Reinsurance News
IVANS Index September renewals update mixed: KBW
18th October 2018
The IVANS Index - which tracks commercial premium renewal rates - rose sequentially in September for Commercial Auto and Umbrella, and declined sequentially for Business Owner Policy, General Liability, Commercial Property, and Workers Compensation, according to analysts at Keefe, Bruyette & Woods. KBW expects commercial casualty rate increases to mostly gain ... Read the full article
2018 by no means a benign catastrophe year: Peel Hunt
18th October 2018
With Hurricane Michael the latest in a string of medium-sized catastrophes to have impacted the re/insurance industry in 2018 it has by no means been a benign cat year, according to analysts at Peel Hunt. Swiss Re estimates up to $18 billion of insured losses in H1 2018, with H2 adding ... Read the full article
Insurance associations pen letter calling for IFRS 17 delay
18th October 2018
A global group of nine insurance associations has written a joint letter to Hans Hoogervorst, chair of the International Accounting Standards Board (IASB), underlining concerns surrounding the International Financial Reporting Standard (IFRS) 17’s impact on insurance contracts. The joint letter states that extensive testing, together with insurers’ detailed implementation planning, confirms ... Read the full article
RenaissanceRe forecasts $155m of catastrophe losses for Q3 2018
18th October 2018
Bermudian reinsurance firm RenaissanceRe has pre-announced third-quarter 2018 catastrophe losses of $155 million net, largely driven by Typhoon Jebi and Hurricane Florence. RenaissanceRe expects an estimated net negative impact to its Q3 results of roughly $155 million, with Typhoon Jebi set to drive around $70 million of the losses and hurricane ... Read the full article
Swiss Re sees $1.4bn catastrophe & man-made loss hit from Q3 2018
18th October 2018
Global reinsurance giant Swiss Re said this morning that it is expected to take $1.4 billion of losses from natural catastrophes and man-made disasters that occurred during the third-quarter of 2018. Given Swiss Re's global operations in reinsurance and commercial insurance, the firm was always going to experience a significant hit ... Read the full article
Named peril casualty cover is $90bn per year opportunity, says Praedicat CEO
17th October 2018
Robert Reville, Chief Executive Officer (CEO) of Praedicat, an InsurTech risk modelling and analytics firm, has claimed that developing named peril casualty cover is currently the biggest opportunity in re/insurance, representing a potential $90 billion annual growth opportunity. Praedicat analyses scientific literature to model more than 60,000 potential disease litigation scenarios, ... Read the full article
Willis Towers Watson establishes new claims resolutions team
17th October 2018
Global insurance and reinsurance broker Willis Towers Watson has established a new Resolutions team to support financial recovery efforts related to its clients’ most significant, complex and contested insurance claims. Willis Towers Watson said that the team will extend its traditional claim advocacy services into the dispute resolution arena to provide ... Read the full article
Arch returns to capital markets for $506m mortgage reinsurance deal
17th October 2018
Re/insurance specialist Arch Capital Group has turned to the capital markets for a third time this year, as it looks to complete an insurance-linked securities (ILS) transaction that will provide $506.11 million of reinsurance capacity, according to reports from our sister site Artemis. Once this deal completes, Arch will have ... Read the full article
Mayer Brown adds insurance expertise to London Corporate & Specialties practice
17th October 2018
Global law firm Mayer Brown has appointed Jeremy Hill as a Senior Counsel in its London Corporate & Securities Practice, where he will support the expansion of corporate insurance work as a member of the wider Global Insurance Industry Group. Hill has more than 30 years’ experience as a transactional lawyer ... Read the full article
Greenlight Re unit continues insurtech drive with Click2Sure investment
17th October 2018
Greenlight Re Innovations, part of the specialist hedge fund-backed property and casualty reinsurer Greenlight Capital Re, has invested in the digital insurance platform Click2Sure. South Africa-based Click2Sure has developed a comprehensive digital platform for distributing, managing and purchasing insurance at the point of sale. Launched by Daniel Guasco and Jacques Van Niekerk ... Read the full article
Composite rate for U.S. P&C placements up by 2.5% in Q3: MarketScout
17th October 2018
The composite rate for U.S. property and casualty (P&C) placements increased by an average of 2.5% in the third-quarter of 2018, in line with the rate increases witnessed in the second-quarter, according to MarketScout. According to Richard Kerr, Chief Executive Officer (CEO) of MarketScout, rates continued to move slowly upward with ... Read the full article
Hannover Re helped clients secure $1.5bn from capital markets over 2018
17th October 2018
With the recent completion of its fifth catastrophe bond transaction, Hannover Re has helped its clients to secure more than US $1.5 billion of reinsurance capacity from the capital markets over 2018. The company’s latest transaction was a $125 million cat bond covering San Diego-based energy infrastructure company Sempra Energy against ... Read the full article
InsurTech start-up iX Technology Group appoints Executive Chairman
17th October 2018
iX Technology Group, an InsurTech start-up company with a focus on blockchain, has announced the appointment of Sally Coryn as Executive Chairman. Coryn most recently served at Canopius as Head of Corporate Development, and has more than 30 years’ re/insurance market experience spanning strategy, analysis, investor relations, communications and underwriting. She previously ... Read the full article
MGIC taps capital markets to secure $318mn of mortgage reinsurance
17th October 2018
One of the largest mortgage insurers in the United States, Mortgage Guaranty Insurance Corporation (MGIC), has sought $318.6 million of capital markets-backed reinsurance capacity with its first insurance-linked securities (ILS) transaction, according to our sister site Artemis. Reports from Artemis had revealed that the mortgage insurance specialist was eyeing ... Read the full article
Blue Capital posts $10.2mn third quarter nat cat losses
17th October 2018
Blue Capital Reinsurance Holdings Ltd. has revealed that its third quarter 2018 results will be impacted by approximately $10.2 million of natural catastrophe losses, the majority of which are due to loss creep from Hurricane Irma. The loss estimate, which is net of reinsurance and reinstatement premiums, includes a $6.1 million ... Read the full article
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