Reinsurance News
Gulf Re goes into run-off, ratings removed by A.M. Best
2nd February 2017
International rating agency A.M. Best has withdrawn the ratings of Gulf Reinsurance Limited (Gulf Re). The Dubai-based company is in run-off and ceased writing new business from November 1st, 2016. Gulf Re, a subsidiary of Arch Reinsurance Ltd (Arch Re) operated as a specialist reinsurance company, underwriting a portfolio mainly made ... Read the full article
ACR completes acquisition of ACR Malaysia and ACR ReTakaful
2nd February 2017
Reinsurer ACR Capital Holdings today announced the completion of its acquisition of Asia Capital Reinsurance Malaysia and ACR ReTakaful Holdings. The acquisition will see ACR Malaysia and ACR ReTakaful, including operating entities ACR ReTakaful Berhad in Kuala Lumpur and ACR Re Takaful MEA B.S.C. in Bahrain, operate as wholly owned subsidiaries ... Read the full article
XL grows reinsurance book despite reduced pricing
2nd February 2017
Insurer and reinsurer XL Group increased its reinsurance segment gross premiums written (GPW) by a substantial 159.5% in Q4 2016 when compared with the previous year's quarter, despite pricing in the industry being down. The re/insurer has released its fourth-quarter and full-year 2016 results, which reveals an increase in P&C GPW ... Read the full article
Charles Taylor opens Latin America captive office, hires Arch Re exec
2nd February 2017
Charles Taylor has opened a new office in Panama in a move that expands its captive insurance services' capabilities across Latin America, and has appointed Alvaro Ortiz, formerly of Arch Reinsurance, Bermuda, to lead the new office. Ortiz joins the company as President and Chief Executive Officer (CEO of Charles Taylor RSLAC Inc., ... Read the full article
Swiss Re collaborates with SAP to improve re/insurance reporting tools
2nd February 2017
International insurer and reinsurer Swiss Re has announced a partnership with enterprise application software company, SAP SE, to create a solution that tackles complex issues related to financial steering and reporting of insurers and reinsurers from regulators. The new partnership, described by Swiss Re as "a strategic co-innovation initiative" aims to ... Read the full article
Munich Re seeking primary insurance acquisitions: Reports
2nd February 2017
Munich Re has said it’s interested in buying insurance companies with specialisations if prices drop, according to an interview with the firm's Chief Financial Officer (CFO) Joerg Schneider on Handelsblatt daily. The reinsurer’s CFO told Handelsblatt the company is; "open to large acquisitions but the prices simply haven’t been right in ... Read the full article
Hannover Re increases profit guidance for 2017 to €1bn+
2nd February 2017
Reinsurance giant Hannover Re has raised its profit guidance for 2017 from over €950 million to more than €1 billion ($1.1bn), after a strong round of treaty renewals at the key January 1st 2017 renewal season. The German domiciled reinsurer noted a continuation of the challenging operating landscape at the recent ... Read the full article
Lloyd’s £300m debt issuance significantly oversubscribed
2nd February 2017
The specialist Lloyd's of London insurance and reinsurance marketplace recently announced a £300 million capital raise, a 30-year Non-Call 10 subordinated bond that attracted more than £2 billion of orders. The bond was announced on 24th January 2017 with final pricing at UK Government 10-year Gilts plus 330 basis points, and ... Read the full article
Reinsurance News – Thursday 2nd February 2017
2nd February 2017
Here’s your daily Reinsurance News for Thursday 2nd February 2017: Hannover Re increases profit guidance for 2017 to €1bn+ Reinsurance giant Hannover Re has increased its profit guidance for 2017 to more than €1 billion ($1.1 billion), after a strong round of treaty renewals at January 1st, 2017. Read the full article
Reinsurance market conditions remain tense: IAIS
1st February 2017
Conditions in the global reinsurance market are set to remain "competitive and challenging" in a situation described as "tense" by the International Association of Insurance Supervisors (IAIS). The IAIS notes that competition is a factor across all of non-life re/insurance, with the market experiencing soft pricing conditions, but says that this ... Read the full article
Aon hires U.S. intelligence expert in Cyber role
1st February 2017
Reinsurance broker Aon Benfield has hired U.S. intelligence expert Craig Guiliano, as Technology Consultant in its Cyber division, as it looks to improve its understanding of cyber risks across the world. Guiliano joins the firm with more than 13 years of experience in conducting human and business intelligence, the assessment of cyber ... Read the full article
Reinsurance Broker Ed appoints new Underwriting CEO
1st February 2017
Reinsurance broker, Ed, has named Gary Corke, as the newly appointed Chief Executive Officer (CEO) of Underwriting. Corke, who is joining Ed from SHA Specialist Underwriters, will start his new role in February, and report to Group CEO Steve Hearn. As CEO of Ed’s Underwriting, Corke will head up the firm’s global ... Read the full article
RGA commences India operations
1st February 2017
U.S. domiciled life reinsurer, Reinsurance Group of America (RGA), has announced that it today commenced operations from its Mumbai, Indian branch, after receiving regulatory approval from the Insurance Regulatory and Development Authority of India (IRDAI), reports the Times of India. The IRDAI has given approval to a number of foreign ... Read the full article
Rate of re/insurance price softening expected to slow: Peel Hunt
1st February 2017
Rates of price softening are expected to slow down in the coming year, as reinsurance and insurance supply remains stable but demand for coverage grows as prices drop, according to a Peel Hunt report. Peel Hunt analysts quoted elevated loss activity in the second-half of 2016 as being likely to slow ... Read the full article
PERILS and CatIQ partner on Canadian loss data
1st February 2017
PERILS AG, the Swiss-based catastrophe insurance data provider, has formed a strategic alliance with Toronto-based Catastrophe Indices & Quantification (CatIQ) to provide Canada with industry loss data. The strategic partnership will see data for Canadian natural catastrophes with a market loss of CAD300 million (USD230mn) or above compiled by CatIQ and ... Read the full article