Reinsurance News
Swiss Re “not afraid” of Brexit outcome, says CEO Mumenthaler
6th November 2018
Reinsurance giant Swiss Re is “not afraid” of the potential effects that the UK’s departure from the European Union (EU) may have on the economy and on the company’s ability to do business, according to its Chief Executive Officer (CEO), Christian Mumenthaler. Speaking in an interview with Bloomberg TV, Mumenthaler explained ... Read the full article
Q3 catastrophe bond issuance highest ever at $1.6bn: Willis Re
6th November 2018
Catastrophe bond issuance was at a record-high during the third quarter of 2018, totalling $1.6 billion, which exceeded the former Q3 record of $1.4 billion in 2013, according to the new insurance-linked securities (ILS) Market Update from Willis Re. The Q3 total is also well ahead of the $800 million five-year ... Read the full article
Sirius completes merger with Easterly, becomes public company
6th November 2018
Sirius International Group, a global multi-line re/insurance group, has completed its previously announced merger agreement with Easterly Acquisition Corp., through which Sirius has become a publicly listed company. As part of the business combination arrangement, a wholly owned subsidiary of Sirius Group merged with and into Easterly, while Easterly became ... Read the full article
WKFC Underwriting Managers appoints Mark Reisig as CUO, Property
6th November 2018
WKFC Underwriting Managers, a Ryan Specialty Group subsidiary specialising in underwriting management and other services, has appointed Mark Reisig as Chief Underwriting Officer (CUO), Property. Reisig joins WKFC from Arch Insurance Group, where he has held a variety of positions in the Global Property division in both New York and Bermuda, ... Read the full article
Arch Insurance to acquire New York insurer McNeil & Co.
6th November 2018
Arch Capital Group has today announced an agreement to acquire McNeil & Company, a specialised risk management and insurance firm headquartered in Cortland, New York. Post-acquisition, McNeil will operate independently, supporting Arch Insurance’s program division. “McNeil is a great fit for Arch and solidifies a program relationship that dates back to Arch’s ... Read the full article
Short-term policies will open new markets for life re/insurers: Hannover Re’s Laudato
5th November 2018
New categories of short-duration life insurance products will allow re/insurers to access new markets and pools of customers, according to Tony Laudato, Vice President of Partnership Solutions, Hannover Re US. Speaking in an interview with Reinsurance News, Laudato explained that short-duration policies, such as the one recently developed by Hannover ... Read the full article
Markel’s reinsurance business struggles at Q3 despite low cat losses
5th November 2018
Markel posted a 13% decrease in earned premiums and a combined ratio of 115% for its reinsurance business during the third quarter of 2018 despite relatively low catastrophe losses. This resulted in an overall loss of $33.7 million for the reinsurance business, although the company still turned an underwriting profit overall ... Read the full article
Ensurance UK to offer cyber cover for construction sector, backed by Beazley
5th November 2018
Ensurance UK Limited, a managing general agent (MGA) and Lloyd’s Coverholder, has announced that it plans to target the construction sector with a new cyber insurance product, backed by global specialty insurer Beazley. Ensurance has been appointed as a distributor for the new product, which is designed to minimise business disruptions ... Read the full article
QBE to combine Asian and European operations in efficiency drive
5th November 2018
Australia domiciled insurer QBE has announced that its Asian and European operations are to be combined into a new International division as part of a drive for greater efficiency in the company. Additionally, a new Australia Pacific division will encompass operations in Australia, New Zealand, the Pacific and India, meaning Asia ... Read the full article
China’s Belt & Road Initiative huge opportunity for overseas insurers: Swiss Re
5th November 2018
China's ambitious Belt & Road Initiative (BRI) - an attempt by President Xi Jinping to spur investment in land and maritime trade routes that strengthen ties across Asia, the Middle East, Africa and Europe - is set to offer the insurance industry significant investment opportunities, according to a report by ... Read the full article
Arch Insurance to use AIR’s catastrophe risk modelling solution
5th November 2018
Arch Worldwide Insurance Group has announced that it plans to use Touchstone, the catastrophe risk modelling solution from Verisk’s AIR Worldwide, to help manage its catastrophe risk. Touchstone is designed to perform advanced analytics that help companies understand their risk, and has recently been updated to include enhancements that allow users ... Read the full article
Markel forms new Marine and Energy divisions, names heads
5th November 2018
Specialist insurer and reinsurer Markel International has created two new standalone divisions for Marine and Energy, and has appointed Chris Fenn and Julian Samuel as Managing Directors of the businesses. The formation of the new divisions reflects the growth of Markel’s Marine and Energy business, which has become the single largest ... Read the full article
SOBC DARAG acquires Florida insurer in U.S expansion move
5th November 2018
SOBC DARAG, the newly-formed joint venture between U.S run-off specialist SOBC and European legacy acquirer DARAG, has completed its acquisition of Florida-based Peachtree Casualty Insurance Company. The acquisition, which was first announced in August 2018, marks SOBC DARAG’s first U.S acquisition and represents part of the initial stage of the ... Read the full article
Occam appoints new Board member and CFO
5th November 2018
Specialty Lloyd’s of London managing general agent (MGA) Occam Underwriting has announced the appointments of Daniel Carr to the Board of Directors of the Company and Mark Fisher as Chief Financial Officer (CFO). Carr has been with Occam since 2015 and will also continue in his role as Head of Innovation ... Read the full article
The U.S. TCJA could have more immediate implications for Bermuda’s re/insurers: KBRA
5th November 2018
The U.S. Tax Cuts and Jobs Act (TCJA), signed into law in December of 2017, could have more immediate implications for Bermuda insurers and reinsurers, according to analysis by Kroll Bond Rating Agency (KBRA). In a recent report, KBRA discusses potential implications for Bermudian re/insurance companies regarding the implementation of the ... Read the full article