Reinsurance News
Prime adds Berkshire’s NI, AXA XL & TransRe to program
21st February 2019
Prime Insurance Company, a subsidiary of Prime Holdings Insurance Services, has added the Berkshire Hathaway-owned National Indemnity Co., AXA XL, and Transatlantic Re to its roster of re/insurers. Rick J. Lindsey, Chief Executive Officer, President and Chairman of the excess and surplus lines insurance carrier said the company is pleased to ... Read the full article
Large claims bill dents Swiss Re’s 2018 net income
21st February 2019
Global reinsurance giant Swiss Re has reported Group net income of $421 million for the full-year 2018, as estimated large claims of $3 billion significantly impacted the performance of both its property and casualty reinsurance (P&C Re) and Corporate Solutions' units. As well as the hit from catastrophe events in 2018, ... Read the full article
PartnerRe adds Chubb’s Jacques Bonneau to Board of Directors
20th February 2019
Bermuda-based reinsurer PartnerRe has announced the addition of Jacques Bonneau to its Board of Directors, effective February 20. Bonneau joins from Chubb where he served as Group Chief Underwriting Officer between 2014 and 2017. Previously, he served a the Chief Executive Officer of Chubb Tempest Re Group from 2005 for nine years. Prior ... Read the full article
Everest adds Ironshore’s Flaherty to retail property team
20th February 2019
Everest Insurance, a division of global insurer and reinsurer Everest Re Group, has added Kevin Flaherty to its retail property team in the U.S East region. Flaherty most recently served as an Assistant Vice President at Ironshore Insurance and before that a Senior Underwriting Specialist at Liberty International. This new role will ... Read the full article
AbsoluteClimo announces new cat model, predicts $153bn losses in 2019
20th February 2019
AbsoluteClimo, a Hawaii-based climate modelling, forecasting and risk management company, has announced a new catastrophe risk model that is predicting global climate-driven cat losses of $153 billion in 2019. The new model, called Clim๏Cats, utilises AbsoluteClimo’s machine learning predictive engine to link climate physics – such as temperature, rainfall and wind ... Read the full article
Former Aspen CEO to receive $10m bonus following takeover
20th February 2019
Christopher O’Kane, former Head of Aspen Insurance, is to receive a transaction bonus totalling $10 million following the recently-completed acquisition of the company by affiliates of certain Apollo investment funds. O’Kane is reportedly being paid this bonus for his efforts in assisting the company to consummate the deal. Additionally, Group Chief ... Read the full article
Cohen & Co. targets re/insurance & insurtech acquisitions under Butler
20th February 2019
Cohen & Company, LLC, a fixed income financial services specialist with over $3 billion under management, is seeking to raise capital for what is termed a blank check company that will target acquisitions in the insurance, reinsurance and insurtech space under the leadership of John Butler. Cohen & Company hired ... Read the full article
PCS enhances U.S catastrophe loss estimates with county-level resolution
20th February 2019
Property Claims Services (PCS), a Verisk Analytics business, is now offering county-level resolution for U.S catastrophe events with insured losses of at least $1 billion. The enhanced level of granularity is available for immediate use and will also be applied retrospectively to Hurricanes Harvey, Irma and Maria, along with five other ... Read the full article
David Gregori to lead Willis Re’s new Asia Pacific agriculture team
20th February 2019
Willis Re, the reinsurance arm of global insurance broker Willis Towers Watson, has launched a new Agriculture team for the Asia Pacific region and appointed David Gregori to lead it. As Head of Agriculture for Asia Pacific, Gregori will lead a team based in Hong Kong to support clients and partners ... Read the full article
Higher catastrophe hit pushes UPC to Q4 loss
20th February 2019
Property and casualty insurance holding company, United Insurance Holdings Corp. (UPC) fell to an $11.1 million net loss in the fourth-quarter of 2018, driven by catastrophe losses of more than $41.7 million, primarily relating to the impacts of Hurricane Michael in the U.S. The $11.1 million net loss compares to a ... Read the full article
FCA concludes wholesale broker study, finding no competition concerns
20th February 2019
The Financial Conduct Authority (FCA) has concluded its investigation into the London wholesale broker market, finding no evidence of competition concerns in the sector. The UK financial regulatory body launched its study in November 2017 to assess how effectively competition is working in the wholesale broker market. “Overall, the FCA has not ... Read the full article
Allianz X gets €1bn funding for global tech investments
20th February 2019
The success of Allianz Group’s digital investment unit Allianz X has resulted in it receiving an increased funding allocation of €1 billion. The investment from Allianz SE is designed to facilitate investments into companies globally that represent a strategic relevance to the Group. Allianz X is now one of the largest European ... Read the full article
No-deal Brexit not yet a “base case for rating purposes”: S&P Global
20th February 2019
While the likelihood of Brexit ending in a no-deal scenario remains high, it does not yet warrant becoming a base for rating purposes, according to S&P Global analysts. S&P points to a strong incentive for both the UK and European Union (EU) to successfully negotiate a more favourable exit as the ... Read the full article
SCOR reports solid 2018 growth and profit despite nat cats
20th February 2019
Global insurer and reinsurer SCOR's gross written premiums (GWP) surpassed €15 billion for the first time in 2018, while full-year net income improved to €322 million despite the impacts of catastrophe losses in the third and fourth-quarter. The French re/insurer has reported GWP of €15.3 billion for the full-year 2018, up ... Read the full article
JBA to deliver Sri Lanka Flood Model on Simplitium’s ModEx platform
20th February 2019
Simplitium, a provider of risk analysis services, has announced that the Sri Lanka Flood Model from global flood risk modeller JBA Risk Management is to be delivered on its multi-vendor ModEx platform. It’s hoped the move will broaden accessibility of the Sri Lanka model for both insurers and the wider Disaster ... Read the full article