Reinsurance News
Storms, hail & heavy rains drive €1.3bn of losses for German insurers in H1: GDV
28th August 2019
Natural hazards in the first-half of 2019 in Germany, underpinned by storms, hail, lightning and heavy rains, resulted in insured losses of €1.3 billion (USD 1.44 billion), according to the German Insurance Association (GDV). The €1.3 billion loss total represents damages from natural hazards in H1 2019 in Germany to both ... Read the full article
Zurich NA, Wright to launch residential private flood insurance
28th August 2019
The North American arm of global insurer Zurich is partnering with flood insurer Wright National on a stand-alone product, due to launch in Florida on September 3, called Zurich Residential Private Flood Insurance With plans to expand coverage to 11 additional states in the future, the product allows property owners to ... Read the full article
Bank of Montreal (BMO) pulling back on reinsurance, citing climate change
27th August 2019
The Bank of Montreal, which underwrites reinsurance including catastrophe risk exposure through its BMO Reinsurance Limited (BMO Re) vehicle in Barbados, is to pull-back, citing climate change and inadequate returns. During the Bank Of Montreal earnings conference call today, the firms CEO Darryl White explained that after recent heavy catastrophe loss ... Read the full article
Peak Re profits down 55% in H1 despite premium growth
27th August 2019
Hong Kong domiciled reinsurer Peak Reinsurance Company Limited (Peak Re) saw its net profit slide 55% over the first six months of 2019 despite significant premium growth. Peak Re recorded net profit of US $13.5 million in H1 2019, down from $30.2 million for the same period last year and ... Read the full article
HDI SE appoints Stephanie Ogden as Director of UK & Ireland
27th August 2019
HDI Global SE, the industrial insurer of the HDI Group, has announced the appointment of Stephanie Ogden as Director of UK and Ireland operations. Effective September 2, Ogden’s role will see her take responsibility of distribution strategy, broker and client relationship management and marketing. She will also become a member of the ... Read the full article
Argo Surety expands appetite, reshuffles senior leadership
27th August 2019
Specialty underwriter Argo Surety, part of re/insurer Argo Group, has announced a new and increased treasury listing capacity providing the firm with the ability to consider single bonds up to $100 million. Argo Surety has also expanded its appetite to support eligible customers for an aggregate surety bond program of up ... Read the full article
US P&C underwriting income declined 9.6% in H1, reports AM Best
27th August 2019
The US property and casualty (P&C) industry’s net underwriting income declined by 9.6% to $4.8 billion in the first half of 2019, according to a new report from AM Best. The rating agency found that underwriting income was down from $5.3 billion for the same period in 2018, based on companies’ ... Read the full article
Manulife partners with insurtech Blink on parametric flight insurance
27th August 2019
Canadian multinational insurer Manulife has signed an agreement that will see a suite of parametric travel disruption insurance solutions, provided by travel insurtech Blink, to its customers. Blink's solutions offer a real-time service designed to ease the stress of a flight delay or cancellation by providing instant payment when a flight ... Read the full article
China Re launches nation’s first commercial earthquake cat model
27th August 2019
China Reinsurance Corporation (China Re) has launched a new proprietary commercial earthquake catastrophe model for China, which aims to benefit the country’s re/insurance sector through improved costs and accuracy. China Earthquake Catastrophe Model v2.0, which has been certified by the Seismological Society of China, is also expected to fundamentally change the ... Read the full article
Lockton appoints Teegarden as Senior VP, Client Exec
27th August 2019
Global re/insurance brokerage Lockton has announced the appointment of Andrew Teegarden as Senior Vice President, Client Executive. Teegarden brings over 16 years’ experience to the role and joins from Aon, where he served as a Senior Vice President responsible for risk management clients across multiple industries. Prior to Aon, he spent three ... Read the full article
IGI’s underwriting profit up by 9% in the first-half of 2019
27th August 2019
Dubai headquartered insurer International General Insurance Holdings (IGIH) has reported a 9% increase in underwriting profit to $25.88 million for the first-half of 2019, compared with $23.75 million in the same period in 2018. At $13.75 million, the firm's H1 2019 net profit increased from the $11.02 million recorded a year ... Read the full article
CAC Specialty adds Colin Daly as EVP & Co-lead of Financial Lines
27th August 2019
CAC Specialty, a specialty insurance brokerage and investment banking platform recently established by Cobbs Allen, has appointed Colin Daly as Executive Vice President and Co-leader of the firm’s Financial Lines Practice (FLP). A founding member of JLT Specialty US, Daly was key in shaping its US business. He also formed and ... Read the full article
Aon forms Accident, Health & Life practice group for reinsurance business
27th August 2019
Re/insurance broker Aon has created a global Accident, Health & Life practice group in its Reinsurance Solutions business to help insurers take advantage of growth opportunities in the sector. The group will be chaired by Roger Smith, who was previously Head of Accident, Health & Life for EMEA in Aon’s Reinsurance ... Read the full article
Moderate rate increases across most commercial P&C lines in Q2: CIAB
27th August 2019
The Council of Insurance Agents & Brokers (CIAB) has reported that premium pricing increased across all-sized commercial property and casualty (P&C) accounts in the second quarter of 2019. Similarly, all lines of business saw slight to moderate pricing increases during the quarter, with the exception of workers’ compensation. Commercial property and commercial ... Read the full article
Background paper calls for better use of insurance to adapt to changing climate
27th August 2019
A background paper submitted to the Global Commission on Adaptation by global risk transfer experts recommends numerous ways to maximise the benefits of risk transfer solutions for climate adaption. Specifically, the paper calls for investment in open-source models that offer a long-term view of climate risk and link to insurance solutions, ... Read the full article