Reinsurance News
Market survey – share your views on the global reinsurance industry
20th August 2019
We've launched another global reinsurance market survey, to take the temperature of the industry with a view towards the January 2020 renewals, from our extensive readership and followers. Working with our sister publication www.artemis.bm, Reinsurance News is looking for our readers support to ... Read the full article
Dick Dowd appointed American Integrity Exec VP
20th August 2019
Florida domiciled residential property insurer American Integrity has announced the appointment Dick Dowd as Executive Vice President. Dowd, who most recently served as Senior Vice President of Aegis General, brings over 30 years’ experience across personal, commercial, standard and specialty insurance lines. He reports to Bob Ritchie, President and Chief Executive Officer, ... Read the full article
Everest Insurance appoints Kyle Adams to lead Bermuda operations
20th August 2019
Everest Insurance, a division of global reinsurer Everest Re Group, has appointed Kyle Adams to lead the firm’s Bermuda operations. Kyle, who brings over 20 years’ experience to the role, joins from JLT Specialty Bermuda having served as Co-Chief Executive Officer. Prior to his time at JLT, Adams spent 19 years with ... Read the full article
Kuwait Re’s H1 profits up 49% as underwriting & investments improve
20th August 2019
Kuwait Reinsurance Company K.S.C.P (Kuwait Re) has posted its results for the first half of 2019, reporting a 49% increase in net profit to KD 2.87 million (US $9.44 million). The result compares with net profit of KD 1.92 million ($6.31 million) recorded in the first half of 2018, and Read the full article
Inadequate pricing & market disruption to push rate increases into 2020: Fitch
20th August 2019
Reinsurance rate increases are expected to continue into the 2020 renewals due to ongoing disruption in the market and inadequate pricing levels, according to Fitch Ratings. Fitch noted that reinsurance pricing turned decidedly positive at the mid-year 2019 renewals, following disappointing flat and generally stable rates at January. Momentum has largely been ... Read the full article
Kansas regulator disputes fraud allegations against GE reinsurance unit
20th August 2019
The Kansas Insurance Department has released a statement disputing recent fraud allegations against the long-term care reinsurance business of General Electric (GE), which it says may have overlooked key considerations. “After initial review, components of this particular report appear fairly simplistic in nature and don’t appear to incorporate certain technical reserve ... Read the full article
The Hanover’s outlook revised to stable on improved underwriting by S&P
20th August 2019
S&P Global Ratings has revised its outlook for The Hanover Insurance Group Inc. (THG) from negative to stable, citing a sustainable underwriting improvement in the company’s U.S commercial business. The rating agency also affirmed its ‘A’ issuer credit and financial strength ratings for THG and its core operating subsidiaries. S&P believes that ... Read the full article
Liberty adds Aon’s Douglas Schrift as CUO of SDI offering
20th August 2019
Liberty Mutual Surety, a business unit of US primary insurer Liberty Mutual, has appointed Douglas Schrift to develop the firm’s Subcontractor Default Insurance (SDI) offering as Chief Underwriting Officer. Schrift joins from Aon’s Construction Services Group SDI practice, where he served as Managing Director. Prior to that, he served as Vice President ... Read the full article
Interest rates cause slowdown in re/insurance deal volume at Q2: PwC
20th August 2019
Re/insurance deal volume slowed down during the second quarter of 2019 as interest rates reversed course and declined toward multi-year lows, according to analysts at PwC. A recent report from the firm found that deal volume among re/insurance companies decreased by 22% compared with the first quarter of 2019 and was ... Read the full article
Guy Carpenter secures key reinsurance role in Cali Wildfire Fund
20th August 2019
Global reinsurance brokerage Guy Carpenter has been selected as the sole reinsurance intermediary for the recently-formed California Wildfire Fund, as the state looks to mitigate the risk after two heavy loss years. Together with the fund’s administrator, the California Earthquake Authority (CEA), Guy Carpenter will provide strategic reinsurance and advisory services ... Read the full article
Reserve releases down in Q2, with headwinds to intensify: Morgan Stanley
20th August 2019
Reserve releases continued to decline during the second quarter of 2019, according to analysts at Morgan Stanley, with total favourable development down at $741 million for the 32 companies tracked by the firm. This was $616 million lower than in the second quarter of 2018, when the companies recorded favourable development ... Read the full article
Uzbek insurer KAFOLAT secures reinsurance from SCOR & Canopius
20th August 2019
KAFOLAT Insurance Company JSC, an insurance company based in Uzbekistan, has secured reinsurance from companies including SCOR, Canopius Lloyd’s syndicate 4444, and Polish Re. The insurer believes that the backing of these reinsurance partners will help to keep its solvency at a high level, by sharing risks and eliminating potential threats ... Read the full article
Insurance satisfaction reaches new high among small businesses, finds industry survey
19th August 2019
Small business owners have never been more satisfied with their insurance providers, according to the results of a new survey by J.D. Power, a provider of consumer insights, data and analytics. The report found that investments in technology, servicing, product expansion and dedicated infrastructure helped to push satisfaction to a new ... Read the full article
Abry to acquire reinsurance management firm Portfolio from Capital Z
19th August 2019
Boston-based private equity firm Abry Partners has agreed to acquire Portfolio Holding from Capital Z Partners, a New York-based private equity firm. Portfolio's primary business is turnkey reinsurance management of vehicle service contracts, warranties and other F&I products sold in the automotive dealership. All of Portfolio's current management team will remain in ... Read the full article
Lockton appoints Marsh’s Beresheim to lead Specialty Practices
19th August 2019
Global re/insurance brokerage Lockton has appointed Devin Beresheim to succeed the recently-retired Brian Kawamoto as Executive Vice President of its Specialty Practices business. Beresheim, who joins from Marsh with nearly 30 years’ experience, will report to Lockton’s US President and Chief Operating Officer, Peter Clune. "Using a baseball analogy, Devin is the ... Read the full article