News relating to the Bermuda and international insurance and reinsurance industry.
Uncertainty and partisanship over the likely form of a renewed TRIA is creating considerable ambiguity, leaving insurers to wrestle with contract wordings and rates in an evolving terrorism market.
Argo has appointed Kurt Alia as senior vice president and chief human resources officer. Alia will report to Argo CEO, Mark Watson.
2013 airline aviation claims for global lead hull and liability outstripped premiums and the loss of Malaysian Airlines flight MH370 has done little to change a softening market.
PCS’s latest review of the North American catastrophe season found that the market suffered $2.2 billion of losses during Q1, slightly below the quarterly average of $2.5 billion.
Endurance has said that Aspen’s rejection of its $3.2 billion offer for the company denies its shareholders an “opportunity to realise value”, adding that Aspen faces “limitations” if it continues to pursue its current go-it-alone strategy.
ACE launches a global cyber risk practice, to be headed by Toby Merrill as division senior vice president, as studies show the significance of the cyber threat.
Torsten Jeworrek, CEO of reinsurance at Munich Re has endorsed RMS’s new modelling platform RMS (one), stating that the re/insurer has chosen the system as its core platform for exposure management.
Reinsurer capital has reached a record high of $540 billion, according to the latest report by Aon Benfield, providing some indication of the competitive dynamics facing the sector.
Bermuda-based PartnerRe has established a strategic partnership with Chedid Re, one of the largest reinsurance brokers in the MENA region, to provide PI and D&O capacity in the region.
Willis has appointed David Spear, as vice president, senior health care in Bermuda; and Rui Huang and Quentin Perrot as senior vice president and vice president within its growing capital markets division.