Reinsurance News
Epitaph of Lloyd’s prematurely written several times before: Roundtable
8th November 2019
As the Lloyd’s of London wades into a pivotal phase of digital transformation, key industry executives speaking at the 2019 Reinsurance News Monte Carlo Rendezvous Roundtable reflected on how and why the marketplace will remain key to the industry for years to come. “I think over the course of ... Read the full article
Argo’s “diminished credibility” prompts AM Best ratings review
8th November 2019
Ratings agency AM Best has placed specialty re/insurer Argo under review with negative implications due to “diminished credibility” among shareholders. In particular, AM Best questions the decision to keep an SEC inquiry confidential while undergoing an extensive internal investigation on compensation governance matters. Another concern for AM Best are the pending ... Read the full article
Economic losses from Hagibis to exceed $10bn: Aon
8th November 2019
Economic losses caused by Typhoon Hagibis in Japan are likely to exceed US $10 billion, with insured losses minimally in the billions, according to the latest Global Catastrophe Recap report from re/insurance broker Aon. Aon estimates that more than 93,250 structures were damaged or destroyed by Hagibis, which made landfall along ... Read the full article
James River Group’s Q3 result hit by unfavourable reserve development
8th November 2019
James River Group Holdings, Ltd. recently announced a net loss of $25.2 million for the third-quarter of 2019 and an operating loss of $22.2 million, compared with net income of $19.6 million and an operating gain of $19.4 million in 2018. During the quarter, James River experienced unfavourable reserve development of ... Read the full article
Vibe places Syndicate 5678 into run-off
8th November 2019
Vibe Syndicate Management has announced that Syndicate 5678 at Lloyd’s will be placed into run-off from December 31, 2019. CEO Joe England explained that Vibe had been unable to secure the support it needed to grow the Lloyd’s platform to an adequate scale. “It was with considerable regret that our board reached ... Read the full article
Decision to support Lloyd’s Blueprint very easy. There is no choice: Robert Childs, Hiscox
8th November 2019
Hiscox Chairman and Deputy Chairman of Lloyd’s Robert Childs has explained how supporting the market's modernisation Blueprint was a given, considering its need to adapt. Childs, speaking yesterday in Bermuda at the PwC Insurance Summit, was asked about Lloyd's mission to become increasingly efficient and drive change through the insurance and ... Read the full article
Lloyd’s to create single governing body
8th November 2019
Lloyd’s of London has announced ambitious plans to create a single governing body for the Corporation and market by merging the Council and the Franchise board. From June 2020, a new body will consist of six nominated members, six market-elected, and three executives. A statement released by Lloyd’s today describes market support ... Read the full article
LMG London Matters report to look at economic benefits of re/insurance
8th November 2019
The Board of the London Market Group (LMG) has announced that the next London Matters report will be published in the first quarter of 2020. The report will update the fact base on the London market’s position in the global insurance and reinsurance industry. In particular, sections of the new report will ... Read the full article
MGIC names Steven Thompson Exec VP, Chief Risk Officer
8th November 2019
One of the largest mortgage insurers in the US, Mortgage Guaranty Insurance Corporation (MGIC), has announced the promotion of Steven Thompson to the role of executive vice president, Chief Risk Officer. Thompson has been with the firm since 1998 and has held a number of management positions over the years, most ... Read the full article
Re/insurance deals total $4.61bn in September: GlobalData
8th November 2019
Total insurance and reinsurance industry deals worth $4.61 billion were announced globally in September 2019, according to data and analytics firm GlobalData. The company’s deals database showed a 17.05% decrease in value over the previous month and a drop of 20.5% when compared with the last 12-month average of $5.8 billion. In ... Read the full article
Hiscox clarifies medium-term CR outlook for retail business
8th November 2019
Global specialist re/insurer Hiscox has released a statement clarifying the medium term outlook for the combined ratio of its primary retail insurance business, Hiscox Retail. Hiscox released its results for the first nine months of 2019 earlier this week, reporting growth across its entire business in 2019, with gross written ... Read the full article
Lloyd’s has been too slow reacting to change: CEO John Neal
7th November 2019
Lloyd’s has not reacted quickly enough to changes in the risk landscape and must offer products and services that are more closely aligned with what customers want and need, according to Chief Executive of the marketplace John Neal. Speaking at a lecture today in Lloyd’s Old Library building, Neal emphasised the ... Read the full article
Enstar returns to Q3 profit on investment gains
7th November 2019
Bermuda-based re/insurance, run-off and legacy specialist, Enstar Group Limited, has reported consolidated net earnings of $117.7 million for the third quarter of 2019, helped by net realized and unrealized gains of $148.2 million. This represents an increase in net earnings of $133.7 million when compared with the net loss of $16.0 ... Read the full article
FEMA delays implementation of new NFIP rates by one year
7th November 2019
The Federal Emergency Management Agency (FEMA) in the U.S. has delayed the implementation of previously announced changes to the National Flood Insurance Program (NFIP) by one year, to October 1st, 2021. In March 2019, an initiative called Risk Rating 2.0 was announced by FEMA. Designed to link NFIP premiums to ... Read the full article
Liberty Mutual reports flat Q3, secures ADC with Berkshire’s NICO
7th November 2019
Liberty Mutual Holding Company Inc. and its subsidiaries produced net income from continuing operations of $274 million for the third-quarter of 2019, while the firm also announced a new adverse development cover (ADC) arrangement with Berkshire Hathaway's National Indemnity Company (NICO). For the first nine months of the year, Liberty Mutual's ... Read the full article