Reinsurance News

Liberty Specialty names Head of Underwriting, Delegated Authority, Specialty lines

14th September 2018

Liberty Specialty Markets, a division of Liberty Mutual Insurance Group, has announced the hiring of Lewis Edwards as Head of Underwriting, Delegated Authority for Specialty lines. Edwards joins the firm on September 17th, 2018 and will report to Liberty Specialty Market's Chief Underwriting Officer (CUO), Specialty, Mike Gosselin. In his new role, ... Read the full article

Hurricane Florence losses will be manageable, say re/insurance analysts

14th September 2018

Analysts are confident that re/insured losses from Hurricane Florence will be manageable, with many firms now expecting losses to fall in the lower ends of initial estimates as the category 1 storm continues to weaken. Analysts from both Goldman Sachs and S&P Global Ratings said they believe Florence will ... Read the full article

Swiss Re & BMW partnership addresses new tech’s role in insurance premiums

14th September 2018

A new partnership between reinsurance giant Swiss Re and German multinational BMW Group that aims to account for driver-assistance systems when calculating car insurance premiums has just been announced by the two companies. With this partnership BMW will hope to leverage the rising sophistication of it’s vehicles’ safety-relevant driver-assistance systems in order ... Read the full article

CoreLogic puts Hurricane Florence insured loss estimate at $3-5bn

14th September 2018

Catastrophe risk modelling specialist CoreLogic has released an updated loss estimate for Hurricane Florence, putting insured property losses for both residential and now commercial properties at between $3 billion and $5 billion. CoreLogic previously said that Florence could threaten 758,657 residential home with a reconstruction cost value (RCV) of $170.2 billion, ... Read the full article

Hazardous beauty chemicals may pose liability risk, say Allianz and Praedicat

14th September 2018

A potentially harmful trio of chemicals commonly found in beauty products could pose significant liability risk to manufacturers and suppliers if bodily injuries can be linked to exposure, and may have a considerable impact on the insurance industry, according to a report by Allianz Global Corporate & Specialty (AGCS) and ... Read the full article

10ft storm surge reported as weakened Hurricane Florence batters Carolina coastline

14th September 2018

Hurricane Florence continues to weaken as it batters the North and South Carolina coast, driving dangerous storm surges of 10 feet and flooding impacts, according to reports. The latest update from the NHC states that Florence has weakened to a category 1 storm, with maximum sustained wind of up to 90mph. ... Read the full article

AFL named as Trade SSA Insurance Partner

14th September 2018

Independent Lloyd’s broker AFL Insurance Brokers has been selected as the Insurance Partner for the online Trade SSA platform. The platform, which has attracted over 6,000 organisations from across sectors and industries, was launched to automatically connect users with buyers, suppliers and distributors throughout Africa and the UK. “Experience, trusted advice, innovation and ... Read the full article

Downward property cat pricing pressure expected at Jan renewals: Morgan Stanley

13th September 2018

Meetings at the recent Monte Carlo Reinsurance Rendez-Vous suggest downward property catastrophe pricing pressure of flat to -5% at the 2019 January renewals, reports Morgan Stanley. Furthermore, as signified by Markel’s acquisition of Nephila, traditional and alternative capital are converging and industry consolidation should continue as global reinsurers adapt to ... Read the full article

Simplitium appoints Head of Insurance Product Development

13th September 2018

Simplitium, a global financial services technology provider and wholly owned subsidiary of Cinnober Financial Technology, has appointed Matthew Jones as Head of Insurance Product Development and Aiste Kalinauskaite as Lead Insurance Product Developer, effective October 1. As a catastrophe risk modelling practitioner, Jones will lead the development of the company’s ModEx ... Read the full article

Hurricane Florence will be “an earnings event, not a capital event,” say analysts

13th September 2018

Hurricane Florence, which is due to make landfall in North Carolina as a major category 3 storm on Thursday night, is likely to be “an earnings event, not a capital event” for the re/insurance industry, according to analysts at Goldman Sachs. A report by the company said that it believes ... Read the full article

The Carlyle Group claims majority stake in Sedgwick for $6.7bn

13th September 2018

Sedgwick, a global provider of technology-enabled risk, benefits, and integrated business solutions, has announced that affiliates of funds managed by The Carlyle Group have become its majority owner in a $6.7 billion transaction. The company's current majority shareholder, KKR, will fully exit its position following the transaction, while funds managed by ... Read the full article

China Re acquires Chaucer from The Hanover in $950m deal

13th September 2018

China Re, one of Asia’s leading reinsurers, has acquired The Hanover’s London-based Specialty business Chaucer in a deal that totals $950 million and accelerates the state-backed group's international development. The transaction includes a cash consideration from China Re of $865 million and a pre-signing dividend from Chaucer of $85 million, received ... Read the full article

Resolution Re reinsures $5.7bn of Symetra Life annuity liabilities

13th September 2018

Resolution Re has entered into a reinsurance agreement with Symetra Life Insurance Company to transfer financial responsibility for all of Symetra’s structured settlement annuity contracts and a smaller block of income annuities to Resolution Re. The reinsured block had $5.7 billion in total statutory reserves at December 31, 2017, the parties ... Read the full article

Sirius Group reshapes leadership team ahead of Easterly merger

13th September 2018

Sirius International Group, a global multi-line re/insurance group, has announced a series of promotions and the formation of a new management committee in anticipation for its merger with Easterly Acquisition Corp. Kernan V. Oberting has been appointed President of Sirius Group, and will manage the corporate, investment management, finance and public ... Read the full article

Legal & General completes £4.4bn pension buy-in with British Airways

13th September 2018

Legal & General has completed a £4.4 billion buy-in for British Airways PLC’s pension scheme, Airways Pension Scheme (APS), in what it claims to be the largest ever bulk annuity policy arranged with a UK pension scheme. The transaction, which covers nearly 22,000 pensioners under British Airways’ APS scheme, also included ... Read the full article