Lack of ERM stalling Africa’s reinsurers’ growth potential

Lack of ERM stalling Africa’s reinsurers’ growth potential

Lack of ERM stalling Africa’s reinsurers’ growth potential

A lack of overarching risk management and accountability is driving AM Best’s assessment of African reinsurers, in which it found Sub Saharan African reinsurers continue to be challenged by a difficult operating environment, with competitive pressures on underwriting activities further exacerbated by economic and political concerns. In recent years, much of the region has faced high inflation, currency devaluation and…

Berger replaces Galvagni as Swiss Re Corporate Solutions CEO

Berger replaces Galvagni as Swiss Re Corporate Solutions CEO

Berger replaces Galvagni as Swiss Re Corporate Solutions CEO

Swiss Re Corporate Solutions’ CEO Agostino Galvagni has stepped down and will be replaced by Allianz Global Corporate & Specialty’s (AGCS) Andreas Berger. Mr Galvagni’s decision to step down at the end of this year will come as a blow to Swiss Re as it continues its push into the primary market. He has been at Swiss Re Corporate Solutions…

Challenging market for MENA reinsurance industry continues

Challenging market for MENA reinsurance industry continues

Challenging market for MENA reinsurance industry continues

Continuing pressure on pricing, overcapacity, and a higher-than-expected number of large losses in recent years has meant challenging market conditions for the Middle East and North African (MENA) reinsurance industry, according to a new report by AM Best. This competitive landscape has been particularly hard on regional reinsurers that lack the scale and diversification of their foreign counterparts, together with…

Aon boosts M&A expertise for infrastructure clients

Aon boosts M&A expertise for infrastructure clients

Aon boosts M&A expertise for infrastructure clients

Aon has named Charlie Garrood as head of infrastructure M&A for the EMEA region. Mr Garrood joins Aon from PwC where he worked in corporate finance, advising clients on M&A and debt financing. Aon said the appointment will expand and deepen its M&A and transaction solutions service for infrastructure clients. “Infrastructure investors face unique challenges when executing M&A processes in…

Richard Turner named as new IUMI president

Richard Turner named as new IUMI president

Richard Turner named as new IUMI president

Richard Turner has been formally appointed as the first British president of the International Union of Marine Insurance (IUMI). Mr Turner was on the executive committee of IUMI from 2011 to 2015 but, in a rare move, is now coming to the presidency from outside the executive group. He replaces Dieter Berg, of Munich Re, who was president for the…

Push to insure SMEs launches in Botswana

Push to insure SMEs launches in Botswana

Push to insure SMEs launches in Botswana

SMEs across Botswana are seeing rising theft, as well as damage to property and claims from staff. A spokesman for Botswana Insurance Company (BIC) said the top three claims from SMEs are headed by theft, and then followed by loss or damage of items and workers’ compensation. But he warned that many SMEs see insurance as an added expense that…

Rumours of insurers taking Nigerian regulator to court refuted by Naicom

Rumours of insurers taking Nigerian regulator to court refuted by Naicom

Rumours of insurers taking Nigerian regulator to court refuted by Naicom

Nigeria’s commissioner for insurance, Mohammed Kari, has denied rumours that insurance companies are taking the National Insurance Commission (NAICOM) to court over its plans for a three-tiered capital system. Instead, NAICOM said that investors and consumers of insurance products and services in the country are applauding the tier-based minimum solvency capital (TBMSC) policy introduced recently. Mr Kari stressed that the…

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