Reinsurance News
2017 H1 global catastrophe losses far below average: Swiss Re
17th August 2017
The first half of 2017 has been well below average for catastrophe losses which reached just $44 billion in H1, just 37% of last year's $117 billion for the same period, according to Swiss Re's preliminary sigma estimates. Fewer and less intense weather events were experienced this year so far globally; ... Read the full article
Hymans Robertson appoints Richard Purcell to Technical & Innovation Lead
17th August 2017
Actuarial and advisory consultancy Hymans Robertson, which deals with longevity risk transfer and longevity reinsurance or swap transactions, has appointed Richard Purcell to the role of Technical and Innovation Lead within its Life and Financial Services practice. Emma McWilliam, Head of Life and Financial Services at Hymans Robertson, welcomed Purcell to ... Read the full article
Chubb rehires Barbara Sandelands to lead North America unit
17th August 2017
Chubb has named Barbara Sandelands Executive Vice President (EVP) and Customarq Package Product Manager for its North America Commercial Insurance division. As EVP she'll lead the product, system development, and distribution management of the Customarq package policy, which offers middle market clients property and liability insurance protection through 48 offices throughout the U. S. ... Read the full article
Berkshire Hathaway capacity to back medical professional liability facility
17th August 2017
Berkshire Hathaway's MedPro Group has announced plans to expand its underwriting of clinical solutions risks that extend beyond U.S. borders through participating in the U.S. Jurisdiction medical professional liability facility of The Medical Professional Liability Company (The MPLC). Warren Buffett's insurance and reinsurance group Berkshire Hathaway will put capacity to work ... Read the full article
PartnerRe offloads New York unit
17th August 2017
According to SEC filings from both companies, reinsurance firm PartnerRe is to sell its PartnerRe Insurance Company of New York entity to workers compensation specialists Employers Group, Inc. The unit is being sold to Nevada-headquartered Employers Group for a purchase price equal to the statutory capital and surplus of PartnerRe Insurance ... Read the full article
Navigators appoints former Chubb executive James Rhyner to U.S. unit President
17th August 2017
The Navigators Group has named James Rhyner, joining from an executive role with Chubb, as new President of the firm's U.S. underwriting operation - the Navigators Pro division of Navigators Management Company. As Navigators' continues to grow its U.S. management and professional liability product lines, Rhyner will head up its U.S. directors and officers (D&O) ... Read the full article
Swiss Re Corporate Solutions targets Contingency and Sports Personal Accident business
17th August 2017
Swiss Re Corporate Solutions, the commercial and primary insurance arm of reinsurance giant Swiss Re, is targeting a new line of business with the creation of a team to underwrite global Contingency and Sports Personal Accident risks. To lead the new team, Swiss Re Corporate Solutions has appointed Jonathan Cole as ... Read the full article
European reinsurers’ cat budgets strong, only a very large loss will turn pricing: RBC
17th August 2017
With the peak of the Atlantic hurricane season approaching uncertainty remains for European reinsurers driven by the potential for large losses, but with annual catastrophe budgets being relatively high, only the most severe loss event would start a turn in the market, according to RBC Capital Markets. Based on historical data, September ... Read the full article
MGA Crop Pro gets approval to offer U.S. agriculture cover
16th August 2017
Crop pro Insurance, a new managing general agent, (MGA), has received Standard Reinsurance Agreement (SRA) approval from the U.S. Department of Agriculture (USDA) making the firm one of just 16 companies with official permission to participate in the Federal Crop Insurance Programme. The Federal Crop Insurance Corporation is managed by the ... Read the full article
Liberty Specialty Markets promotes CUO Moore to lead firm
16th August 2017
Matthew Moore is taking over the leadership of Liberty Specialty Markets, in a move that had been planned as the previous President and Managing Director Nick Metcalf was planning to step down. Moore commented on his promotion; “I am delighted to be leading LSM in its next phase of evolution. I ... Read the full article
Greenlight Capital Re appoints Michael Belfatti to COO
16th August 2017
Hedge fund backed specialist property and casualty reinsurer Greenlight Re today announced Michael Belfatti's appointment to the newly created position of Chief Operating Officer (COO), effective from September 1. As COO, Belfatti will oversee the firm's pricing, actuarial and risk management functions, and spearheading data collection, analytics and technology efforts across ... Read the full article
MS&AD Insurance buys stake in Australian life & annuities firm Challenger
16th August 2017
Japanese insurance group MS&AD Insurance Holdings, the parent of the Mitsui Sumitomo insurance entities, has bought a stake in an Australian life and annuities specialist as it looks for further diversification. Japanese insurance groups have been investing in operations around the globe as they look to diversify their businesses away from ... Read the full article
European reinsurers resist temptation to compete on price: Fitch
16th August 2017
The big four European reinsurance firms are successfully resisting the temptation to compete on price alone, according to rating agency Fitch, which is providing them with a competitive advantage in the marketplace. Pricing discipline displayed by the four largest reinsurance firms in Europe, Munich Re, Swiss Re, Hannover Re and SCOR, ... Read the full article
AIG seeks buyer for $2 billion life portfolio
16th August 2017
Sources told Reuters that American International Group has plans to sell a $2 billion life portfolio, with private equity giant Apollo Global Management being among prospective buyers. Investment bankers at Goldman Sachs Group are allegedly helping AIG unload the life settlement assets, which trigger when sick or elderly customers ... Read the full article
Global commercial rates continue to decline, pressuring combined ratios: Marsh
16th August 2017
Commercial insurance rates declined, on average, for the seventeenth consecutive quarter in Q2 2017, driven by excess capacity and intense competition, according to the latest Marsh Insurance Market Index. Moderating renewal rate declines in the global commercial insurance market occurred in Q2 for the sixth consecutive quarter, declining, on average, across ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
