Reinsurance News
Business leaders lack confidence about growth prospects: CNA Hardy
19th November 2018
Less than two thirds (59%) of business executives worldwide are currently confident about the ability of their companies to grow and prosper, with 82% feeling they operate in a moderate to high risk environment, according to the latest edition of CNA Hardy’s Risk and Confidence Survey. Responses varied significantly by region, ... Read the full article
Tokio Marine’s Luxembourg subsidiary takes next step as Brexit nears
19th November 2018
Tokio Marine Group, the parent of Tokio Marine Kiln (TMK) and Tokio Marine HCC International, has received approval from the High Court of England and Wales to complete the Part VII process of transferring its existing portfolio of policies written out of Continental European operations to its newly established subsidiary, ... Read the full article
Re/insurers to absorb wildfire losses but the future a concern: S&P Global
19th November 2018
While primary re/insurers will be able to absorb losses associated with the recent California wildfires, limiting them to an earnings event, S&P Global Ratings has stated that the increasing costs attached to such events - in tandem with an unfavourable regulatory environment that limits the ability to raise rates - may ... Read the full article
Brit announces launch of PCC vehicle Sussex Capital UK
19th November 2018
Global specialty insurer and reinsurer, Brit Limited, has announced the launch of Sussex Capital UK PCC Limited (Sussex Capital UK), a multi-use collateralised reinsurance PCC vehicle in the UK. The transformer vehicle is the first to be granted permission by the PRA under the UK's insurance-linked securities (ILS) framework, to carry ... Read the full article
Costly wildfires to compound reinsurers’ Q4 losses: J.P. Morgan
19th November 2018
As industry loss estimates for the California wildfires continue to edge higher, J.P. Morgan has said it looks increasingly likely that the fourth quarter catastrophe budgets for reinsurers will be exceeded. The firm, citing figures reported on our sister site Artemis, notes that more homes have now been destroyed than ... Read the full article
Kuwait Re improves performance in 2018 in spite of market challenges
19th November 2018
Reinsurer Kuwait Reinsurance Company K.S.C.P. (Kuwait Re) has announced its results for the first-nine months of 2018, posting an increase in net income driven by growth in net earned premiums to KD 27.84 million (US$92mn). The reinsurer's after-tax net income for the nine-month period increased by 7% when compared with the ... Read the full article
A.M. Best expects UK firms to be able to write cross-border reinsurance post-Brexit
19th November 2018
Global ratings agency A.M. Best expects UK insurers and reinsurers will still be able to underwrite reinsurance on a cross-border basis post-Brexit, but warns that the Solvency II regulatory treatment of these contracts is dependent on the UK achieving reinsurance equivalence by the European Union (EU). The ratings agency continues to ... Read the full article
RMS estimates up to $13bn insured loss from Californian fires
19th November 2018
Catastrophe risk modelling firm RMS has estimated between a $9 billion and $13 billion insured loss from the Camp and Woolsey wildfires which continue to devastate large areas of California. This estimate includes property and auto damage, including burn and smoke damage, business interruption, additional living expenses, and contents loss. RMS ... Read the full article
California wildfire losses continue with 15,500 structures destroyed
19th November 2018
The level of insured losses from the recent outbreak of wildfires in California looks set to rise even further, with nearly 15,500 structures now destroyed by the fires, according to the latest data from the California Department of Forestry and Fire Protection (Cal Fire). This figure has risen significantly from the ... Read the full article
Re/insurers taking a “leading role” in the ESG agenda: A.M. Best
19th November 2018
In light of the current absence of any global guidance on how to integrate environmental, social and governance (ESG) criteria into business models, a number of major participants in the re/insurance industry have taken a “leading role” on these issues, according to A.M. Best. Re/insurers are uniquely positioned to tackle the ... Read the full article
IGI creates CTO position, appoints Nasser Zagha
19th November 2018
Specialist commercial re/insurer, International General Insurance (IGI), has appointed Nasser Zagha Chief Technology Officer, a newly-created role within the company. Nasser joins from the Bank of Jordan, where he served as Head of Information Technology. Previously Nasser worked for Bank of America, where he was a Systems Engineer, Technology Manager, and most recently ... Read the full article
Australian life sector looks to reinsurance to ease pressure: Guy Carpenter
19th November 2018
The life insurance sector in Australia and New Zealand is increasingly looking to reinsurance as a strategic capital management tool to alleviate the pressure from regulatory requirements, shareholders, and foreign investment, according to a report from reinsurance broker Guy Carpenter. Matthew Rose, Managing Director at Guy Carpenter, noted that the underlying ... Read the full article
Cryptoasset insurer BlockRe to launch new risk assessment tool
19th November 2018
BlockRe, a cryptoasset insurance company, has announced the launch of a new underwriting and risk assessment tool to aid in the issuing of insurance policies in the cryptoasset and blockchain space. BlockRe claims the solution, which was created in July, will be one of the only comprehensive third-party risk assessment tools ... Read the full article
Cost of doing business is unsustainable at Lloyd’s: Carnegie-Brown
16th November 2018
The cost of doing business at the specialist Lloyd's of London insurance and reinsurance marketplace isn't a sustainable proposition, and if the market wants to grow and remain relevant to its customers, costs need to come down, according to the Lloyd's Chairman, Bruce Carnegie-Brown. "We have to do a better job, ... Read the full article
Stagnant pricing trends unlikely to shift significantly in 2019: S&P
16th November 2018
This year's catastrophe losses may cause some reflection within the sector and could provide support to current pricing levels, but the underlying prognosis for relatively stagnant pricing trends looks unlikely to shift significantly in 2019, according to S&P Global Ratings. Furthermore, In the aftermath of last year's record catastrophe losses the ... Read the full article