Reinsurance News
Q3 cats showed effectiveness of Argo’s reinsurance & retro programmes: CEO Watson
12th November 2018
While catastrophe activity in the third-quarter of 2018 was higher than management at Argo Group International Holdings would have liked, it did highlight the effectiveness of the firm's reinsurance and retrocession programmes, according to the company's Chief Executive Officer (CEO), Mark Watson. Catastrophe losses in the third-quarter of 2018 for Argo ... Read the full article
Generali to stop insuring new coal plants
12th November 2018
Italian insurance giant Generali has stepped up its pledge to underwrite more sustainable business and commit to 'green' investments by ceasing to offer coverage for new coal mines and plants. Generali had previously announced an underwriting commitment to increase the percentage of its premium portfolio related to the renewable energy sector, ... Read the full article
Capsicum Re adds two to London property and specialty division
12th November 2018
Specialist reinsurance broker Capsicum Re has appointed Ed Le Flufy and Piers English to its London property and specialty division. Le Flufy joins Capsicum Re from BMS as a specialty broker focusing on cyber, and will now report to Ian Newman, Capsicum Re’s Global Head of Cyber. He has more than a ... Read the full article
Markel’s post-Brexit German hub approved to open UK branch
12th November 2018
Markel Corporation has received regulatory approval to operate a UK branch office for its recently established German insurance company, Markel Insurance SE (MISE). MISE was formed in July 2018 after Markel was granted a license by BaFin, Germany’s federal financial supervisory authority. With uncertainty remaining about the terms of the UK’s ... Read the full article
Tokio Marine’s sale of reinsurance units to boost efficiency: Fitch Ratings
12th November 2018
The recent sale of Tokio Marine Holdings’ two European reinsurance subsidiaries is likely to streamline the firm's holdings and boost operational efficiency in the group's underwriting businesses, Fitch Ratings says. Tokio Millennium Re AG and Tokio Millennium Re are both set to be acquired by Bermudian reinsurance company RenaissanceRe following ... Read the full article
Reinsurance division performs well for Talanx in 2018
12th November 2018
Hannover Re's parent company, the Talanx Group, has reported that its reinsurance operation has strongly contributed to Group net income in 2018, which increased by 10% to €488 million. In fact, all divisions with the exception of Industrial Lines contributed to the Group's net income improvement, year-on-year, and the firm highlighted ... Read the full article
Miller Insurance Services makes series of appointments
12th November 2018
Miller Insurance Services LLP, a London wholesale and specialist insurance and reinsurance broker, has bolstered its partnership with a series of new appointments. These include the internal appointments of James Hands, Charles Lane, Phil Wheeler, Martin Henderson and Ben Speers as equity holding Partners, and the appointments of Michael Lee and ... Read the full article
Enstar and Maiden agree to $2.7bn loss portfolio transfer
12th November 2018
Bermuda-based re/insurance, run-off and legacy transaction specialist Enstar Group Limited has signed an agreement that will see a subsidiary assume loss reserves of approximately $2.675 billion associated with Maiden Re’s quota share reinsurance contracts with AmTrust Financial Services and its subsidiaries. The retrocession will apply to losses arising and/or claims made ... Read the full article
California’s deadly Camp Wildfire to cause billions of insured losses
12th November 2018
The Camp Wildfire, which sprang up last Thursday and quickly engulfed the town of Paradise in California’s Butte County, has now claimed more than 6,700 structures and 110,000 acres, making it the most destructive wildfire on record and likely to drive multi-billion dollar losses for the re/insurance industry. A further ... Read the full article
Positive rate trends continue for most commercial lines: IVANS
12th November 2018
Premium renewal rates continue to see positive increases across nearly all major commercial product lines, according to the October results of the IVANS Index, which tracks commercial premium renewal rates. IVANS, which is a division of Applied Systems, found that premiums increased across almost every major commercial line, with the exception ... Read the full article
Willis Towers Watson extends pricing software to telematics start-up Ticker
12th November 2018
Global insurance and reinsurance broker Willis Towers Watson (WTW) is supplying the latest version of its Radar pricing software to Ticker, a new telematics insurer due to launch in early 2019. WTW said that its Radar Live and Radar Base solutions will enable Ticker to deliver more accurate decisions in pricing ... Read the full article
With cyber risk, market players need to create as much transparency as possible: Torsten Jeworrek
9th November 2018
Attempting to tackle the growing cyber risk landscape through just insurance and reinsurance expertise will have limited results, says Munich Re's Torsten Jeworrek, while at the same time calling on market participants to create as much transparency as possible when it comes to cyber risks. Member of the Board of Management ... Read the full article
Geo Specialty launches new online quote & bind platform for terror solution
9th November 2018
Geo Specialty, a division of UK managing general agent (MGA) Geo Underwriting, has launched a new online quote and bind platform for its comprehensive terrorism solution. The firm states that the new product offers bespoke political violence protection that provides quick, efficient and competitive terms, alongside access to limits of up ... Read the full article
HDI expands U.S Engineering & Construction unit with new hires
9th November 2018
Industrial lines insurer HDI Global Insurance Company has expanded its U.S Engineering & Construction division with a series of new hires. These include the appointment of John Sprague as Senior Construction Liability Underwriter, who will be responsible for the continued growth and development of the U.S construction liability portfolio. Sprague has 25 ... Read the full article
Tokio Marine Kiln updates forecasts for Lloyd’s syndicates
9th November 2018
Tokio Marine Kiln has announced the latest results and forecasts for its three non-aligned Lloyd's syndicates, with syndicates 510 and 557 expected to produce a profit on the 2016 year of account, while remaining stable on the 2017 year of account. At the same time, the firm's syndicate 308 is loss ... Read the full article