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Reinsurance News

Bermuda to play key role in cyber coverage: Hannover Re’s Rentrup

16th August 2019

Cyber reinsurance is likely to become an increasingly critical area of growth for the Bermuda market, which will play a key role in the development of the coverage, according to Konrad Rentrup, President and Chief Executive Officer at Hannover Re Bermuda. “I can only stress how important this line is for ... Read the full article

Prudential’s £12bn annuities transfer to Rothesay blocked by High Court

16th August 2019

A UK High Court judgement has blocked Prudential's proposed £12 billion annuities transfer to longevity re/insurer Rothesay Life. The Part VII portfolio transfer was first announced by Prudential in March 2018 as part of plans to demerge its UK & Europe business. The High Court judgement supposedly has no impact on ... Read the full article

Market survey – share your views on the global reinsurance industry

19th August 2019

We've launched another global reinsurance market survey, to take the temperature of the industry with a view towards the January 2020 renewals, from our extensive readership and followers. Working with our sister publication, Reinsurance News is looking for our readers support to ... Read the full article

Insurance satisfaction reaches new high among small businesses, finds industry survey

19th August 2019

Small business owners have never been more satisfied with their insurance providers, according to the results of a new survey by J.D. Power, a provider of consumer insights, data and analytics. The report found that investments in technology, servicing, product expansion and dedicated infrastructure helped to push satisfaction to a new ... Read the full article

Abry to acquire reinsurance management firm Portfolio from Capital Z

19th August 2019

Boston-based private equity firm Abry Partners has agreed to acquire Portfolio Holding from Capital Z Partners, a New York-based private equity firm. Portfolio's primary business is turnkey reinsurance management of vehicle service contracts, warranties and other F&I products sold in the automotive dealership. All of Portfolio's current management team will remain in ... Read the full article

Lockton appoints Marsh’s Beresheim to lead Specialty Practices

19th August 2019

Global re/insurance brokerage Lockton has appointed Devin Beresheim to succeed the recently-retired Brian Kawamoto as Executive Vice President of its Specialty Practices business. Beresheim, who joins from Marsh with nearly 30 years’ experience, will report to Lockton’s US President and Chief Operating Officer, Peter Clune. "Using a baseball analogy, Devin is the ... Read the full article

Jebi to account for over 15% of top reinsurers’ cat budgets: S&P

19th August 2019

S&P Global Ratings has highlighted the ongoing impact of 2018’s Typhoon Jebi on global insurers and reinsurers, as unfavourable loss development continues to affect earnings in 2019. The insured loss estimate of Jebi rose dramatically from $6 billion at the end of 2018 to around $15 billion by the first half ... Read the full article

Tokio Marine partners with Plug and Play in Singapore

19th August 2019

Tokio Marine Holdings, the largest property and casualty (P&C) insurance group in Japan, has announced a new partnership with Plug and Play’s insurtech program in Singapore. Plug and Play is a Silicon Valley-based innovation platform and venture fund that specialises in the development of early-to-growth stage technology startups. It has had a ... Read the full article

Demand for W&I cover in EMEA rises as claims notifications spike: Marsh

19th August 2019

Marsh has released its Transactional Risk Insurance Claims study, which reveals that since 2016, warranty & indemnity (W&I) claims notifications across Europe, the Middle East and Africa (EMEA) have increased significantly. Insurance and reinsurance broker Marsh notes that claims notifications have increased by 293% from 2016 to 2018, adding that this ... Read the full article

Cobbs Allen forms specialty brokerage CAC, announces leadership

19th August 2019

US risk management and insurance brokerage Cobbs Allen has announced the formation of CAC Specialty, a platform which will combine the capabilities of an investment bank and an insurance broker. Cobbs says this new specialty insurance brokerage and investment banking platform will work as a response to the long-term convergence of ... Read the full article

Syncora to sell guarantee insurance subsidiary for $392.5m

19th August 2019

Bermuda-domiciled holding company Syncora has agreed to sell its New York financial guarantee insurance subsidiary to Star Insurance Holdings for $392.5 million in cash. Star Insurance is an entity organised by GoldenTree Asset Management on behalf of GoldenTree’s managed funds and accounts. In addition to the cash purchase price, after the closing ... Read the full article

Helios sees attractive near-term opportunities to consolidate market

19th August 2019

Helios Underwriting plc, a Lloyd's of London investment vehicle which acquires and consolidates private underwriting capacity, sees attractive near-term opportunities in the market place. The firm has reported its quarterly syndicate mid-point forecasts in respect of its portfolio f syndicate capacity for both the 2017 and 2018 years of account, based ... Read the full article

UK bulk annuity market could exceed £35 billion in 2019: Aon

19th August 2019

Given the deals already transacted and those in the offing, global re/insurance brokerage Aon believes the UK bulk annuity market could well exceed £35 billion in 2019 and possibly even surpass the £40 billion mark. Aon’s Senior Partner and Head of Risk Settlement, Martin Bird, highlights what has proved to be ... Read the full article

Oscar Health in reinsurance deal with Berkshire Hathaway: Reports

16th August 2019

U.S. domiciled health insurer Oscar Health has entered into a new multi-year quota share reinsurance agreement with Berkshire Hathaway's National Indemnity Company (NICO), reports Forbes. Oscar Health established itself as a startup with a focus on providing Obamacare coverage, but according to reports, is looking to expand within the individual and ... Read the full article

Fitch calls on BMA to address ambiguities in Tier 3 capital treatment

16th August 2019

As Bermuda continues to adapt and evolve in order to maintain its status as a desirable re/insurance domicile, Fitch Ratings has said that although development of the market is broadly positive, recent regulatory activity related to the treatment of Tier 3 capital for re/insurers raises some questions. Fitch notes that over ... Read the full article

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