Reinsurance News
Bermuda insurers ceded above 70% of peak peril losses in 2019: BMA
18th June 2020
New stress tests undertaken by the Bermuda Monetary Authority (BMA) have affirmed that reinsurance remains a “key mitigation tool” for property and casualty insurers on the island to manage their catastrophe exposure. The BMA carried out the tests in partnership with UK regulator the Prudential Regulatory Authority (PRA) to assess the ... Read the full article
The Hartford names William Steinberg head of wholesale property, Navigators
18th June 2020
Property and casualty insurer The Hartford has appointed William Steinberg as head of wholesale property for Navigators, a brand of the company. In his new role, Steinberg reports to Vince Tizzio, head of the Global Specialty business at The Hartford, and will partner closely with Tim Ryan, who leads the Wholesale ... Read the full article
Atlas completes sale of Gateway subsidiary to Buckle
18th June 2020
US-based commercial auto insurer Atlas Financial Holdings has completed the previously announced sale of its subsidiary Gateway Insurance Company to ride-sharing insurance provider Buckle, as it looks to continue its transition towards an MGA model. The transaction closed on June 16th, with $4.2 million paid to the statutory liquidator of Gateway. A ... Read the full article
Swiss Re Corporate Solutions announces collaboration with LocalTapiola
18th June 2020
Swiss Re Corporate Solutions (SRCS), the commercial insurance arm of reinsurer Swiss Re, has announced a strategic agreement to bring Finnish insurer LocalTapiola onto its International Programme Administration (IPA) platform. The agreement also gives the Finnish insurer access to SRCS' network of over 150 local offices and network partners. The collaboration supports ... Read the full article
Lloyd’s apologises for slavery links
18th June 2020
Insurance and reinsurance marketplace Lloyd’s of London has apologised for its links to the slave trade in the 18th and 19th centuries, and announced that it plans to pay reparations via donations to BAME charities. Lloyd’s released a statement condemning “the indefensible wrongdoing that occurred during this period” after its role ... Read the full article
Prudential UK announces US reinsurance transaction & investment by Athene
18th June 2020
Prudential plc has reached an agreement with Athene Holding Ltd under which its reinsurance unit, Athene Life Re Ltd, will invest $500 million in Prudential's U.S. business (Jackson) in return for an 11.1% economic interest. Additionally, Athene Life Re has fully reinsured a $27.6 billion in-force portfolio of Jackson's US fixed ... Read the full article
Enstar looking at “strategic options” for StarStone International
18th June 2020
Legacy acquirer Enstar Group says it is considering “strategic options” for its StarStone International operations. Enstar had previously announced that StarStone International had contributed its renewal rights to Atrium Underwriters Limited, which manages Lloyd’s Syndicate 609. International business not assumed by Atrium will be placed into an orderly run-off, Enstar said. The liabilities ... Read the full article
NZ Earthquake Commission renews $6.2bn reinsurance programme
18th June 2020
New Zealand's Earthquake Commission (EQC) has announced the successful renewal of its NZ$6.2 billion reinsurance programme for 2020-2021. The reinsurance will cover disaster events such as earthquakes, tsunamis and volcanic eruptions. This year's programme is a renewal of the upsized 2019-2020 reinsurance programme. EQC's Chief Executive Officer (CEO), Sid Miller, said: "International ... Read the full article
German gov assists ARC members with €19mn COVID-19 support programme
18th June 2020
In light of the ongoing COVID-19 pandemic, the German government has committed to assume premium payments of approximately €19 million for the drought insurance offered by the African Risk Capacity (ARC). In a recent video message, Maria Flachsbarth, Parliamentary State Secretary at the German Federal Ministry for Economic Cooperation and Development ... Read the full article
Infrastructure investment key for emerging markets post COVID-19: Swiss Re
17th June 2020
Investment in infrastructure development is set to be one of the main drivers of sustainable growth in the emerging markets after the COVID-19 crisis subsides, according to Swiss Re’s latest Sigma report. Emerging markets are expected to invest $2.2 trillion in infrastructure annually over the next 20 years, equal to 3.9% ... Read the full article
Rob McAdams joins Munich Re Syndicate as Head of Marine
17th June 2020
Munich Re Syndicate, the Lloyd's of London Marine & Specialty underwriter of reinsurance giant Munich Re, has announced the appointment of Rob McAdams as Head of Marine. Based in London, he will oversee the global Syndicate’s Marine portfolio and help drive the underwriting business across Cargo, Fine Art & Specie, Hull, ... Read the full article
Hiscox & Thimble partner on short-term liability insurance offering
17th June 2020
Global re/insurer Hiscox has announced a new partnership with Thimble designed to provide small businesses with short-term liability insurance, available by the hour, day or month. Thimble was established in 2016 by Jay Bregman and Eugene Hertz and has sold more than 100,000 policies to small businesses across the U.S. via ... Read the full article
US cyber insurance market’s loss ratio up 10% on claims frequency: Aon
17th June 2020
The loss ratio for the U.S. cyber insurance market increased by 10 percentage points year-on-year in 2019 to approximately 45%, as insurers both small and large felt the effects of an increase in ransomware attacks, reports insurance and reinsurance broker Aon. The fifth edition of Aon's annual U.S. Cyber Insurance Profits ... Read the full article
BILTIR joins Global Federation of Insurance Associations
17th June 2020
The Bermuda International Long Term Insurers and Reinsurers (BILTIR) association has been accepted as a member of the Global Federation of Insurance Associations (GFIA). The 41 member associations that make up the GFIA unanimously accepted BILTIR as a member at the Federation's virtual General Assembly on June 3. Together these member associations ... Read the full article
Hardening market to expand reinsurance margins: Wells Fargo
17th June 2020
With the industry now entering a hard market cycle, analysts at Wells Fargo Securities believe pricing conditions will lead to better margins for reinsurers, as well as higher premium growth, a stronger ROE profile, and higher valuation multiples. Looking at historical examples, analysts noted that reinsurer underlying loss ratios improved by ... Read the full article
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