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CEO Hancock resigns from AIG, citing lack of support
9th March 2017
American International Group's President and Chief Executive Officer Peter Hancock has handed in his resignation, citing a lack of support for his tenure. Following difficult times at AIG, which has seen the company downsizing and seeking to get activist shareholders on-board with Hancock's strategy, it appears he's had enough and ... Read the full article
Hannover Re focuses on profits not premium
9th March 2017
Reporting its results this morning, global reinsurance firm Hannover Re stressed that it is targeting profitability, not simply accumulating premiums, in the still challenging and soft reinsurance market environment. Hannover Re reported its fifth consecutive record result this morning, with net income across the reinsurer rising by 1.8% to EUR 1.17 ... Read the full article
Regulatory equivalence, new trade deal are key Brexit concerns: LMG
9th March 2017
The London Market Group (LMG), an independent UK and London insurance and reinsurance market lobby group, has called for the UK government to assure regulatory equivalence is maintained after Brexit and that a new trade deal is secured with the EU. The LMG has published a report full of recommendations for ... Read the full article
Profits fall further for U.S. reinsurers in 2016: RAA
8th March 2017
Data and Analysis on the performance of 18 U.S. reinsurers in 2016, by the Reinsurance Association of America (RAA), reveals that profit margins declined further in the year as combined ratios surpassed or weakened closer to 100%, despite writing more business. The analysis explores the performance of a group of 18 ... Read the full article
Technology and getting closer to the risk key for Munich Re: Doris Höpke
8th March 2017
Doris Höpke, Munich Re’s Management Board member responsible for Special and Financial Risks, discussed notable trends in the reinsurance space, as well as strategies for negotiating the fast-changing market, in a recent interview with Reinsurancene.ws. Höpke discussed the rise of insurtech, reinsurers increasingly moving closer to direct and primary sources of risk, ... Read the full article
Bermudian market underwriting takes a hit, but profits remain steady: Fitch
6th March 2017
The underwriting results of Bermuda re/insurers were weakened by larger catastrophe losses and reduced reserve redundancies, according to Fitch Ratings. The combined ratios of the 12 large publicly traded re/insurers with Bermuda operations that Fitch Ratings tracks averaged 91.9% in 2016, up from 88.5% in 2015, as the impact of larger catastrophe ... Read the full article
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