Reinsurance News
R&Q Insurance enters underwriting agreements with Xpekt & Blagrove
11th December 2017
R&Q Insurance (Malta) (RQIM), a unit of Randall & Quilter, has entered into delegated underwriting agreements with UK motor MGA Xpekt (Xpekt) and UK fleet specialist Blagrove Underwriting Agency (Blagrove). Xpect specialises in rural private and commercial vehicles, motorcycles and specialist vehicles with anticipated annualized Gross Written Premiums of £15.6 million whilst ... Read the full article
U.S. P/C insurers’ catastrophe losses triple YOY: Fitch
11th December 2017
U.S. property and casualty (P/C) insurers reported a sharp decline in results as catastrophe losses for the group nearly tripled from 2016, according to Fitch Ratings in a new report. Fitch believes that 2017 may see a record for insured catastrophe losses for the U.S. P/C market after Hurricanes Harvey, Irma ... Read the full article
Defective product risk among biggest perils to business: Allianz
11th December 2017
Tougher regulation, global supply chains, materials from fewer suppliers and consumer awareness are contributing to a rise in recalls making defective product risk an increasing peril for companies, according to Allianz Global Corporate & Specialty (AGCS) report. While the average cost of significant recall is $12 million, "ripple effect" events can ... Read the full article
GCube Middle Eastern clean energy facility to be led by Trust Re
11th December 2017
GCube Underwriting has acquired a new underwriting facility for the Middle Eastern clean energy markets, to be led by reinsurer Trust Re. The setting up of the new facility was largely driven by changes to domestic policy in the Middle East that encourage the expansion of the renewable energy sector and ... Read the full article
86,000+ homes at risk from Southern California wildfires: CoreLogic
11th December 2017
Analysis by catastrophe risk modelling specialist, CoreLogic, reveals that over 86,000 homes in Southern California are at some level of risk from the Thomas, Rye and Creek wildfires, with a combined reconstruction value (RCV) of $27.7 billion. Of the 86,242 homes at risk, the majority, 72,716 or 84%, are at either ... Read the full article
Fitch remains negative on reinsurance, but underwriting results to improve in 2018
8th December 2017
In light of catastrophe losses experienced in the second-half of 2017, Fitch Ratings has maintained its negative outlook for the reinsurance sector, while the majority of reinsurer rating outlooks remain stable. As the January 1st, 2018 renewals fast approach, global reinsurance companies are expecting rate increases to improve the profitability of ... Read the full article
Swiss Re names candidates for Board of Directors election
8th December 2017
Swiss Re's Board of Directors has nominated Karen Gavan, Eileen Rominger and Larry Zimpleman as candidates for election to join the Board at the upcoming Annual General Meeting on 20th April, 2018. Rajna Gibson Brandon has decided to step down after 17 years of service and current members Mary Francis and Robert ... Read the full article
Sedgwick Claims Management Services to acquire Cunningham Lindsey
8th December 2017
Sedgwick Claims Management Services has signed an agreement to acquire claims management and risk solutions firm, Cunningham Lindsey. Cunningham Lindsey offers expert support when losses occur to a global range of clientele, boasting 600 offices across 60 countries. “Bringing the incomparable talent, expertise and robust global capabilities of Sedgwick, Vericlaim and Cunningham ... Read the full article
Marc-André Giguère named President & CEO of Munich Re, US (Life and Health)
8th December 2017
Global reinsurer Munich Re has announced that Marc-André Giguère is to replace Michael DeKoning as President and Chief Executive Officer (CEO) of Munich Re, US (Life and Health), effective January 1st, 2018. The reinsurer announced that after ten years leading Munich Re US (Life), DeKoning has decided not to renew his contract. Under ... Read the full article
Pool Re & Cranfield University co-fund Centre for Excellence in Counterterrorism role
8th December 2017
Pool Re has partnered with Cranfield University to co-fund the new position of Professor of Terrorism Risk Management and Resilience at Cranfield University, appointing Professor Andrew Silke to the role. Silke is set to assume his appointment on 31st January 2018; his role will entail enhancing national resilience by fostering a greater understanding of ... Read the full article
French P&C sector faces headwinds: Moody’s
8th December 2017
Moody's outlook for the French P&C insurance sector remains negative as intense competition causes further downwards pricing pressure and investment income suffers from low interest rates. Overall, P&C combined ratios are expected to remain at 100%, or break even, and motor insurance is forecast to remain unprofitable at the underwriting level, ... Read the full article
Validus reveals leadership roles to reflect new reportable segments
8th December 2017
Validus Holdings, Ltd. has revealed a number of new leadership roles in new reportable segments, as it looks to enhance the development and execution of its international strategy. In addition to his roles as President of Validus Holdings, Ltd. and Chief Executive Officer (CEO) of Validus Reinsurance, Ltd., Kean Driscoll has ... Read the full article
Asta appoints Richard Barke to its Lloyd’s Managing Agency board
8th December 2017
Asta has appointed its Chief Actuary, Richard Barke, to serve on its Lloyd’s Managing Agency board, subject to regulatory approval. Barke was made Deputy Chief Actuary two years after joining Asta and was promoted to Chief Actuary in 2015. Julian Tighe, Chief Executive Officer (CEO), Asta, said; “Richard is an extremely talented ... Read the full article
Brexit certainty “urgently” needed for re/insurance sector: Inga Beale
8th December 2017
The UK's insurance and reinsurance sector still requires greater certainty on how the UK's trading relationship will pan out post-Brexit, according to Lloyd's of London Chief Executive Inga Beale. Speaking after the UK government and the EU announced that they are ready to move onto the next phase of Brexit talks, ... Read the full article
Validus reveals $30m California wildfire loss, says tax reforms won’t hurt it
8th December 2017
Validus Holdings, the Bermudian insurance and reinsurance group has revealed an initial estimated net loss from the October California Wildfires of $30 million. Validus said that it's estimate is based on an evaluation of loss affected contracts, as well as information provided by customers and intermediaries. However the company noted that there ... Read the full article
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