XL Group’s shareholders have approved the company’s plans to become a Bermudian company. The international insurer and reinsurer, which operates under the XL Catlin brand, plans to complete its redomestication to the island from Ireland within the next three months, according to a Reuters report. Mike McGavick, XL’s chief executive...
Shares in London-listed insurance firms have taken been hit as analysts try to judge the damage that Brexit could inflict on their customer base and investment portfolios. Insurance firms, while suffering less than the British banks in the aftermath of the referendum, are exposed to the global financial markets through their investments...
The International Monetary Fund recently advised restructure within Germany’s banks and insurance groups, warning that soft interest rates would pose a threat to the profitability of the country’s financial sector worth EUR3 trillion. The fund’s warning of “multiple challenges” to the sector, spelt out in its annual review of the...
Swiss Re Capital Markets has successfully structured and placed the issuance of USD75 million of insurance-linked securities by First Coast Re Ltd. on behalf of Swiss Reinsurance Americas Corporation which acted as transforming entity for Security First Insurance Company. The transaction is Security First Insurance’s debut catastrophe bond and covers...
Martin Senn, the CEO of Zurich Insurance Group until December 2015, committed suicide on recently. The 59-year-old was found dead from a gun shot wound at his vacation home, according to local news sources. He is the second high-ranking executive with ties to the Swiss insurance conglomerate to kill himself...
Arthur J. Gallagher has partnered with independent specialist Cardinus Risk Management to offer its commercial property and property investor clients a cost-effective nationwide service that will help eradicate the risk of underinsurance and its far-reaching consequences. With figures revealing that almost 80 percent of commercial properties in the UK could...
Munich Re, one of the world’s largest reinsurers, has partnered with PrecisionHawk, a global, drone data platform, to enhance insurance assessments worldwide by providing faster response times and increased reporting accuracy in the aftermath of a natural disaster. The partnership was recently exercised following the April earthquake in Ecuador, where...
RIMS has advised the risk management community to review and prepare for new rules regarding electronic recordkeeping of workplace injuries. The new rules, released by the Occupational Health and Safety Administration (OSHA), will take effect August 2016. In 2014, RIMS issued an official comment letter on proposed OSHA rules regarding...
Ratings agency Standard & Poor’s (S&P) has discussed the uncertainty with catastrophe risk modelling and the impact this can have on insurance and reinsurance ratings, underlining the need for companies to take any uncertainties into account. “Catastrophe modeling is a complex process that is influenced by numerous estimates, assumptions, and...
The World Bank recently said it was launching a USD500 million, fast-disbursing insurance fund to combat deadly pandemics in poor countries, creating the world’s first insurance market for pandemic risk. Japan has committed the first USD50 million towards the facility, which will combine funding from reinsurance markets with the proceeds...
