Reinsurance News
Agile partners with OnRisk InsurTech on P&C structuring platform
18th October 2018
Agile Risk Partners, a London-based MGA start-up, has partnered with OnRisk, a U.S InsurTech start-up, on the development of an advanced, CAD-style platform for underwriting, structuring and distributing high-value property and casualty (P&C) risk. Under the terms of the strategic partnership recently concluded by the parties, Agile will become an ... Read the full article
Allstate estimates $177m pre-tax cat loss for September
18th October 2018
Allstate Corporation, one of the largest primary insurers in the U.S, has announced estimated pre-tax - and likely post-reinsurance, although this is unable to be confirmed - catastrophe losses for September 2018 of $177 million ($140 million after-tax). This follows the $186 million pre-tax loss estimate Allstate posted for the ... Read the full article
Gallagher to acquire Portmore Insurance Brokers
18th October 2018
Gallagher, the global re/insurance brokerage and risk management services firm, has announced the acquisition of UK-based company Portmore Insurance Brokers for an undisclosed fee. Portmore was established in 2006 as a mid-market-focused commercial insurance broker offering tailored insurance programmes for a wide range of industry sectors, encompassing both private and public ... Read the full article
Aon establishes New Ventures Group, assigns leadership team
18th October 2018
Global insurance and reinsurance broker Aon has established a New Ventures Group and assigned a team of senior leaders to it, which includes the appointment of Tony Goland as Chief Innovation Officer, effective November 1. Aon said that the creation of the Group represented another significant step towards realising the goals ... Read the full article
Travelers’ Q3 results boosted by significantly lower cat losses
18th October 2018
American insurer Travelers’ Q3 results have been boosted by a less volatile catastrophe year relative to 2017, posting an increased net income of $709 million and improved 96.6% consolidated combined ratio (CR). Cat losses of $264 million after reinsurance and pre-tax decreased significantly from $700 million in the prior year quarter. Net ... Read the full article
Liberty Mutual announces strategic review of Pembroke unit
18th October 2018
Liberty Mutual Insurance has announced that it plans to conduct a strategic review of its subsidiary Pembroke Managing Agency Limited, which it acquired through the purchase of Ironshore in May 2017. The company said that it had retained investment banking firm Evercore to serve as its adviser through the process, ... Read the full article
PIC appoints Head of Corporate Development and Strategy
18th October 2018
Pension Insurance Corporation plc (PIC), a specialist insurer of defined benefit pension funds, has announced the appointment of Simon Abel as Head of Corporate Development and Strategy. In this role, Abel will be responsible for developing, communicating, executing and sustaining PIC’s corporate initiatives, including corporate bond issues, and will report to ... Read the full article
Munich Re committee nominates von Bomhard as Chair of Supervisory Board
18th October 2018
The Nomination Committee of German reinsurance giant Munich Re has recommended that former Chief Executive Officer (CEO) Nikolaus von Bomhard be nominated for election as Chairman of the company’s Supervisory Board. If elected, von Bomhard would take over the role of Chairman from Bernd Pischetsrieder, who is not standing for re-election ... Read the full article
Google-linked equity fund makes insurtech investment
18th October 2018
The growth equity investment fund of Google parent company Alphabet has made a minority investment in Applied Systems, a global provider of cloud-based software that automates the administration of clients and their policies for the insurance industry. Interestingly, this may constitute the first in a number of insurtech deals made by ... Read the full article
Prudential Financial closes $3.2bn in new longevity reinsurance agreements
18th October 2018
Prudential Retirement, a subsidiary of Prudential Financial, Inc., has concluded $3.2 billion in previously undisclosed longevity reinsurance contracts. As part of these transactions, The Prudential Insurance Company of America (PICA) will assume the longevity risk for approximately 13,200 retirees. Prudential said that the conclusion of this deal reflects the rapid expansion of ... Read the full article
TigerRisk adds Jonathan Hughes to London Retro team
18th October 2018
Reinsurance brokerage, risk and capital strategic advisory TigerRisk Partners LLC has announced the appointment of Jonathan Hughes as a Partner in its London-based Retro team. Hughes joins TigerRisk from Aon, where he most recently served as a Senior Broker specialising in retro and other protections for Lloyd’s Syndicates. Prior to that, he ... Read the full article
IVANS Index September renewals update mixed: KBW
18th October 2018
The IVANS Index - which tracks commercial premium renewal rates - rose sequentially in September for Commercial Auto and Umbrella, and declined sequentially for Business Owner Policy, General Liability, Commercial Property, and Workers Compensation, according to analysts at Keefe, Bruyette & Woods. KBW expects commercial casualty rate increases to mostly gain ... Read the full article
2018 by no means a benign catastrophe year: Peel Hunt
18th October 2018
With Hurricane Michael the latest in a string of medium-sized catastrophes to have impacted the re/insurance industry in 2018 it has by no means been a benign cat year, according to analysts at Peel Hunt. Swiss Re estimates up to $18 billion of insured losses in H1 2018, with H2 adding ... Read the full article
Insurance associations pen letter calling for IFRS 17 delay
18th October 2018
A global group of nine insurance associations has written a joint letter to Hans Hoogervorst, chair of the International Accounting Standards Board (IASB), underlining concerns surrounding the International Financial Reporting Standard (IFRS) 17’s impact on insurance contracts. The joint letter states that extensive testing, together with insurers’ detailed implementation planning, confirms ... Read the full article
RenaissanceRe forecasts $155m of catastrophe losses for Q3 2018
18th October 2018
Bermudian reinsurance firm RenaissanceRe has pre-announced third-quarter 2018 catastrophe losses of $155 million net, largely driven by Typhoon Jebi and Hurricane Florence. RenaissanceRe expects an estimated net negative impact to its Q3 results of roughly $155 million, with Typhoon Jebi set to drive around $70 million of the losses and hurricane ... Read the full article