Reinsurance News

GIC Re becomes first reinsurer to establish base at India’s GIFT City

21st April 2017

The General Insurance Corporation of India (GIC Re), the country's state-backed reinsurance entity, has now opened its office at the International Financial Services Centre (IFSC) in Gujarat International Finance Tec-City (GIFT City), after more than a year's planning. The opening of GIC Re's IFSC Insurance Office sees it become the first reinsurance ... Read the full article

Paris attack highlights need for broader terrorism coverage

21st April 2017

Yesterday evening's shootings in Paris, France, in which a police officer was killed and others wounded, highlights the need for insurance and reinsurance markets to offer broader terror cover, including business interruption. The attack occurred on the busy Champs Elysees, an area that was naturally full of tourists in the evening ... Read the full article

PRA gives UK re/insurers mid-July deadline for Brexit back-up plans

21st April 2017

The Prudential Regulatory Authority, (PRA) - the UK’s financial market regulator - has asked re/insurers to immediately address the Brexit question by setting a mid July deadline for firms to produce a worst-case-scenario back-up plan for post-Brexit trading. The regulator is demanding firms convey their plans to deal with all potential ... Read the full article

FCA investigating UK aviation brokers over sharing & misuse of information

21st April 2017

According to industry reports a number of aviation insurance and reinsurance brokers are being investigated by the UK's financial conduct authority (FCA) over the sharing and misuse of sensitive information. Brokers Aon, JLT, Willis Towers Watson, and Marsh are being investigated by the FCA as part of its probe into the ... Read the full article

Swiss Re, GOQii & Max Bupa partner to meet changing health coverage needs in India

21st April 2017

Global reinsurance giant Swiss Re has collaborated with India's Max Bupa Health Insurance and GOQii to develop and integrate "holistic wellness offerings" that meet the changing health coverage demands of Max Bupa's customers. Indian health insurer Max Bupa, a joint venture between Max India Limited and Bupa Finance plc UK, announced ... Read the full article

Border adjustment tax reform deemed unlikely: Credit Suisse analysts

21st April 2017

Since Trump's election win last year, creating a border adjustment tax has been top on the Republican's agenda, and reinsurance industry experts have since speculated on how this would impact offshore reinsurance purchases, with some predicting chaos ahead with insurance prices soaring as carriers pass extra costs down to consumers. Changes ... Read the full article

Zambia looks to control reinsurance premium outflows

20th April 2017

The African nation of Zambia is reported to be looking to control the outflow of reinsurance premiums to foreign firms, preferring to attempt to control this and to help local companies to retain more of the premium income within the country. The government of Zambia is said to be considering amendments ... Read the full article

Global Atlantic appoints life insurance veteran Barnett as Head of Sales

20th April 2017

Global Atlantic Financial Group, a leading U.S.-focused retirement life re/insurer, has appointed Sam Barnett as new Head of Sales for its life insurance segment. Barnett - an industry veteran boasting over 20 years of life insurance experience - will be responsible for reshaping and executing the firm's life insurance sales strategies. David ... Read the full article

Ogden rate change impact contributes to lower income at Travelers in Q1

20th April 2017

During its first-quarter 2017 financial release insurer Travelers reported a core income decline of $84 million, driven by lower net favourable prior year reserve development that includes a $51 million hit from the change to the Ogden Discount rate in the UK. After the UK's Lord Chancellor and Justice Secretary, Liz ... Read the full article

Bahamas First in talks with reinsurers to upscale micro insurance offers

20th April 2017

Bahamas First is in talks with reinsurers over the provision of reinsurance-backed “micro insurance” products, as it seeks to streamline the firm's product offers with more affordable solutions to improve the Island's insurance penetration. The insurer also pledged to work together with the incoming government to tackle the protection gap issue, ... Read the full article

Munich Re sees brighter growth prospects for insurers

20th April 2017

Reinsurance firm Munich Re believes that global insurance markets are set to face brighter growth prospects over the next few years, with "slightly increased growth" expected by 2018. Overall, Munich Re believes that the primary insurance sector will grow by 4.5% per annum on average (3.0% adjusted for inflation) in 2017 ... Read the full article

XL Catlin expands available terrorism insurance limits in U.S. by 25%

20th April 2017

Global insurer and reinsurer XL Catlin has increased its available terrorism insurance coverage limits in the U.S. by 25% to $250 million, in response to continued and growing demand for insurance protection against terror events. Previously a $200 million limit, XL Catlin's standalone Terrorism insurance solution enables U.S. companies to fill any ... Read the full article

AmWINS expands with Partners acquisition

20th April 2017

AmWINS Group and Partners Specialty Group, are set to merge to form a single U.S. -based specialty insurance broking giant, with a global operating spectrum of $14 billion of combined annual premiums and 4,100 employees across 12 countries. Partners will join AmWINS' Brokerage Division, expanding the firm's broking capacity with its expertise ... Read the full article

Ogden rate cut & Berkshire adverse development cover to impact AIG’s Q1 results

20th April 2017

American International Group, Inc. (AIG) has reported that it expects both the cut to the UK Ogden Discount rate and its adverse development cover with Berkshire Hathaway to impact its Q1 2017 results. The Lord Chancellor and Justice Secretary, Liz Truss, announced early in 2017 that the UK Ogden discount ... Read the full article

Reinsurers’ profit margin pressure increasing, as capacity rises: Willis

20th April 2017

Willis Re's latest market report reveals the intense pressure profit margins have been under in current reinsurance market conditions. Analysis of the group of reinsurers the broker tracks shows aggregate net income reduced to $26.6 billion from $30.3 billion, causing a drop of return on equity (ROE) at 8.0%  down from ... Read the full article