Reinsurance News
Peak Reinsurance gets technological makeover
10th January 2017
Peak Reinsurance Company (Peak Re) has upgraded its underwriting and claims management system with Appion - a new "low-code" platform. The Global Top-50 reinsurance firm has long been an avid-user of the latest digital technologies, ensuring its systems are open, transparent and responsive. "Peak Re is committed to investing in technology," said ... Read the full article
Intense market competition pushes reinsurers towards M&A: A.M. Best
10th January 2017
Ratings agency A.M. Best said in a recent report that intense market competition in reinsurance is ramping up the need for merger and acquisition (M&A) activity. Market conditions appear to be stabilising, in terms of reinsurance pricing as seen at the recent January renewals, but quality of earnings are under ... Read the full article
XL Group reveals $245mn preliminary loss estimate for 2016 fourth quarter
10th January 2017
Insurance and reinsurance firm XL Group reported a preliminary $245 million of natural catastrophes loss estimate for 2016’s fourth quarter. These estimated losses are split at about $125 million in insurance and $120 million in reinsurance. The XL Group said the biggest losses came from Hurricane Matthew - with $130 million split ... Read the full article
Convergence growth takes overall reinsurance capacity to $420bn: A.M. Best
10th January 2017
International ratings agency A.M. Best has said that total, dedicated reinsurance capacity is estimated to reach $420 billion for 2016, growth of 5% from the previous year, and helped by the continued expansion of the convergence space. According to a recent A.M. Best reinsurance market briefing overall, dedicated reinsurance capacity will likely see growth ... Read the full article
Austrian terrorism reinsurance pool signs up to IFTRIP
10th January 2017
The Austrian terrorism reinsurance pool, Österreichischer Versicherungspool zur Deckung von Terrorrisiken (VV0), has signed up to support the charter of the International Forum of Terrorism Risk Reinsurance Pools (IFTRIP). The Austrian terror risk reinsurance pool is the seventh sovereign risk pool to sign up to the IFTRIP charter since its inception ... Read the full article
Reinsurance News – Tuesday 10th January 2017
10th January 2017
Here’s your daily Reinsurance News for Tuesday 10th January 2017: $510m run-off startup Premia launches with Arch & Kelso backing New Bermudian property & casualty insurance and reinsurance run-off group, Premia Holdings Ltd., has now launched with a $150 million initial capital raise, with backing from Arch Capital and Kelso & Company. ... Read the full article
$510m run-off startup Premia launches with Arch & Kelso backing
9th January 2017
Premia Holdings Ltd., a new Bermuda-based property & casualty insurance and reinsurance run-off group, has launched today after a $510 million initial capital raise and with backing from Arch Capital and Kelso & Company. Premia Re has been founded by industry veteran and former ACE / Chubb chief reinsurance officer Bill ... Read the full article
CCR Re begins operations
9th January 2017
French reinsurer Caisse Centrale de Reassurance (CCR) today revealed that its state-backed subsidiary, CCR Re, is fully funded and commenced operations from the 1st of January, 2017. The subsidiary was established from January 1st with treaty renewals and the transfer of CCR’s open market portfolio. Chairman and Chief Executive Officer (CEO) of CCR ... Read the full article
Insurers take advantage of buyers market at 1 Jan renewals: Aon Benfield
9th January 2017
Some reinsurance buyers took advantage of favourable terms and conditions (T&C) and the efficient wealth of reinsurance capacity at the key January 1st 2017 renewals, resulting in an increased demand for protection in more developed regions, according to Aon Benfield. As expected, the softening reinsurance environment persisted into 2017 and industry players ... Read the full article
Insured Canadian catastrophe damage nears record $5bn in 2016
9th January 2017
Severe storms, wildfires, and floods ravaged Canada in 2016, making it the highest year on record for insured catastrophe damage payouts. In 2016 insured damage topped $4.9bn Canadian (US $3.6bn) - a figure well over the previous annual record of $3.2bn in 2013 - according to Catastrophe Indices and Quantification (CatIQ), a ... Read the full article
Reinsurance returns need to fall further for prices to rise: RBC analysts
9th January 2017
Reinsurance industry returns need to fall to as low as 5% above the risk free rate before there is any significant stimulus to cause pricing to move materially upwards, according to analysts at RBC Capital Markets. Reinsurance pricing has been softening for almost five years now, with further declines in rates ... Read the full article
Sawyer named Head of Property at AEGIS London
9th January 2017
AEGIS London, the UK-based subsidiary of mutual energy insurance and reinsurance company AEGIS (Associated Electric & Gas Insurance Services Limited), has announced the appointment of Toby Sawyer as Head of Property. Sawyer takes over the Head of Property role at AEGIS London from Alex Powell who will remain Active Underwriter at ... Read the full article
Reinsurance News – Monday 9th January 2017
9th January 2017
Here’s your daily Reinsurance News for Monday 9th January 2017: Global reinsurance capacity hits $595bn: Aon Benfield Global reinsurance capital hit a new high of $595 billion over the nine months to September 30th, 2016, an increase of 5.3%, according to reinsurance broker Aon Benfield. Brit grows ... Read the full article
China remains top priority for Lloyd’s re/insurance market growth
9th January 2017
Lloyd’s of London chairman John Nelson told China Daily that China is the most important market for its long-term growth. With dark clouds brewing on the insurance and reinsurance market horizon, in what Nelson describes as a ‘perfect storm’; low interest rates and excessive capital driving down investment returns and premiums ... Read the full article
Guy Carpenter advises caution on terrorism coverage in 2017 forecast
6th January 2017
With global political volatility on the rise, terrorism coverage will require extra vigilance, while new technologies shift the landscape of challenges and opportunities for re/insurers, according to broker Guy Carpenter. New technologies, big data and predictive analytics, coupled with the "sharing" economy are some of the major emerging factors ... Read the full article
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