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Reinsurance News

Swiss Re becomes supporting member of the ICMIF

26th June 2019

Reinsurance giant Swiss Re has become a supporting member of the International Cooperative and Mutual Insurance Federation (ICMIF), an umbrella body for the global cooperative and mutual insurance industry. Under the new partnership, Swiss Re will offer ICMIF members with the opportunity to leverage their knowledge, expertise and support in order ... Read the full article

Positive momentum suggests a shift towards more desired risk-adjusted pricing: S&P

25th June 2019

S&P Global Ratings maintains that it would not characterise the reinsurance market as a hard one, but more of a firm one as improved rate momentum in both April and June signals a shift towards more desired risk-adjusted pricing. 2019 renewals have been fairly promising, with reinsurance rate movement throughout the ... Read the full article

July renewals to offer muted pricing increases for European reinsurers: Deutsche Bank

26th June 2019

European reinsurers can expect to see only muted pricing increases at the July 2019 renewals, which will likely offer a similar experience to renewals earlier in the year, according to analysts at Deutsche Bank. Nevertheless, the firm continues to see some positive signs in the market, such as pricing momentum from ... Read the full article

Marsh partners with Sompo to offer aircraft finance insurance consortium in Japan

26th June 2019

Global re/insurance broker Marsh has launched a Japanese Aircraft Finance Insurance Consortium (Japanese AFIC) in collaboration with Sompo Japan Nipponkoa Insurance Inc. and Sompo International. The new consortium will offer the same terms as Marsh’s global AFIC program to Japanese financial institutions through a Japanese insurer. Launched in 2017, Marsh's AFIC provides ... Read the full article

NAIC approves reinsurance model law and regulation changes

26th June 2019

The National Association of Insurance Commissioners (NAIC) has approved revisions to both the Credit for Reinsurance Model Law and Credit for Reinsurance Model Regulation. The revisions look to further resolve any difference in the treatment of U.S. domiciled insurers that operate offshore. Under the revisions, the models are now consistent with ... Read the full article

IDF calls for more public-private collaboration to close protection gap

26th June 2019

The Insurance Development Forum (IDF), a partnership consisting of the World Bank Group, the United Nations Development Programme, and global re/insurers, has called for further public-private collaboration to help close the protection gap. Speaking at the International Insurance Society’s (IIS) Global Insurance Forum in Singapore last week, representatives from the IDF ... Read the full article

Athene helps take on $940mn of pension liabilities from Dana Incorporated

26th June 2019

Athene Holding Ltd., the Bermudian retirement services company owned by private equity firm Apollo Global Management, has taken on a portion of a $940 million block of pension liabilities from Dana Incorporated, a provider of power-conveyance and energy-management solutions for vehicles and machinery. Under the agreement, Dana will transfer all the ... Read the full article

SOBC DARAG’s Peachtree completes first assumption of legacy business

26th June 2019

SOBC DARAG, the joint venture between U.S run-off specialist SOBC and European legacy acquirer DARAG, has announced that Peachtree Casualty Insurance Company has completed its first assumption of legacy business. Peachtree, which was acquired by SOBC DARAG in November 2018, will also look to complete more assumption of legacy ... Read the full article

Brit eyes high-tech claims service with aerial imaging partnership

26th June 2019

Global specialty re/insurer Brit has announced a partnership with the Geospatial Intelligence Centre (GIC), a not-for-profit initiative of the National Insurance Crime Bureau (NICB). After a catastrophe, GIC aircraft have special access to affected areas within hours to capture high-resolution images and assess property damage. The GIC will provide Brit with access ... Read the full article

Russell Group launches data solution for quantifying corporate risk

26th June 2019

Risk management company Russell Group has introduced a new scoring system designed to reflect the resilience and sustainability of an organisation’s business model at a given time, as well as provide insight and foresight to help decision making. 'The Russell Score' will give every organisation a score based on a variety ... Read the full article

Arthur J. Gallagher to acquire minority stake in Renomia

26th June 2019

Global insurance brokerage Arthur J. Gallagher & Co. is to acquire a minority stake in Prague-based Renomia, the largest independent broker based in the Central and Eastern European (CEE) region. Primarily serving commercial clients, Renomia has grown rapidly and now has full-scale broking operations in Czech Republic, Slovakia, Romania, Hungary, Serbia, ... Read the full article

Straight-through processing key to tackling “out-of-control” expense ratios: ACORD event panelists

26th June 2019

Panelists at a recent event held by ACORD, the international standard-setting body for the re/insurance industry, expressed a belief that straight-through processing is the only viable long-term solution to tackling the re/insurance industry’s ongoing challenge with out-of-control expense ratios. The event, entitled Global Reinsurance and Large Commercial (GRLC) Framework – Empowering ... Read the full article

Insurtech Tensorflight closes $2m funding round

26th June 2019

Insurtech startup Tensorflight has closed a $2 million round of funding as the company looks to scale its computer vision risk assessment service for commercial property insurers. The round was led by ff Venture Capital, Hudson Structured Capital Management, Nephila, Hemi Ventures, and other investors. Tensorflight uses geospatial imagery, building records, and ... Read the full article

Jill Eaton appointed as CEO of captive reinsurer NLC Mutual

25th June 2019

The National League of Cities Mutual Insurance Company (NLC Mutual), a member-owned captive reinsurance company, has announced the appointment of Jill Eaton as its President and Chief Executive Officer (CEO). Eaton, who has more than 25 years’ experience in re/insurance and strategic partnership, will step into the role once current President ... Read the full article

Lloyd’s launches product innovation facility to tackle complex risks

25th June 2019

Insurance and reinsurance marketplace Lloyd’s of London has launched a new initiative to speed up re/insurance product development for complex and non-standard risks, called The Product Innovation Facility. The solution was led by senior underwriters Tokio Marine Kiln, Beazley, MS Amlin, Talbot, Liberty Specialty Markets, Hiscox, Ascot, Chubb, Chaucer, Brit, Antares ... Read the full article

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