Reinsurance News
Qatar Insurance, Qatar Re outlooks revised to negative by AM Best
30th December 2019
Ratings agency AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a” of Qatar Insurance Company and its subsidiary Qatar Reinsurance. AM Best says the changes reflect QIC’s balance sheet strength, which it categorises ... Read the full article
DIFC signs MoU with Lloyd’s, CII
30th December 2019
Leading financial hub in the Middle East, Africa and South Asia (MEASA), The Dubai International Financial Centre (DIFC), has signed two key memorandums of understandings (MoU) designed to drive the region’s insurance sector by upskilling talent as well as promoting efficiency and improvement. It’s hoped the MoUs, signed with Lloyd’s and ... Read the full article
R&Q completes takeover of Barbados insurer, Distinguished Re
30th December 2019
Randall & Quilter Investment Holdings Ltd. (R&Q) has today announced that its wholly owned subsidiary, R&Q Re (Bermuda) Limited has completed the acquisition of Distinguished Re Ltd., a Barbados insurer. Distinguished Re Ltd. was formerly known as the Saranac Insurance Company, Ltd., a wholly owned subsidiary of Distinguished LLC. The firm ... Read the full article
Bermuda market increases cyber premiums threefold in 2018
30th December 2019
A new report from the Bermuda Monetary Authority (BMA) shows that commercial insurers in Bermuda increased their cyber premiums almost threefold in 2018, with $1.5 billion of net written premium reported. This compared with just $557 million in 2017, with premium coming from over 100,000 policies, versus 31,000 in 2017. The BMA ... Read the full article
ZhongAn eyeing insurtech expansion in Asia, belt & road countries
30th December 2019
China’s largest online-only insurer ZhongAn sees as an abundance of opportunities to export insurance technology across Asia and various Belt and Road countries. Bill Song, Chief Executive Officer of ZA Tech Global Limited, an operating entity established by ZhongAn, has noted the firm’s strong track record in China in terms of ... Read the full article
China’s life insurance market “wakes up” to foreign insurers: GlobalData
30th December 2019
The liberalisation of China’s insurance industry is set to offer vast opportunities to foreign life insurers, GlobalData analysts say. Although the share of foreign insurers is low, GlobalData expects the Chinese life insurance market grow to a compound annual growth rate of 9.6% from $316.6 billion in 2018, to $484 billion ... Read the full article
A.M. Best ratings to be used by Swiss insurers after FINMA recognition
30th December 2019
Global financial services ratings agency, A.M. Best, has been recognised by the Swiss Financial Market Authority (FINMA), effective December 13th. The recognition by FINAM is to enable Best's Credit Ratings to be used by Switzerland-based insurers for the determination of capital requirements in accordance with the Swiss Solvency Test. The requirements for ... Read the full article
European storm threat requires more vigilance: Swiss Re’s Edi Schmid
27th December 2019
Two decades on from storms Lothar and Martin in Europe, re/insurers need to stay vigilant and avoid ‘optimism bias,’ according to Edi Schmid, Chairman of Swiss Re Institute and Swiss Re Group Chief Underwriting Officer (CUO). In December 1999, Lothar and Martin caused economic losses of €16 billion and insured losses ... Read the full article
Liberty Mutual sells Russian subsidiary to Sovcombank
27th December 2019
Liberty Mutual Group has agreed to sell its Russian subsidiary, Liberty Insurance PJSC, to Sovcombank, one of the largest privately owned banks in the country. The transaction is expected to close in the first quarter of 2020, after which the Russian subsidiary will be renamed, Liberty explained. Currently, the deal remains subject ... Read the full article
Argo urged to remedy culture of “insularity, protectionism”
27th December 2019
Specialty re/insurer Argo has been urged to remedy its culture of “insularity and management protectionism” by fourth-biggest shareholder Voce Capital Management. Voce believes Argo will only be able to regain shareholders’ trust through the addition of shareholder representatives to its board. It was announced earlier this month that five members of ... Read the full article
Bermuda market increases reliance on reinsurance
27th December 2019
A new report by the Bermuda Monetary Authority (BMA) shows that the island’s insurance market has increased its reliance on reinsurance year-on-year. Looking at market activity in 2018, the BMA found that on average, insurers ceded close to 52.0% of gross losses, which is an increase of about 2.4% compared to ... Read the full article
Tokio Marine Kiln CEO Franks transitions to Adviser role
27th December 2019
Tokio Marine Kiln (TMK), part of global insurance group Tokio Marine, has confirmed that its Chief Executive Officer (CEO), Charles Franks, is scheduled to assume the post of Adviser from January 1, 2020. The company announced back in September that Franks would step down by the end of the year, with ... Read the full article
Philippines fails to secure reinsurance for state assets & infrastructure
27th December 2019
The Government of the Philippines has failed to secure reinsurance protection in a recent bid to protect state assets and infrastructure from natural catastrophes, according to reports from The Philippine Daily Inquirer. National Treasurer Rosalia de Leon told the Inquirer there was a “failed bidding” for the insurance program of the ... Read the full article
Sava Re to take over Slovenian life insurer from NLB & KLB
27th December 2019
Slovenia domiciled reinsurance firm Sava Re has agreed to acquire life insurer NLB Vita from its parent companies, Nova Ljubljanska banka (NLB) and KBC Insurance NV (KBC). Both NLB and KBC will sell their respective stakes in the 50/50 joint venture, which is also based in Slovenia. In doing so, KBC will ... Read the full article
Reinsurance rates lower than expected at ‘U-shaped’ Jan renewal: KBW
27th December 2019
Analysts at KBW believe reinsurance rates at the upcoming January renewals will increase to lesser degree than had been anticipated, with overall rate movements set to be described by a ‘U-shaped’ curve. US domestic insurers, for instance, are reporting reinsurance rate changes of flat to up 5%, which is lower than ... Read the full article