Reinsurance News

Zambia looks to control reinsurance premium outflows

20th April 2017

The African nation of Zambia is reported to be looking to control the outflow of reinsurance premiums to foreign firms, preferring to attempt to control this and to help local companies to retain more of the premium income within the country. The government of Zambia is said to be considering amendments ... Read the full article

Global Atlantic appoints life insurance veteran Barnett as Head of Sales

20th April 2017

Global Atlantic Financial Group, a leading U.S.-focused retirement life re/insurer, has appointed Sam Barnett as new Head of Sales for its life insurance segment. Barnett - an industry veteran boasting over 20 years of life insurance experience - will be responsible for reshaping and executing the firm's life insurance sales strategies. David ... Read the full article

Ogden rate change impact contributes to lower income at Travelers in Q1

20th April 2017

During its first-quarter 2017 financial release insurer Travelers reported a core income decline of $84 million, driven by lower net favourable prior year reserve development that includes a $51 million hit from the change to the Ogden Discount rate in the UK. After the UK's Lord Chancellor and Justice Secretary, Liz ... Read the full article

Bahamas First in talks with reinsurers to upscale micro insurance offers

20th April 2017

Bahamas First is in talks with reinsurers over the provision of reinsurance-backed “micro insurance” products, as it seeks to streamline the firm's product offers with more affordable solutions to improve the Island's insurance penetration. The insurer also pledged to work together with the incoming government to tackle the protection gap issue, ... Read the full article

Munich Re sees brighter growth prospects for insurers

20th April 2017

Reinsurance firm Munich Re believes that global insurance markets are set to face brighter growth prospects over the next few years, with "slightly increased growth" expected by 2018. Overall, Munich Re believes that the primary insurance sector will grow by 4.5% per annum on average (3.0% adjusted for inflation) in 2017 ... Read the full article

XL Catlin expands available terrorism insurance limits in U.S. by 25%

20th April 2017

Global insurer and reinsurer XL Catlin has increased its available terrorism insurance coverage limits in the U.S. by 25% to $250 million, in response to continued and growing demand for insurance protection against terror events. Previously a $200 million limit, XL Catlin's standalone Terrorism insurance solution enables U.S. companies to fill any ... Read the full article

AmWINS expands with Partners acquisition

20th April 2017

AmWINS Group and Partners Specialty Group, are set to merge to form a single U.S. -based specialty insurance broking giant, with a global operating spectrum of $14 billion of combined annual premiums and 4,100 employees across 12 countries. Partners will join AmWINS' Brokerage Division, expanding the firm's broking capacity with its expertise ... Read the full article

Ogden rate cut & Berkshire adverse development cover to impact AIG’s Q1 results

20th April 2017

American International Group, Inc. (AIG) has reported that it expects both the cut to the UK Ogden Discount rate and its adverse development cover with Berkshire Hathaway to impact its Q1 2017 results. The Lord Chancellor and Justice Secretary, Liz Truss, announced early in 2017 that the UK Ogden discount ... Read the full article

Reinsurers’ profit margin pressure increasing, as capacity rises: Willis

20th April 2017

Willis Re's latest market report reveals the intense pressure profit margins have been under in current reinsurance market conditions. Analysis of the group of reinsurers the broker tracks shows aggregate net income reduced to $26.6 billion from $30.3 billion, causing a drop of return on equity (ROE) at 8.0%  down from ... Read the full article

IT spending by global re/insurers to reach $184.8 billion by end of 2017

20th April 2017

Analysis from research and advisory firm Celent shows that global insurance and reinsurance industry IT spending is expected to reach $184.8 billion by the end of this year. Celent estimates IT spending, on software technology and infrastructure as a percentage of premium and says that digitalisation, data analytics, and legacy and ... Read the full article

Berkshire Hathaway’s Gen Re reveals growing predictive analytics uptake

20th April 2017

Berkshire Hathaway’s Gen Re - a leading life/health and property/casualty reinsurer - released results from its first global predictive analytics survey for life and health insurers, revealing low but growing levels of analytics uptake within a sector still struggling to innovate. The report surveyed 136 insurance carriers across 23 countries, and ... Read the full article

Market conditions drive Bermudian re/insurers to innovate: A.M. Best

19th April 2017

Tough market conditions have driven Bermudian re/insurers to explore new lines of business, with the most recent trend being a move towards mortgage re/insurance, said A.M. Best Senior Financial Analyst Scott Mangan, in the firm's latest market trends report. The rating agency previously reported a Bermudian market pivot towards primary and ... Read the full article

Ex-Goldman analyst Nannizzi Joins W. R. Berkley to focus on insurtech investments

19th April 2017

Michael Nannizzi, who was previously the lead equity analyst covering insurance at Goldman, Sachs & Co., is joining insurance and reinsurance group W. R. Berkley Corporation to take on a role focusing on evaluating investments in insurtech start-ups. Reflecting the importance of emerging insurance technology companies in the re/insurance industry, Nannizzi ... Read the full article

Cayman Islands sees continued re/insurance sector growth

19th April 2017

The Cayman islands insurance and reinsurance industry has seen a “buoyant” start to 2017, with 8 new insurer licenses issued in the first quarter. Linda Haddleton, Chair of IMAC, a non-profit association run by Cayman Islands insurance managers, said the island has seen continued success with hosting captives and ILS structures ... Read the full article

Reinsurance purchase driven by capital management: Deloitte

19th April 2017

Reinsurance purchase by life and P&C companies appears to be on the upswing - a reversal of the previous four-year trend of decline - as insurers' capital management optimization strategies evolve, Deloitte said in a recent report. Key strategic reasons for Life companies’ purchase of reinsurance in the next years are ... Read the full article