Reinsurance News
Maiden Re looks to re-domesticate to Vermont
17th October 2019
In an effort to create a more efficient structure, the principal operating subsidiary of Maiden Holdings, Ltd., Maiden Reinsurance Ltd. (Maiden Bermuda), has submitted all the required filings to re-domesticate from Bermuda to the State of Vermont in the U.S. Currently, Maiden is looking to complete the re-domestication process on or ... Read the full article
Swiss Re and Pioneer co-develop innovative telematics solution
17th October 2019
Global reinsurance giant Swiss Re has collaborated with car electronics company Pioneer to develop a first-of-its-kind telematics solution designed to provide insurers with more and improved personalised risk assessment. The innovative, co-developed solution is to be included in Swiss Re's telematics suite and as a result of the new partnership, the ... Read the full article
CNA names James Chief Risk & Reinsurance Officer, Miralles to lead Warranty
17th October 2019
U.S. commercial property and casualty (P&C) insurer, CNA, has announced a couple of management changes in Enterprise Risk Management (ERM) and Warranty, including the appointment of Mark James as Chief Risk and Reinsurance Officer. In his new role, James assumed leadership of the firm's ERM function and maintains leadership for the ... Read the full article
Guy Carpenter appoints Samengo-Turner as Global Facultative Leader
17th October 2019
Guy Carpenter, the reinsurance broking arm of Marsh & McLennan Companies, has announced the appointment of Dominic Samengo-Turner as Global Facultative Leader, while Simon Delchar takes over as Head of Marsh JLT Specialty, Asia. Samengo-Turner will relocate to London and will report to John Trace, Chief Executive Officer (CEO), North America, ... Read the full article
Typhoons to boost Japanese reinsurance rates, but not market-wide: Barclays
17th October 2019
The substantial industry losses stemming from Japanese typhoons in 2019 will provide a boost to affected regional lines, but are unlikely to trigger a sharp recovery in wider property and casualty (P&C) reinsurance prices, according to analysts at Barclays. With insured losses from Typhoons Faxai and Hagibis now pegged at between ... Read the full article
TRIPRA expiration could cause “domino effect” of price rises: Marsh CEO
17th October 2019
John Doyle, President and CEO at Marsh, has warned that a failure to renew the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) could cause a “domino effect” of price increases across multiple re/insurance lines. Doyle recently testified before the United States House Committee on Financial Services to advocate for a timely ... Read the full article
RLI earnings down in Q3 despite underwriting improvements
17th October 2019
US property and casualty (P&C) insurer RLI Corp. has reported a 17.9% decrease in net earnings during the third quarter of 2019, despite significant improvements in its underwriting performance. RLI recorded net earnings of $32.3 million in Q3 2019, down from $39.4 million for the same period last year. However, the company ... Read the full article
RSG wraps up acquisition of hotel-focused program manager
17th October 2019
Ryan Specialty Group, an international specialty insurance organisation, has completed its previously-announced acquisition of Suitelife, a program manager based in West Chester, PA that specialises in hotels. Founded in 2010, Suitelife offers package, liability, property, umbrella, auto and workers’ compensation coverages to hotels, resort properties and private resort communities. Its program management ... Read the full article
Legal cannabis boom considerable opportunity for Lloyd’s: Clyde & Co
17th October 2019
With upcoming regulatory developments in the US and Canada expected to facilitate a significant growth of the legal cannabis industry over the next five years, Global law firm Clyde & Co sees considerable opportunities for insurers at Lloyd’s. Sales are already projected to grow as much as ten-fold to reach $40 ... Read the full article
DARAG Guernsey purchases Thames Water captive
17th October 2019
DARAG Guernsey, part of run-off specialist DARAG, is set to acquire captive re/insurer Thames Water Insurance Company Limited (TWICL) from its parent Kemble Water Finance. The captive will be renamed DARAG Insurance (Guernsey) Limited and serve as a consolidator for certain future DARAG non EEA legacy deals, including captive acquisitions and ... Read the full article
CCRIF SPC adds Guatemala to Facility
17th October 2019
The CCRIF SPC (formerly called the Caribbean Catastrophe Risk Insurance Facility) has added the Government of Guatemala to the Facility, taking the total number of member countries to 22. After the signing of a Memorandum of Understanding (MoU) with the Council of Ministers of Finance of Central America, Panama and the ... Read the full article
Japan’s three largest non-life insurers profitable despite Faxai, Hagibis
17th October 2019
AM Best analysis suggests that, barring any further major catastrophes in the next five months to fiscal year-end, Japan’s three largest non-life insurance groups are unlikely to report an overall loss despite the recent impacts of typhoon Faxai and Hagibis. In fact, due to effective catastrophe risk management and strong capitalisation, ... Read the full article
United Insurance anticipating $46m Q3 cat hit
17th October 2019
Property and casualty insurance holding company United Insurance Holdings (UPC) is anticipating pre-tax catastrophe losses of approximately $46 million in the third quarter of 2019. The company has attributed the net retained cat losses from tropical storms Barry and Imelda, hurricane Dorian and increased retention from non-tropical events related to its ... Read the full article
Rate divergence continues for upstream & downstream energy: Marsh JLT Specialty
17th October 2019
A new report from Marsh JLT Specialty has highlighted the ongoing divergence in rates between upstream and downstream energy markets, as the upstream market continues to struggle to achieve meaningful increases. In contrast, downstream energy rates are gaining more traction, driven by withdrawals and cutbacks in capacity. Other specialty lines – including ... Read the full article
Gard’s Christian Pritchard-Davies appointed CFO
17th October 2019
Gard, the Norwegian shipowner-controlled provider of P&I, marine and energy insurance, has named Christian Pritchard-Davies Chief Financial Officer (CFO), effective January 1st, 2020. Currently, Pritchard-Davies serves as Vice President - Head of Infrastructure & Operations at Gard, having joined the firm in 2014 from Skretting Group in Stavanger, Norway, where he ... Read the full article