|AIR Worldwide partners with RenaissanceRe for probabilistic model|
|AIR Worldwide has partnered with RenaissanceRe to further refine the industry’s first fully probabilistic model for extreme liability events.|
As part of the venture, AIR Worldwide is producing portfolio-specific casualty losses based on its exposure management application, Arium.
Arium has a scenario-based loss assessment framework that enables companies to systematically measure portfolio loss potential and exposures to simulated scenarios representing both emerging risks and forward-projected historical events.
Ian Branagan, Senior Vice-President and Group Chief Risk Officer at RenaissanceRe, said: “We’re pleased to work with AIR to advance our industry’s ability to better understand how to model and manage casualty and specialty risk.”
Dr. Jay Guin, Chief Research Officer, AIR Worldwide, said: “Collaborating with a global leader in risk management like RenaissanceRe is a great step forward in the development of our stochastic model.”
|Munich Re Canada appoints CFO|
|Munich Re has announced the appointment of Rebecca Rycroft as Senior Vice-President and Chief Financial Officer to Munich Re Canada (Life and Health).|
Ms. Rycroft has 18 years’ experience in international actuarial consulting and is a seasoned expert in the North American financial market.
She joins the company from Oliver Wyman, where she most recently held the position of Senior Principal.
Bernard Naumann, President and Chief Executive Officer of Munich Re, Canada (Life and Health), said: “Rebecca is well-known within the insurance sector for her energetic leadership, her actuarial expertise, and her commitment to deliver.
“Under her guidance, the role of Chief Financial Officer will play a greater part in helping our clients navigate the changing regulatory space and grow their business.”
|2018 outlook for UK life re/insurers stable: A.M. Best|
|In a recent report, A.M. Best has placed a stable outlook on the UK life insurance and reinsurance sector due to growth opportunities from defined contribution (DC) pensions and bulk annuity transactions.|
According to Reinsurance News, the ratings agency anticipates the DC pension savings market to grow rapidly and become a significant source of capital for UK life insurers and reinsurers due to the predominance of younger age groups.
However, the report said that the life insurance and reinsurance sector faces many challenges in its current environment.
Life insurers and reinsurers will have to carefully manage its exposure to illiquid assets, regulatory uncertainty, product innovation and the long-term prospects of digital and retail distribution.
What is more, the sector’s active product profile is considerably narrower due to the domination of pension-related products in the market, the demise of UK with-profit products and the diminished role of investment bonds.
Currently, A.M. Best estimates that around 85% of UK with-profits assets now reside either in Prudential or with the two largest closed fund consolidators, Phoenix Group and ReAssure.
|Sompo strengthens U.S. insurance business development team|
|Sompo International has appointed Jonathan Monks and Ben Tasse as Senior Vice-Presidents, Business Development, for its U.S. insurance platform.|
In their new positions, Mr. Monks and Mr. Tasse will be responsible for broker and agent relations and business development strategies.
Mr. Monks will focus on retail distribution partners and Mr. Tasse will focus on wholesale distribution partners.
Mr. Monks brings with him more than 20 years of experience in strategic relationship management and large account distribution, and joins the company from American International Group.
Mr. Tasse joins Sompo from AXIS Capital, where he most recently served as Vice-President, Professional Liability Underwriter and Manager within the Private Equity and Venture Capital Team.
Chris Sparro, Chief Executive Officer of U.S. Insurance, said: “With Jon and Ben assuming these new roles in our U.S. Insurance operation, we will be able to build on their experience and producer networks to further expand our presence in the markets we service.”
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