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.”

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.”

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.

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.”

Global insured losses from disaster events reached $144 billion, the highest-ever recorded in a single year, with the majority of losses occurring from hurricanes Harvey, Irma and Maria (HIM).

With global economic losses at $337 billion and insured losses at $144 billion, the worldwide catastrophe protection gap was $193 billion for 2017.

The HIM hurricanes resulted in combined insured losses of $92 billion, making 2017 the second costliest North Atlantic hurricane season since 2005.

2017 was also a record year for wildfires, the study found, with wildfires across the globe resulting in combined insurance losses of $14 billion, the highest ever.

In terms of sigma criteria, 2017 saw 301 catastrophes worldwide, compared to 329 catastrophes in 2016.

More than 11,000 people lost their lives or went missing as a result of a disaster event, with millions left homeless in 2017, the report said.

From 2019, death and disability pensions and administration services will be covered by AXA, while responsibility for asset allocation and investment returns to policyholders will be with the Foundations.

The company said that ongoing low-interest rates and strong regulatory requirements in Switzerland have resulted in full-value insurance becoming increasingly lower value for money.

As part of the model transformation, AXA will transfer most of its ‎€26 billion ($32 billion) in-force general account reserves backing the pre-retirement savings benefits in its group life portfolio to the foundations.

Thomas Buberl, Chief Executive Officer of AXA, said: “This model transformation, initiated and managed by our local teams, is a further important step in our ongoing in-force management program, systematically reassessing customer needs and taking proactive actions, to create value for our customers and shareholders at the same time.”

The company will offer between $825 and $875 per share, net to the seller in cash, and the tender offer is expected to close May 7, 2018.

The “modified Dutch auction” self-tender offer will allow shareholders to indicate how many shares and at what price within the company’s specified range they wish to tender their shares.

Once the shares have been tendered and the prices specified by the tendering shareholders, White Mountains will determine the lowest price per share within the range that will enable it to purchase 500,000 shares.

The tender offer will not be conditioned upon any minimum number of shares being tendered but will be subject to certain conditions, as will be specified in the offer to purchase.

In his new role, Mr. Cooke will be responsible for establishing Neon’s name within the event cancellation market, an area previously written on an opportunistic basis, the company said.

He joins the company from Barents Re, where he most recently served as Head of Contingency, and he has held underwriting roles at ProSight Specialty Insurance and Chubb.

According to the release, Mr. Cooke’s appointment is in line with the company’s plans to refresh its proposition and portfolio offering.

Darren Lednor, Chief Underwriting Officer at Neon, said: “We have made strong progress in consolidating our existing portfolio and this has given us an excellent platform from which to expand into new lines.

“Neon is a dynamic business and we are committed to attracting fresh, experienced talent as we continue to grow.”

The researchers have cited a low likelihood of a significant El Niño as a primary factor, following a weak La Niña this past winter.

Currently, CSU has predicted 14 named storms, of which seven are expected to become hurricanes, and three to reach major hurricane strength.

The CSU Tropical Meteorology Project team anticipate that 2018 hurricane activity will be about 135% of the average season, compared to 2017’s hurricane activity which was about 245% of the average season.

The report also includes the probability of major hurricanes making landfall; 63% for the entire U.S. coastline, 39% for the U.S. East Coast, including Florida, 38% for the Gulf Coast and 52% for the Caribbean.

CSU has also predicted there will be 70 named storm days, 30 hurricane days and seven major hurricanes days.

According to the report, the high cost of acquisition and administration have affected underwriting performance, and while expense ratios remain at 40%, the trend is now broadly flat year-on-year.

Most London market insurers and reinsurers posted underwriting losses in 2017, with Lloyd’s reporting net catastrophe claims of £4.5 billion ($6.3 billion) in 2017.

The exceptions to the pattern were Beazley and Hiscox who reported combined ratios of under 100, due to the companies’ greater focus on non-catastrophe-exposed specialty lines of business.

Fitch believes that modernisation and cost-effectiveness should now become key priorities for London market insurers and reinsurers, the report said.

The multi-year agreement will allow XL Catlin access to Praedicat’s latency risk model and mass litigation scenarios, as well as its software on emerging risks called CoMeta, and Oortfolio, its portfolio modeling software.

Nancy Bewlay, Global Casualty Chief Underwriting Officer, said: “XL Catlin is committed to Insuretech innovation, to market leadership in data and analytics for underwriting, and to state-of-the-art enterprise risk management.”

