Reinsurance News
Reinsurance CFOs confident about industry growth: PwC
9th November 2018
Chief Financial Officers (CFO) speaking at a panel during PwC’s Insurance Summit in Bermuda event agreed that the growth outlook for the reinsurance industry is positive, although they suggested that a number of challenges must also be overcome. Panellists including Jeffrey Sangster, former CFO at Validus Holdings; Mario Bonaccorso, CFO at ... Read the full article
CoreLogic launches flood and hail services for Canada
9th November 2018
Global catastrophe risk modeller CoreLogic has announced the availability of its Canada Flood Risk Score and its Weather Verification Services for hail in Canada, enabling underwriters to provide full coverage for clients while underwriting smart policies for their book of business. CoreLogic's Flood Risk Score is a rating system that is ... Read the full article
RLI estimates up to $27 million of losses from hurricane Michael
9th November 2018
RLI Corp. has announced that it expects to incur preliminary pre-tax losses of between $22 million and $27 million, net of reinsurance, as a result of hurricane Michael. The firm states that losses might actually differ materially from this initial estimate, as the range is based on reported and projected claim ... Read the full article
Explosive Camp Wildfire engulfs thousands of California homes
9th November 2018
A wildfire that sprang up on Thursday morning has already engulfed more than 20,000 acres in the Butte County region of northern California, destroying around 2,000 structures in the town of Paradise and threatening a further 15,000. The blaze, which has been dubbed the Camp Wildfire, has developed at an unprecedented ... Read the full article
Allstate said to be considering fixed-annuities business sale
9th November 2018
Allstate Corporation, one of the largest primary insurers in the U.S, is reportedly considering the sale of its fixed-annuities business, which stopped selling new policies about five years ago, according to sources at Bloomberg. People familiar with the matter said the insurer was working with financial advisers to find buyers for ... Read the full article
Standard Asia and Ping An P&C collaborate to expand P&I cover for Chinese shipowners
9th November 2018
The Standard Club Asia Ltd has entered into a co-operation agreement with Ping An Property & Casualty Insurance Company of China, Ltd, which sees the pair jointly offer Protection and Indemnity (P&I) cover to China's shipowning industry. The focus of the new collaboration will be on owners of ships undertaking ocean-going voyages, ... Read the full article
AXIS Capital estimates up to $120mn Hurricane Michael losses
9th November 2018
Bermudian re/insurance group AXIS Capital has released a preliminary pre-tax loss estimate for losses related to Hurricane Michael in the fourth quarter, which it puts in the range of $100 million to $120 million. AXIS said that its estimate was consistent with industry insured losses of approximately $10 billion. This compares with ... Read the full article
Markel forms trade credit partnership with UAE’s Etihad
9th November 2018
Specialist insurer and reinsurer Markel International has signed a Memorandum of Understanding (MoU) with Etihad Credit Insurance (ECI), the United Arab Emirates’ (UAE) Federal export credit company, to deliver trade credit insurance solutions to businesses in the UAE. Under the MoU, Markel and ECI will mutually cooperate to design and deliver ... Read the full article
Rising motor prices drive improved outlook for French P&C sector: Moody’s
9th November 2018
Moody’s Investors Service has changed its outlook on the French Property and Casualty (P&C) insurance sector from negative to stable, reflecting rising prices and lower claims frequency in the key motor insurance market. French P&C insurers are also likely to benefit from a rise in interest rates, as they will gradually ... Read the full article
Asian markets to drive re/insurance growth over next decade: Swiss Re CEO
8th November 2018
Markets in Asia, and China in particular, are likely to be one of the main drivers of growth for the re/insurance industry over the next ten years, according to Christian Mumenthaler, Chief Executive Officer (CEO) of Swiss Re. Speaking in an interview with Bloomberg TV, Mumenthaler suggested that exponential growth can ... Read the full article
Monument Re acquires run-off life portfolio from Enstar’s Alpha Insurance
8th November 2018
Bermudian reinsurer Monument Re has announced the acquisition of a run-off portfolio of traditional life and credit life business from Belgian composite insurer Alpha Insurance S.A., a wholly owned subsidiary of Enstar Group Limited. Monument Re said that the portfolio would be transferred to its Belgian carrier, Monument Assurance Belgium NV, ... Read the full article
Bermuda aims to be the world’s insurtech capital: Premier Burt
8th November 2018
Speaking at an event on the island last week, Premier of Bermuda, the Hon. David Burt, JP, MP, explained that as well as being seen as the world's risk capital he would like to see Bermuda take the title of the world's insurtech capital as well. Premier Burt was speaking at ... Read the full article
Zurich anticipates $175mn Hurricane Michael loss
8th November 2018
Zurich Insurance Group has released its results for the first nine months of 2018, in which it estimates that losses related to Hurricane Michael in the fourth quarter are likely to be around US $175 million. Category 4 Michael made landfall in the Florida Panhandle on October 10th as the strongest ... Read the full article
Beazley’s Neil Maidment to join Lloyd’s Board in 2019
8th November 2018
Beazley's Neil Maidment has been appointed as an independent non-executive director of the Lloyd's Board for an initial three-year term, effective February 2019. The new appointment will be effective once Maidment's term of office on the Council of Lloyd's comes to an end on January 31st 2019. He is set to ... Read the full article
Anti-fraud start-up Fraugster raises $14mn in funding, backed by Munich Re
8th November 2018
Fraugster, a software company that uses artificial intelligence (AI) to prevent fraud for online retailers, has raised $14 million in a Series B funding round that saw participation from HSB Ventures, the venture capital arm of global reinsurer Munich Re. Munich Re announced in April that it had agreed to ... Read the full article