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Barclays closes £7 billion UK longevity transaction with Aon as lead advisor

16th December 2022

The Trustee of the Barclays Bank UK Retirement Fund has insured £7 billion of liability against longevity risk, with reinsurance provided by an insurance subsidiary of Prudential Financial Inc. Global professional services firm Aon acted as lead advisor on the transaction, while Allen & Overy provided legal counsel and Willkie Farr ... Read the full article

China’s yuan and the Japanese yen “most vulnerable to climate change” – Barclays

24th June 2022

China's yuan and the Japanese yen are the currencies most vulnerable to climate change, according to a new report by Barclays.  The bank looked at the effects of climate change on exchange rates, saying rising temperatures and associated economic costs could tank the value of the Chinese ... Read the full article

SCOR and Barclays settle dispute

14th June 2021

The dispute between global re/insurer SCOR and British multinational universal bank, Barclays, has reached an end as the pair settled their dispute before the High Court in London on mutually beneficial terms. SCOR was seeking to sue Barclays in London for breach of confidence when the bank advised the re/insurer's largest ... Read the full article

Uri could signal above-average cat loss year: Barclays

15th March 2021

Analysts at Barclays believe that the unprecedented level of losses caused by February’s Winter Storm Uri in the US could be “setting the stage” for another above-average catastrophe year for re/insurers. Current industry loss estimates put the cost of Uri in the $15 billion to $18 billion range, which Barclays notes ... Read the full article

Re/insurers’ Q4 results to show effects from COVID: Barclays

2nd February 2021

Analysts at Barclays predict the Q4 2020 results season will show continuing effects surrounding COVID-19 losses, pricing and dividends. Barclays expects the uncertainty around COVID-19 losses and dividends to start to decrease throughout 2021. Retail motor insurers are expected to see the more immediate earnings upgrades and could perform better in the ... Read the full article

RGA in £5bn longevity swap for Barclays pension scheme

14th December 2020

Reinsurance Group of America (RGA) has completed a £5 billion longevity swap transaction with the Trustee of the Barclays Bank UK Retirement Fund (UKRF). RGA and Barclays expect the deal to help protect the UKRF from the financial risk of an unexpected increase to life expectancy for current pensioners. “RGA is delighted ... Read the full article

Outlook positive for reinsurance top-line and pricing: Barclays

12th June 2020

Analysts at Barclays expect reinsurers to enjoy the best overall top-line outlook in the European insurance market, with decent rate momentum and growth in demand also set to benefit the sector. The firm noted that the P&C re/insurance market came into 2020 in a strong position, with an estimated combined capital ... Read the full article

Barclays names Gautam Chawla as Vice Chairman for FIG Banking

8th June 2020

Barclays has announced the appointment of Gautam Chawla as Vice Chairman, Financial Institutions Group (FIG) Banking. He joins Barclays with more than 28 years of experience in banking, most recently as Co-Head of Global Insurance & Co-Head of North American FIG at Citigroup, where he started his career. Chawla has led the ... Read the full article

Typhoons to boost Japanese reinsurance rates, but not market-wide: Barclays

17th October 2019

The substantial industry losses stemming from Japanese typhoons in 2019 will provide a boost to affected regional lines, but are unlikely to trigger a sharp recovery in wider property and casualty (P&C) reinsurance prices, according to analysts at Barclays. With insured losses from Typhoons Faxai and Hagibis now pegged at between ... Read the full article

Reinsurance pricing thought to have increased 2-3% across lines at July renewals: Barclays

17th July 2019

Analysts at Barclays have reported evidence of reinsurance price hardening across geographies and lines of business at the recent July renewals, with rate increases likely to have averaged around 2-3%. The strongest pricing response is expected in loss-affected areas of the U.S and Asia, as well as in lines that saw ... Read the full article

SCOR sues Barclays, demands access to Covéa acquisition docs

25th February 2019

French reinsurer SCOR has gone through with it’s plans to prosecute Barclays, who acted as the financial advisor and financing bank to Covéa during its failed attempt to acquire SCOR in 2018, according to reports from the Financial Times. SCOR previously announced that it intended to sue Covéa and its ... Read the full article

Hardening rates expected as industry losses exceed 20 year average: Barclays

24th December 2018

Reinsurers look set to shoulder another quarter of “extraordinary” natural catastrophe losses following increases in industry estimates for the California wildfires and hurricane Michael, leading to hardening rates in 2019, according to analysts at Barclays. They expect a 1-3% increase for large players and believe this year’s industry losses may reach ... Read the full article

European reinsurance pricing to continue improving through 2019: Barclays

18th December 2018

Reinsurance prices in the European market should continue to gradually improve throughout 2019 as demand goes up and capacity becomes more constrained, according to analysts at multinational investment bank Barclays. Barclays estimates that the reinsurance industry is set to incur around $70 billion in large loss claims this year, which is ... Read the full article

EY hires Barclays Deputy Head of Insurance as a Director

5th September 2017

Dan Broome has joined EY from Barclays Bank as a Director to support the development of an additional insurance sector offering as part of its Financial Services Debt Advisory division. EY launched its Financial Services Debt Advisory team in September 2015, which now consists of seven people, and the appointment of ... Read the full article

Skyward Speciality announces pricing of upsized IPO

16th January 2023

Skyward Specialty, a P&C insurance holding company part of Westaim Corporation, has priced its upsized initial public offering (IPO) of 8,952,383 shares of its common stock at a price of $15.00 per share, generating proceeds of around $134 million. This includes 4,750,000 common shares being offered by Skyward Specialty and 4,202,383 ... Read the full article