“Working with Praedicat allows us to advance all three goals.”

David Brooks, XL Catlin’s Global Head of ERM, Man-Made Perils, said: “XL Catlin has developed a broad range of risk scenarios for property and casualty.

“The hardest area to build them and keep them realistic is in liability where new technologies are emerging, and the world is always changing. We were impressed with Praedicat’s science-based approach to the problem.”

Adrian Jones assumes the role of Head of Strategic Development for Asia and the Middle East, alongside his existing position as Senior Underwriter.

Leroy Almeida has been appointed Head of the Middle East Operation, a role which now incorporates marine and directors’ and officers’ product lines.

Simon Moon assumes the role of Head of Risk Underwriting and Carl Titterton, Head of Commercial Underwriting for the trade credit operation.

Nicola Marriage becomes Head of Political Risk, Damian Manning remains Head of Surety and Abhishek Chhajer continues to lead the trade credit operation in the Asia Pacific region.

Philip Amlot is appointed Head of Trade Credit and Political Risk, Americas and Arjan Van de Wall becomes Global Development Director.

Ewa Rose, Managing Director of the Division, said: “Since the launch of the business in 2010, we have expanded our geographic reach across the U.S., Canada, Singapore and Dubai in addition to the London presence and have added political risk and surety product lines to the trade credit operation.”

As part of the license, Lloyd’s managing agents can appoint coverholders and service companies, established in the CFC, to underwrite Moroccan and regional insurance and reinsurance business on their behalf.

The new office will be able to provide specialist risk solutions for a range of perils including marine, aviation and other Moroccan risks, and reinsurance of Moroccan risks and non-Moroccan risks.

Inga Beale, Lloyd’s Chief Executive Officer, said: “We are delighted to open our office in Morocco today as we believe that Africa is the next frontier for insurance.

“At Lloyd’s, we are determined to play a vital role in supporting economic growth and developing insurance markets in Africa.”

As part of the deal, LSM will insure a loan of $185 million from the IFC to Vietnam Commercial Joint Stock Bank (VIB) to support small-to-medium enterprises (SMEs), micro-SMEs, and affordable housing projects in Vietnam.

The IFC first announced its partnership with LSM in September 2017 as one of two insurers which will provide unfunded credit insurance for its Managed Co-Lending Portfolio Program (MCPP).

Under the terms of the agreement, LSM and IFC will approve the eligibility criteria for loans to be insured under the facility and IFC will originate, structure and administer the loans.

Peter Sprent, LSM’s Head of Global Financial Risks, said: “Economic development is a priority for Liberty Specialty Markets.

“Creating prosperity in the communities in which we do business around the world is one of our core values. Managed effectively, it can also generate positive returns for us.”

Ms. Blanc succeeds Gary Shaughnessy, who will step down as CEO EMEA and as a member of Zurich’s Executive Committee in the fourth quarter of 2018.

According to the release, Mr. Shaughnessy will continue to serve as a member of various European subsidiary boards.

Ms. Blanc joins the company from AXA UK & Ireland where she most recently served as Group Chief Executive.

Mario Greco, Group Chief Executive Officer, said: “Gary is a passionate, values-based leader who embodies Zurich’s focus on people and customers.”

“In Amanda, we have identified a high-impact proven people leader with deep experience and knowledge,” he added.

In his new role, Mr. Dugand will be responsible for overseeing TMK’s Asian business, including the Hong Kong, Singapore and China markets.

He first joined the company over 10 years ago as a Reinsurance Underwriter and most recently served as Regional Underwriting Director for TMK’s Asia division.

Charles Franks, Chief Executive Officer of TMK, said: “I am delighted to announce Alex’s promotion to the role of Regional Managing Director, Asia.

“Alex is an accomplished underwriter whose regional market expertise, skill in building profitable books of business and ability to foster collaboration between our Asia teams and international offices have been core drivers of growth for TMK.”

The program was carried out in conjunction with a group of 10 reinsurers, led by XL Catlin, Liberty Specialty Markets and Everest.

The EXIM reinsurance program is the largest public-private risk-sharing arrangement for a U.S. government credit agency.

According to the release the program was funded by the fees generated by the original commercial aircraft transactions and will not cost U.S. taxpayers additional funds.

Jeffrey Goettman, Executive Vice-President and Chief Operating Officer, said: “We are excited to announce this historic arrangement with the private sector that protects EXIM Bank and safeguards U.S. taxpayers’ interests without requiring additional funding.

