23rd October 2018
Hannover Re’s parent company, The Talanx Group, has revealed that its strategy for 2019 and beyond is to include the bundling of intragroup reinsurance at the holding company level, as well as the development of integrated and innovative reinsurance solutions. The Group said that acting as an intragroup reinsurer will increase ... Read the full article
22nd October 2018
Swiss Re is anticipating an acceleration in mergers & acquisitions (M&A) activity in the global re/insurance industry as companies look to expand their business beyond traditional roles, according to Reuters. “We are at the beginning of a wave of consolidation,” Reuters quoted Frank Reichelt, Swiss Re’s Market Executive Northern, Central, Eastern ... Read the full article
23rd October 2018
In 1957 while at his home in Richmond, Virginia, a blind seven-year old boy named Joe "Joybubbles" Engressia discovered that by whistling into the phone at a frequency of 2600 Hz he was able to mimic the dial tone used by AT&T to route calls, an exploit that allowed long-distance ... Read the full article
23rd October 2018
Assurant, Inc. has posted catastrophe losses of between $82 million and $89 million pre-tax ($65-70 million after tax) for the third quarter of 2018, of which $16-19 million was due to loss creep from 2017’s Hurricane Maria. The company said that the additional Q3 2018 losses for Hurricane Maria are above ... Read the full article
23rd October 2018
Arch Mortgage Insurance Company (Arch MI), the U.S mortgage insurance arm of Arch Capital Group, has secured a further $506.11 million of indemnity reinsurance from the capital markets via an insurance-linked securities (ILS) transaction with Bellemeade Re 2018-3 Ltd., a special purpose reinsurer. The reinsurance relates to a portfolio of mortgage ... Read the full article
23rd October 2018
Global reinsurance giant Swiss Re has announced the appointment of Tavaziva Madzinga as Chief Executive Officer (CEO) of Swiss Re in the UK & Ireland, effective January 1st, 2019. Currently, Madzinga is Market Executive for the Middle East & Africa across both P&C and L&H, and based in London, he will ... Read the full article
23rd October 2018
Fidelis Insurance, the privately owned Bermuda-based holding company, has received approval from the Central Bank of Ireland to establish a regulated re/insurer in Dublin in preparation for the UK’s departure from the European Union in March 2019. Fidelis Insurance Ireland DAC (FIID) has been approved to write bespoke and specialty insurance ... Read the full article
23rd October 2018
The UK's Prudential Regulation Authority (PRA) has released a consultation paper calling on the country's financial services entities to take a more forward looking and strategic approach to the management of financial risks from climate change. The consultation paper is on a draft supervisory statement which sets out firms' expectations regarding ... Read the full article
23rd October 2018
The shareholders of Singaporean reinsurer ACR Capital Holdings are considering re-visiting a potential sale of the company less than a year after a deal with Chinese buyers fell through, reports Bloomberg. A deal could value ACR at about $800 million. The company’s owners, which include SIngapore sovereign fund Temasek, and Khazanah ... Read the full article
23rd October 2018
Hannover Re has announced that Michael Pickel is to succeed Ulrich Wallin as Chief Executive Officer (CEO) of E+S Rück, the subsidiary responsible for the Group’s business in Germany. Pickel has been a member of the Executive Board of Hannover Re since 2000 and is currently responsible for the Group’s property ... Read the full article
23rd October 2018
A proxy statement has revealed that Aspen Insurance Holdings' financial advisors held discussions with 26 companies to gauge interest about making an offer for the company, four of which were in the final bid process, with Apollo eventually agreeing a deal. It was announced at the end of August 2018 that ... Read the full article
23rd October 2018
Florida-headquartered re/insurance focused holding company HCI Group has issued an initial loss estimate from hurricane Michael of between $6 million and $18 million. Michael struck the Florida panhandle on 10 October, coming ashore as a major Category 4 storm with wind speeds of up to 155mph. This made the hurricane one of ... Read the full article
23rd October 2018
RFIB Group, along with a number of Lloyd’s & Company private reinsurers and the African Trade Insurance Agency (ATI) have helped the African Development Bank (AfDB) secure a $500 million credit insurance deal structured to cover a portion of the bank’s portfolio of non-sovereign operations throughout the continent. The insurance will ... Read the full article
23rd October 2018
Universal Insurance Holdings, Inc. has announced that it expects gross losses and loss adjustment expenses of between $300 million and $350 million from the impact of hurricane Michael, the majority of which is to be assumed by reinsurers. The firm has announced that the up to $350 million gross loss from ... Read the full article
23rd October 2018
Global specialty lines re/insurer Canopius has expanded its presence across the Asia Pacific region with a recent series of key appointments to its office in Singapore. These include the appointments of Mathew Gundersen as Head of Operations AsiaPac & MENA and Paul Hackett as Head of Marine, Energy and Engineering, AsiaPac ... Read the full article
23rd October 2018
Leading data analytics provider Verisk has announced the launch of WaterLine, a new underwriting tool that scores flood risk for all properties in the contiguous United States, helping insurers keep up with the growing number of homes and businesses vulnerable to flood. WaterLine was developed by Verisk businesses ISO and AIR ... Read the full article
