Daily Willis Review – January 5, 2018

Natural catastrophes make 2017 the year of highest insured losses ever: Munich Re
According to Munich Re, total insured losses for 2017 from global natural catastrophe events are expected to come to $135 billion, the highest ever recorded.

Including uninsured losses, the overall loss from hurricanes Harvey, Irma and Maria and the earthquake in Mexico, including other natural catastrophes, amounted to $330 billion, the second highest figure ever recorded.

The loss figure of $330 billion was almost double the ten-year inflation-adjusted average of $170 billion, for all types of natural disaster.

Insured losses were almost three times higher than the average of $49 billion and Munich Re identified a total of 710 natural catastrophes, significantly more that the average 605 per year.

Torsten Jeworrek, Munich Re Board member responsible for global reinsurance business, said: “This year’s extreme natural catastrophes show how important insurance is in absorbing financial losses in the wake of such disasters.

“Munich Re is willing to develop this business further – we have the necessary capacity and expertise.”

PartnerRe strengthens property and casualty and specialty lines
PartnerRe has named Charles Goldie as Head of Property & Casualty following the retirement of Tad Walker.

Mr. Goldie’s previous role as CEO of Specialty Lines will be covered by PartnerRe CEO Emmanuel Clarke, assisted by Greg Haft as Deputy CEO specialty lines.

Mr. Haft will lead within Specialty Lines, a newly formed unit of Specialty Property, Marine and Energy and previously served as Head of Global Catastrophe and Property, North America.

Mr. Clarke said: “In both cases, I am very pleased that we have been able to draw on the strength of our internal talent to fill these important positions and to provide meaningful opportunities for growth for our leaders.”

SCOR completes acquisition of MutRé
Frensh reinsurer, SCOR, has announced it has successfully completed the increase of its stake in mutual reinsurer MutRé to 100%.

The company said that the transaction will have an accretive impact on SCOR’s return-on-equity (ROE) and earnings per share, adding it is in line with the strategic plan “Vision in Action” and its profitability and solvency targets.

The acquisition of MutRé will also provide SCOR with the ability to strengthen its life and health reinsurance offering to the French mutual insurance industry, SCOR has been a major technical and commercial partner of MutRé since the company was created in 1998.

The acquisition fully respects SCOR’s close historical relationships with its mutual insurance partners, the company said.

XL Group appoints Chief Enterprise Risk Officer
XL Group has appointed Jacob Rosengarten, Group Chief Enterprise Risk Officer has retired and has appointed Fielding Norton as his successor.

Mr. Rosengarten first joined the company in 2008 and will continue with XL Group on a part-time basis, working as an advisor to Stephen Robb, XL’s Chief Financial Officer.

Mr. Norton most recently served as Deputy Chief Enterprise Risk Officer and prior to joining XL served as Chief Risk Officer for Ironshore.

Mike McGavick, Chief Executive Officer of XL, said: “On behalf of our Leadership Team and our Board of Directors, I’d like to thank Jacob for his many contributions to XL and for his role in establishing and growing our enterprise risk management processes and for establishing XL as a thought leader in this space.

“It is very gratifying that our deep bench strength allows us to fill this critical role from within.

Fielding is a widely respected ERM leader with broad and deep experience across the spectrum of existing and emerging risks facing a company such as ours, with its broad global reach.”