“EXIM is committed to a path of financial innovation and risk-sharing with the private sector.”

Windstorm Burglind affected the British Isles and European continent on January 2 and 3, 2018, with the majority of losses occurring in France, Germany and Switzerland.

PERILS, which provides industry-wide insured loss estimates, said this compares to its initial estimate of €643 million ($789 million), which was issued on February 13.

A third loss estimate will be released on July 2, six months after the event and in line with the PERILS’ loss reporting schedule.

The SPA 6134 will be established by Argenta Syndicate Management (ASML), the managing agency subsidiary of Argenta, and will be managed alongside Syndicate 2121.

SPA 6134 will be sponsored and capitalized by Hannover Re and will be a quota share facility reinsuring business written by Syndicate 2121.

According to the report, the target gross written premium income for the SPA for 2018 is £36 million ($50 million) across various classes of business within the underwriting capability of the host syndicate.

Andrew Annandale, Chief Executive of Argenta, said: “SPA 6134 will provide ASML with greater flexibility to react to changing market conditions and allow Syndicate 2121 to take advantage of new opportunities following Argenta’s acquisition by Hannover Re and the very significant losses experienced by the market during 2017.”

The company has appointed Paul Witzenfeld to underwrite a book of global property facultative reinsurance business with a focus on targeting large scale risks.

Mr. Witzenfeld joins Castel Specialty from Pen Underwriting, where he most recently served as Head of North American Property.

He brings with him more than 20 years’ experience in underwriting in the Lloyd’s and London markets.

Mark Birrell, Chief Executive of Castel, said: “Paul has the underwriting experience and proven track record that our Specialty division was established to support.

“The continuing expansion of Castel Specialty is further evidence of the opportunities that are available for niche underwriters with the appetite and ability to build their own books of business.”

The new policy, Cyber Ctrl, has been developed to address the increasing demand for more comprehensive coverage and prevention services, the company said.

It gives businesses practical and financial support to combat the evolving cyber threat and customers are provided with an intelligence-based critical alert service revealing their cyber vulnerabilities.

As part of the service, policyholders also have access to consultancy about the European Union’s GDPR regulations, in collaboration with data protection firm Sytorus
Laila Khudairi, Head of Enterprise Risk, said: “Malicious cyber-attacks are becoming increasingly sophisticated and common and no business is immune.

“Pre-empting the damage that can be caused by hackers and ensuring clients have the financial and practical support needed to deal with an attack or a breach is critical.”

Moody’s anticipates that insurance will likely become a more widespread part of comprehensive risk adaptation strategies.

This will allow insurance and reinsurance companies to expand their operations by introducing new products, expanding existing ones, and by closing the protection gap.

Initially, this growth is likely to be mitigated by an accompanying decline in insurance demand from carbon-intensive industries, the report said.

However, Moody’s anticipates the aggregate demand for risk management products to increase alongside climate change.

Many of these new opportunities will be affected by the uncertainties associated with underwriting new technologies or products without significant loss histories.

Moody’s believes, however, that the advantages for insurers and reinsurers will be outweighed by the risks attached to climate change.

This compares to a third loss estimate of AUD 1,658 million ($1,271 million) for the storm, which occurred from 28 March 2017 into early April.

PERILS, the Zurich-based provider of industry-wide catastrophe insurance data, said Debbie was the first Australian catastrophe event for which there was a market loss footprint.

The data collected from insurance companies was available at a postcode level and by property line of business.

The data was also divided between losses classified as cyclone, and those which were from flood.

The office is headed by Rebecca Peña, and it follows regulatory approval from Mexico’s National Insurance and Bonding Commission.

Ms. Peña has 18 years’ experience, and she joined Ocean Re from Lockton Mexico, where she was Reinsurance Senior Vice-President.

Ocean Re Executive Director Carlos G. Chamorro said Mexico “represents another stage in our solid development in the insurance and reinsurance industry, and commits us to continue promoting and innovating, for the benefit of our customers and friends”.

The report said Ocean Re, which opened in 2006, also has a representative office in Panama, and is planning to open one on Colombia.

Originally B3i was established as a collaborative initiative of 15 global insurers and reinsurers who came together to explore and test the potential of blockchain in the industry.

B3i said the purpose of the new company is to provide insurance solutions on a blockchain platform that substantially improves efficiency across the value chain of the insurance and reinsurance industry – in some cases up to 30%.

The formation of B3i Services as an independent legal entity with its own capital and intellectual property means that the development, testing and commercialization of blockchain solutions can be streamlined.

