|U.S. life reinsurers increase aggregate amount ceded to reinsurers: A.M. Best|
|Life and annuity insurers in the United States have increased the amount of policies ceded to reinsurers by 83% since 2006, a survey by A.M. Best has found.|
The amount ceded is now $28 trillion, with reinsurance increasingly being used as a risk management tool, with capital management benefits as a secondary factor.
The report found that many life/annuity companies consider reinsurers as business partners, with half who responded to the survey saying the terms and conditions of the reinsurance contract were more important than price and security.
Ongoing consolidation in the U.S. life reinsurance segment has meant a more concentrated market, with the majority of the business spread between five companies.
The ratings agency believes there are significant barriers to entry of the U.S. life reinsurance markets, which leads to stability.
Insurers are increasingly using captives to aggregate and manage risks, especially when reinsurance is not “reasonably available”.
The report found U.S. life/annuity reinsurers cede most business to domestic reinsurers, with 30% going elsewhere for capital and tax efficiencies. Barbados housed 9.5% of ceded business in 2016, followed by Ireland (7.0%), and Bermuda (4.7%).
|Ironshore announces executive appointments in Bermuda|
|Ironshore has announced the appointment of Steve Horton as Chief Executive Officer at Iron-Starr, and Susan Pateras as Chief Operating Officer at Ironshore Bermuda.|
Both will continue in their new roles to report to Mitch Blaser, CEO of Ironshore Bermuda.
Mr. Horton will be responsible for all aspects of the company’s operations across its three core business lines, providing specialty excess insurance products, and will continue to serve as head of Iron-Excess, the company’s newly-announced initiative to expand into the London and U.S. markets.
Ms Pateras will be responsible for business development on behalf of all Bermuda profit centers and will remain head of Iron-Starr’s Healthcare practice.
“Steve and Susan bring a wealth of experience to their respective new roles and have a proven track record of contribution to the success of Ironshore,” said Mr. Blaser. “I am delighted to promote such talent internally.”
|Global Insurance run-off market exceeds $700 billion: PwC|
|PwC’s Global Insurance Run-off survey has found the value of the global non-life run-off market exceeds $700 billion.|
The survey has estimated that the size of North American non-life run-off market is $350 billion, and the rest of the world is $380 billion.
PwC predicts disposal of legacy business will continue to increase, driven by “further impetus from Solvency II in Europe, international insurers and reinsurers focusing increasingly on core underwriting and fulfilling a desire to gain either full legal or economic finality for their legacy liabilities through insurance business transfers or reinsurance arrangements”.
The survey found that run-off and legacy management is a priority for companies’ executive boards and anticipates Continental Europe to be the most active territory in terms of the number of deals, followed by the UK and the U.S.
Dan Schwarzmann, Head of Market Initiatives and Industries at PwC UK, said: “It is clear from our survey that the global run-off market remains extremely buoyant and there is growing recognition among insurers and reinsurers of the benefits of proactively managing legacy books.”
|Canopius strengthens U.S. management and professional lines team|
|Canopius has appointed William P. Kelly (Bill) as Senior Vice-President in the U.S. Management & Professional Lines team.|
The appointment of Mr. Kelly is part of the company’s plans to build a diverse profitable platform of U.S. management and professional lines, the release said.
Mr. Kelly brings with him 25 years’ experience in professional and management liability lines and has held various senior underwriting and management roles.
Most recently, he served as Senior VP at Argo Pro, managing the error and omissions underwriting team.
Laurie Banez, Head of U.S. Management & Professional Lines, said: “Bill is widely respected by brokers and clients and has a diverse background of management and professional lines experience.
“As we expand our offering in the U.S., we continue to focus on doing so in the right way and with the right people, so I am delighted to welcome Bill to the team and I look forward to adding more top talent and introducing new products and services throughout 2018.”
|IACP holding 2018 European Conference in Zurich|
|Insurance and reinsurance professionals will be gathering in Zurich on March 8-9 for the International Association of Claim Professionals (IACP) 2018 European Conference.|
The conference will include topics such as artificial intelligence, robotics and terrorism. In addition, James Kent (CEO, Willis Re) will be a key note speak at the event alongside Albert Benchimol (CEO, AXIS Capital). Other speakers include Dean Witherington (UK Head of Claims Performance, Zurich), Raghu Ramachdran (Head of Insurance Asset Channel, S&P), Dr Stefan Wiemer, (Swiss Seismological Service, Chair of Seismology and Director), Saad Mered, (Global Chief Claims Officer, Zurich), and John Pyall (Senior Claims Manager, Great Lakes).
To register for the IACP 2018 European Conference please visit iaclpro.org/event/iacp-2018-european-conference/ or via email to
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