Reinsurance News

Willis Towers Watson and Roost to set up Home Telematics Consortium

2nd June 2017

Insurance and reinsurance broker Willis Towers Watson has entered into an agreement with Roost - innovator in smart home technology - to establish a Home Telematics Consortium with 5-10 U.S. insurance carriers to help connect property insurers to the Internet of Things. The aim of the consortium is to combine household ... Read the full article

HCI secures 2017 reinsurance programme

2nd June 2017

HCI Group's insurance Subsidiary, Homeowners Choice Property & Casualty Insurance Company (Homeowners Choice), has completed its reinsurance placement for the 2017-2018 year, announcing a comprehensive programme that provides cover against hurricanes and other catastrophic losses up to $968 million for a first event. The first event element of the programme covers a probable ... Read the full article

Insurance is the “ultimate community product” for social resilience: ICMIF CEO

2nd June 2017

Insurance and reinsurance is far more than just a policy and the capabilities and capacity of the risk transfer industry must be utilised to increase global disaster resilience, stressed Shaun Tarbuck, Chief Executive Officer (CEO) of the International Cooperative and Mutual Insurance Federation (ICMIF). As part of the Global Platform for Disaster Risk ... Read the full article

Reinsurance rate declines accelerated at June renewal: JLT Re

2nd June 2017

The pace of decline across pricing and rate in the reinsurance market accelerated at the June 1st 2017 renewal, according to broker JLT Re, with rates down as much as 10% in places, and averaging a 5% decline. It's not the news reinsurers were looking for, but the excess levels of ... Read the full article

TWIA prepared for hurricane season with comprehensive reinsurance programme

1st June 2017

The Texas Windstorm Insurance Association (TWIA) has announced that it's financially prepared for the 2017 hurricane season with a comprehensive reinsurance programme, that includes two catastrophe bond transactions. TWIA's 2017 reinsurance programme runs from June 1st 2017 to May 31st, 2018, and provides the entity with $4.9 billion in total aggregate funding. This is ... Read the full article

Caribbean insurers take advantage of soft reinsurance market: A.M. Best

1st June 2017

Overall, the Caribbean insurance market remained profitable in 2016 despite the region's high exposure to a variety of natural catastrophe events, helped by the softening reinsurance pricing landscape and the high use of reinsurance protection amongst Caribbean firms, says A.M. Best. International rating agency A.M. Best has underlined the high use of ... Read the full article

Munich Re buys another wind farm, to further diversify investments

1st June 2017

Global reinsurance firm Munich Re has signed an agreement with Eolus, the Swedish wind power developer, which will see all the shares in a wind farm development being acquired by the reinsurers MEAG asset management unit. Investment returns remain vital to reinsurers, perhaps more so in the low yield environment, but ... Read the full article

Reinsurers should work against rising tide of protectionism: Inga Beale

1st June 2017

Lloyd's Chief Executive Officer (CEO) Inga Beale has urged reinsurers to get to work against the trend of growing protectionism, citing increasing obstacles confronting reinsurers as barriers to international trade continue to go up across the globe, in the European re/insurance federation's latest annual report. "We need to continue our engagement and ... Read the full article

Kaikoura earthquake losses “well within reinsurance limits” – RBNZ

1st June 2017

Losses due to the Kaikoura, New Zealand earthquake, the magnitude 7.8 tremblor that occurred on the 14th November 2016, are seen as "well within reinsurance limits" for insurers operating in the country, according to the Reserve Bank of New Zealand. "While there is substantial uncertainty over the claim costs, they appear ... Read the full article

Commercial insurance rates down overall in Q1 but U.S. casualty renewals increase: Marsh

1st June 2017

Q1 2017 marked the sixteenth consecutive quarter commercial insurance rates declined on average, although decreases did moderated across all coverage lines for the fifth quarter running. Despite U.S. cyber liability rates falling for the first time since 2014, U.S. casualty renewal rates actually increased in Q1 2017, according to broker Marsh. Persistent industry ... Read the full article

Hurricane season to bring additional challenges to U.S. P/C industry: Fitch

1st June 2017

The U.S. property & casualty insurance industry is strongly capitalised and has the capacity to withstand what's expected to be an active hurricane season ahead despite the continued challenges of competitive pricing, said Fitch Ratings' in its 2017 hurricane season report. The agency cautioned, however, that a major catastrophic hurricane could be hard-hitting ... Read the full article

Marsh sets up new aviation consortium, with Allianz, AXIS, Sompo & Fidelis

1st June 2017

Insurance and reinsurance broking group Marsh has launched a new aviation insurance consortium, which is backed by capacity from four major players, Allianz, AXIS Capital, Sompo International (formerly Endurance), and Fidelis. Marsh said that the Aircraft Finance Insurance Consortium (AFIC) features a "unique non-payment insurance product" which has been specially created ... Read the full article

U.S. Life & Health sector net income up 73.5% in Q1 2017: A.M. Best

1st June 2017

The U.S. Life/Health (L/H) insurance and reinsurance industry recorded net income of $7.7 billion in the first-quarter of 2017 compared with $4.5 billion a year earlier, representing growth of 73.5%, according to analysis from global rating agency A.M. Best. The analysis includes data from companies that make up an estimated 84% ... Read the full article

Cyber risk aggregation a threat to re/insurer solvency

1st June 2017

While underwriting cyber risks is seen as one of the biggest opportunities in insurance and reinsurance right now, the risks to re/insurers could be equally large. Cyber attacks such as the recent WannaCry ransomware have clearly demonstrated that self-propagating cyber exploits could become major sources of aggregated losses for the insurance ... Read the full article

Guy Carpenter hires van Oort from Gen Re as MD for Benelux operations

1st June 2017

Reinsurance broker Guy Carpenter has announced that it has hired Hans van Oort from General Re to be Managing Director of its Benelux operations, as the company looks to strengthen its regional team. van Oort will join Guy Carpenter as of the 1st December 2017, taking on responsibility for growing Guy ... Read the full article