Sompo gets the go-ahead for Luxembourg EU springboard

Sompo gets the go-ahead for Luxembourg EU springboard

Sompo gets the go-ahead for Luxembourg EU springboard

Bermuda’s Sompo International has received the regulatory green light from the Ministry of Finance of Luxembourg to establish a new subsidiary, SI Insurance (Europe). SIIE, which will become operational later in 2018, provides the company with an underwriting platform to service its clients across the European Economic Area after Brexit. Takashi Kurumisawa has been appointed CEO of the new company.…

Reinsurer capacity up despite big cat losses in 2017

Reinsurer capacity up despite big cat losses in 2017

Reinsurer capacity up despite big cat losses in 2017

Reinsurers’ capacity proved resilient in 2017, despite heightened catastrophe-loss activity and stress on their underlying performance. Shareholders’ equity in 34 reinsurance companies tracked in the Willis Reinsurance Index was up 7.8% to $371bn at year-end 2017 in the face of a weighted combined ratio for the tracked reinsurers of 104.8%, up 10.4% from the previous year. Alternative capital also withstood…

Chubb leading “adequate” rate movement, says CEO Greenberg

Chubb leading “adequate” rate movement, says CEO Greenberg

Chubb leading “adequate” rate movement, says CEO Greenberg

Too few insurance companies are acting to improve rate adequacy, according to Evan Greenberg, CEO of Chubb. In his annual letter to shareholders, Mr Greenberg wrote that pricing should and is beginning to move, although not in all classes and not in all countries. “Rationally, it should move, but most companies don’t have our data, discipline or command and control.…

Improved results for Hong Kong-listed Chinese P&C insurers in 2017

Improved results for Hong Kong-listed Chinese P&C insurers in 2017

Improved results for Hong Kong-listed Chinese P&C insurers in 2017

The non-motor lines of Hong Kong-listed Chinese property and casualty (P&C) insurers sustained overall business growth and underwriting profitability in 2017, despite increased competition in their motor business, according to Moody’s Investors Service. “The non-motor business of P&C insurers will remain a crucial driver of premium growth,” said Kelvin Kwok, a Moody’s associate analyst. He added that in contrast, the…

Swiss Re creates new E&S business unit in North America

Swiss Re creates new E&S business unit in North America

Swiss Re creates new E&S business unit in North America

Swiss Re Corporate Solutions (CorSo) has announced the creation of a standalone Excess & Surplus (E&S) business unit in North America. In an email to brokers, Ivan Gonzalez, CEO of CorSo North America, said the unit will include Swiss Re Corporate Solutions’ traditional E&S property and E&S casualty groups, adding: “Our E&S group will be fortified with the addition of…

Lloyd’s inaugurates new office in Casablanca

Lloyd’s inaugurates new office in Casablanca

Lloyd’s inaugurates new office in Casablanca

Lloyd’s has opened a new office in Casablanca, the largest city in Morocco, to serve markets in north Africa. The office in Casablanca Finance City (CFC) was officially inaugurated with Salah El-Kadiri as its general representative. Lloyd’s CEO Inga Beale said: “We are delighted to open our office in Morocco today, as we believe that Africa is the next frontier…

Swiss Re to expand further into primary lead business

Swiss Re to expand further into primary lead business

Swiss Re to expand further into primary lead business

Swiss Re’s Corporate Solutions unit remains key to the reinsurer’s growth strategy, according to group CEO Christian Mumenthaler. He said the business unit, which posted a negative ROE of 32.2% and a 133.4% combined ratio for 2017, is well positioned to benefit from the expected market improvements. “The challenges Corporate Solutions faced in 2017 are being addressed to restore profitability.…

Continued growth in Bermuda (re)insurance registrations in 2018

Continued growth in Bermuda (re)insurance registrations in 2018

Continued growth in Bermuda (re)insurance registrations in 2018

The Bermuda Monetary Authority (BMA) has reported an increase in (re)insurance registrations in the first two months of 2018. Registrations for January and February this year total 11 (re)insurers, including three Class E long-term (life) commercial (re)insurers and one general business Class 4 general business commercial (re)insurer, together with one intermediary. This compares to five new (re)insurers (and no intermediaries)…

Liberty Mutual announces new JV partners in India

Liberty Mutual announces new JV partners in India

Liberty Mutual announces new JV partners in India

Liberty Mutual Insurance Group has signed Enam Securities and DP Jindal Group as the new promoters in its Indian insurance joint venture in place of its former promoter, Videocon Industries. The company has received the necessary regulatory approval for rebranding and will change its name to Liberty General Insurance. Enam Securities is a privately-owned and -managed firm that makes long-term…

CEO severance package change at Aspen fuels takeover talk

CEO severance package change at Aspen fuels takeover talk

CEO severance package change at Aspen fuels takeover talk

Shares in Bermuda (re)insurance group Aspen surged this week following news that severance payments made to senior executives in the event of a change of control have been modified. Speculation over Aspen’s future has grown considerably since the acquisition of Validus by AIG and then of XL Catlin by AXA. Takeover conjecture picked up last week when Aspen brought in…

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