Reinsurance News
“The time is right to be precisely our size,” says Argo CEO Watson
28th September 2018
Mark E. Watson III, Chief Executive Officer (CEO) of Argo Group International Holdings, Ltd. has claimed that current market conditions and the pace of technological change in the re/insurance industry are conducive to mid-sized companies such as Argo. In a Letter to Shareholders, Watson said that he believed the industry was ... Read the full article
Everest promotes Mike Karmilowicz & Dave Sandler to head of respective segments
28th September 2018
Everest Insurance, a division of global reinsurer Everest Re Group, has promoted both Mike Karmilowicz and Dave Sandler to President of their respective business segments effective immediately. Karmilowicz joined Everest in 2015 and leads Everest Specialty Underwriters, which currently comprises the Executive Solutions Group, Professional Liability, Alternative Solutions, Political Risk & ... Read the full article
Greenlight Re unit leads Galileo Series A funding round
28th September 2018
Greenlight Re Innovations, part of the specialist hedge fund backed property and casualty (P&C) reinsurer Greenlight Capital Re, has made a strategic investment in Galileo Platforms, a Hong Kong-based Platform as a Service (PAAS) business focused on emerging markets in Asia. Greenlight Re Innovations believes the secure platform will reduce IT costs ... Read the full article
Pension deficit across top 350 UK companies down from £62bn to £35bn
28th September 2018
The pension deficit of the UK’s top 350 companies has nearly halved from £62 billion to £35 billion and now accounts for just 17% of total profits compared to 70% 18 months ago, according to a report by independent consultancy firm Barnett Waddingham. The report found that as of 30 June ... Read the full article
DWF adds Owen Rees to Catastrophic Injury Team
28th September 2018
Multinational law firm DWF has appointed Owen Rees as a Partner in its Catastrophic Injury Team, where he will join the Practice Group board to focus on growing the business’s Leeds office and national presence. Rees has almost 30 years of personal injury law experience and joins DWF from DAC Beachcroft, ... Read the full article
SCOR reaffirms rejection of ‘hostile’ Covéa takeover
28th September 2018
French reinsurance giant SCOR has released a statement reaffirming its rejection of Covéa’s “hostile and unfriendly” acquisition offer of €8.2 billion (US $9.6 billion), and has called for Thierry Derez, Chief Executive Officer (CEO) of Covéa, to permanently resign from SCOR’s Board of Directors. SCOR said that a meeting of ... Read the full article
GDPR & cyber concerns hindering UK SME’s Brexit planning: Zurich
28th September 2018
Complex Issues such as GDPR compliance plus concerns surrounding cyber security may be causing the UK’s small medium-sized business to overlook the importance of planning for Brexit, finds broker survey conducted by Zurich. 24% of respondents said that their SME clients now ask them about GDPR on a regular basis. However, regular ... Read the full article
RSA eats through retention on aggregate reinsurance cover
28th September 2018
RSA Insurance Group, a leading commercial and general insurer, has reached the retention ceiling on its group aggregate reinsurance coverage, meaning any further large losses may hit the firm's reinsurance providers. In announcing its third-quarter 2018 trading update today, RSA said that the retention ceiling has now been reached on ... Read the full article
Munich Re targets consistent growth trajectory, even at flat pricing
28th September 2018
Global reinsurance firm Munich Re is expected to continue to grow its portfolios of life and particularly non-life business over the next decade, as it aims for a larger market share even though it expects relatively flat pricing in the short-term. Munich Re wants to jump from the roughly 6% U.S. ... Read the full article
Price to be the key driver for reinsurance buyers at 1/1: Survey
27th September 2018
Overall, almost 60% of respondents to our global reinsurance market survey feel that price will be the most important counterparty feature to reinsurance buyers at the January 2019 renewals. As part of the Reinsurance News and Artemis global reinsurance market survey, we asked industry participants to rank, by order of ... Read the full article
Aon partners with Pembroke on $50mn policy for victims of terrorism
27th September 2018
Global re/insurance broker Aon has collaborated with Pembroke Managing Agency at Lloyd’s in the development of a Public Protection Policy, designed to help businesses provide financial support to individuals affected by a terrorist attack on its premises or owned space. With an aggregate policy limit up to $50 million, the solution ... Read the full article
Lloyd’s performance stabilises but further improvements needed: Peel Hunt
27th September 2018
The underlying underwriting performance at Lloyd’s stabilised over the first half of 2018 as rate increases fed through and the marketplace clamped down on underperforming syndicates, according to analysts at Peel Hunt. However, Peel Hunt stated that more needs to be done to place the Lloyd's market on a firmer footing ... Read the full article
RCM&D and Risk Cooperative enter strategic partnership
27th September 2018
RCM&D, an independent re/insurance brokerage and risk advisory firm, has entered a strategic partnership with Risk Cooperative, a risk and insurance advisory firm and coverholder at Lloyd’s in Washington, D.C. The partnership is expected to strengthen RCM&D’s regional presence in the mid-Atlantic, which already includes offices in Baltimore, Harrisburg, Philadelphia, and ... Read the full article
U.S. life insurers experience improved profitability in 2018: Fitch
27th September 2018
Approximately two-thirds of publicly traded life insurers in the U.S. rated by Fitch improved profitability in the first-half of 2018, and while higher interest rates will mitigate spread compression, the rating agency warns that this will remain a headwind in the second half of the year. For the U.S. life insurers ... Read the full article
Prepare for no-deal Brexit, German government tells re/insurers
27th September 2018
Germany's Deputy Finance Minister Joerg Kukies is encouraging insurance and reinsurance firms to prepare for the UK's Brexit negotiations to end in no-deal. According to Reuters, the Minister called on re/insurers to make preparations for the UK crashing out of the EU without a deal, but also noted that Germany is ... Read the full article