Reinsurance News
MMC names Stacey Mills as VP and Controller
22nd December 2017
Marsh & McLennan Companies (MMC) has announced the appointment of Stacey Mills as Vice President (VP) and Controller, a role that will see her serve as the company's Chief Accounting Officer (CAO), effective January 1st, 2018. Mills joined the firm in 1999 as Controller of Putnam Investments, and has served as ... Read the full article
Reinsurance-to-close provides a clean break for Neon
22nd December 2017
The recently announced reinsurance-to-close transaction that Neon Underwriting has entered into with Enstar Group's StarStone, provides a clean break for the insurer, giving finality on legacy Marketform business. The arrangement, which we covered here, saw Enstar’s Syndicate 2008 enter into a reinsurance-to-close transaction to assume liabilities as at the 2015 ... Read the full article
JLT Re announces $14.5 mn private placement weather cat bond
22nd December 2017
JLT Re North America (NA) subsidiary, Jardine Lloyd Thompson Capital Markets (JLTCM), has announced another private placement catastrophe bond, Market 2017-2 (Weather), which closed at $14.50 million. The bond provides single year parametric-based collateralized retrocession coverage for warm-weather winters across Europe. Michael Popkin, Managing Director and Co-Head of Insurance-Linked Securities at JLTCM, ... Read the full article
2018 financial services outlook “stable” but underlying headwinds grow: S&P
22nd December 2017
S&P expects 2018 to be a "stable" year for global financial services, with continued economic growth and the still cautious stance of the major central banks driving stable financial conditions in most regions. However, analysts warned that underneath the mostly sanguine market conditions, downside risks to financial stability have increased. Shifting dynamics ... Read the full article
InsurTech to open up opportunities in historically excluded risks
21st December 2017
Epidemic risk modeller Metabiota predicts that in 2018 insurers will focus more on speed with increased appetite for risk to reach the needed returns and innovation in the InsurTech space will make this possible, opening up opportunities in historically excluded risks such as terrorism and pandemics. Metabiota Head of Data Research ... Read the full article
UK motor insurers to enjoy a rebound while home insurers’ profits fall in 2018: EY
21st December 2017
UK motor insurers will likely enjoy a rebound in 2018 following the proposed revised Ogden discount rate, while home insurers' profitability is expected to deteriorate in 2018, with or without extreme weather conditions, according to Tony Sault, UK General Insurance Leader for EY. "Last year was undoubtedly tough for the insurance ... Read the full article
Prudential & Legal & General conclude $800m longevity reinsurance deal
21st December 2017
The Prudential Retirement Insurance and Annuity Company (PRIAC), a Prudential Financial unit, has concluded a reinsurance agreement which will see it assume longevity risk for about $800 million in pension liabilities, which are held by Legal & General as part of its bulk annuity business. This transaction covers more than 2,000 ... Read the full article
Chaucer creates reinsurance sidecar to back Syndicate 1084 portfolio
21st December 2017
International specialty insurer Chaucer has created a reinsurance sidecar to provide collateralised reinsurance capacity for its Syndicate 1084 global portfolio in 2018. Newly formed Bermuda-based segregated account company Thopas Re will lead the transaction which includes $95 million of third-party investor capital. Thopas Re has entered into an exclusive quota share agreement with ... Read the full article
Reinsurers’ return on equity significantly declines after Q3 losses: Moody’s
21st December 2017
Reinsurers' annualised Return On Equity (ROE) has declined significantly this year after large quarterly net losses dealt a blow to carriers' balance sheets, but some losses could be offset by demand for additional reinsurance protection in 2018 as insurers re-evaluate their reinsurance purchases, according to Moody's Investor Service. The median annualised ... Read the full article
Athene to reinsure $19 billion of Voya Financial annuity liabilities
21st December 2017
Athene Holding has entered into an agreement with Voya Financial to reinsure about $19 billion of fixed and fixed indexed annuity liabilities. Prior to the closing of the transaction which is set for the second or third quarter of 2018, Athene will evaluate a range of potential debt financing alternatives, which the ... Read the full article
Australia storms’ insured losses estimated at $105 million: ICA
21st December 2017
Insurance Council of Australia (ICA) has declared a fourth catastrophe for 2017 after storms struck parts of regional Victoria and metropolitan Melbourne on Tuesday causing significant property and vehicle damage with insured losses estimated at $105 million. ICA Chief Executive Officer (CEO) Rob Whelan, said insurers had received over 25,000 claims ... Read the full article
SOBC Sandell completes sixth & seventh acquisition
21st December 2017
SOBC Sandell has announced that as of December 15th, 2017, it has acquired 100% of the stock of ASAC Inc., PCC and American Staffing Assurance Company of Washington DC, IC (ASCWIC), after receiving regulatory approval for Change of Control in Washington, D.C. The purchase of ASAC PCC and ASCWIC are SOBC ... Read the full article
Alberto Gallego named Head of Iberia, Willis Towers Watson
21st December 2017
International insurance and reinsurance brokerage, Willis Towers Watson, has announced the appointment of Alberto Gallego as its new Head of Iberia, effective January 1st, 2018. Gallego will be based in Madrid and will lead the business in both Spain and Portugal. He joined Willis Towers Watson in 1990 and has held ... Read the full article
Market pressures forecast to drive M&A activity in 2018: Clyde & Co
21st December 2017
2017's record-level losses from natural catastrophes and other growing market pressures could act as a catalyst for M&A activity in the U.S. insurance industry next year, according to Clyde & Co. Analysts said M&As had taken something of a back seat in the insurance industry over the last 18 months, but ... Read the full article
Enstar completes reinsurance to close of Neon syndicate liabilities
21st December 2017
Bermuda based insurance, reinsurance and run-off specialist Enstar Group has announced the completion of a reinsurance-to-close transaction that sees it assume liabilities from re/insurer Neon Underwriting's syndicate at Lloyd's. Enstar's Lloyd’s of London managing agency, StarStone Underwriting Limited, agreed with Neon that Enstar’s Syndicate 2008 would enter into the reinsurance-to-close transaction, ... Read the full article
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