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RMS hires ex-McKinsey exec Pritula
14th February 2017
After a distinguished 35 year career with McKinsey, Mike Pritula will join international catastrophe risk modelling company RMS, as President. Pritula is set to begin his new role as RMS President from March 1st, 2017, and will set the vision for the company’s client service and market development. The appointment highlights RMS’s ... Read the full article
Major reinsurers pull back on China underwriting
8th February 2017
Three of the world's largest reinsurance firms have all pulled back on their China underwriting, as margins for the business become increasingly thin and local competition starts to influence the market. China has been seen as one of the big opportunities for reinsurance firms, a fast growing economy, significant industrial and ... Read the full article
Munich Re beats target for year, but misses consensus, combined ratio in Q4
7th February 2017
Global reinsurance giant Munich Re has achieved its full-year 2016 profit target, reporting a EUR 2.6 billion result, compared to its guidance of above EUR 2.3 billion, but for the fourth-quarter major catastrophe losses hit the firm and it missed target and the P&C reinsurance combined ratio was 101.9%. In the ... Read the full article
Trump’s economics mean volatility for Bermudian re/insurers: S&P
6th February 2017
Bermudian insurers and reinsurers could be facing a corrosion of their competitive advantage, rating agency Standard & Poor's (S&P) said recently in a report that examines how President Donald Trump’s economic policies could affect the island's business landscape. S&P analysts reported that while it’s too early to put a definite cap on ... Read the full article
Run-off market to double in 2017: DARAG
3rd February 2017
Run-off specialist DARAG has predicted legacy transactions will reach ground-breaking heights in 2017 as current market trends and pressures drive the sector’s rapid growth. DARAG Group Chief Executive Officer (CEO), Arndt Gossmann, called 2016 an “unprecedented year for run-off, both in number of transactions and volume,” and said this year will bring ... Read the full article
Challenging for Western EU reinsurers to deploy excess capital: A.M. Best
3rd February 2017
Insurers and reinsurers across Western Europe have been able to bolster their capital positions thanks to the abundance of efficient traditional and alternative reinsurance capital, but the ability to deploy excess capacity in an extremely competitive marketplace remains, according to A.M. Best. International financial services rating agency, A.M. Best, in a ... Read the full article
ACR completes acquisition of ACR Malaysia and ACR ReTakaful
2nd February 2017
Reinsurer ACR Capital Holdings today announced the completion of its acquisition of Asia Capital Reinsurance Malaysia and ACR ReTakaful Holdings. The acquisition will see ACR Malaysia and ACR ReTakaful, including operating entities ACR ReTakaful Berhad in Kuala Lumpur and ACR Re Takaful MEA B.S.C. in Bahrain, operate as wholly owned subsidiaries ... Read the full article
Hannover Re increases profit guidance for 2017 to €1bn+
2nd February 2017
Reinsurance giant Hannover Re has raised its profit guidance for 2017 from over €950 million to more than €1 billion ($1.1bn), after a strong round of treaty renewals at the key January 1st 2017 renewal season. The German domiciled reinsurer noted a continuation of the challenging operating landscape at the recent ... Read the full article
Re/insurers playing a potentially “dangerous” underwriting game: A.M. Best
1st February 2017
In a review of highlights from A.M. Best’s annual report for the U.S. property/casualty (P/C) insurance industry, the rating agency warned of insurance and reinsurance companies playing a potentially “dangerous game” of loosening up underwriting standards after seeing a spike in investment income. One of the major concerns of the current ... Read the full article
European re/insurers advised to focus on M&A consolidation: A.M. Best
31st January 2017
A.M. Best has named M&A activity as the main factor affecting Western European insurers and reinsurers credit ratings last year, and while this trend is expected to continue throughout 2017, the rating agency has recommended firms focus on consolidating gains. Despite tough market conditions of low investment yields and an increasingly ... Read the full article
Reinsurers seek new opportunities as value-chain blurs: S&P
31st January 2017
The value-chain within insurance and reinsurance is blurring, with companies reacting to the highly competitive market environment, new entrants from the InsurTech arena and third-party capital players, but reinsurers are seeking to benefit by securing new opportunities to source risk. Ratings agency Standard & Poor's (S&P) discussed the "blurry value chain" ... Read the full article
Aspen suggests unprofitable fourth-quarter
30th January 2017
Bermuda domiciled insurer and reinsurer Aspen Insurance Holdings Limited (Aspen) has provided an update on its fourth-quarter 2016 insurance and reinsurance segments, suggesting that the Group will report an unprofitable three months. Aspen today issued an update on its business operations in the fourth-quarter of last year, stating that overall, the Group expects ... Read the full article
Re/insurers exposure to higher claims inflation rising: UBS
23rd January 2017
Analysts at UBS have highlighted that the risk of insurers and reinsurers being exposed to higher claims inflation is on the rise, with companies focused on longer-tail business and those with lower reserve buffers being the most at risk. UBS explains that in an increasingly reflationary environment it could be that ... Read the full article
Cayman captive insurer registrations almost double in 2016
20th January 2017
Growth figures for captive insurance, reinsurance, life and annuity company formations in the Cayman Islands nearly doubled in 2016. The Cayman Islands insurance management industry has reported figures rising from 22 new formations in 2015 to 39 in 2016. Total premiums written for the sector were at $14.6 billion, up from U.S. ... Read the full article
InsurTech innovation key to re/insurers survival: Davos WEF 2017
19th January 2017
At the 2017 World Economic Forum in Davos the technological revolution and strategies for how to remain on the cutting-edge of the innovation race have been a focal point for industry experts across finance, insurance and reinsurance industries. John Cryan, Deutsche Bank CEO, named effectively using technology as the key to ... Read the full article