Reinsurance News

Capsicum Re says industry threatened by unclarified cyber risk policies

5th October 2017

Specialist reinsurance broker, Capsicum Re, said in a report on cyber risk perils, that the re/insurance industry is facing a growing problem of cyber perils being neither explicitly excluded or implicitly included in insurance policies - a problem that leaves both insurers and insureds in a vulnerable position. The fast-developing cyber ... Read the full article

Reinsurers’ opportunity to make underwriting more scientific – Swiss Re CUO

5th October 2017

Swiss Re Group Chief Underwriting Officer (CUO) Edi Schmidt highlighted the need for reinsurers to take a more scientific and forward-looking approach to underwriting to drive down cost of re/insurance at the firm’s 2017 Monte Carlo conference press briefing. “Today we have much more capabilities to use more sources to make ... Read the full article

International Paper transfers $1.3bn in pension obligations to Prudential

5th October 2017

A new pension risk transfer agreement has been reached between International Paper and The Prudential Insurance Company of America, which sees the former purchase a group annuity contract to settle roughly $1.3 billion of its pension obligations. Under the agreement, Prudential is transferred the pension obligations of approximately 45,000 of International ... Read the full article

Canada’s recent catastrophe experience “anything but quiet,” says CatIQ

4th October 2017

Catastrophe Indices and Quantification Inc. (CatIQ) has discussed the very active catastrophe experience in Canada over the last few months, a trend that could persist through the remainder of 2017. CatIQ has provided a catastrophe update for Canada for the period June, 1st 2017 to August 31st, 2017, which reveals that ... Read the full article

Allianz partners with Zeguro to offer clients cyber risk guidance

4th October 2017

Allianz Group's specialist corporate insurer, Allianz Global Corporate & Specialty (AGCS), has formed a partnership with software firm Zeguro, in which Zeguro will act as Chief Information Security Officer (CISO), using its platform to provide Allianz clients with guidance on cyber risk. These cyber exposure management and mitigation strategies will initially be ... Read the full article

Reinsurance capacity could be reduced to 2013 levels by heavy cat losses

4th October 2017

The current supply of reinsurance capacity could be reduced to 2013 levels of $300 billion after paying out 2017 catastrophe losses, according to J.P. Morgan analysts. Analysts explained that if $140 billion reflects 2017 cat losses, and 50% of this is borne by the reinsurance/insurance-linked securities (ILS) market, then this figure ... Read the full article

AmTrust Financial Services reveals Q3 exposure of $40-65 m

4th October 2017

AmTrust Financial Services revealed an estimated third quarter 2017 catastrophe activity net loss exposure of between $40 and $65 million. Most of AmTrust's losses from Hurricanes Irma, Harvey, and Maria and the recent Mexico earthquake were related to contracts bound by AmTrust at Lloyd's, which has multi-event catastrophe cover for losses ... Read the full article

American Financial Q3 catastrophe losses estimated at $105 million

4th October 2017

American Financial Group’s (AFG) initial third quarter losses for catastrophe events including Hurricanes Harvey, Irma and Maria and the Mexico earthquakes are estimated at $105 million net of reinsurance coverage, pretax, and inclusive of reinstatement premiums and other associated offsets. On an after-tax basis, this amount represents $0.95 per share. AFG is backed ... Read the full article

Germany’s BMZ provides World Bank’s Global Index Insurance Facility (GIIF) with €10mn

4th October 2017

Germany's Federal Ministry for Economic Cooperation and Development (BMZ) has provided the World Bank's Global Index Insurance Facility (GIIF) with €10 million to improve the utilisation of insurance solutions by vulnerable, poorer smallholder farmers. The signed agreement is part of the InsuResilience initiative on climate risk insurance, which aims to provide ... Read the full article

Guy Carpenter hires Yoder as innovation and product development MD

4th October 2017

Reinsurance broker Guy Carpenter has hired Claude Yoder, previously Head of parent company Marsh's Global Analytics unit, as Managing Director and Global Chief Innovation and Product Development Officer, as from September 18th. Yoder will be based in the Guy Carpenter New York office and will report to Rob Bentley, Managing Director ... Read the full article

GIC Re aims to raise $1.7 billion in its initial IPO

4th October 2017

State-run reinsurer General Insurance Corp of India (GIC Re) is aiming to raise up to $1.7 billion in its initial public offering, that is set to run from October 11-13th, according to a public notice, Reuters reported. The upcoming IPO will see the Indian government sell 107.5 million shares of GIC ... Read the full article

Willis Towers Watson launches facultative reinsurance push in Europe

4th October 2017

Insurance and reinsurance broker and advisory Willis Towers Watson is launching a new push into the German-speaking DACH region of Europe, with the establishment of a facultative reinsurance hub. The company said that it is targeting facultative reinsurance business across Germany, Austria, and Switzerland with the new hub, and has appointed ... Read the full article

Tokio Marine to acquire AIG medical stop-loss segment

4th October 2017

Tokio Marine HCC  has agreed to acquire the medical stop-loss operations of American International Group (AIG) including its renewal rights, in-force business and employees, through its wholly owned subsidiary HCC Life Insurance Company (HCC Life). The acquired business segment produces a gross written premium of about $350 million, increasing Tokio Marine ... Read the full article

Zurich Assurance adopts the RMS Longevity Model to improve view of risk

4th October 2017

Global catastrophe risk modeller RMS' Longevity Model has been adopted by UK life insurer, Zurich Assurance Ltd., as the firm seeks to better understand its view of longevity risk. Zurich Assurance is a division of global insurer Zurich Insurance Group, and, according to a recent announcement has licensed the RMS Longevity ... Read the full article

European re/insurance sector M&A activity to diminish: A.M. Best

4th October 2017

Global ratings agency, A.M. Best, expects to see less consolidation in the European insurance and reinsurance sector in the coming months as opportunities decline alongside appetite. In recent times, merger and acquisition (M&A) activity has been fairly strong and consistent across the European insurance and reinsurance sector, as companies look to ... Read the full article