Reinsurance News
Reinsurance News – Wednesday 4th January 2017
4th January 2017
Here’s your daily Reinsurance News for Wednesday 4th January 2017: FEMA secures $1.042bn of flood reinsurance for NFIP FEMA has expanded on its test 2016 reinsurance arrangement, transferring $1.042 billion of risk from the NFIP to 25 reinsurance carriers for its 2017 program. 2016 global nat cat ... Read the full article
Arch completes acquisition of mortgage insurer United Guaranty
4th January 2017
Arch Capital Group, the Bermudian headquartered insurance and reinsurance firm, has today announced its completed acquisition of United Guaranty Corporation (UGC) from American International Group (AIG). The acquisition of UGC will further expansion of Arch’s existing mortgage insurance businesses by combining UGC’s position as the market leader in the U.S. private ... Read the full article
Berkshire Hathaway in $1.5bn reinsurance agreement with The Hartford
3rd January 2017
Warren Buffett’s National Indemnity Company (NICO), a Berkshire Hathaway Inc subsidiary, has entered into a $1.5 billion aggregate excess of loss reinsurance agreement with The Hartford. With a reinsurance premium set at $650 million, the agreement will provide $1.5 billion of reinsurance covering adverse net loss reserve development on ... Read the full article
JLT Re targets Latin American growth with latest acquisition
3rd January 2017
JLT Re has acquired Risk and Re-Insurance Solutions Corp (RRiSC), a Florida-based reinsurance intermediary that specialises in casualty treaty business, in a deal that will enable JLT Re to expand into key Latin American markets. In addition to taking on RRiSC’s client base in Puerto Rico and the Caribbean, ... Read the full article
QBE signs deal to licence RMS Cyber Accumulation Management System
3rd January 2017
QBE Insurance Group has agreed a multi-year deal to licence the RMS Cyber Accumulation Management System, with catastrophe risk management firm RMS. The risk modeller explains that the agreement will allow the insurer's cyber business to model a variety of cyber catastrophe events. The growing threat of cyber attacks across the ... Read the full article
Reinsurance News – Tuesday 3rd January 2017
3rd January 2017
Here’s your daily Reinsurance News for Tuesday 3rd January 2017: Jan renewals set tone for demanding 2017 in reinsurance: Willis Re According to reinsurance broker Willis Re the January 2017 reinsurance renewals have set the tone for the year, with further price declines and higher combined ratios expected to ... Read the full article
Assurant reports $66 million hurricane Matthew loss, after reinsurance
2nd January 2017
U.S. specialty insurance group Assurant, Inc. has revealed that it expects to record around $66 million of pre-tax catastrophe losses in the fourth-quarter of 2016, net of reinsurance, or $43 million after taking tax into consideration. All of these fourth-quarter catastrophe losses are due to hurricane Matthew, a storm that raked ... Read the full article
Enstar in $91.5m legacy asbestos & environmental liability acquisition
2nd January 2017
Bermuda based insurance, reinsurance and run-off specialist Enstar Group has made a $91.5 million acquisition of Dana Companies, LLC for its legacy asbestos and environmental liabilities. Dana Companies was part of Dana Incorporated, a world leading supplier of highly engineered drivetrain, sealing, and thermal-management technologies for vehicles. As a result of its ... Read the full article
Endurance shareholders to vote on Sompo takeover on January 27th, 2017
30th December 2016
The shareholders of insurer and reinsurer Endurance Specialty Holdings Ltd. are set to vote on the company's $6.3 billion takeover by Sompo Holdings on January 27th 2017, the company has announced. The proposed merger agreement between the two firms was first announced in October 2016, and the shareholders vote date ... Read the full article
Reinsurance News – Friday 30th December 2016
30th December 2016
Here’s your daily Reinsurance News for Friday 30th December 2016: 2017 to be more challenging than 2016 in re/insurance: Kroll For insurers and reinsurers 2017 is likely to be even more challenging than 2016, despite an expected slowdown at the January 2017 renewals, according to Kroll Bond Rating Agency (KBRA). ... Read the full article
Polar waters standards for marine re/insurance underwriters released
29th December 2016
A new set of industry standards have been launched for marine insurance and reinsurance underwriters offering "critical risk mitigation directives and support" to those writing marine risks in the polar waters of the Arctic or Antarctic. POLARIS, an initiative led by London-based lawyer Michael Kingston, a representative of the International Union ... Read the full article
Reinsurance News – Thursday 29th December 2016
29th December 2016
Here’s your daily Reinsurance News for Thursday 29th December 2016: IRDAI gives R3 approval to SCOR Insurer and reinsurer SCOR has received R3 approval from the IRDAI to establish a branch in India to conduct Life and P&C reinsurance business. China Re approves Zhang Hong retirement & He Chunlei ... Read the full article
Opportunity for reinsurers to assist Southeast Asian insurer development
28th December 2016
International ratings agency A.M. Best, in a new report, has highlighted the opportunity for global reinsurers to help Southeast Asian insurance companies evolve and develop new solutions. The A.M. Best report notes that insurance companies across Southeast Asia are looking to develop new solutions and expand outside of the traditional commercial ... Read the full article
SCOR receives R3 approval from the IRDAI to establish regional branch
28th December 2016
Insurer and reinsurer SCOR has received R3 approval from the Insurance Regulatory and Development Authority of India (IRDAI) to establish a Composite Branch office in the region, the company has announced. SCOR is the latest global re/insurer to receive R3 authorisation, after the IRDAI granted approval to five other reinsurance ... Read the full article
Reinsurance News – Wednesday 28th December 2016
28th December 2016
Here’s your daily Reinsurance News for Wednesday 28th December 2016: Swiss Re hires Gopal from Allied World as Corp Solutions CRO Asia Pacific Reinsurance giant Swiss Re has announced the appointment of Sandeep Gopal from Allied World as Chief Risk Officer of its Corporate Solutions Asia Pacific unit. Limestone ... Read the full article