Reinsurance News
Arch’s reinsurance income sinks 62% in Q1 as Jebi loss creep bites
1st May 2019
Bermuda-based re/insurance firm Arch Capital Group has reported a 61.9% drop in underwriting income for its reinsurance segment during the first quarter of 2019, partly driven by $16 million of loss creep from Typhoon Jebi. Underwriting income for Arch’s reinsurance operations totalled $20.9 million in Q1 2019, down from $54.8 million ... Read the full article
Chubb CEO praises “best markets in years”, posts $1bn Q1 net income
1st May 2019
Evan Greenberg, Chairman and Chief Executive Officer of Chubb, has described US commercial, London wholesale and certain other international markets as the “best we have seen in a number of years.” His remarks come as the global insurer today posted a $1 billion net income for the first quarter of 2019, ... Read the full article
THB Group appoints new Strategic Binding Authority Director
1st May 2019
Specialist insurance and reinsurance broker, THB Group, has announced the appointment of Steve Ford as Strategic Binding Authority Director. Ford joins from Pen Underwriting, where he was global managing director. THB's binding authority team transacts over $700 million of premium annually. Commented on the appointment, THB Worldwide Specialty Chief Executive Officer (CEO), ... Read the full article
WTW launches new risk advisory service for financial executives
1st May 2019
Willis Towers Watson has announced the launched of a new risk advisory service, called Connected Risk Intelligence, to help chief financial officers and risk managers reduce volatility and minimise their total cost of risk. The service is built around IGLOO, a proprietary decision support system for the re/insurance sector, which offers ... Read the full article
Nikolaus von Bomhard elected Chair of Munich Re’s Supervisory Board
1st May 2019
Global reinsurance giant Munich Re has announced that both Nikolaus von Bomhard and Karl-Heinz Streibich have been elected to the firm's supervisory Board for the first time, as Bernd Pischetsrieder steps down after 17 years on the Supervisory Board, six of which he spent as Chairman. Nikolaus von Bomhard takes over as Chair ... Read the full article
157 Re provides valuable diversification for the expanding CCR Re
30th April 2019
The establishment of the first French domiciled collateralised reinsurance sidecar vehicle by state-backed CCR Re, supports the reinsurer’s ambitions to expand and diversify its catastrophe portfolio, according to Bertrand Labilloy, CEO of CCR Re. Launched at the end of March, 2019, 157 Re will assume a 25% quota share of the ... Read the full article
Arch Insurance steps into cyber market with SME product
30th April 2019
Arch Insurance (UK), a division of Arch Insurance International, is entering the cyber insurance market with ‘Cyber Searchlight’, a product designed for small to medium enterprise (SME) clients. Due to be launched at BIBA 2019, Cyber Searchlight aims to provide policy structures more appropriately suited for the needs of SMEs in ... Read the full article
Munich Re to deploy high-res imagery, AI for faster hurricane claim payments
30th April 2019
New methods currently being explored by global reinsurance giant Munich Re could see hurricane victims receive claim payments on their damaged properties in the time it takes them to return to their homes, according to reports from German newspaper Handelsblatt. Artificial Intelligence (AI) will play a key role in enabling this rapid ... Read the full article
Florida AOB reforms could reduce homeowners rate need by 15%: Citizens
30th April 2019
Citizens Property Insurance Corporation has praised Florida lawmakers for passing legislation to curtail unnecessary litigation and assignment of benefits (AOB) abuse, which it claims will provide relief for property insurance policyholders in the state. Actuaries estimated that the reforms would reduce the statewide average rate need from 25.2% to 10.1% for ... Read the full article
Norsk Hydro updates cyber attack loss estimate to $52mn
30th April 2019
Norwegian aluminium manufacturer Norsk Hydro has provided an updated loss estimate of NOK 400-450 million (USD $46-52 million) for the cyber attack in March that caused major disruption to its operations. Norsk Hydro had previously disclosed that it expected to lose 300-350 Norwegian crowns (USD $35-41 million) for the first ... Read the full article
Universal’s Jon Springer highlights speculation around mid-year rate movements
30th April 2019
Speculation remains around the magnitude of rate movements at the mid-year 2019 reinsurance renewals, underpinned by the potential impact on pricing from recent legislation targeting assignment of benefits (AOB) abuse in the state of Florida, according to Jon Springer, the President and Chief Risk Officer (CRO) of Universal Insurance Holdings, ... Read the full article
IAG to roll out new home, contents pricing
30th April 2019
Australian primary insurer Insurance Australia Group Limited (IAG) has notified customers with home and contents insurance of potential changes to their premiums. The alterations, starting July 1, are a result of adjustments made to the cover provided by the Earthquake Commission (EQC), as well as from IAG taking more account ... Read the full article
Climate factors to be “fully integrated” into SCOR’s new strategy: Denis Kessler
30th April 2019
French reinsurer SCOR intends to “fully integrate” a range of climate risk management approaches into its next strategic plan, according to Chairman & Chief Executive Officer (CEO) Denis Kessler. Kessler’s comments came alongside the announcement of SCOR's commitment to more stringent underwriting exclusions for coal-based businesses, which climate activist group ... Read the full article
Reinsurers benefit from Mercury General’s sale of subrogation rights
30th April 2019
Mercury General Corporation, a Los Angeles-based multi-line insurer, has said that its reinsurers are likely to benefit from the sale of certain wildfire subrogation rights, which it completed during the first quarter of 2019. As part of its Q1 results, Mercury General disclosed the sale of its subrogation rights related to ... Read the full article
Willis Towers Watson launches $1bn political risk program
30th April 2019
Global insurance and reinsurance broker Willis Towers Watson has announced the launch of a unique political risk insurance program supported with over $1 billion of market capacity. The new program is targeted at large global clients who may have existing assets or are considering future investments overseas. It is supported by VAPOR ... Read the full article