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Reinsurance News

U.S. E&S lines to outperform standard lines in 2017, but margin is thinning: Fitch

25th September 2017

Underwriters of U.S. excess & surplus (E&S) lines are expected to continue to outperform standard market underwriters in the coming months, although this is anticipated to be by a smaller degree as market conditions challenge results in 2017, according to Fitch Ratings' U.S. E&S Lines Market Review. Following a small decline ... Read the full article

José Ospina promoted to Liberty SM LatAm Reinsurance Regional Manager

25th September 2017

Liberty Specialty Markets (LSM) has promoted the former LSM General Manager for Columbia José Ernesto Ospina to the newly-created role of LatAm Reinsurance Regional Manager as part of the firm's revamp of its Latin American treaty reinsurance strategy. In his new role, Ospina will report to Kirk Maddern, LSM's Group COO ... Read the full article

ERN International puts Mexico quake insured loss at $4.8 billion, RMS & AIR’s much lower

25th September 2017

Mexico's Evaluacion de Riesgos Naturales (ERN International) has provided an insured loss estimate of up to $4.8 billion for the Magnitude 7.1 earthquake that struck central Mexico on September 19th, 2017, while AIR Worldwide and RMS have both produced a lower insurance industry loss estimate for the event. ERN International is ... Read the full article

Allstate’s Harvey estimate suggests $4.5bn auto & homeowners loss: Credit Suisse

25th September 2017

Following insurer Allstate's announced estimated net $553 million hit from the impacts of hurricane Harvey, Credit Suisse analysts have suggested that the personal lines industry loss could reach $4.5 billion. The combined auto and homeowners' insurance industry loss from hurricane Harvey, based on Allstate's estimates, "implies" a personal lines loss ... Read the full article

Protectionism threatens reinsurers’ need for diversification: Inga Beale, Lloyd’s CEO

25th September 2017

Inga Beale, the Chief Executive Officer (CEO) of the specialist Lloyd's of London insurance and reinsurance marketplace, recently spoke with Reinsurance News about growing protectionist measures around the world, and how this might impact the reinsurance industry. Reinsurance News met with Beale at the 2017 meeting of the reinsurance industry in ... Read the full article

Reinsurers’ demand for U.S. GSEs mortgage risk to increase: A.M. Best

22nd September 2017

The softened reinsurance market landscape and a mandate by the Federal Housing Finance Agency (FHFA) is driving the increased participation of reinsurers in the U.S. mortgage insurance sector, a trend A.M. Best expects to continue. The persistent softening in the property/casualty reinsurance sector, underlined by continued rate declines across most business ... Read the full article

Reinsurer balance-sheets at risk from the next hurricane hit: Analysts

22nd September 2017

Following the impacts of hurricanes Harvey and Irma, in a year that has also seen significant U.S. convective storm activity and events like Cyclone Debbie in Australia, reinsurers are now in a position where one more major hit from a hurricane or other catastrophe could put their balance-sheets at risk. The ... Read the full article

New Zealand brokers warn of rising premiums as fire & EQC taxes increase

22nd September 2017

Insurance brokers in New Zealand have warned that the cost of insuring some buildings could be about to increase by up to 50% as a result of higher earthquake commission (EQC) and fire service taxes, and the changing marketplace caused by recent earthquakes. According to reports from the country, regions that were hit ... Read the full article

No rating weakening for hurricane Irma exposed firms: Fitch Ratings

22nd September 2017

Hurricane Irma insured losses are estimated to amount to $25 - $50 billion, causing near-term earnings reduction for exposed firms but no expected rating weakening, according to Fitch Ratings. The rating agency said that while carriers remain well-capitalised with sufficient balance sheets to handle claims from Irma and Harvey, capacity could ... Read the full article

Asta granted ‘in principal’ approval to establish Agora syndicate 3628 at Lloyd’s

22nd September 2017

Lloyd's of London third-party managing agent, Asta, has received approval 'in principal' from the Lloyd's Franchise Board to launch and manage Agora syndicate 3628. Asta, alongside Skuld, announced the establishment of Special Purpose Arrangement (SPA) 6126 in 2015 and, following two years of operations the Lloyd's Franchise Board has now given ... Read the full article

Swiss Re backs FlyIcarus’ online platform for drone cover

22nd September 2017

Swiss Re Corporate Solutions, the direct and commercial insurance division of reinsurer Swiss Re, and Flylcarus, a representative of London broking firm, Bannerman Rendell, have signed a cooperation agreement to offer drone insurance to commercial operators and drone enthusiasts through the flyicarus website. Under the agreement, Swiss Re will underwrite and ... Read the full article

US/EU ‘covered agreement’ on reinsurance measures to be signed today

22nd September 2017

The 'covered agreement' between the U.S. and the European Union (EU) on prudential reinsurance measures is to be signed today, according to a joint statement. Early in 2017 both the U.S. and the EU noted intentions to sign the agreement, which has been in discussion for some time. Now, in a ... Read the full article

AGCS launches digital distribution platform for small commercial businesses

22nd September 2017

Allianz Global Corporate & Specialty (AGCS), the corporate insurance arm of Allianz, has launched a new online distribution platform, called AllianzGo for small commercial businesses in the U.S. market. The new, innovative platform provides brokers with the ability to rate, quote, issue and service the accounts for small commercial businesses online, ... Read the full article

ARC looks to expand remit with launch of outbreak & epidemic cover

22nd September 2017

The African Risk Capacity (ARC) has announced the launch of an outbreak & epidemic (O&E) solution for African governments, in an effort to finance the protection against, and control of, diseases. ARC provides parametric sovereign disaster risk insurance and other support to African nations, and is looking to expand its offerings ... Read the full article

Steve Bale joins Aon’s Risk Settlement team from L&G

22nd September 2017

International insurance and reinsurance broker, Aon, has appointed Steve Bale from Legal & General (L&G) as a principal consultant in its Risk Settlement division. Bale has 19 years of experience in the life and pension sector, and was most recently a prudential risk actuary covering large UK and U.S. pension risk ... Read the full article

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