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Reinsurance News

RLI to leverage machine learning with InsurTech partnership

18th February 2019

Specialty re/insurer RLI Corporation is partnering with InsurTech startup DataCubes as it explores ways to automate intake forms and intelligence gathering and move beyond the manual, time-consuming processes currently in place. DataCubes’ computer vision and machine learning platform is able to automatically digitise lengthy and complex insurance submission documents - including ... Read the full article

Munich Re closes longevity swap deal with Lafarge pension scheme

18th February 2019

German reinsurer Munich Re has completed a longevity swap deal with the Trustee of Lafarge UK Pension Plan, the UK pension scheme of French industrial company Lafarge. The arrangement is intended to reduce the Plan’s exposure to longevity risk, which arises when pensioners live longer than expected and thus claim more ... Read the full article

Swiss Re completes $1bn share buy-back program

18th February 2019

Global reinsurance giant Swiss Re has completed its 2018 public share buy-back program, returning almost CHF 1 billion (US $997 million) to its shareholders. Since May 7, 2018, Swiss Re has repurchased more than 11.2 million of its shares at an average purchase price of CHF 89.17 (US $88.89) per share. This ... Read the full article

Casualty erosion prompts A.M. Best to downgrade Allied World rating

18th February 2019

The Long-Term Issuer Credit Ratings (Long Term ICR) of Allied World Assurance Company and its affiliates has been been downgraded by AM Best from a+ to a, while its Financial Strength Rating (FSR) of A (Excellent) has been affirmed. The ratings agency has also downgraded the Long-Term ICR of Allied World’s ... Read the full article

Kuwait Re’s 2018 profit up on investment and premium growth

18th February 2019

Kuwait Reinsurance Company K.S.C.P. has reported that an improved investment performance and higher net earned premiums contributed to a 10% rise in net income for the 2018 financial year. The reinsurer's net income spiked from KD 3.06 million (USD 10 million) in 2017 to KD 3.37 million (USD 10.9 million) in ... Read the full article

SCOR Global Life partners with wearable tech firm on health insights

18th February 2019

SCOR Global Life, a division of the France-headquartered reinsurer, has partnered with wearable technology provider Garmin Health in the Asia Pacific region to improve its underwriting insights and promote better lifestyle choices for consumers. By analysing the health metrics generated by Garmin’s wearable devices, SCOR will be able to enhance its ... Read the full article

Ryan Specialty acquires independent brokerage Myron Steves

18th February 2019

International specialty insurer Ryan Specialty Group has reached an agreement to purchase the assets and operations of Myron F. Steves & Company, a Houston-based independent wholesale insurance brokerage. This deal will see the Myron Steves team integrated into RT Specialty, a wholesale broker unit of Ryan Specialty, expanding the firm’s presence ... Read the full article

POP Insurance partners with Rakuten on Japan M&A offering

18th February 2019

Sydney-based specialist insurance group POP Insurance Holdings and its subsidiary, Fusion Specialty M&A MGA, have entered a strategic partnership with Rakuten General Insurance to focus on mergers and acquisitions (M&A) transactions in Japan. The partnership is offering a full suite of transaction insurance solutions to serve the growing Japanese private equity ... Read the full article

Reinsurance rates inadequate to deploy additional capital: Grandisson, Arch

15th February 2019

Despite some signs of tightening capacity within the retrocession and facultative markets, in many instances, rate levels relative to risk remain inadequate to deploy additional capital, according to Marc Grandisson, President and Chief Executive Officer (CEO) of Arch Capital Group. Speaking during the Bermuda-based insurer and reinsurer's Q4 and full-year 2018 ... Read the full article

UK government backs AI projects for insurance industry

15th February 2019

The UK government has announced that it plans to invest in 40 artificial intelligence (AI) and data analytics projects to boost productivity and improve customer service in the UK insurance, accountancy, and legal services industries. The government has pledged £13 million to support these collaborative industry and research projects and develop ... Read the full article

IRB Brasil Re announces $673mn secondary share offering

15th February 2019

Brazilian reinsurance firm IRB Brasil Re has announced a secondary share offering that is expected to raise around 2.5 billion reais ($673.27 million). The company has now confirmed reports from sources at Reuters earlier this month, who said that a government fund managed by state-run bank Caixa Economica Federal was ... Read the full article

Apollo completes Aspen acquisition

15th February 2019

It's been announced that affiliates of certain Apollo investment funds have completed the previously announced takeover of Aspen Insurance Holdings, following the receipt of regulatory approval. In August 2018, it was revealed that Apollo Funds had entered into a definitive agreement to acquire Bermuda-based insurer and reinsurer Aspen. This was followed by ... Read the full article

AIG dramatically shifts reinsurance use to better realise strategic benefits

15th February 2019

The Chief Executive Officer (CEO) of global insurer AIG's General Insurance unit, Peter Zaffino, has said that the company is "extremely pleased" with the support it received from the reinsurance market as it continues to dramatically shift its utilisation of reinsurance protection. AIG's reinsurance use has, in recent times, been a ... Read the full article

Enstar completes four reinsurance-to-close deals with AmTrust Syndicates

15th February 2019

Enstar Group Limited has announced that its Lloyd's of London managing agency, Syndicate 2008, has completed four reinsurance-to-close transactions for the 2016 and prior years of accounts of Syndicates 1206, 1861, 2526, and 5820, which are managed by AmTrust Syndicates Limited. According to an announcement, these transactions were completed on February ... Read the full article

Lancashire to write post-Brexit business through Lloyd’s Brussels

15th February 2019

Specialty insurance and reinsurance group Lancashire Holdings intends to use Lloyd’s recently established European hub in Brussels to write business after the UK leaves the European Union, according to reports from Reuters. Speaking in an interview with the publication, Alex Maloney, Chief Executive Officer (CEO) at Lancashire, said: “We have negotiated ... Read the full article

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