consulting arm of Aon, has hired Giorgio Aprile as principal consultant in its Financial Institutions business unit. Aprile will focus on supporting financial services clients, predominantly banks, investment firms and insurers, in the development of their risk frameworks and governance, with a particular focus on operational risk.