Reinsurance News
Zurich completes purchase of ANZ’s OnePath Life
3rd June 2019
Zurich Insurance Group has announced the completion of its acquisition of ANZ’s life insurance business, OnePath Life, for AU $2.85 billion (US $2.14 billion). The transaction, which was first announced in December 2017, will provide Zurich with up to 6 million new customers in Australia, leaving it with a market ... Read the full article
HDI Global Specialty names Waters Global Head of Distribution and Business Development
3rd June 2019
HDI Global Specialty SE, the specialty lines insurer launched as a collaborative venture between Hannover Re and HDI Global, has named Alan Waters as its Global Head of Distribution and Business Development, effective immediately. In this newly created role, which has been established to support the firm's growth and also the ... Read the full article
White Mountains acquires minority stake in ILS manager, Elementum Advisors
3rd June 2019
White Mountains Insurance Group, Ltd. has acquired a minority equity stake in insurance and reinsurance linked asset manager, Elementum Advisors, LLC. Terms of the deal were not disclosed. However, our sister publication, Artemis reported on April 18th 2019 that Elementum was selling a 30% stake to White Mountains. White Mountains is known ... Read the full article
Heritage places its largest ever catastrophe reinsurance program
3rd June 2019
Property and casualty (P&C) insurance holding company, Heritage Insurance Holdings, Inc. has increased its 2019 - 2020 catastrophe reinsurance program to the highest level in its history. The placement of its 2019 - 2020 reinsurance program for its statutory insurance subsidiaries, including Heritage Property Casualty Insurance Company, Narragansett Bay Insurance Company, ... Read the full article
June 1 rates expected to be up 10% – 30% for loss-affected accounts: Analysts
3rd June 2019
Meetings with insurers and reinsurers in Bermuda points to an expectation of average mid-year reinsurance renewal price increases of 10% - 30% for loss-affected accounts, according to analysts at Morgan Stanley. After a prolonged period of falling rates, heavy catastrophe losses and a muted rate response, reinsurers were hopeful of a ... Read the full article
Hive Aero extends offering to include aviation war liabilities
3rd June 2019
Hive Aero, the London-based managing general agency (MGA), has announced that it has expanded into underwriting excess third-party aviation war liabilities. The company’s capacity for 2019 is $47.5 million, backed by Lloyd’s insurers Beazley and Arch. Hive Aero began underwriting aviation hull war in April 2018 and increased its capacity to $52.5 ... Read the full article
Gallagher completes takeover of JLT’s aerospace business
3rd June 2019
Global insurance brokerage Arthur J. Gallagher & Co. has announced the completion of its acquisition of Jardine Lloyd Thompson Group plc’s (JLT) global aerospace operations. The transaction, which was first announced in March 2019, is expected to significantly expand Gallagher’s existing aerospace team. The broker’s global aerospace operations now includes offices ... Read the full article
A.M. Best turns negative on Greenlight Re due to underwriting concerns
3rd June 2019
Hedge fund style reinsurer Greenlight Re has had its outlook revised from stable to negative by A.M. Best, due to concerns about its track record of poor underwriting performances. The revised outlooks apply to Greenlight Re, as well as its subsidiaries, Greenlight Reinsurance, Ltd. (Cayman Islands) and Greenlight Reinsurance Ireland, Designated ... Read the full article
Liberty Mutual completes takeover of AmTrust’s U.S. surety operations
3rd June 2019
Liberty Mutual Insurance has completed its previously announced acquisition of AmTrust Financial Services' U.S. surety operations, AmTrust Surety, following the completion of customary closing conditions. Liberty Mutual announced in April of this year that it's acquiring the global surety and credit reinsurance operations of AmTrust Financial Services, which is comprised ... Read the full article
Palomar Holdings completes reinsurance renewal
3rd June 2019
Specialty property insurance company, Palomar Holdings, Inc. has announced the successful completion of its June 1st, 2019 reinsurance programs. Including the insurer's Torrey Pines Re catastrophe bond, Palomar Holdings' renewed $470 million of its core reinsurance program, and also purchased $200 million of incremental limit that sits at the top of ... Read the full article
SCOR launches second UK cat bond, securing $250mn of protection
3rd June 2019
French reinsurer SCOR has returned to the UK market for the launch of a second catastrophe bond, securing multi-year risk transfer capacity of $250 million to protect against named storms in the U.S, earthquakes in the U.S and Canada, and windstorms in Europe. Atlas Capital UK 2019 PLC will run from ... Read the full article
Re/insurers can issue more hybrid debt under Solvency II, but ratings may suffer: S&P
3rd June 2019
European re/insurers operating under Solvency II regulations have the flexibility to issue further hybrid capital if needed, according to a new report by S&P Global Ratings, but doing so could put credit ratings at risk. Analysts noted that access to hybrid capital is an important element of a re/insurer’s financial strength, ... Read the full article
Only 19% of UK firms have terrorism insurance, Pool Re finds
3rd June 2019
A new report commissioned by the UK’s government-backed mutual terrorism reinsurer Pool Re has found that only 19% of UK firms have a terrorism insurance policy in place, a figure which the company says indicates a widespread lack of attack contingency planning among the country’s businesses. The uptake of Small to ... Read the full article
Singapore Reinsurers’ Association re-elects Validus’ Haushofer to Chair
3rd June 2019
The Singapore Reinsurers’ Association (SRA) has announced the line-up of its Executive Committee (EXCO) for the 2019/2020 term of office, with Marc Haushofer, Chief Executive Officer, Asia Pacific & Executive Vice President of Validus Reinsurance re-confirmed as Chairman. The full-line up, which remains largely unchanged from the previous year, includes Deputy ... Read the full article
A.M. Best upgrades credit ratings of IRB Brasil Re
31st May 2019
Rating agency A.M. Best has upgraded the financial strength rating of Brazilian reinsurance firm IRB Brasil Resseguros S.A. to A (Excellent) from A- (Excellent), due to the company’s improved financial strength. The reinsurer’s long-term issuer credit rating was also upgraded from “a-“ to “a”, and the outlook of its credit ratings ... Read the full article