Reinsurance News
IGI grows top line in Q3, improves rates across specialty classes
20th November 2019
International General Insurance Holdings Company (IGI) grew its gross written premiums to $74 million in the third quarter of 2019, and saw premium rate increases across various specialty classes of business. Premiums were up 16% on the same period in 2018, when the company reported gross written premiums of $64 million. Rates ... Read the full article
Resolution Life completes latest capital raise, taking commitments to $3bn+
20th November 2019
Resolution Life Group Holdings LP, a long-term manager of legacy life insurance portfolios, has today announced the completion of its latest capital raise. After the finalisation of its most recent capital raise, Resolution Life has secured commitments of more than USD 3 billion since September 2018. The company notes that the capital ... Read the full article
Munich Re-backed start-up Next Insurance hires execs from Fitbit & Yelp
20th November 2019
Next Insurance, the digital insurtech firm backed by Munich Re, has announced the appointments of former Fitbit executive Melanie Chase as Chief Marketing Officer and former Yelp executive Effi Fuks Leichtag as Chief Product Officer. Next Insurance provides digital small business insurance coverage across the US to over 1,000 types of ... Read the full article
Reinsurance market likely to remain stable into 2020: AM Best’s Holzberger
20th November 2019
New business opportunities and alignment with third-party capital are among a number of tailwinds that are expected to help the reinsurance sector maintain its stable outlook into next year, according to Stefan Holzberger, Senior Managing Director and Chief Rating Officer at AM Best. Speaking as part of AM Best’s recent ‘Insurance ... Read the full article
GIAJ puts Typhoon Faxai costs at $2.45bn, with Hagibis claims growing
20th November 2019
Claims payments from Typhoon Faxai have reached $2.45 billion, according to the General Insurance Association of Japan (GIAJ), as the amount of claims stemming from Hagibis also continues to grow. Recent estimates from catastrophe modeller RMS indicate that the eventual cost of Faxai will be between $5 billion and $9 ... Read the full article
Tokio Marine HCC’s Barnett & Browne named Co-Global Marketing Leaders
20th November 2019
Tokio Marine HCC has announced the appointment of Jeremy Barnett and Phelim Browne as Co-Global Marketing Leaders, effective October 1st, 2019. In their new roles, both Barnett and Browne will report to Thomas Harmeyer, Executive Vice President (EVP), Tokio Marine HCC. Browne currently serves as Head of Marketing for Tokio Marine HCC, ... Read the full article
Insurance claims at $115m as Australia bushfires continue
20th November 2019
As bushfires continue to rage across New South Wales and Queensland the Insurance Council of Australia has announced estimated industry losses of AU $115 million (US$78 million). Blazes across the two eastern states have so far destroyed more than 500 houses and blanketed Sydney in bushfire smoke, prompting dozens of calls ... Read the full article
Aviva overhauls business structure, sells off Hong Kong division
20th November 2019
UK insurer Aviva has simplified its business structure into five operating divisions as part of a new group strategy, in addition to announcing the sale of its stake in joint Hong Kong venture, Blue. Going forward, Aviva’s operations will consist of five divisions, comprising Investments, Savings & Retirement; UK Life; General ... Read the full article
Munich Re, Abu Dhabi wealth fund in $900m NYC real estate deal, reports
20th November 2019
German reinsurance giant Munich Re is set to pay the Abu Dhabi sovereign wealth fund between $850 million and $900 million for its 40-story office building at 330 Madison Avenue, New York, according to reports from The Real Deal. The Abu Dhabi Investment Authority (ADIA) had supposedly seen its initial $800 ... Read the full article
US House approves long-term TRIPRA extension
20th November 2019
The Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) is set to go before the U.S. Senate after legislation extending the bill for seven years easily passed through the U.S. House of Representatives. The bill, which was initially passed in 2002 in the aftermath of the September 11 attacks, received strong bipartisan ... Read the full article
Ransomware incidents up threefold in 2019, as costs escalate: Aon
20th November 2019
Ransomware incidents rates have increased threefold since Q4 2018, according to a new report from Aon, with average costs escalating at a similar rate. The Cyber Practice Group of Aon’s Reinsurance Solutions business found that the costs of ransomware attacks continued to increase across all sectors this year, with payments tripling ... Read the full article
Optio enters political risk market, backed by Hiscox
20th November 2019
Optio Group, which is comprised of MGAs Ascent Underwriting, Cove Programs and broker Bay Risk Services, has announced the launch of a political political risk proposition for foreign direct investors (FDIs) in higher-risk markets. In addition to the standard political risk perils of expropriation, war and forced abandonment, Optio will provide ... Read the full article
Real value in understanding & transferring ocean risk, says AXA XL’s MacFarlane
19th November 2019
AXA XL, the global P&C and Specialty insurance and reinsurance arm of the AXA Group, sees real value in the ongoing development of the world’s first Ocean Risk Index, designed to assess, transfer and trade the risks associated with the change and deterioration in our oceans, while simultaneously supporting resilience. Reinsurance ... Read the full article
CyberCube secures $35mn in funding, led by HSCM Bermuda
19th November 2019
Cyber risk analytics firm CyberCube has secured $35 million of additional funding in a series B round led by Hudson Structured Capital Management Ltd. (HSCM Bermuda) and existing investor ForgePoint Capital. As part of the arrangement, Michael Millette, Founder and Managing Partner at HSCM Bermuda, will join CyberCube’s Board of Directors. Launched ... Read the full article
FEMA commences procurement of 2020 NFIP reinsurance renewal
19th November 2019
The U.S. Federal Emergency Management Agency (FEMA) has started its procurement process for the renewal of a flood reinsurance programme, designed to protect against flood risks in the U.S. that are insured by the National Flood Insurance Program (NFIP). FEMA has returned to the traditional market for its NFIP reinsurance program ... Read the full article