Reinsurance News

Harvey’s wind & storm surge insured losses at $1.2 bn to $2.3bn: AIR Worldwide

29th August 2017

AIR Worldwide has estimated Hurricane Harvey’s initial Texas wind and storm surge insured losses will range from $U.S. 1.2 billion to $U.S. 2.3 billion. This figure doesn't include the growing impact of the increasing levels of catastrophic flooding or business interruption losses resulting from the closure of oil refineries in the ... Read the full article

Finance executives highlight pension risk transfer drivers

29th August 2017

Increasing premiums to the Pension Benefit Guaranty Corp. (PBGC), combined with asset-related volatility and increasing life expectancies are amongst the top reasons finance executives transfer pension exposure to an insurer, according to a new survey by CFO Research and Prudential Financial, Inc. A new survey including the responses of 80 senior finance executives at ... Read the full article

Hurricane Harvey floods could bring NFIP reinsurance into play

29th August 2017

The flooding caused by hurricane Harvey's torrential rainfall continues and is in many cases worsening, with it being termed "catastrophic" and the worst rainstorm in American history. Flood losses to residential homes are of course dealt with by the National Flood Insurance Program (NFIP), where coverage has been purchased and that ... Read the full article

White Mountains elects Mary Choksi to Board of Directors

25th August 2017

Bermuda domiciled financial services holding company, White Mountains Insurance Group, Ltd., has announced that Mary Choksi has been elected to its Board of Directors, effective immediately. Choksi has been elected as a director of the firm, and was formerly Founding Partner of the Strategic Investment Group. Currently, she serves as a ... Read the full article

Hurricane Harvey likely to be an earnings event and a reminder to the industry: KBW

25th August 2017

In light of Hurricane Harvey's expected path towards Texas, with reports predicting the storm to intensify to a Category 3 storm as it makes landfall late Friday or early Saturday, analysts at Keefe, Bruyette & Woods (KBW) expect the event to remind re/insurers of hurricane risks as losses are likely ... Read the full article

Macau insurers to withstand Hato losses with reinsurers taking bulk of commercial/BI impact: A.M. Best

25th August 2017

Rated non-life insurance companies in Macau are expected to be able to withstand the losses driven by Typhoon Hato, which made landfall north of Macau as a Category 2 typhoon on the Saffir-Simpson Scale on the 23rd of August, 2017, with much of the loss being passed to reinsurers, according ... Read the full article

50% of potential Harvey insured loss expected to be covered by reinsurance: J.P. Morgan

25th August 2017

As hurricane Harvey continues its track towards the state of Texas as a Category 2 storm, expected to intensify to a Category 3 storm as it makes landfall late Friday or early Saturday, the expected loss remains uncertain. However, J.P. Morgan expects roughly 50% of the insured loss to be ... Read the full article

Munich Re acquires interest of Starwood Energy wind farms

25th August 2017

Munich Re has expanded its energy investment portfolio with the purchase of 49% of Starwood Energy Group's interest in two Texas wind farms, likely as a diversifying investment for its asset-side operations. The energy focused private investor, Starwood Energy, sold its interests in the Horse Creek and Electra wind farms in Haskell and ... Read the full article

RMC opens two new London offices

25th August 2017

Risk management and actuarial consulting service provider RMC Group, has expanded its international operations with the addition of two new London offices. Ryan Mitchell, President of European Operations, said opening the London offices "is a strong statement of our intent to expand RMC’s international presence and growth." Mitchell will be working from ... Read the full article

JLT & Munich Re partner to offer Philippines parametric storms cover

25th August 2017

JLT and Munich Re have announced a partnership to develop and offer an innovative parametric insurance cover, One Storm, for typhoon and tropical cyclone risk in the Philippines. The typhoon cover allows risk holders to outsource typhoon risks that had previously been uninsurable such as loss prevention costs, overtime costs, revenue losses, ... Read the full article

200,000+ homes with a reconstruction value of $40 billion at risk of Cat 3 Harvey landfall: CoreLogic

25th August 2017

Analysis from CoreLogic reveals that over 200,000 homes in Texas, with a reconstruction cost value of nearly $40 billion, are at a potential risk of storm surge damage from Hurricane Harvey, which continues to intensify as it tracks towards the state. Hurricane Harvey, currently a Category 2 storm that is predicted to ... Read the full article

Hiscox partners with tech start-up Digital Fineprint

25th August 2017

Specialist insurer Hiscox has partnered with tech start-up Digital Fineprint to investigate how data from social media can be used to educate small businesses on their risks and respective insurance solutions. Hiscox said many small businesses are underinsured yet face a number of business interruption risks from expensive lawsuits or costs ... Read the full article

Aggressive action needed to tackle cyber risk as a property issue: Lockton

25th August 2017

Events like the recent WannaCry ransomware attack show just how far-reaching a cyber attack can be, and cyber's ability to impact property insurance lines is expanding and needs to be addressed, according to Lockton's property risk cyber expert in New York, Jared Wosleger. "Just one cyber event can cause multiple losses in ... Read the full article

AXIS increases Novae offer by 2%

25th August 2017

Global specialty insurance and reinsurance firm AXIS Capital Holdings Limited has increased its acquisition offer for the shares of Lloyd’s of London focused diversified specialty re/insurer Novae Group plc by 2%, valuing the firm at £477.6 million (US $612m at today's FX rates). The "full and final" offer of 715 pence per ... Read the full article

Arch partners to reduce mortgage insurance friction for customers

24th August 2017

International insurance and reinsurance group Arch Capital Group Ltd. is partnering with a technology platform for mortgage loans to bring its mortgage insurance offering to potential customers more simply. Arch Mortgage Insurance Company has partnered with provider of a multichannel loan origination system OpenClose, in an integration that will bring Arch's ... Read the full article