Gerhard Lohmann, Chief Financial Officer of Reinsurance at Swiss Re and newly appointed Chairman of the company, said: “The transition of B3i from consortium to independent company is a concrete step forward to realizing the enormous potential of blockchain for the insurance industry.”

New Nordic Advisors, which is a subsidiary of the New Nordic Group, is a London-based investment management company.

According to the report, the joint initiatives are expected to commence imminently and plan to collaborate on product areas, including the provision of legacy, active business, and restructuring solutions.

Initially, DARAG’s protected cell company in Malta will act as the platform for the joint consolidation, but following the agreement, a new jointly owned cell will be established.

Stuart Davies, Executive Chairman of DARAG, said: “This strategic partnership is a milestone for our Group and further showcases our commitment to both consistent growth in our core markets and a creative and open approach to future partnerships and projects.”

The new office will underwrite a broad range of business segments including casualty, property, mining, energy, construction, power, marine, transport and logistics, healthcare liability and accident and health.

Anthony Prindiville will lead Casualty underwriting and he joins the company from Chubb Insurance Australia, where he most recently served as Global Distribution Manager.

Mr. Shepard first joined the Perth office in January 2018, and previously he served as Underwriting Manager for Property, Technical Lines and Energy at Chubb Insurance Australia.

Chris Colahan, President, Australasia, said: “Expanding our footprint into Western Australia will enhance our ability to build lasting relationships with brokers and customers throughout the country.”

Mr. Mullen re-joins the company from Aon Captive and Insurance Management, where he has served as CEO for the last seven years.

He succeeds David McManus, who will continue his role as President and Chief Executive Officer until July 1, 2019, where he will then transition to Chairman.

Mr. Mullen was a founding member of Artex in 1997 and will begin his new role once he has fulfilled his contractual obligations to Aon Captive and Insurance Management.

Mr. McManus said: “Succession planning is a core competency of our company. As our executive committee considered the future leadership of Artex, we immediately thought of Peter and the value we could create by reuniting the team that originally founded Artex.”

According to the report, specialty insurance groups in the energy and utility sectors have been exploring areas of profitable but conservative and controlled growth in cyber insurance.

A number of specialty insurers rated by A.M. Best have already partnered with industry leaders to develop cyber products, providing customized and energy industry-specific cyber security coverage ranging from $15 million to $50 million.

Cyberattacks have become a greater threat to the utility sector in the U.S., and a lack of adequate protection against cyber vulnerability can be attributed to the complexity of the power grid system, the report said.

“Currently, past and current trends continue to factor heavily in A.M. Best’s rating assessment of specialty insurers, as they pertain to reserves and capitalization.”

The ratings agency emphasizes that it considers prospective earnings and capital formation before considering upward rating movement for any insurer.

The new product provides employers with defense and indemnity liability coverage for violations of the Fair Labor Standards Act or similar state and federal laws that govern employee compensation.

The W&H insurance is designed for small to midsized U.S. companies within any industry and will be underwritten by the professional lines team in Bermuda.

Sherron Williams, Senior Underwriter at Argo Insurance, said: “Over the past few years, the industry has seen an increase in the number of wage and hour claims filed on behalf of U.S.
employees, particularly on a class or collective-action basis.

“Despite the increase in wage and hour claims, small to midsized businesses in the U.S. are largely underserved for W&H insurance.”

Mr. Lefebvre was a founding member of Hamilton Re and will remain in his current role until the end of March to facilitate an orderly transition.

Once he leaves Hamilton Re, Mr. Lefebvre has agreed to remain available to the company while completing his gardening leave, the release said.

Kathleen Reardon, Chief Executive Officer, said: “Claude’s role in founding and building Hamilton Re has been meaningful.

“He was instrumental in assisting us in building a market reputation for superior client service.

“Hamilton is grateful for Claude’s many contributions to Hamilton Re over the past six years and we wish him the best in his future endeavors.”

According to the release, GROW will utilize R3’s blockchain infrastructure for financial services, Corda.

Josh Wilson, Chief Executive Officer of GROW Super, said: “We are very excited to be able to partner with a company as prestigious in insurance as Hannover Re.

“Combining the scale, knowledge and brand of Hannover Re with our innovative technology and unique way of solving problems will deliver fantastic outcomes for customers.”

Gerd Obertopp, Managing Director of Hannover Life Re of Australasia, said: “There are so many inefficient processes and procedures in group insurance that can be overcome using the right technology.”