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Re/insurers need to cooperate to realise benefits of Insurtech: Celent
2nd March 2017
Celent - a finance information technology consultancy firm - has highlighted how the insurance and reinsurance sector could benefit from cross-sector collaboration by leveraging the finance sectors' experience of cooperative development and applying R3 earnings to the re/insurance sector. R3 is a membership organization which facilitates exploration of distributed ledger technology ... Read the full article
CCR signs agreement with French state underlining reinsurer’s role
1st March 2017
Reinsurer Caisse Centrale de Reassurance (CCR) and the State of France have entered into a new agreement to redefine CCR’s primary state delegated roles, essentially clarifying the role of the reinsurer. The agreement was signed by the Minister of the Economy and Finance, Michel Sapin, and the senior executives of CCR, ... Read the full article
Arch Capital board member resigns due to potential conflict of interest
28th February 2017
Arch Capital Group Ltd., the Bermuda based insurance and reinsurance firm, has announced the resignation from its Board of CEO of The Guardian Life Insurance Company of America Deanna Mulligan. Mulligan has taken the step to resign from the Arch Board of Directors due to a "potential future conflict of interest" ... Read the full article
Hannover Re US announces executive changes as CFO retires
28th February 2017
The U.S. division of reinsurance giant Hannover Re, Hannover Life Reassurance Company of America (Hannover Re US), has announced that Chief Financial Officer (CFO) David Wheat is to retire later this year, and be replaced by Clint Thompson. Effective June 30th, 2017, Wheat will retire from his position as Executive Vice ... Read the full article
Buffet says Berkshire Hathaway is poised for a market turn
28th February 2017
In his annual letter to Berkshire Hathaway shareholders, the Sage of Omaha Warren Buffett explains that his insurance and reinsurance companies are ready to take advantage of a market turn or dislocation. Not only is Berkshire Hathaway ready to take advantage of any turn, due to its enormous cash piles, Buffett ... Read the full article
We’re not a market tracking reinsurer – Qatar Re
24th February 2017
In the challenging global reinsurance market differentiation is key and Qatar Re is pitching itself as a reinsurer that doesn't follow market norms. Qatar Re wants to be seen as different, as a reinsurer that is able to pick and choose its specialist opportunities in order to outperform the sector, and ... Read the full article
Poor year forecast for Lloyd’s of London underwriters
24th February 2017
As results for the last fiscal year roll in RBC Capital Markets equity analysts project a further year of dragging results for Lloyd's underwriting, after 2016 reports have continued to show declines in what's been a year on year deterioration. “The Lloyd's market posted a 98% combined ratio at 1H16, and ... Read the full article
“Inflection point” nears as reinsurers adapt to “softer for longer,” says S&P
22nd February 2017
2017 is expected to be an "inflection point" for the challenging U.S. property/casualty (P/C) sector as claims increase and pricing and reserves diminish further, causing reinsurers to adapt to the "softer for longer" environment, says Standard & Poor's (S&P). The international ratings agency recently provided an update on the U.S. insurance ... Read the full article
Suncorp looks to beat Fairfax to Tower in New Zealand
22nd February 2017
Australia and New Zealand based insurer Suncorp Group has made a counter-offer to acquire Tower Insurance of New Zealand, seeking to beat Prem Watsa's Fairfax to the deal. Prem Watsa's Fairfax Financial made an all cash offer at $1.17 per share, so valuing Tower at $197 million, which was a ... Read the full article
China launches first mutual insurer
21st February 2017
China’s first mutual insurer, Zhonghui Property Mutual Insurance, has opened recently in Beijing, with a working capital of $146 million to begin its operations. The mutual will offer credit insurance to small and medium-sized businesses and short-term health and personal accident insurance. It's the first to be launched out of three mutual ... Read the full article
Trump, Brexit, & regulatory risk changes & concerns: A.M. Best
17th February 2017
Reinsurers on either side of the Atlantic have been watching in trepidation as the global political agenda takes an increasingly protectionist stance, A.M. Best highlighted key concerns in a recent report, outlining how these changing regulations have impacted the insurance and reinsurance industry. The rating agency's analysts examined some of the ... Read the full article
AIG hopes to renew Swiss Re casualty quota share on better terms for 2018: Hancock
16th February 2017
Speaking at an insurance conference run by Bank of America Merrill Lynch this morning, Peter Hancock, the CEO of insurance giant AIG, said that he hopes the company will be able to renew its casualty quota share reinsurance arrangement with Swiss Re on better terms in 2018. AIG entered into a ... Read the full article
Bermuda’s captive market remains the largest
15th February 2017
The captive insurance and reinsurance market in Bermuda remains the largest in the world, with registrations in 2016 helping to keep the islands captive register stable during the year. A total of 776 captive insurers were registered on the island at the end of 2016, with 13 new captives registering over ... Read the full article
Palomar gets first successful rate filing with AIR U.S. flood model
15th February 2017
Specialty insurer Palomar has used AIR Worldwide’s U.S. probabilistic flood model to obtain a first-ever successful rate filing for flood. Palomar has become the first admitted firm to successfully offer a stand-alone residential flood insurance product in California, after its first-time launch of AIR’s flood model, Flood Guard. The programme was first released by ... Read the full article
Barbican boosts cyber team
14th February 2017
Barbican Insurance has appointed two new executives to head up its cyber division, naming Graeme King as new business group leader, and Richard Spotswood as underwriting manager. Both practitioners join Barbican’s Syndicate 1955 from Allianz, where King served as practice leader and underwriter for PI and cyber, and Spotswood acted as ... Read the full article