Reinsurance News
RGA in £900mn asset and longevity transaction with LV=
19th December 2017
Global, U.S.-based life reinsurance company, Reinsurance Group of America, Incorporated (RGA), has completed a £900 million (US$1.2bn) asset and longevity risk transaction with Liverpool Victoria Friendly Society (LV=). The transaction sees RGA reinsure roughly £900 million in individual annuity business, while no additional terms of the transaction are being disclosed. Executive Vice President ... Read the full article
Aspen in strategic partnership with CBG DS, includes stake in Crop Re
19th December 2017
Aspen Insurance Holdings Limited has entered into a new strategic partnership with CGB Diversified Services, Inc. (CBG DS), under which Aspen has acquired a 23.2% stake in newly established firm, Crop Re Services LLC (Crop Re). Crop Re is responsible for directing the reinsurance placement on behalf of CGB DS, and after Aspen ... Read the full article
Lloyd’s raises £3bn of additional capital to restore market after losses
19th December 2017
Lloyd's of London's Bruce Carnegie-Brown and Inga Beale have underlined the divergent two halves of 2017 for the sector, and praised the market for its ability to provide £3 billion of additional capital following Q3 catastrophe events and changes in capital requirements. The message comes from the Lloyd's Chairman, Carnegie-Brown and ... Read the full article
Chubb names Matt Booker as Senior Vice President of U.S. Major Accounts Property
19th December 2017
Chubb has appointed Matt Booker to Senior Vice President of Major Accounts Property in the U.S. to succeed Brian Church who has moved into a position as Head of International Property for the firm's Overseas General business. Booker will assume responsibility for underwriting, strategy, production, product development, management, and profit and loss ... Read the full article
The Navigators to acquire Belgian insurer Assurances Continentales
19th December 2017
The Navigators Group has entered an agreement to purchase all the shares of Belgian specialty insurer Assurances Continentales -- Continentale Verzekeringen NV (ASCO) and Bracht, Deckers & Mackelbert NV (BDM) - a move that will grow the firm's European presence. Navigators has proposed to pay EUR 35 million in cash for ... Read the full article
Generali to sell €300 million UK & U.S. non-life run-off portfolio to Compre Group
19th December 2017
Generali has entered into an agreement to sell the non-life run-off portfolio of its UK and U.S. branches consisting of about €300 million of liabilities to discontinued business specialists Compre Group. The transaction is structured as an upfront reinsurance solution by way of a Loss Portfolio Transfer for both branches. Legal business ... Read the full article
Philippines’ Speaker urges House Committee to investigate GSIS reinsurance contracts: Reports
19th December 2017
Pantaleon Alvarez, current Speaker of the House of Representatives of the Philippines, has called for the House Committee on Government Enterprises and Privatization to investigate reinsurance contracts awarded to domestic insurers by the Government Service Insurance System (GSIS), according to reports from the country. The Manila Bulletin reports that Alvarez is ... Read the full article
A.M. Best holds negative outlook on global reinsurance market for 2018
19th December 2017
Despite the impacts of third-quarter 2017 catastrophe events expected to improve reinsurance market conditions, uncertainty surrounding the level of price increases and how sustainable any market improvement might be has led A.M. Best to maintain its negative outlook for the sector for 2018. Heading into the January 1st, 2018 renewals season ... Read the full article
Australian government won’t intervene on cyclone re/insurance
19th December 2017
The Australian Turnbull Government has said that it "will not intervene directly in the insurance market" as a way to reduce insurance premiums in regions at high risk of impact from tropical cyclones, a Minister said yesterday. Under consideration had been the establishment of a mutual cyclone reinsurance company, backed by ... Read the full article
Allianz Global Corporate and Specialty announces changes to leadership board
19th December 2017
Allianz Global Corporate and Specialty (AGCS) has announced a series of changes to its leadership board set for the first half of 2018. Current Chief Operating Officer (COO) Sinead Browne will replace Carsten Scheffel who is retiring from a position as Chief Regions and Markets Officer. In her new board-level role, Browne ... Read the full article
China reinsurance market challenges to continue: A.M. Best
18th December 2017
China's reinsurance market remains challenging for non-life reinsurance companies and is in fact becoming an increasingly difficult place to operate, according to rating agency A.M. Best. A.M. Best highlights a number of issues that face both non-life and life reinsurance companies operating in China, although the prospects for the life side ... Read the full article
The Covéa Group enters €90 million reinsurance agreement with Hexagon Re
18th December 2017
The Covéa Group has entered into a €90 million reinsurance agreement with Hexagon Re, an Irish Designated Activity Company that will provide the mutual insurance society with windstorm reinsurance cover across Metropolitan France. The agreement is set to begin from January 1st, 2018 and provides fully collateralised protection with two €45 ... Read the full article
Citizens’ preparing for hardening reinsurance market in 2018
18th December 2017
Citizens Property Insurance Corporation is anticipating a hardening market as a result of hurricane Irma and other global catastrophe events experienced in the second-half of 2017, and is budgeting appropriately. The Florida state-backed insurer has announced its risk transfer plans for 2018, revealing that it will look to secure $1.45 billion ... Read the full article
Chubb appoints Brian Church to Executive Vice President & Head of International Property
18th December 2017
Chubb has promoted Brian Church from Executive Vice President and Head of Major Accounts Property in the U.S. to Executive Vice President and Head of International Property for Chubb's Overseas General business with effect from 1st January 2018. Church will assume responsibility for all of Chubb's retail commercial property insurance business ... Read the full article
PICC Re & AIR Worldwide partner to better manage reinsurer’s growing portfolio
18th December 2017
Chinese reinsurer PICC Reinsurance Company Limited (PICC Re) has partnered with catastrophe risk modeller, AIR Worldwide, to better manage its expanding portfolio of catastrophe risk reinsurance business. Following approval by the China Insurance Regulatory Commission (CIRC) to operate as a stand-alone reinsurer, PICC Re has been eager to work with entities that ... Read the full article
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