Reinsurance News
Demotech warns Florida insurers could face rating actions
7th February 2017
Rating agency Demotech has announced it will suspend its recommendations for Florida property insurers after two recent court decisions, Johnson and Sebo, have intensified the impact from the assignment of benefits (AOB) epidemic. The rating agency has advised Florida insurers to review their protocols, saying the court decisions had revised claims ... Read the full article
$332m insurance loss reported for Address Hotel, Dubai fire
7th February 2017
The fire that ripped through the Address Hotel in Dubai on New Year’s Eve of 2015 is expected to result in an insurance claim of just over $332 million, according to the property developer. Emaar Properties, which also developed the world's tallest building the Burj Khalifa said in a stock market ... Read the full article
Markel appoints Towner as reinsurance placement head
7th February 2017
Markel International, the specialist insurance and reinsurance division of Markel Corporation, has appointed Warren Towner as its new head of underwriting management and reinsurance placement, making him responsible for all outwards reinsurance buying. Towner was previously general manager of Markel’s reinsurance division, so has the experience required to take on responsibility ... Read the full article
Charles Taylor launches catastrophe deductible scheme for LatAm SMEs
7th February 2017
Insurance service provider Charles Taylor has announced the launch of an innovative Insurance & Asset Protection Program for Latin American Small and Middle Sized Enterprises (SMEs), designed to help cover catastrophe deductibles. The programme offers SME’s immediate insurance payment for deductibles, the option of building up US Dollar reserves to protect ... Read the full article
Argo closes on acquisition of Ariel Re
7th February 2017
Argo Group International Holdings, Ltd., the specialty insurance and reinsurance underwriting firm has announced the completion and closure of its previously announced acquisition of Ariel Re, another global underwriter of insurance and reinsurance business. Argo acquired Ariel Re for around $235 million in cash, as a way to advance its strategic ... Read the full article
Munich Re beats target for year, but misses consensus, combined ratio in Q4
7th February 2017
Global reinsurance giant Munich Re has achieved its full-year 2016 profit target, reporting a EUR 2.6 billion result, compared to its guidance of above EUR 2.3 billion, but for the fourth-quarter major catastrophe losses hit the firm and it missed target and the P&C reinsurance combined ratio was 101.9%. In the ... Read the full article
Hannover Re expects to beat profit guidance for 2016
7th February 2017
German reinsurance firm Hannover Re has issued provisional guidance on its 2016 results this morning, saying that it anticipates beating profit guidance by around 23%. Based on provisional figures released this morning, Hannover Re says it could see as much as EUR 1.17 billion of profit for the 2016 financial year, ... Read the full article
Reinsurance News – Tuesday 7th February 2017
7th February 2017
Here’s your daily Reinsurance News for Tuesday 7th February 2017: Munich Re beats target for year, but misses consensus, combined ratio in Q4 Global reinsurance giant Munich Re has achieved its full-year 2016 profit target, but for the fourth-quarter major catastrophe losses hit the firm and it missed target ... Read the full article
Re/insurers facing triple challenge of climate change: IAIS
6th February 2017
The International Association of Insurance Supervisors (IAIS) outlined a three-pronged set of climate-change related risks facing insurers and reinsurers, in a report released yesterday. The report demonstrates re/insurers' uniquely vulnerable position; the resources used for underwriting risks may be simultaneously invested in assets that are vulnerable to these risks and come ... Read the full article
Trump’s economics mean volatility for Bermudian re/insurers: S&P
6th February 2017
Bermudian insurers and reinsurers could be facing a corrosion of their competitive advantage, rating agency Standard & Poor's (S&P) said recently in a report that examines how President Donald Trump’s economic policies could affect the island's business landscape. S&P analysts reported that while it’s too early to put a definite cap on ... Read the full article
Generali joins Blockchain Insurance Initiative
6th February 2017
Insurance giant Generali announced plans to join the Blockchain Insurance Initiative (B3i) this morning. The B3i is a global consortium of leading insurance and reinsurance companies collaborating on testing blockchain powered solutions. Steve Hales, Head of Connected Insurance at Generali Group, said; "We are excited to join this new initiative and ... Read the full article
Iain Davie joins QuanTemplate from QBE Re
6th February 2017
Financial technology firm QuanTemplate Technologies Ltd. has hired Iain Davie from QBE Re as a Senior Solutions Architect, effective immediately. Davie will report to QuanTemplate Co-founder and Chief Executive Officer (CEO), Adrian Rands, and is expected to assist London market clients in gaining benefits through integration technology advances, which aims to ... Read the full article
SCOR joins string of re/insurers to embrace blockchain initiative
6th February 2017
SCOR has become one of the latest in a string of insurers and reinsurers to join the Blockchain Insurance Industry Initiative (B3i), after successful testing of the concept has proven its potential value. Since the blockchain initiative was launched in October 2016, it’s attracted 15 of the largest players across the globe, including; ... Read the full article
LMG adds Jardine and Wilson to Board
6th February 2017
The London Market Group (LMG) has announced that it's added Paul Jardine of XL Group and Matthew Wilson of Brit to its Board. Jardine serves as Executive Vice President and Chief Experience Officer of XL Group and was previously Chief Operating Officer (COO) at Catlin, and now has responsibility for XL's ... Read the full article
Reinsurance News – Monday 6th February 2017
6th February 2017
Here’s your daily Reinsurance News for Monday 6th February 2017: Challenging for Western EU reinsurers to deploy excess capital: A.M. Best Ratings agency A.M. Best has said that insurers and reinsurers across Western Europe have been able to increase their capital positions thanks to the abundance of industry capital, ... Read the full article