Reinsurance

Using reinsurance could reduce the burden of the National Flood Insurance Program on taxpayers, the head of the Reinsurance Association of America said.

The industry should “stay tuned” as the revised catastrophe model from Risk Management Solutions rolls out, the chief executive officer of RenaissanceRe told NU Online News Service, describing the model changes and potential market impacts as meaningful.

Losses from a magnitude 6.3 earthquake that struck Christchurch, New Zealand Feb. 21 (Feb. 22 local time) could total as much as $12 billion, according to one estimate cited in a note to clients from a JP Morgan Chase & Co. analyst.

Property and casualty carrier employment is at the lowest level in more than 20 years, according to data published by the U.S. Labor Department’s Bureau of Labor Statistics and compiled by the Insurance Information Institute.

Zurich Financial Services Group has named Thomas Huerlimann CEO of Global Corporate to take the place of Mario Vitale, who moved to Aspen Insurance Holdings.

RenaissanceRe completed the sale of its U.S. insurance businesses, while another Bermuda company, Aspen, is strengthening the leadership of its U.S. insurance operation.