Morning Briefing: Life insurers to face headwinds in 2017 says Fitch

Life insurers to face headwinds in 2017 says Fitch… North America president promoted to global deputy CEO at Willis Re… Workers comp firm Employers expands into four more states…

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Life insurers to face headwinds in 2017 says Fitch
Fitch is warning that the US life insurance industry faces macroeconomic challenges and uncertainty in 2017.

"Key macroeconomic challenges expected to impact U.S. life insurers in 2017 include sustained low interest rates, financial market volatility, and weakening conditions in the credit markets," said Douglas Meyer, Managing Director, Fitch Ratings.

The industry is currently rated as stable due to strong balance sheet fundamentals, very strong liquidity, disciplined asset-liability matching, and operating performance that remain generally in line with rating expectations.

Although the agency expects a slight rise in interest rates during 2017 its outlook report says that sustained low interest rates may mean a revision of its stable outlook for the industry to negative.
 
North America president promoted to global deputy CEO at Willis Re
Willis Re has named North America president James Kent as its global deputy CEO.

Kent is promoted from his role as co-president of Willis Re and will retain his leadership role in North America alongside his global responsibilities. He will work alongside North American CEO Jim Bradshaw, global CEO John Cavanagh and global chairman Paddy Jago.

“I will maintain my very strong ties and working relationships within North America, but having been part of the Willis Re global leadership team now for the past six years, my new role will enable me to further the already close relationships with my International and Specialty colleagues as we continue to build our client-focused business as part of Willis Towers Watson,” Kent commented.

Kent joined the reinsurer in 2004 as executive vice-president of its Bermuda operation and moved to New York as president for North America in 2010.
 
Workers comp firm Employers expands into four more states
Small business insurer and workers’ compensation firm Employers has expanded its footprint by four states.

The firm is now underwriting workers’ compensation insurance in Connecticut, Massachusetts, Nebraska and New York; bringing its total reach to 36 states plus DC.

“Today is a milestone and a significant step forward in our strategy to underwrite workers’ compensation insurance in the majority of the continental United States,” enthused the firm’s CEO Douglas Dirks.

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