Captive appointment by Willis Towers Watson Management (Bermuda)

Captive appointment by Willis Towers Watson Management (Bermuda)

Captive appointment by Willis Towers Watson Management (Bermuda)

Willis Towers Watson Management (Bermuda) has appointed Steve Arrowsmith as executive vice-president and head of client services, according to Bermuda’s Royal Gazette. Paul Bailie, head of Willis Towers Watson’s Bermuda captive practice, said: “Steve brings a wealth of experience that will enable us to further enhance our client service offerings and drive innovative risk finance solutions to help clients meet…

Underwriting gain for US property/casualty insurers after 2017 loss

Underwriting gain for US property/casualty insurers after 2017 loss

Underwriting gain for US property/casualty insurers after 2017 loss

US property and casualty (P&C) insurers saw a sharp turnaround in fortunes in the first nine months of 2018, turning a $21bn net underwriting loss into a $4.7bn net underwriting gain. According to ISO, a Verisk business, and the American Property Casualty Insurance Association (APCI), private US P&C insurers reported a $4.7bn net underwriting gain for the first nine months…

IAIS recovery planning paper ‘highly and unnecessarily prescriptive’, says GFIA

IAIS recovery planning paper ‘highly and unnecessarily prescriptive’, says GFIA

IAIS recovery planning paper ‘highly and unnecessarily prescriptive’, says GFIA

The Global Federation of Insurance Associations (GFIA) has warned that the International Association of Insurance Supervisors’ (IAIS) paper on insurers’ recovery planning is overly prescriptive. GFIA said the significant costs insurers face when developing recovery plans, as well as the existence of other risk management tools, mean that insurance supervisors must have the flexibility to tailor rules, and therefore welcomed…

Zurich North America appoints new head of group captives

Zurich North America appoints new head of group captives

Zurich North America appoints new head of group captives

Zurich has appointed Jason Meador as head of group captives in alternative markets for Zurich North America, effective 1 January 2019. He will be responsible for the operational management of Zurich’s group captives business, including member-owned, agency and fronted captives, and ensuring strong relationships with captive consultants and captives boards. He will continue to report directly to David Putz, head…

Focus on US not emerging markets, LMA chair tells Lloyd’s

Focus on US not emerging markets, LMA chair tells Lloyd’s

Focus on US not emerging markets, LMA chair tells Lloyd’s

Lloyd’s should focus on the US rather than emerging economies, according to Andrew Brooks, the incoming chair of the Lloyd’s Market Association, reported in the Financial Times. Mr Brook told the Financial Times that Lloyd’s should be making bigger efforts in the US: “By focusing on those developing countries so heavily, we’ve lost traction in our key market of North…

High nat cat frequency delivers third-highest insured loss in eight years: Willis Re

High nat cat frequency delivers third-highest insured loss in eight years: Willis Re

High nat cat frequency delivers third-highest insured loss in eight years: Willis Re

A large number of midsized natural catastrophes drove 2018 insurance losses to $71.5bn, the third highest in the past eight years and above the annual average of $65.5bn since 2011, said Willis Re in its annual nat cat review. Willis Re said 2018 was “unusual” because a series of smaller catastrophes, rather than one large event, pushed the insured total…

Vermont to explore blockchain technology for captive recordkeeping

Vermont to explore blockchain technology for captive recordkeeping

Vermont to explore blockchain technology for captive recordkeeping

Vermont is to explore emerging blockchain technology and its use in the digital recordkeeping practices of the captive insurance industry. Secretary of State Jim Condos and Department of Financial Regulation commissioner Michael Pieciak recently signed a memorandum of understanding outlining their collaborative efforts to explore blockchain technology. The Secretary of State’s Office and the Department of Financial Regulation jointly issued…

UAE insurance industry continues to suffer from poor cash collection

UAE insurance industry continues to suffer from poor cash collection

UAE insurance industry continues to suffer from poor cash collection

Cash collection remains a problem for insurers in the United Arab Emirates (UAE), according to AM Best. It said the cause was a lack of a market-wide, regulatory-enforced mechanism to reconcile subrogation accounts between parties. Best said that while average insurance debtor days for listed UAE-national insurers has showed an improving trend, they were well above the average for the…

US commercial lines rates rise in fourth quarter, but fall again in workers’ comp

US commercial lines rates rise in fourth quarter, but fall again in workers’ comp

US commercial lines rates rise in fourth quarter, but fall again in workers’ comp

Premium rates for the fourth quarter of 2018 in the US saw increases across nearly all major commercial lines compared to the third quarter, according to the IVANS Index. Workers’ compensation, however, saw average premium renewal rate change decrease further. Commercial auto, general liability, commercial property and umbrella all experienced the greatest premium renewal rate change in the fourth quarter.…

Reinsurance capital falls but supply continues to outstrip demand, says Aon

Reinsurance capital falls but supply continues to outstrip demand, says Aon

Reinsurance capital falls but supply continues to outstrip demand, says Aon

Global reinsurer capital fell by 2% in the first nine months of 2018 according to Aon, but alternative capital is playing a greater role. Traditional capital fell by $20bn to $496bn (-4%), while alternative capital rose by $10bn to $99bn (+11%). Aon estimates that global reinsurer capital stood at $595bn at 30 September 2018, down 2% relative to the end…

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