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Senior executives at JLT Reinsurance (North America) believe a structure used in a recent deal that helped Citizens Property Insurance Company, Florida’s residual insurance company, transfer 31,000 policies to a new company and reduce its exposure by some $30 billion in the process could lead to similar deals in the future and opportunities for JLT Re as a result. 5 March 2013
News
Bermuda-based Endurance Specialty Holdings has announced that Jerome Faure will join the company on March 11 as CEO of global reinsurance. He will be responsible for Endurance’s North America, Bermuda and international reinsurance operations. Most recently, Faure was a partner in ILS Capital Management in Bermuda focused on insurance linked securities, industry loss warranties and collateralized reinsurance. Prior to that, he served as director and chief underwriting officer for Tokio Millennium Re. He started his career at Scor. 27 February 2013
News
Martin Sullivan, the deputy chairman of Willis Group Holdings and chairman and CEO of the Willis Global Solutions unit, will leave the firm in May 2013, after a transition, to pursue other interests. 20 February 2013
News
The insurance market in China has rapidly developed in terms of its sophistication and the calibre of personnel it attracts in the past 15 years meaning greater opportunities for international players that invest in establishing a foothold there. 14 February 2013
Alternative Risk Transfer
Last year saw the second highest level of catastrophe bond issuance on record signalling strong growth in the market, according to Willis Capital Markets & Advisory (WCMA). At year end, $5.9 billion of catastrophe bonds had been issued – a 37 percent increase over 2011, according to the unit’s latest Insurance-Linked Securities (ILS) market update. 6 February 2013
Alternative Risk Transfer
American International Group’s (AIG) rise to becoming one of the largest issuers of catastrophe bonds in the world is a significant indicator of how attitudes towards the use of insurance-linked securities (ILS) have changed in the insurance industry. 25 January 2013
Alternative Risk Transfer
Insurance-linked securities (ILS) do not pose a significant threat to traditional reinsurers, despite increasing competition within the market. 18 January 2013
Insurance
Insurers are increasingly seeking assistance in managing their investments, with many choosing to outsource their asset management function to third party specialists. 14 January 2013
Insurance
A combination of low insurance penetration and rapidly growing energy, infrastructure and healthcare sectors mean the region comprising of MENA holds many opportunities for insurers and reinsurers, as well as specialist brokers. 4 January 2013
News
The marine reinsurance market experienced substantial rate increases at the 2013 1/1 renewals, following a difficult year and several large losses. This is the view of two of the world’s largest reinsurance brokers in January 2013 renewals reports. 4 January 2013
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