Reinsurance News
RMS launches U.S Inland Flood HD Model
1st November 2018
Catastrophe risk modelling and analytics firm RMS has announced the release of its U.S Inland Flood High Definition (HD) Model, which accounts for all types of inland floods including those induced by both tropical cyclone and non-tropical cyclone rainfall. The model is coupled with the RMS North Atlantic Storm Surge Model ... Read the full article
Cats push Lancashire to Q3 loss, firm eyes specialty line growth in 2019
1st November 2018
Lancashire Holdings Limited has reported a net operating loss of $24.6 million and a combined ratio of 135.2% for the third-quarter of 2018 as a result of catastrophe events. However, the firm remains in positive territory for the first-nine months of the year and sees growth opportunities in 2019. Despite an ... Read the full article
Legal & General announces launch of Smart Adjusting initiative
1st November 2018
British multinational financial services firm Legal & General has announced the launch of its Smart Adjusting initiative, a tailored solution for large loss claims via a panel of handpicked adjusters. Having engaged with a large number and variety of providers across the UK market, L&G states that it will work in ... Read the full article
Swiss Re reports positive results despite impacts of large losses
1st November 2018
Reinsurance giant Swiss Re has reported a positive first nine months to the year despite the impacts of large losses in the property and casualty reinsurance and Corporate Solutions divisions. Despite the impact of roughly $1.6 billion of natural catastrophe and man-made losses during the third-quarter, Swiss Re managed to report ... Read the full article
Life reinsurers must better adapt to cedents’ needs: Guy Carpenter
31st October 2018
The life reinsurance sector has been shrinking for a number of years, but reinsurers can remain relevant if they take a more strategic approach to adapting to the changing needs of cedents, according to David Rains, Managing Director at Guy Carpenter. Rains claimed that the traditional life reinsurance proposition, which involves ... Read the full article
TMR deal provides RenRe with access to preferential risk at a valuable time
31st October 2018
Bermudian reinsurer RenaissanceRe (RenRe) expects to access up to $1.4 billion of incremental reinsurance premium following its $1.5 billion acquisition of Tokio Millennium Re (TMR), and has entered into an agreement on the firm's non-Japanese reinsurance placements, which provides it with "preferential access to risk" at a valuable time. The ... Read the full article
Substance debate will strengthen captive insurance market: Analysts
31st October 2018
The Base Erosion and Profit Shifting (BEPS) debate regarding substance in business activities will act as a “wake up call” for the captive insurance market, but will ultimately strengthen the sector, according to industry analysts. Speaking at the Guernsey Insurance Forum in London, Paul Owens, Managing Director of the Global Captive ... Read the full article
Australian Reinsurance Pool to conduct cyber terrorism study
31st October 2018
The Australian government’s terrorism reinsurance agency, Australian Reinsurance Pool Corporation (ARPC), has commenced a 12-month research study on the threat of cyber terrorism in Australia. The study will aim to identify and explore current and prospective threats, and assess the practicalities of extending insurance coverage to include cyber terrorism in Australia, ... Read the full article
Reinsurers well placed to benefit from the rise of digital: J.P. Morgan
31st October 2018
Reinsurance companies are positioned well to benefit from the potential disruption caused by the rise of digital technologies, according to analysts at J.P. Morgan. Digital technology is advancing rapidly and increasingly looking to disrupt the global insurance and reinsurance sector. As a result, both insurers and reinsurers stand to potentially gain ... Read the full article
Insured losses expected as deadly Italian storm floods Venice
31st October 2018
Almost three quarters of the city of Venice has been submerged under floodwaters after Italy was battered by a storm with windspeeds of up to 180km/h (110 mph) earlier this week. Widespread wind and flood damage has been reported across the country, which is expected to drive losses for primary insurers ... Read the full article
RenRe posts $33mn net income despite Q3 cats hitting underwriting result
31st October 2018
Bermudian reinsurance company, RenaissanceRe Holdings Ltd. (RenRe), has reported net income of $32.7 million for the third-quarter of 2018 despite recording an underwriting loss and a combined ratio of 105.5%, as results were boosted in part by higher net investment income. The reinsurer's net income of $32.7 million is an improvement ... Read the full article
Generali opens representative office in Moscow
31st October 2018
Italian insurance giant Generali has announced the opening of its Representative Office in Moscow by Austria, Central & Eastern Europe, Russia Regional Officer and Chief Executive Officer of Generali CEE Holding, Luciano Cirinà, and the Chairman & CEO of Generali Russia & Commonwealth of Independent States, Giorgio Callegari. “As we inaugurate ... Read the full article
Reinsurance segment helps Arch to solid earnings in Q3
31st October 2018
Bermuda-based insurer and reinsurer, Arch Capital Group Ltd. has today posted its financial results for the third-quarter of 2018, reporting net income of $217 million compared with a net loss in the same period last year, supported by solid results within its reinsurance segment. Arch Capital's gross written premiums (GWP) increased ... Read the full article
Global re/insurance M&A deal value hits $42bn, highest since financial crisis
31st October 2018
A “slew of megadeals" have pushed the deal value of global re/insurance mergers and acquisitions to $42 billion (€37 billion) in the first half of 2018, the highest since the financial crisis, according to a new report from Willis Towers Watson and Mergermarket. Indeed, this past week has seen a succession ... Read the full article
UK P&I Club elects Nicholas Inglessis as Chairman
31st October 2018
Directors of the UK P&I Club, a provider of protection and indemnity (P&I) insurance and other services to the international shipping community, have elected Nicholas Inglessis as their new Chairman. He succeeds outgoing Chairman Alan Olivier, who has held the position since 2013. Inglessis has been a Director of the UK Club ... Read the full article
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