Reinsurance

RMS appoints Michael Steel as global head of business development

International News       Mar 16, 2020

  London: RMS, the world’s leading catastrophe risk modeling company, announces the appointment of Michael Steel as global head of business development, joining the RMS Executive Committee.   Mike first joined RMS in 2016 to help drive innovations to solve the key risk management challenges faced by...

Alamelu Panel recommends reduction of tax rates from 40% to 25 % for Indian FRBs

Indian News       Mar 16, 2020

  Hyderabad: Even as global reinsurers are expanding their business, since they set up their operations two years ago in India, an high-level panel headed by TR Alamelu,member(Non-life), IRDAI, among other things, has recommended bringing down the tax rate of reinsurers those operating in India from...

Lloyd's of London to shut market for a day on Friday - CEO Lloyd's

Facts       Mar 12, 2020

  London: The 330-year old Lloyd’s of London market will shut its underwriting floors on Friday for a day in a test of emergency protocols related to the coronavirus, Chief Executive John Neal said on Thursday.   This would be the first time in its history that...

Hadi Riachi

Hadi Riachi to replace Satish Raju as Swiss Re's India CEO

Indian News       Mar 12, 2020

  Zurich:  Swiss Re, the second largest global reinsurance company, has appointed Hadi Riachi as CEO of its India branch, effective April 01.   Riachi succeeds G. Satish Raju,who would have completed two years soon as the  Swiss Re’s India head. Raju would leave the reinsurer  to...

Lawsuits against businesses over Coronavirus have begun. More to come?

International News       Mar 06, 2020

  The coronavirus has upended markets, disrupted supply chains and forced quarantines. It’s all fertile ground for lawsuits.   Hospitals, restaurants, day care centers, nursing homes and hotels may face claims that they didn’t take adequate steps to protect people. Shareholders can sue if companies fail to...

IRDAI asks insurers to design covers to pay for Caronavirus treatment

Indian News       Mar 04, 2020

  Hyderabad: In a first in the world,the insurance regulator IRDAI, on Wednesday, has asked the Indian insurers to design products covering the costs of treatment for Coronavirus(COVID 19) in the country.   Though, global deaths due to the coronavirus outbreak on Monday rose above 3,000 with...

France's Covea to acquier PartnerRe for $9 billion

International News       Mar 04, 2020

  BENGALURU/MILAN: Investment group Exor said on Tuesday it has entered a memorandum of understanding (MoU) to sell its 100% stake in Bermuda-based reinsurer PartnerRe to France’s Covea for $9 billion in cash.   Covéa has said that the acquisition of PartnerRe enables it to consolidate its...

Parametric insurance could offer hotels relief from Coronavirus cancellations

International News       Mar 03, 2020

  Organizers of events called off because of the coronavirus are likely to miss out on insurance payouts because typical policies do not cover epidemic outbreaks. Hotels hit by cancellations may fare better.   That is because a new type of insurance launched by Lloyd’s of London...

Lloyd’s launches new cryptocurrency wallet insurance solution for Coincover

International News       Mar 03, 2020

   London: Lloyd’s has launched a new insurance policy to protect cryptocurrency held in online wallets against theft or other malicious hacks.   The first of its kind liability policy, with flexible limits from as little as £1,000, was created by Lloyd’s syndicate Atrium in conjunction with...

Sergio P. Ermotti , CEO, UBS Group

UBS CEO Ermotti Sergio to succeed Walter Kielholz as Swiss Re Chairman

International News       Mar 03, 2020

  Zurich: Swiss Re’s Board of Directors will nominate Sergio P. Ermotti for election as a new, non-executive and independent member of the Board at the upcoming Annual General Meeting of shareholders (AGM) on 17 April 2020 for a one-year term of office.  In 2021 he...