Reinsurance News
IT spending by global re/insurers to reach $184.8 billion by end of 2017
20th April 2017
Analysis from research and advisory firm Celent shows that global insurance and reinsurance industry IT spending is expected to reach $184.8 billion by the end of this year. Celent estimates IT spending, on software technology and infrastructure as a percentage of premium and says that digitalisation, data analytics, and legacy and ... Read the full article
Berkshire Hathaway’s Gen Re reveals growing predictive analytics uptake
20th April 2017
Berkshire Hathaway’s Gen Re - a leading life/health and property/casualty reinsurer - released results from its first global predictive analytics survey for life and health insurers, revealing low but growing levels of analytics uptake within a sector still struggling to innovate. The report surveyed 136 insurance carriers across 23 countries, and ... Read the full article
Market conditions drive Bermudian re/insurers to innovate: A.M. Best
19th April 2017
Tough market conditions have driven Bermudian re/insurers to explore new lines of business, with the most recent trend being a move towards mortgage re/insurance, said A.M. Best Senior Financial Analyst Scott Mangan, in the firm's latest market trends report. The rating agency previously reported a Bermudian market pivot towards primary and ... Read the full article
Ex-Goldman analyst Nannizzi Joins W. R. Berkley to focus on insurtech investments
19th April 2017
Michael Nannizzi, who was previously the lead equity analyst covering insurance at Goldman, Sachs & Co., is joining insurance and reinsurance group W. R. Berkley Corporation to take on a role focusing on evaluating investments in insurtech start-ups. Reflecting the importance of emerging insurance technology companies in the re/insurance industry, Nannizzi ... Read the full article
Cayman Islands sees continued re/insurance sector growth
19th April 2017
The Cayman islands insurance and reinsurance industry has seen a “buoyant” start to 2017, with 8 new insurer licenses issued in the first quarter. Linda Haddleton, Chair of IMAC, a non-profit association run by Cayman Islands insurance managers, said the island has seen continued success with hosting captives and ILS structures ... Read the full article
Reinsurance purchase driven by capital management: Deloitte
19th April 2017
Reinsurance purchase by life and P&C companies appears to be on the upswing - a reversal of the previous four-year trend of decline - as insurers' capital management optimization strategies evolve, Deloitte said in a recent report. Key strategic reasons for Life companies’ purchase of reinsurance in the next years are ... Read the full article
Morgan Stanley warns of $2.5 billion P&C industry reserve deficiency
19th April 2017
Insurers and reinsurers operating in the property & casualty (P&C) arena have, during the softening cycle, utilised higher reserve releases to bolster dwindling underwriting returns. However, with the re/insurance landscape remaining under significant pressure, analysts at Morgan Stanley have warned of a ~$2.5 billion P&C sector reserve deficiency. Morgan Stanley notes ... Read the full article
Georgian reinsurer launches, backed by Guernsey-based GBGI
19th April 2017
GBGI Limited, also known as Global Benefits Group, a group focused on provision of international benefits insurance and based in Guernsey, has announced its backing of and entry into a strategic partnership with a new insurance and reinsurance firm in Georgia. JSC Risk Management and Insurance Company (known as Global Benefits Georgia) ... Read the full article
Hiscox appoints new Chief Information Officer
19th April 2017
Insurance and reinsurance group Hiscox has appointed a new Chief Information Officer (CIO), naming Ian Penny, previously CTO of Barclays in the role. At Hiscox, Penny will be in charge of the Group's IT, with a team of 300 under his leadership and will report directly to CEO Bronek Masojada. Penny replaces ... Read the full article
Pace of change to accelerate at Lloyd’s as performance deteriorates: Macquarie
19th April 2017
Analysts at Macquarie predict the pace of change at the Lloyd's of London specialist insurance and reinsurance market to accelerate in the coming months after a challenging 2016, underlined by the continued deterioration of underwriting performance. Macquarie believes the Lloyd's marketplace is undergoing a "structural revolution" that is likely to change ... Read the full article
Reinsurance News – Wednesday 19th April 2017
19th April 2017
Here’s your daily Reinsurance News for Wednesday 19th April 2017: U.S. thunderstorm insured loss hits Q1 record at $5.7bn: Aon Benfield Data from Aon Benfield's Impact Forecasting shows that U.S. severe thunderstorms and convective weather in Q1 2017 is expected to have caused re/insurance industry losses of at least $5.7 billion. ... Read the full article
Windhaven Insurance hires JD Horwitz from Guy Carpenter as new EVP
18th April 2017
Miami-based auto insurance carrier, Windhaven Insurance, has named third-party contract broker JD Horwitz, who joins from Guy Carpenter, new Executive Vice President for Corporate Development and Reinsurance. In his new role, Horwitz will oversee complex reinsurance frameworks, contracts and partnerships, distributing new products to local agents via the digital distribution network ... Read the full article
Broker Risk Strategies Company acquires Friedman & Friedman Agency
18th April 2017
Broker Risk Strategies Company, which arranges insurance and reinsurance for its clients, today announced its acquisition of Friedman & Friedman Agency - an insurer with a strong specialty emphasis on private client personal lines accounts. Terms of the deal are undisclosed. Friedman & Friedman offers insurance products for home and auto coverage, personal ... Read the full article
Katrina type loss would deplete 11 months of EU reinsurance industry earnings: RBC
18th April 2017
Analysts at RBC Capital Markets (RBC) believe that under the current return on equity of the European reinsurance industry a loss event similar to 2005's Hurricane Katrina would "wipe out" 11 months of industry earnings and, it could be that a smaller loss than previously thought is needed to turn ... Read the full article
Athene targets European run-off market following €2.2 billion capital raise
18th April 2017
Athene Holdings, the Bermuda based life, annuity and run-off reinsurance specialist, is making a concerted move to target the European run-off market with a €2.2 billion pot of capital raised for opportunities in the region. Athene said that a new Bermudian unit named AGER Bermuda Holding Ltd. (AGER) will be the ... Read the full article
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