Reinsurance

Jon Hancock to quit Lloyd's

International News       Jan 15, 2020

  London: Today Lloyd’s announced that Jon Hancock has decided to step down as Performance Management Director(PMD) in 2020.Jon’s ground-breaking and market leading approach has reset the performance agenda, and in 2019 he also took the lead on Blueprint One as part of the Future at...

Zurich sees hardening rates, improving terms – first time since 2002

International News       Jan 14, 2020

  Zurich Insurance Group AG expects to have more power to increase commercial insurance rates than it has seen in almost two decades as a shortage of supply and high natural catastrophe payouts help reverse declining premiums.   “The last time this kind of market really existed...

Swiss Re launches first parametric earthquake Cat bond to hedge mortgage risks

International News       Jan 13, 2020

  New York: Swiss Re Capital Markets successfully closed the USD 225 million Series 2020-1 Principal At-Risk Variable Rate Notes transaction issued by Sierra Ltd. on behalf of Bayview's MSR Opportunity Fund ("Bayview"). This transaction is the first catastrophe bond issued under Rule 144A with a...

Iran apologises for plane crash, blames human error and 'US adventurism

International News       Jan 11, 2020

  Paris: The Ukrainian plane crash earlier this week was caused by human error and "U.S. adventurism", Iranian Foreign Minister Mohammad Javad Zarif said in a tweet on Saturday.   "A sad day. Preliminary conclusions of internal investigation by Armed Forces: Human error at time of crisis...

Cat bond issuance breaches historic $100bn milestone: Aon Securities data

International News       Jan 10, 2020

  Chicago: Aon Securities, the investment banking division of Aon plc  said catastrophe bond sector has surpassed USD100bn in cumulative issuance since its inception more than 20 years ago.   The sector, which began with the placement of a USD45m all-peril catastrophe bond in 1996, has since...

IRDAI penalises Malaysian brokers for cheating TATA-AIG in Rs 300 cr crop reinsurance deal

Indian News       Jan 09, 2020

  Hyderabad: Regulator IRDAI has completed its year-long investigation and pronounced its verdict about a Rs 300 crore fraudulent crop reinsurance deal in which TATA AIG General Insurance has dealth with multiple intermediaries including Unison Insurance Broker, an Indian composite insurance broker, Confiance, a Malaysian based ...

Re/insurers remain on alert as U.S.,Iran signal desire to avoid further conflict

International News       Jan 09, 2020

  WASHINGTON/London/BAGHDAD/DUBAI: President Donald Trump on Wednesday tempered days of angry rhetoric and suggested Iran was “standing down” after it fired missiles at U.S. forces in Iraq, as both sides looked to defuse a crisis over the U.S. killing of an Iranian general. Trump said the...

Markel appoints Anirudh Singh as chief underwriting officer in India

Indian News       Jan 09, 2020

  Mumbai: Markel International, the specialist insurer, has appointed Anirudh Singh as India chief underwriting officer effective from December 24, 2019, highlighting Markel’s commitment to growing its presence in Asia. Anirudh will work closely with Deepika Mathur, chief executive officer of Markel India, to manage and...

British regulator warns insurance industry to stamp out bad behavior – or else

International News       Jan 08, 2020

  London: Britain’s markets watchdog has told the bosses of commercial insurance companies to stamp out bad behavior in the industry and improve diversity, or risk losing their jobs.   The warning follows last year’s admission by Lloyd’s of London of sexual harassment and daytime drinking in...

Peak Re successfully places $ 77mn Lion Rock Re II Sidecar

International News       Jan 08, 2020

  Hong Kong: After completing groundbreaking placement of Lion Rock Re, Asia’s first reinsurance sidecar transaction in 2019, Hong Kong based Peak Reinsurance Company has announced that investors have supported Lion Rock Re II for 2020 with an increase in capacity for the coming period.   This...