Reinsurance News
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
Guernsey simplifies application process for MGAs
17th June 2020
Guernsey’s insurance industry has been working with the Guernsey Financial Services Commission (GFSC) to make the island an attractive location for Managing General Agents (MGAs). Guernsey Finance says it has developed a close working relationship with the UK’s MGA Association over the past 18 months and, together with industry group the ... Read the full article
P&C industry responds to rising customer expectations: J.D. Power
17th June 2020
The COVID-19 pandemic has resulted in higher customer expectations and, so far, it appears that property and casualty (P&C) insurers are rising to the challenge, reports J.D. Power. The ninth edition of J.D. Power's U.S. Insurance Digital Experience Study, shows that overall, the P&C industry has made across-the-board improvements in clarity ... Read the full article
China Taiping considers selling 25% stake in reinsurance subsidiary
17th June 2020
China Taiping Insurance Holdings Company Limited has announced that it's considering the sale of around 25% of its interest in its reinsurance subsidiary, Taiping Reinsurance Company Limited (TPRe), to external investors. The Board of China Taiping has revealed that the company is considering a potential issuance of shares of TPRe, its ... Read the full article
IRB Brasil Re again delays Q1 results, as court dispute intensifies
17th June 2020
Brazilian reinsurer IRB Brasil Re has again pushed back the release of its Q1 results, amid reports that the company must come up with 1 billion reais ($194 million) to settle a court dispute that arose after a drop in IRB’s share price earlier this year. Back in May, IRB ... Read the full article
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