Reinsurance News
Lloyd’s managing agents enjoy InsurTech advantages, analysts find
21st September 2018
Lloyd’s managing agents hold significant advantages in the technology ‘arms race’ due to their ability to quickly deploy supplier InsurTechs and take distribution platforms global, according to a new study undertaken for the Lloyd’s Market Association (LMA) by management consultancy Oxbow Partners. Analysts noted that Lloyd’s managing agents are generally more ... Read the full article
Generali launches disruptive asset manager, led by Peter Kraus
21st September 2018
Generali has announced the launch of Aperture Investors, a new asset management company that relies on a disruptive revenue model, to be led by Peter Kraus, former Chairman and Chief Executive Officer (CEO) of AllianceBernstein and Global Co-Head of Goldman Sachs’ Investment Management Division. The Italian insurance giant will contribute up ... Read the full article
Fidelis backs new Kersey MGA, increasing energy market capacity
21st September 2018
Fidelis Insurance, the privately owned Bermuda-based holding company, has taken an equity stake in Kersey Specialty Limited, a new Managing General Agent (MGA) with a focus on Upstream Energy subscription market insurance. The company will also provide underwriting capacity to Kersey, which will be managed through Fidelis’s subsidiary MGA platform, Pine ... Read the full article
R&Q’s Accredited acquires MPS Risk Solutions for £16mn
21st September 2018
Randall & Quilter Investment Holdings Ltd. (R&Q) has announced that its wholly owned subsidiary, Accredited Insurance (Europe) Limited, has agreed to acquire the entire issued share capital of MPS Risk Solutions Limited (MPSRS) from its owners, The Medical Protection Society Limited (MPS), for £16 million. MPSRS was formed in January 2004 ... Read the full article
Allstate reports cat losses of $186mn for August 2018
21st September 2018
The Allstate Corporation, one of the largest primary insurers in the U.S, has reported estimated catastrophe losses of $186 million pre-tax ($147 million after-tax) for the month of August 2018. Catastrophe losses consisted of 16 events that cost an estimated $137 million pre-tax, as well as unfavourable reserve re-estimates for prior ... Read the full article
PCS designates Lürssen shipyard fire, as market braces for major loss
21st September 2018
Property Claim Services (PCS) has designated the recent Lürssen shipyard fire as an event under its PCS Global Marine & Energy product, triggering the process to monitor, aggregate and report on the insurance and reinsurance industry loss. PCS launched its Global Marine and Energy loss aggregation solution in April 2017, ... Read the full article
Lloyd’s new Brussels subsidiary doesn’t secure full EU access post-Brexit
21st September 2018
The specialist Lloyd's of London insurance and reinsurance marketplace could lose access to both the Polish and German market for treaty reinsurance from 1/1 2019, regardless of its new Brussels subsidiary. Lloyd's Chief Executive Officer (CEO), Inga Beale, explained during the company's H1 2018 earnings call this morning that regarding ... Read the full article
UPC & Tokio Marine Kiln partner on start-up insurer Journey
21st September 2018
United Insurance Holdings Corp. (UPC Insurance), a property and casualty (P&C) insurance holding company, has received regulatory approval for the licensure of its new P&C insurance subsidiary, Journey Insurance Company, which it formed in collaboration with Tokio Marine Kiln. Journey, which has also received an ‘A-‘ Financial Strength Rating and ‘a-‘ ... Read the full article
AXIS Re hires Bennett from MS Amlin to lead Lloyd’s property reinsurance underwriting
21st September 2018
AXIS Reinsurance, the reinsurance focused unit of Bermuda-headquartered global re/insurer AXIS Capital Holdings Limited has hired William Bennett from MS Amlin to become its Senior Underwriter for Property Reinsurance business at Lloyd’s. Bennett will join AXIS Re in March 2019 and be based in London, reporting to Jonathan Gray, Head of ... Read the full article
Willis Towers Watson develops geopolitical risk policy for cargo
21st September 2018
Insurance and reinsurance broker Willis Towers Watson has developed a new policy solution for the cargo market that provides protection for exposure to geopolitical risk. Cargo Undercover will minimise potential gaps in coverage and the likelihood of claims disputes, Willis Towers Watson said, as well as removing the need to establish ... Read the full article
Lloyd’s performance improves & premiums grow, but investments dent results
21st September 2018
Lloyd’s of London’s interim report has revealed an uptick in gross written premiums, pre-tax profits of £0.6 billion and improved performance, while investment returns have declined considerably to £0.2 billion against £1.0 billion in June 2017. Gross written premiums increased 2.4% to £19.3 billion H1 2018, compared to £18.9 billion in ... Read the full article
MENA region still growth prospect despite ongoing challenges: A.M. Best
20th September 2018
The Middle East and North Africa (MENA) region remains an attractive growth prospect for reinsurers due to its underlying market growth and low penetration rates, despite persistent challenging conditions, according to a recent report by A.M. Best. The rating agency noted that a number of recently established reinsurers in the MENA ... Read the full article
AXA LM completes 92% stake acquisition of Emirates Re
20th September 2018
Specialist run-off acquirer and manager AXA Liabilities Managers has finalised its previously-announced 92.68% majority stake acquisition of the Retakaful business Emirates Re. Gross reserves of the Emirates Re total $69 million and are composed mostly of Middle East & North African, Asian and Indian-based property, motor, accident, energy and marine risks. Conducted ... Read the full article
NFIP will absorb majority of Florence losses, says Fitch
20th September 2018
Traditional reinsurers and insurance-linked securities (ILS) markets are expected to experience only modest levels of losses from Hurricane Florence, with the majority likely to be absorbed by the National Flood Insurance Program (NFIP), according to Fitch Ratings. Florence weakened to a Category 1 hurricane as it approached the U.S coast last ... Read the full article
RSA appoints Zurich’s Adrian Sweeney as CUO
20th September 2018
Leading commercial insurer RSA has announced the appointment of Adrian Sweeney as Chief Underwriting Officer for UK and International business, effective October 1. Sweeney joins from Zurich after 25 years serving across various international businesses in senior underwriting and operations roles; he became CUO for the company’s commercial businesses globally in ... Read the full article