Insured nat cat losses of around $22bn in H1 well below ten-year average

Insured nat cat losses of around $22bn in H1 well below ten-year average

Insured nat cat losses of around $22bn in H1 well below ten-year average

Insured losses from natural catastrophes totalled $22bn in the first half of 2017, according to Aon Benfield’s Impact Forecasting, with numbers matching Munich Re’s figure of $21.5bn. According to Aon Benfield, insured losses covered 42% of $53bn total economic losses in the first half of 2017. This is above the average of 32%. Most losses during the period were recorded…

Talanx to acquire Generali’s Colombian subsidiaries

Talanx to acquire Generali’s Colombian subsidiaries

Talanx to acquire Generali’s Colombian subsidiaries

Talanx is to enter the Colombian insurance market by acquiring Generali Colombia Seguros Generales SA and its subsidiary Generali Colombia Vida Compañia de Seguros SA. Talanx is acquiring more than 90% of the shares of the Generali majority shareholders in each company (91.3% of Generali Seguros and 93.3% of Generali Vida). The purchase price for the shares is around €30m.…

North Carolina’s captive growth generates $23m for state in 2016

North Carolina’s captive growth generates $23m for state in 2016

North Carolina’s captive growth generates $23m for state in 2016

North Carolina’s captive insurance programme has seen considerable growth in the past year in terms of the economic impact on the state, according to the North Carolina Department of Insurance. The department recently completed a study of the 2016 economic impact of its North Carolina captive insurance company programme on the state. It estimated the impact to be $23m in…

Weaker profits for Bermuda-based companies despite shift from reinsurance to insurance

Weaker profits for Bermuda-based companies despite shift from reinsurance to insurance

Weaker profits for Bermuda-based companies despite shift from reinsurance to insurance

Bermuda-based (re)insurers have seen results deteriorate recently and have found it hard to produce the level of return of ten years ago, despite a shift from reinsurance to insurance, according to a report from Fitch Ratings. Challenging conditions in the reinsurance market have seen Bermuda based companies looking more to insurance business for growth. The report examines the results of…

Insurance industry must get on top of connected risks to better deliver for clients

Insurance industry must get on top of connected risks to better deliver for clients

Insurance industry must get on top of connected risks to better deliver for clients

The insurance market is facing an existential threat from changing and connected risks and must rapidly change its approach in order to deliver relevant cover for risk managers before losing relevance, according to a high level meeting of industry executives. Speaking at the Lloyd’s of London Old Library, experts from the world of risk transfer warned that its inability to…

New president and CEO for Lockton

New president and CEO for Lockton

New president and CEO for Lockton

Ron Lockton is to expand his current role to become president and CEO of independent insurance broking firm Lockton, Inc. He has served as vice-chairman for the past two years as part of Lockton’s succession plan, according to chairman David Lockton. “Ron and I have worked together on a daily basis since he was appointed vice-chairman two years ago,” David…

IN THE SPOTLIGHT: Praveen Sharma, Marsh

IN THE SPOTLIGHT: Praveen Sharma, Marsh

IN THE SPOTLIGHT: Praveen Sharma, Marsh

International Programme News talks to Praveen Sharma, global leader – insurance regulatory & tax consulting practice, Marsh, about global programmes, compliance, local supervisors and ‘fit for purpose’ structures. In general terms, what do risk managers want or expect from their global programme? Risk managers of multinational companies are keen to ensure that the global insurance programmes are fit for purpose…

China promises more regulatory oversight following party conference

China promises more regulatory oversight following party conference

China promises more regulatory oversight following party conference

China is promising an era of greater regulatory supervision and macroprudential risk management following the National Financial Work Conference, a large event held every five years that concluded on Monday. The conference comes shortly before the 19th Party Congress, another event held every five years that is used by the ruling Communist Party as an opportunity to flex its political…

US to sign covered agreement with EU on insurance and reinsurance

US to sign covered agreement with EU on insurance and reinsurance

US to sign covered agreement with EU on insurance and reinsurance

The US Department of the Treasury and the Office of the US Trade Representative have announced their intention to sign the bilateral agreement between the US and the EU on Prudential Measures Regarding Insurance and Reinsurance. The move comes despite opposition to the agreement from the National Association of Insurance Commissioners, which called it an “imprudent leap of faith”, and…

Cayman adds 17 new captives in first half of 2017

Cayman adds 17 new captives in first half of 2017

Cayman adds 17 new captives in first half of 2017

The Cayman Islands added nine new insurer licences in the second quarter of 2017, according to statistics from the Cayman Islands Monetary Authority (CIMA). This brings the total number of insurer licences issued in 2017 to 17. The domicile issued 39 new insurer licences in 2016. As at 30 June 2017, there were a total of 836 insurance-related licensees under…

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