Reinsurance News

Morgan Stanley warns of $2.5 billion P&C industry reserve deficiency

19th April 2017

Insurers and reinsurers operating in the property & casualty (P&C) arena have, during the softening cycle, utilised higher reserve releases to bolster dwindling underwriting returns. However, with the re/insurance landscape remaining under significant pressure, analysts at Morgan Stanley have warned of a ~$2.5 billion P&C sector reserve deficiency. Morgan Stanley notes ... Read the full article

Georgian reinsurer launches, backed by Guernsey-based GBGI

19th April 2017

GBGI Limited, also known as Global Benefits Group, a group focused on provision of international benefits insurance and based in Guernsey, has announced its backing of and entry into a strategic partnership with a new insurance and reinsurance firm in Georgia. JSC Risk Management and Insurance Company (known as Global Benefits Georgia) ... Read the full article

Hiscox appoints new Chief Information Officer

19th April 2017

Insurance and reinsurance group Hiscox has appointed a new Chief Information Officer (CIO), naming Ian Penny, previously CTO of Barclays in the role. At Hiscox, Penny will be in charge of the Group's IT, with a team of 300 under his leadership and will report directly to CEO Bronek Masojada. Penny replaces ... Read the full article

Pace of change to accelerate at Lloyd’s as performance deteriorates: Macquarie

19th April 2017

Analysts at Macquarie predict the pace of change at the Lloyd's of London specialist insurance and reinsurance market to accelerate in the coming months after a challenging 2016, underlined by the continued deterioration of underwriting performance. Macquarie believes the Lloyd's marketplace is undergoing a "structural revolution" that is likely to change ... Read the full article

Reinsurance News – Wednesday 19th April 2017

19th April 2017

Here’s your daily Reinsurance News for Wednesday 19th April 2017: U.S. thunderstorm insured loss hits Q1 record at $5.7bn: Aon Benfield Data from Aon Benfield's Impact Forecasting shows that U.S. severe thunderstorms and convective weather in Q1 2017 is expected to have caused re/insurance industry losses of at least $5.7 billion. ... Read the full article

Windhaven Insurance hires JD Horwitz from Guy Carpenter as new EVP

18th April 2017

Miami-based auto insurance carrier, Windhaven Insurance, has named third-party contract broker JD Horwitz, who joins from Guy Carpenter, new Executive Vice President for Corporate Development and Reinsurance. In his new role, Horwitz will oversee complex reinsurance frameworks, contracts and partnerships, distributing new products to local agents via the digital distribution network ... Read the full article

Broker Risk Strategies Company acquires Friedman & Friedman Agency

18th April 2017

Broker Risk Strategies Company, which arranges insurance and reinsurance for its clients, today announced its acquisition of Friedman & Friedman Agency - an insurer with a strong specialty emphasis on private client personal lines accounts. Terms of the deal are undisclosed. Friedman & Friedman offers insurance products for home and auto coverage, personal ... Read the full article

Katrina type loss would deplete 11 months of EU reinsurance industry earnings: RBC

18th April 2017

Analysts at RBC Capital Markets (RBC) believe that under the current return on equity of the European reinsurance industry a loss event similar to 2005's Hurricane Katrina would "wipe out" 11 months of industry earnings and, it could be that a smaller loss than previously thought is needed to turn ... Read the full article

Athene targets European run-off market following €2.2 billion capital raise

18th April 2017

Athene Holdings, the Bermuda based life, annuity and run-off reinsurance specialist, is making a concerted move to target the European run-off market with a €2.2 billion pot of capital raised for opportunities in the region. Athene said that a new Bermudian unit named AGER Bermuda Holding Ltd. (AGER) will be the ... Read the full article

Argo Group reveals first quarter losses

18th April 2017

Specialty re/insurer Argo Group International Holdings has today announced an expected loss of $16.5 million in its 2017 first quarter earnings. The firm has said four major factors contributed to its first quarter losses including its recent $2.5 million acquisition of Ariel Re; restructuring and insurtech start-up costs of $4 million ... Read the full article

Senate urged to let FEMA use more reinsurance for NFIP flood risk

18th April 2017

U.S. Senator for Nevada Dean Heller has called on his fellow Senators to consider legislation that would enable the Federal Emergency Management Agency (FEMA) to cede more of its risk to global reinsurers. In a letter to the Chair and a member of the Senate Banking, Housing and Urban Affairs Committee, ... Read the full article

Markel adds ex-Munich Re marine underwriter Fordham to Singapore team

18th April 2017

Markel International Singapore, a specialist insurance office of the global insurer and reinsurer, has hired Colin Fordham from Munich Re to be a senior marine liability underwriter based from the Singapore office. Fordham had most recently worked for the Munich Re syndicate on the Lloyd’s Asia Platform in Singapore, also underwriting ... Read the full article

Grinnell Mutual expands with new reinsurance team launch

18th April 2017

Grinnell Re, a division of Grinnell Mutual, has launched a new team, National Reinsurance, to expand its reach to broader re/insurance market territories including the broker market and the broader property-casualty insurance space. Rick Tjarks, assistant vice president, and Randy Dammeyer, senior account executive, have been appointed to head up the ... Read the full article

Loss costs to shrink homeowners’ margins, but reinsurance prices to stabilise rates

18th April 2017

Rising loss cost inflation among U.S. homeowners insurers is expected to result in shrinking margins for the group throughout 2017, but large rate increases may be fended off thanks to the stabilising effect of cheaper property reinsurance. Higher severity losses in the U.S. homeowner insurance market, excluding the impact of catastrophes, ... Read the full article

Swiss Re sets up Singapore reinsurance entity to be Asian HQ

18th April 2017

Global reinsurance firm Swiss Re has established a legal entity in Singapore which will also serve as its Asian headquarters, as it strengthens its commitment to providing reinsurance solutions across the Asia region. The new Singapore company, Swiss Re Asia, will be wholly-owned by Swiss Re Ltd., the Zurich based parent ... Read the full article