Reinsurance News
AXA XL reveals changes to Reinsurance Leadership Team
20th December 2019
AXA XL, the property and casualty and specialty risk unit of AXA, has announced a series of changes within its Reinsurance Leadership Team as part of its previously announced simplified Reinsurance organisational structure. Announced in September, the new structure is aligned around the firm’s key markets and is intended to ... Read the full article
Aktia takes over life portfolio from Nordic insurer Alandia
20th December 2019
Aktia Life Insurance Ltd, a subsidiary of Finnish bank Aktia Bank plc, has agreed to acquire the life insurance portfolio of Nordic insurer Försäkringsaktiebolaget Liv-Alandia. Försäkringsaktiebolaget Liv-Alandia, a subsidiary of Alandia Försäkring Abp, has a portfolio of approximately 11,000 life insurance policies, which have largely been handled by Aktia for 56 ... Read the full article
Munich Re in $500mn risk sharing deal with Dutch development bank
19th December 2019
Munich Re has entered into a $500 million risk sharing framework agreement with FMO, the Dutch entrepreneurial development bank, to help promote private sector insurance growth in developing countries. The deal, which enables Munich Re to participate in FMO transactions over the next three years, will help maximise funds towards developing ... Read the full article
Allstate’s catastrophe losses fall to $33mn in November
19th December 2019
The Allstate Corporation has announced that its estimated catastrophe losses for the month of November 2019 were $33 million, pre-tax ($26 million, after-tax). The US primary insurer reported that its catastrophe losses in November comprised just four events. Together, these events are estimated to have cost Allstate $19 million ($15 million, after-tax). The ... Read the full article
BMS adds senior trio to US reinsurance analytics team
19th December 2019
BMS Group, the independent specialist re/insurance broker, has announced the addition of three senior hires to its US reinsurance analytics team in Philadelphia. Firstly, Nick Dranchak has joined as Executive Vice President, Capital Management of BMS Re US. Reporting to Chief Analytics Officer Kirk Conrad, Dranchak will lead the team’s rating agency ... Read the full article
New York Life to purchase Cigna’s group life & disability insurance business
19th December 2019
U.S. domiciled mutual life insurer, New York Life, has entered into a definitive agreement to acquire Cigna's group life and disability insurance business for USD 6.3 billion. The transaction is expected to close in the third-quarter of next year and remains subject to regulatory approvals and other customary closing conditions. Once completed, ... Read the full article
Peak Re receives ratings affirmation from AM Best
19th December 2019
AM Best has affirmed its financial strength and credit ratings for Hong Kong-based reinsurer Peak Reinsurance Company Limited (Peak Re), citing robust capitalisation, improved investment risk, and strong liquidity. The rating agency upheld its financial strength rating of A- (Excellent) and its long-term issuer credit rating of ‘a-‘ for both Peak ... Read the full article
Canada Life Reinsurance in €12bn longevity deal with Aegon
19th December 2019
Canada Life Reinsurance has entered into a long-term longevity reinsurance agreement with financial services firm Aegon, covering €12 billion of in-force liabilities in the Netherlands. Close to 200,000 of in-payment and deferred pensioners will be reinsured by Canada Life Re under this agreement, representing about one quarter of Aegon’s longevity exposure ... Read the full article
Ascot hires Crystal Greene as Head of US Management Liability
19th December 2019
Bermuda domiciled specialty insurer and reinsurer, Ascot Group, has expanded its US Management Liability and Financial Institutions group with the of Crystal Greene as Senior Vice President, Head of Management Liability. Greene will lead Ascot’s commercial D&O and related product business in the US from Atlanta. She joins Ascot with 25 years ... Read the full article
Global insured cat losses well below average at $56bn: Swiss Re
19th December 2019
Preliminary estimates from Swiss Re Institute suggest that total economic losses from natural and man-made disasters were around $140 billion in 2019, of which $56 billion were covered by insurance and reinsurance. Notably, insured losses are down significantly from the $93 billion recorded last year, and are well below the annual ... Read the full article
The Hartford expands cyber services via new partnerships
19th December 2019
Property and casualty insurer The Hartford has expanded its range of cyber services with two new partnerships that will help detect digital risk exposure on the dark web and safeguard business infrastructure. Firstly, Terbium Labs will provide The Hartford’s customers with a preview of exposure across the dark web, allowing them ... Read the full article
Resolution Life to acquire Voya’s in-force individual life business
19th December 2019
Resolution Life Group Holdings Ltd has entered into an agreement to acquire the in-force individual life business of Voya Financial, Inc., for a total consideration of USD 1.25 billion. The blocks of business being divested by Voya Financial include those that the firm had previously closed to new sales and include ... Read the full article
MS Amlin puts UK P&C classes into run-off
19th December 2019
Global re/insurer MS Amlin has confirmed that it will cease underwriting certain lines of UK property and casualty (P&C) business from January 31, 2020, in line with its new strategic direction. Corporate Property, Real Estate, Casualty and Package Binders are among the classes the company plans to exit. The move follows the ... Read the full article
Yacht insurer Safewaters in underwriting agreement with Nationwide
19th December 2019
SafeWaters Underwriting Managers, a specialist in yacht insurance solutions, has announced a new delegated authority underwriting agreement with insurance and financial services firm Nationwide. Safewaters is a subsidiary of RSG Underwriting Managers, which is itself a unit of international specialty insurer Ryan Specialty Group. The company provides physical damage coverage and P&I ... Read the full article
Eurobase partners with ACORD, becomes Licensed Integrator Partner
19th December 2019
Eurobase, a global software and service provider, has announced a new partnership with ACORD, designed to aid data standardisation. Specifically, Eurobase has become a Licensed Integrator Partner of ACORD Solutions Group, enabling the firm to maximise the value of leveraging ACORD assets and services for its customers. Eurobase states that by ensuring ... Read the full article