Ming Lee, the president and chief executive of catastrophe modelling firm AIR Worldwide has been named Honoree of the Year by The Chinese American Insurance Association (CAIA).
Towers Watson has appointed Andy Smith, a former underwriting director at RSA, has as a senior consultant in its underwriting consultancy operation. In his role at RSA, Smith held the position for the UK corporate business and, more recently, for its international division, covering Canada, Scandinavia, Ireland and Italy.
The British Insurance Brokers’ Association (BIBA) has made Steve White, head of Compliance and Training at BIBA, its new chief executive, with effect from May 1, 2013. He replaces Eric Galbraith. Graeme Trudgill, BIBA’s head of corporate affairs, will also be promoted to the main board of BIBA. “We have a very demanding board and a clear strategic direction. My first responsibility will be to articulate that to our members and stakeholders and then get on with the job of implementation,” said White.
Aon Risk Solutions has signed a unique co-insurance agreement with Berkshire Hathaway International Insurance that provides clients fast and efficient access to AA+ rated capacity for all eligible business placed by Aon Risk Solutions where the Lloyd’s market participates.
Florida state-backed insurer, Citizens is looking to repeat the success of its first cat bond issued in 2012, with a second bond issuance under Everglades Re this year.
Following last week’s sale of Canopius Holdings Bermuda Limited and its merger with Tower Group, Canopius Group Limited has renamed Omega Specialty Insurance Limited, its reinsurance platform in Bermuda, Canopius Reinsurance Limited.
The Asia-Pacific region will increasingly hold the biggest opportunities for global insurers and reinsurers, according to Munich Re, which has tried to quantify forecast insurance growth in the region in a new report. But it will remain vulnerable and underinsured against natural catastrophes.
After a quiet start to the year, two new catastrophe bonds are being marketed that should take 2013 issuance to around $1 billion. Sources say investor appetite for these deals remains strong thanks to poor returns elsewhere in the financial markets while cedants remain appreciative of the diversity they offer.
Germany insurer Allianz has revealed an extensive investment programme to boost its presence across Africa. It has hired five new senior executives in the continent since the start of 2013 and the company is targeting Sub-Saharan Africa in particular, where it anticipates strong growth.
Demand for transactional risk insurance grew by 41 per cent globally in 2012 as firms increasingly turned to the insurance market to protect large deals and cross-border acquisitions or sales.