Reinsurance News
Changes in reinsurance cessions not sufficient to impact ratings: A.M. Best
22nd March 2017
Changing patterns in reinsurance cessions from major insurers to reinsurers are not sufficient alone to impact ratings, according to A.M. Best. Rated reinsurers tend to be the largest companies and the changes being seen in cession rates from insurers to them are not going to be sufficient to affect their standing. ... Read the full article
R&Q acquires captive insurer ICDC
22nd March 2017
Randall & Quilter Investment Holdings (R&Q) has announced its acquisition of American Fortune 500 captive insurer, ICDC. ICDC reinsured its parent company for workers' compensation, commercial general liability, business auto liability, business auto physical damage and property risks. As of 31st December 2016 it had a total net asset value of $7.95 million, ... Read the full article
Brazilian reinsurers benefit from investments and regional expansion: S&P
22nd March 2017
Despite intense competition from international players, economic turmoil and price softening in the Brazilian reinsurance market, domestic firms have maintained adequate profitability driven by high investment yields and the expansion into underserved markets across Latin America, according to Standard & Poor's (S&P). Brazil is now in the third year of a ... Read the full article
Reinsurance key to Floridian insurer’s survival
22nd March 2017
Rating agency Demotech has highlighted reinsurance as one of the key’s to Floridian insurer’s survival as companies continue to be thrown into unchartered waters with the ongoing repercussions of AOB’s and the Johnson and Sebo court ruling. Demotech advised insurers to focus on adequate reserves, realistic pricing, and a catastrophe reinsurance programme, ... Read the full article
Reinsurance News – Wednesday 22nd March 2017
22nd March 2017
Here’s your daily Reinsurance News for Wednesday 22nd March 2017: Swiss Re reinsurance chief cites tailored deals as opportunity Reinsurance giant Swiss Re recently said that it sees success in higher returns from specialised reinsurance products, and has plans to offset competition by growing this smaller-scale but more lucrative line of business. ... Read the full article
Have to be “determined” to let business go: Munich Re CEO
21st March 2017
There's ample opportunity for insurers and reinsurers in emerging markets in both developed and developing countries, but it's important to be able to walk away from business where the margin simply isn't adequate in a softening landscape, according to outgoing Munich Re Chief Executive Officer (CEO), Nikolaus von Bomhard. During the ... Read the full article
U.S. wildfire acreage burned running ten times ahead of average in 2017
21st March 2017
A staggering 2.1 million of U.S. acreage has burned as a result of wildfires from January 1st to March 17th, 2017, which is roughly ten times ahead of the average for the period, according to industry reports. Analysis from the National Interagency Fire Center shows that the 2006-2015 annual average U.S. fire ... Read the full article
BIBA scheme aims to expand UK commercial flood insurance availability
21st March 2017
The British Insurance Brokers' Association (BIBA) is aiming to expand the availability of flood insurance for small and medium-sized enterprises (SMEs) in flood risk areas not served by the government-backed Flood Re initiative, via a new commercial scheme that could increase the need for reinsurance protection. Executive Director of BIBA, Graeme ... Read the full article
Border tax could raise Florida reinsurance rates by up to 31%
21st March 2017
The Florida insurance and reinsurance market could be set on its heels after the House GOP’s Tax Reform Tax Force proposed a 20% border-adjusted tax, that according to research institute Taxwatch, would raise reinsurance rates by up to 31%. The proposed border-adjusted tax could devastate the Floridian economy and re/insurance market where 91% ... Read the full article
R&Q acquires Bermudian captive insurer, Linco Limited
21st March 2017
Randall & Quilter American Holdings Inc., the U.S. subsidiary of specialist non-life insurance investor, service provider and underwriting manager, Randall & Quilter Investment Holdings (R&Q), has announced the acquisition of Bermuda captive Linco Limited. Domiciled in Bermuda, Linco provided reinsurance protection to its shareholders for workers' compensation, general and automotive liability, and ... Read the full article
Financial sector to incorporate risk prevention in regulatory schemes: UN
21st March 2017
In a recent interview with Munich Re, Robert Glasser, Special Representative of the United Nations' Secretary General for Disaster Risk Reduction and Head of UNISDR, highlighted initiatives underway to incorporate disaster risk management into the global regulatory environment. He said the UN was establishing links to global financial sectors, ... Read the full article
Weather Analytics announces $17 million investment from re/insurers
21st March 2017
Weather Analytics has announced that W.R. Berkley Corporation and Tokio Marine HCC have together funded a $17 million Series B financing round, taking the re/insurance industry software provider's total funding to beyond $30 million. Commenting on the recent funding, Chairman and Chief Executive Officer (CEO) of Weather Analytics, said; "This financing ... Read the full article
Reinsurance News – Tuesday 21st March 2017
21st March 2017
Here’s your daily Reinsurance News for Tuesday 21st March 2017: Hannover Re buys into Lloyd's with Argenta acquisition Reinsurance giant Hannover Re has announced the acquisition of UK holding firm Argenta Holdings, which owns managing agent Argenta Syndicate Management, Argenta Private Capital, and a pro rata share of the Lloyd’s syndicate Argenta ... Read the full article
Swiss Re reinsurance chief cites tailored deals as opportunity
21st March 2017
As one of the leading pioneers of tailored business product development, Swiss Re has said it's seen success in higher returns from specialised reinsurance products, and has laid out plans to offset competition by continuing to grow this smaller-scale but more lucrative line of business. The reinsurer told Reuters ... Read the full article
FEMA calls for flood insurance expansion via private markets and NFIP
20th March 2017
Federal Emergency Management Agency (FEMA) official, Roy Wright, has underlined a need to expand flood insurance protection across the U.S., supported by the multi-year reauthorisation of the National Flood Insurance Program (NFIP) and growing interest for participation from insurers and reinsurers. Addressing the U.S. Senate Committee on Banking, Housing, & Urban Affairs ... Read the full article
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