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Markel completes its acquisition of State National

20th November 2017

Financial services, specialty insurance and reinsurance group, Markel Corporation has completed its $919 million acquisition of fronting, program and lender service insurance specialist, State National Companies, Inc. Markel announced its agreement to acquire State National on July 26th 2017, so the transaction has been completed in a relatively short amount ... Read the full article

MAPFRE RE strengthens Asia presence with Tokyo office

20th November 2017

MAPFRE RE plans to strengthen its Asia presence with a new representative office in Tokyo, to be led by Jun Matsuoka, a Japan-based re/insurance veteran. MAPFRE RE’s APAC regional manager, Jesús Galeote, said; “this opening allows us to consolidate even further our already close relationships with companies in the Japanese market, ... Read the full article

Lower supply coupled with greater demand means pricing “will go up”, says Hiscox CEO

17th November 2017

According to Bronek Masojada, the Chief Executive Officer (CEO) of global insurer and reinsurer Hiscox, a reduction in the supply of capital combined with greater demand for re/insurance protection is the reason pricing "will go up and needs to go up." Unsurprisingly, insurance and reinsurance industry talk is focused on companies' ... Read the full article

Coriolis Capital to provide weatherXchange platform with indicative pricing

17th November 2017

WeatherXchange has announced Coriolis Capital as a new provider of indicative pricing as part of the platform's Instantaneous Indicative Pricing service. The platform's Instantaneous Indicative Pricing helps streamline the structuring process for hedgers and broker-advisors by providing an immediate idea of the costs of a structure without the need to approach ... Read the full article

Large majority of California wildfire losses to be retained by insurers: Fitch

17th November 2017

Fitch expects primary insurers to retain the majority of losses from the California wildfires, warning that the impact of the event, on top of recent hurricanes, could see insurers report aggregate 2017 catastrophe losses at levels that pressure ratings and ultimately strain capital. The October 2017 California wildfires are expected to ... Read the full article

Lutece Re begins Bermuda operations, focuses on retro

17th November 2017

Lutece Re has begun operating in Bermuda and plans to underwrite new business from January 1st 2018 with a near-term focus on retro. Erik Manning and Angus Ayliffe, both co-founders of Lutece Re and its affiliates will head up the management team. Lutece Chief Executive Officer, (CEO) Erik Manning, said the firm's ... Read the full article

Cyber coverage to grow fastest in retail and manufacturing industries

17th November 2017

The cyber insurance market has been forecast to reach almost $17 billion by 2023, growing over 20% CAGR between 2017-2023, according to P&S Market Research Global. The Banking Financial Services and Insurance (BFSI) sector has been the largest consumer of cyber insurance, as these companies are more prone to cyber-attacks - ... Read the full article

Florida experts say reinsurance pricing could rise by 10%

17th November 2017

Florida experts believe reinsurance pricing in the $500-$700 million market could rise by 10%, according to the Buckingham Research Group. Kapil Bhatia, head of Raymond James’ Insurance Advisory Group, noted that while a meaningful change doesn't appear to be on the cards for Citizens book, reinsurance pricing for companies primarily domiciled in Florida ... Read the full article

U.S. life insurance sector outlook revised from negative to stable

17th November 2017

The U.S. life insurance sector outlook has been revised from negative to stable by Moody's Investors Service, reflecting the segment's strong capitalisation, equity markets and low asset defaults. After demonstrating resilience in the face of a low-interest rate environment, life insurers are expected to see revenue and capital improvement supported by ... Read the full article

Extratropical Cyclone Xavier insured loss tops $342 million: PERILS

17th November 2017

Catastrophe data loss aggregation and estimation firm, PERILS AG, has provided an initial insured property market loss estimate of €291 million (roughly US$342mn) for extratropical Cyclone Xavier. Xavier mostly affected Germany on October 5th, 2017, developing very early in the European winter storm season, claiming seven lives in the country as ... Read the full article

Lloyd’s needs to disrupt itself rather than be disrupted: Hancock

17th November 2017

The Lloyd's insurance and reinsurance market faces numerous challenges, from an extremely competitive business environment, to the threat posed by new re/insurance market entrants, but it needs to embrace disruption, according to Jon Hancock. Speaking at an A.M. Best industry event in London this week, Jon Hancock the Performance Management Director ... Read the full article

AIR says California wildfires to cost re/insurers up to $10.5 billion

17th November 2017

Catastrophe risk modelling firm AIR Worldwide has updated its estimate for insurance and reinsurance market losses from the recent California wildfires, saying they are expected to be in a range from $8 billion to $10.5 billion. Having completed a recent damage survey, received new information about policy terms, and re-examined the ... Read the full article

Investment returns highlight divergence in hedge fund reinsurer performance

16th November 2017

The performance of hedge fund backed reinsurers Third Point Re and Greenlight Re continues to diverge, while investment returns remain the driver of profitability for market participants that adopt a total-return strategy. Investment-oriented reinsurance companies, such as Third Point Re and Greenlight Re, seek to bolster poor underwriting returns by optimising ... Read the full article

Compre to acquire assumed non-life reinsurance portfolio from Allianz Versicherungs

16th November 2017

Compre, the insurance and reinsurance legacy specialist, has announced its seventh acquisition of the year, agreeing to purchase a portfolio of assumed non-life reinsurance business from Allianz Versicherungs. Originally, the business was underwritten by Vereinte Versicherung AG and its legal predecessors, and has been discontinued since the late 1990s. The transaction fee ... Read the full article

Re/insurers to shift from products to platforms with cloud technology

16th November 2017

Insurance technology software provider, Majesco, said a new generation of cloud business platforms, Digital Insurance 2.0, are the stage from which re/insurers will achieve the digitisation of internal processes as well as bring new digital insurance solutions into the market, in its latest report on the capabilities of cloud platforms ... Read the full article

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