Country: Pacific Islands Page 1 / 3
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- November 28 2024
Tower reports strong underwriting gains, COR falls to 79% amidst no major events
The New Zealand insurer's turnaround was primarily due to no large cats in the financial year, driving its NPAT to US$49m up from US$4m a year ago.
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- November 18 2024
PCRIC secures US$2.6m grant from Global Shield Solutions Platform
The funding from the climate change-focused multi-donor grant facility will be used to support product, development, research, education and eventually, scholarships.
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- November 7 2024
PCRIC, WTW renew Pacific islands reinsurance portfolio
The Pacific Islands captive has developed new policy designs with the support from WTW’s disaster risk finance and alternative risk transfer teams.
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- November 1 2024
Tower CEO Blair Turnbull to step down
Turnbull will leave the Kiwi carrier on February 12, 2025, following its annual shareholder meeting.
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- October 25 2024
Pacific rates drop 6% in Q3 driven by declines in finpro, cyber and property lines: Marsh
Finpro premiums was down 14%, while cyber cover saw a 11% disclose and property declined 6% as increased competition and capacity weighed on ratings.
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- October 24 2024
Lloyd’s launches disaster risk facility for Pacific island nations
The vehicle, developed with Aon and the UN, aims to be replicated throughout the Pacific region as well as Asia, the Caribbean and Africa.
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- October 24 2024
Marble Re’s underwriting profitability to remain stable: AM Best
AM Best has affirmed the captive reinsurer’s rating at A- (excellent) with a stable outlook, driven by its strong balance sheet and strong operating performance.
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- September 23 2024
Tower raises cat reinsurance excess for first two events to US$11.7m
An excess for a third event remained unchanged at US$12.5m, while the Kiwi P&C player has increased its upper cat limit to US$500m from US$468m for FY2025.
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- September 9 2024
Tower decides against stake sale after strategic review
The Bain-backed Kiwi insurer will not see any changes in its ownership structure as discussions with potential partners did not proceed to any formal proposal stage.
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- September 5 2024
Pacific islands cat pool PCRIC mulls expansion into private sector cover
The captive for the island nations is looking at extending parametric solutions to the underserved private sectors such as tourism, fisheries, and utilities, according to chief executive Aholotu Palu.
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- August 13 2024
New Caledonia unrest claims hit global (re)insurers
Allianz reported about US$284m exposure to the event, with its reinsurance arm also seing losses from the event, while Hannover Re and Scor saw EUR90m and EUR42m in claims, respectively.
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- August 12 2024
QBE elevates Ed Rainsford to chief risk officer, Australia Pacific
Sydney-based Rainsford, who has been with the carrier for almost a decade, joins from the QBE group risk and compliance team where he has been the group chief compliance officer since July 2022.
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- August 7 2024
QBE Australia Pacific elevates Declan Moore to chief governance and executive operations officer
Moore will oversee first line risk, customer remediation, marketing and customer insights, legal and executive operations for the regional business as Jonathan Groves succeeds him as CEO and managing director for New Zealand and Pacific.
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- July 26 2024
Marsh promotes Kane Sim to chief client officer for private equity and M&A, Pacific
In his previous role, Sydney-based Sim worked as the broker's head of transactional risk for the region.
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- July 8 2024
Pacific Islands captive PCRIC’s FY2023 net underwriting profit down 5%
Thanks to a World Bank grant support it recorded a US$1.4m surplus for the year. The company sold a total of eight policies while incurring zero claims.
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- July 4 2024
Exclusive: Carriers staring at US$1bn+ losses from New Caledonia civil unrest
QBE and Allianz’s estimated net exposure to the event have exceeded US$215m each from political violence in the French overseas territory near New Zealand, IAN understands.
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- July 3 2024
Pacific Islands captive PCRIC appoints Richard Poulter as chief risk officer
In his new role, Poulter will manage risk calculation in relation to insurance design, reinsurance and capital management and ensure PCIRC members meet each country’s objectives for financial protection against disaster risks.
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- May 29 2024
Tower swings back to profit in H1 2024 on absence of large nat cat
The Kiwi insurer's reported net profit after-tax totalled US$22.2m, reversing the US$3.1m net loss a year ago.
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- May 21 2024
Pacific Cat Risk Insurance, WTW tie up to offer subsea cable parametric cover
The policy will cover the state-owned telecom firm’s submarine fibre optic cable network in earthquake-prone Papua New Guinea.
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- March 6 2024
Marsh appoints Caitlin Carson as finpro corporate leader for Pacific
Carson has worked in various senior roles in Australia, including a 14-year stint at JLT Australia before it became part of Marsh in 2019.
