Reinsurance News
Moody’s negative on French insurance as low rates hit profits
13th December 2019
Moody’s has assigned a negative outlook for the French insurance sector in 2020, reflecting growing pressures on the P&C insurers’ profitability due to low interest rates. The outlook for the French insurance market was changed to negative in November, when Moody’s updated its outlook on the European insurance sector. The rating agency ... Read the full article
Malaysian Re & Pacific Life Re partner to provide retakaful solutions
13th December 2019
Malaysian Reinsurance Berhad (Malaysian Re) and the Singapore branch of Pacific Life Re Limited have signed a Memorandum of Understanding (MoU) to provide retakaful products to Family Takaful Operators. The MoU was signed by Zainudin Ishak, President and Chief Executive Officer (CEO) of Malaysian Re and Andrew Gill, Managing Director Asia ... Read the full article
Munich Re’s Pohlchristoph to depart board, successor named
12th December 2019
Global reinsurance giant Munich Re has announced Hermann Pohlchristoph’s decision to depart from its management board on 30 April 2020. Pohlchristoph joined the reinsurer in 2002 before serving as its Chief Financial Officer of Reinsurance between 2006 and April 2017. He was appointed to Munich Re’s board in 2017, with responsibility for ... Read the full article
Five long-standing Argo board members to step down
12th December 2019
Five members of Argo’s board are set to retire amid an ongoing “refreshment process” seemingly brought about by pressure from shareholder Voce Capital Management and a subpoena issued by The US Securities and Exchange Commission. The specialty re/insurer says its board is engaged in a "national executive search firm ... Read the full article
SCOR successfully places $125m subordinated Tier 1 issuance
12th December 2019
Global insurer and reinsurer SCOR has announced that it's successful placed a perpetual deeply subordinated restricted Tier 1 Regulation S notes issue in the amount of $125 million. The issue price of the New Notes is 99.125% and SCOR states that it intends to use the proceeds of the issuance for ... Read the full article
Enstar expands $1bn credit facility to finance reinsurance deals
12th December 2019
Bermuda based insurance, reinsurance, run-off and legacy transaction specialist Enstar Group Limited has increased the total commitments under its $1 billion credit facility to support potential future reinsurance deals. Last year, Enstar and certain subsidiaries entered into a five-year unsecured $600 million revolving credit agreement with a group of lenders. The ... Read the full article
WeSure insurance platform from Tencent hits 55mn users
12th December 2019
WeSure, the insurance platform launched by Chinese multinational conglomerate Tencent in 2017, has announced that it now has a user base of more than 55 million, and has insured over 25 million users. The platform, which forms part of the popular WeChat messaging application in China, also has an average premium ... Read the full article
US insurance M&A deals hit $4.17bn in Q3, says GlobalData
12th December 2019
At $4.17 billion, insurance industry mergers & acquisition deals in the US during the third quarter of 2019 spiked 51.2% against the previous quarter, according to GlobalData’s deal database. This figure represents a 34.2% rise when compared with the last four-quarter average of $3.11 billion. The data and analytics firm explains that the ... Read the full article
US personal lines insurance stable in 2020: AM Best
12th December 2019
AM Best has maintained a stable market outlook on the US personal lines insurance industry for 2020, supported by a decline in catastrophe activity, profitable underwriting, and the sector’s strong capitalisation levels. Following record-breaking catastrophe activity in 2017 and above-average storm losses in 2018, the personal lines industry had some respite ... Read the full article
Bermuda market praises regulator for obtaining Reciprocal Jurisdiction status
12th December 2019
Bermuda's global insurance and reinsurance market has praised the efforts of the Bermuda Monetary Authority (BMA) in light of the island being granted Reciprocal Jurisdiction status by The National Association of Insurance Commissioners (NAIC). Announced yesterday, Bermuda is one of only three jurisdictions to receive this elevated status, which was ... Read the full article
IFRS 17 updates account for wider range of reinsurance contracts
12th December 2019
The International Accounting Standards Board (IASB) has agreed to significantly broaden its definition of reinsurance contracts in new amendments to the International Financial Reporting Standard (IFRS) 17. This week, the Board began the process of redeliberating changes proposed in the Exposure Draft (ED), based on industry feedback that called for improvements ... Read the full article
AXA Equitable Holdings sells certain run-off businesses to Heritage Life Insurance
12th December 2019
AXA Equitable Holdings, Inc. has agreed to sell U.S. Financial Life Insurance Company (USFL) and MONY Life Insurance Company of the Americas, Ltd. (MLICA), to Heritage Life Insurance Company. The total consideration for the transaction has not been disclosed and remains subject to changes in financial condition prior to closing. The ... Read the full article
Swiss Re leads reinsurance for Indonesian Government’s nat cat cover
12th December 2019
Global reinsurance giant Swiss Re was the lead reinsurer for the Indonesian government's recently completed natural disaster insurance cover for certain state assets. Announced in late November, the Government of Indonesia signed an umbrella contract with a consortium of 56 insurers and reinsurers to protect state assets against natural disasters ... Read the full article
Economic threat from catastrophes rises to $584bn in 2020, finds study
12th December 2019
The threat posed to the global economy by catastrophic risks in 2020 is higher than ever at roughly $584 billion, according to a new report by The Centre for Risk Studies at the University of Cambridge Judge Business School. The annual Global Risk Index report said the figure was 3% higher ... Read the full article
Risk Strategies acquires Gowie Holdings’ insurance subsidiaries
12th December 2019
US insurance broker and risk management firm Risk Strategies has acquired two subsidiaries of Gowrie Holdings in a move aimed at bolstering the capabilities of the firm’s national private client practice. The acquisitions include both Gowrie Group, a full-service national specialty retail insurance brokerage, as well as Maritime Program Group, a ... Read the full article
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