Reinsurance News
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Sagicor plans to establish Bermuda based reinsurer
29th December 2017
Financial services firm Sagicor plans to set up a Bermuda-domiciled reinsurer as a next step after the firm relocated its holding company from Barbados to Bermuda last year, according to an International Monetary Fund (IMF) report. The Barbados-based Sagicor Life is the largest operating entity of the Sagicor group and is ... Read the full article
Asia Pacific insurance outlook stable for 2018, set for growth: Moody’s
20th December 2017
Moody's outlook for the Asia Pacific insurance sector for 2018 is stable, with re/insurance growth led by China driving demand and steady economic momentum across the region as a whole. With insurance penetration rates in most Asian economies still low, long-term demand for life insurance will be driven by the region's ... Read the full article
Cayman Island gains $100 million from captive industry
13th December 2017
Cayman's captive insurance industry generated $100 million for the island's economy in 2016, according to an economic impact survey by the Insurance Managers Association of Cayman (IMAC). The Q3 results from the Cayman Islands Monetary Authority (CIMA) showed the insurance industry for Cayman have total premiums written at nearly $12.4 billion, ... Read the full article
Swiss Re’s ReAssure buying 1.1m Legal & General life policies for £650m
6th December 2017
ReAssure, the closed life book consolidator specialist unit of global reinsurance firm Swiss Re, is to acquire 1.1 million life insurance policies from Legal & General in a deal worth UK £650 million. The transaction strengthens ReAssure's position in the United Kingdon and the firm says it is consistent with its ... Read the full article
Hyperion gets $400m+ investment from Québec pensions
5th December 2017
International insurance group Hyperion, which counts broking divisions Howden and RKH, and underwriting division DUAL, at its core, has received an investment of over $400 million from pension funds in Québec managed by Caisse de dépôt et placement du Québec (CDPQ). CDPQ is a long-term, institutional investor with a liking for ... Read the full article
Global Atlantic to reinsure $9bn piece of The Hartford’s sale of Talcott Resolution
4th December 2017
Global Atlantic Financial Group said today that it will provide reinsurance to back a $9 billion portfolio of fixed annuities and other spread-based reserves following The Hartford’s sale of Talcott Resolution to a group of investors, which was announced today. Life insurance and reinsurance firm Global Atlantic said the deal ... Read the full article
Heritage approved for Narragansett Bay Insurance acquisition
27th November 2017
Heritage Insurance Holdings, Inc. said today that it has received regulatory approval to proceed with its acquisition of NBIC Holdings, Inc., the parent company of Narragansett Bay Insurance Company. Heritage announced its intention to acquire the parent of Narragansett Bay Insurance in August 2017, saying that it had offered $250 ... Read the full article
European insurance sector adapting to low interest rate environment: Moody’s
24th November 2017
Rating agency Moody's outlook for the European insurance sector is stable in light of improving economic growth, financial market stability and the willingness of industry participants to adapt their products. In a recent report discussing the European insurance sector in 2018, Moody's highlights s number of headwinds that will continue to ... Read the full article
Didier Belot promoted to Swiss Re Corporate Solutions Head of Southeast Asia
23rd November 2017
Swiss Re Corporate Solutions, a division of global reinsurer Swiss Re, has promoted Didier Belot from a post leading the Innovative Risk Solutions team in Asia Pacific to Head of Southeast Asia. Belot first joined Swiss Re in 2008 and has held roles across the U.S., China, and Europe. "Didier's experience in ... Read the full article
As re/insurers search for yield, risk to credit quality rises: Moody’s
22nd November 2017
Rating agency Moody's Investors Service has commented on regulator EIOPA's findings that insurers and reinsurers are searching for yield in their investment portfolios, but notes that this increases the risk to credit quality. A survey by the European Insurance and Occupational Pensions Authority (EIOPA) found that in recent years re/insurers have ... Read the full article
Reinsurance mergers & acquisitions (M&A)
21st November 2017
Reinsurance mergers & acquisitions (M&A) This listing of recent major mergers and acquisitions (M&A) deals in the insurance and reinsurance industry is based on core data on recent re/insurance M&A published by rating agency Standard & Poor's and augmented with our own data on M&A transactions. This re/insurance mergers and acquisitions (M&A) ... Read the full article
Cyber coverage to grow fastest in retail and manufacturing industries
17th November 2017
The cyber insurance market has been forecast to reach almost $17 billion by 2023, growing over 20% CAGR between 2017-2023, according to P&S Market Research Global. The Banking Financial Services and Insurance (BFSI) sector has been the largest consumer of cyber insurance, as these companies are more prone to cyber-attacks - ... Read the full article
U.S. life insurance sector outlook revised from negative to stable
17th November 2017
The U.S. life insurance sector outlook has been revised from negative to stable by Moody's Investors Service, reflecting the segment's strong capitalisation, equity markets and low asset defaults. After demonstrating resilience in the face of a low-interest rate environment, life insurers are expected to see revenue and capital improvement supported by ... Read the full article
Coverys appoints Keith Bryceland to Underwriter of Syndicate 1975
13th November 2017
Medical professional liability insurer Coverys has named Keith Bryceland as Active Underwriter of Coverys Syndicate 1975. Bryceland brings over 25 years of experience to the London-based Syndicate, specializing in underwriting global professional liability insurance and reinsurance. Bryceland most recently served as Senior Underwriter at Chubb Syndicate 2488, underwriting all classes of professional ... Read the full article
Restrictions for global players on the rise in EMEA markets: A.M. Best
3rd November 2017
The fallout of low oil prices, the Russian crisis of 2014 to 2017, the UK’s exit from the EU, and the Trump administration’s swing towards protectionism have all contributed to mounting economic & geopolitical pressures, impacting re/insurers by driving an anti-globalisation shift. A.M. Best highlighted the trend towards protectionist measures on ... Read the full article