Reinsurance News
Typhoon Damrey drives $1 billion loss in Vietnam
14th December 2017
Vietnam has suffered a $1 billion loss after Typhoon Damrey made landfall on the 4th of November, 2017, killing at least 108 people and damaging over 300,000 properties, according to insurance and reinsurance broker, Aon. Typhoon Damrey made landfall on the 4th of November in the country’s south-central coastal region as a ... Read the full article
Pension Insurance Corporation completes £100mn pension scheme buy-in
14th December 2017
Specialist insurer of defined benefit pension funds, Pension Insurance Corporation (PIC), has completed a £100 million buy-in with Trustees of three defined benefit pension schemes which are sponsored by Pirelli UK and Pirelli Tyres. Flavio Cateni, Head of Group Planning & Reporting and Pensions at Pirelli, said; "The timely and mutually satisfactory ... Read the full article
Andre Lopes joins Cunningham Lindsey as Director, Brazil
14th December 2017
Cunningham Lindsey has announced that Andre Lopes will join the firm's Brazilian operations as Director from Crawford & Company, where he was Brazil Chief Executive Officer (CEO). The global loss adjuster views Brazil as a key growth area, and it currently operates across the country from offices in Rio de Janeiro ... Read the full article
Canopius agrees to cede risks to Flood Re
14th December 2017
Global specialty insurer and reinsurer, Canopius, has agreed to cede risks to Flood Re, the UK's Government-backed flood reinsurance scheme. The agreement aims to enable UK homeowners living in flood prone areas with access to more effective insurance solutions. The UK Government has pledged support of the Flood Re scheme until 2039, ... Read the full article
U.S. property & casualty personal insurance outlook stable for 2018: Moody’s
14th December 2017
The U.S. property and casualty (P&C) personal insurance industry has been given a stable outlook for 2018, with carriers’ strong capitalisation and adequate earnings capacity having offset losses from a heavy catastrophe year. "Insurers' risk management and capital resources are holding up well against Hurricanes Harvey, Irma and Maria, and the ... Read the full article
BMS Re expands team with two senior appointments
14th December 2017
Reinsurance specialist broker BMS Re US (BMS), has expanded its team with two senior appointments, naming Chang Liu as Director of Catastrophe Analytics Technical Development and Bradley Parent, an Associate of the Casualty Actuarial Society, as Assistant Vice President / Actuary. BMS said the new hires show its continued commitment to incorporate actuarial ... Read the full article
Mitsui Sumitomo approved to acquire First Capital stake from Fairfax
14th December 2017
Japanese insurance and reinsurance giant Mitsui Sumitomo Insurance (MSI), a subsidiary of MS&AD Insurance Group Holdings, has been approved to complete its proposed acquisition of Fairfax Financial Holdings Limited’s 97.7% interest in First Capital Insurance Limited of Singapore. The acquisition was originally announced back in August, as Mitsui Sumitomo and ... Read the full article
Earnings to be positive in 2018 for reinsurers, but only just above cost of capital: Fitch
13th December 2017
For 2018, Fitch Ratings forecasts a return on equity (ROE) of 7.1% for its group of non-life reinsurance companies, which, while profitable, is only just above the estimated 6% to 7% cost of capital. The international financial services ratings agency underlines persistent underwriting and investment stress for global reinsurers, exacerbated by ... Read the full article
Cayman Island gains $100 million from captive industry
13th December 2017
Cayman's captive insurance industry generated $100 million for the island's economy in 2016, according to an economic impact survey by the Insurance Managers Association of Cayman (IMAC). The Q3 results from the Cayman Islands Monetary Authority (CIMA) showed the insurance industry for Cayman have total premiums written at nearly $12.4 billion, ... Read the full article
Skuld appoints Rachael Simpson to SVP of London P&I Operations
13th December 2017
Marine insurer Skuld has named Rachael Simpson as Senior Vice President (SVP) of London P&I Operations, with effect from March, 2018. Simpson will report to Matthew Burton, Head of London P&I, and will focus on business development throughout North America. Ståle Hansen, Skuld President and Chief Executive Officer (CEO), said; "The North American ... Read the full article
InsurTech Quantemplate announces new CEO & £2.5mn of funding
13th December 2017
Quantemplate has appointed industry veteran David Lungren as Chief Executive Officer (CEO) and announced ambitious growth plans after receiving an injection of £2.5 million (US$3.34mn) in new capital from Lake Columbia Partners. The InsurTech provider offers reinsurers data transformation and analytics tools; it boasts a five fold increase in revenue in the ... Read the full article
Pioneer appoints Kellie Reese as underwriter of E&S Property unit
13th December 2017
Pioneer Underwriters has appointed Kellie Reese as an underwriter of its recently launched Excess & Surplus (E&S) Property operation. Reese has worked with The Hartford, Fireman's Fund and ACE and brings almost 30 years of experience in property underwriting. She will report to Dave Phillips, Head of E&S Property at Pioneer and ... Read the full article
Legal & General secure £490mn Merchant Navy Officers Pension Fund buy-in
13th December 2017
The Trustee of the £3 billion Merchant Navy Officers Pension Fund (MNOPF) has secured a buy-in transaction with Legal & General, worth £490 million of members’ pension benefits. The buy-in hedges the benefits of all current pensioners against longevity risk. MNOPF Chair, Rory Murphy, said; “This buy-in enables us to more effectively ... Read the full article
Nearly a third of U.S. businesses experienced a data breach: Survey
13th December 2017
According to a recent survey for The Hartford Steam Boiler Inspection and Insurance Company (HSB), a division of global reinsurer Munich Re, 29% of U.S. businesses experienced a data breach in the previous year. The survey was conducted by Zogby Analytics for HSB, as part of a continuing effort by HSB ... Read the full article
Reinsurance reduces operational costs for life insurers: Swiss Re
13th December 2017
To improve profitability and value of life insurance products, life insurers have been effectively leveraging reinsurance and capital markets by transferring longevity risk exposures, according to Swiss Re's latest sigma report. Reinsurance and capital market solutions have made life insurers more competitive, improving profitability through reducing mortality, morbidity and longevity risk ... Read the full article
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