Reinsurance News
US cyber insurance market’s loss ratio up 10% on claims frequency: Aon
17th June 2020
The loss ratio for the U.S. cyber insurance market increased by 10 percentage points year-on-year in 2019 to approximately 45%, as insurers both small and large felt the effects of an increase in ransomware attacks, reports insurance and reinsurance broker Aon. The fifth edition of Aon's annual U.S. Cyber Insurance Profits ... Read the full article
BILTIR joins Global Federation of Insurance Associations
17th June 2020
The Bermuda International Long Term Insurers and Reinsurers (BILTIR) association has been accepted as a member of the Global Federation of Insurance Associations (GFIA). The 41 member associations that make up the GFIA unanimously accepted BILTIR as a member at the Federation's virtual General Assembly on June 3. Together these member associations ... Read the full article
Hardening market to expand reinsurance margins: Wells Fargo
17th June 2020
With the industry now entering a hard market cycle, analysts at Wells Fargo Securities believe pricing conditions will lead to better margins for reinsurers, as well as higher premium growth, a stronger ROE profile, and higher valuation multiples. Looking at historical examples, analysts noted that reinsurer underlying loss ratios improved by ... Read the full article
Guernsey simplifies application process for MGAs
17th June 2020
Guernsey’s insurance industry has been working with the Guernsey Financial Services Commission (GFSC) to make the island an attractive location for Managing General Agents (MGAs). Guernsey Finance says it has developed a close working relationship with the UK’s MGA Association over the past 18 months and, together with industry group the ... Read the full article
P&C industry responds to rising customer expectations: J.D. Power
17th June 2020
The COVID-19 pandemic has resulted in higher customer expectations and, so far, it appears that property and casualty (P&C) insurers are rising to the challenge, reports J.D. Power. The ninth edition of J.D. Power's U.S. Insurance Digital Experience Study, shows that overall, the P&C industry has made across-the-board improvements in clarity ... Read the full article
China Taiping considers selling 25% stake in reinsurance subsidiary
17th June 2020
China Taiping Insurance Holdings Company Limited has announced that it's considering the sale of around 25% of its interest in its reinsurance subsidiary, Taiping Reinsurance Company Limited (TPRe), to external investors. The Board of China Taiping has revealed that the company is considering a potential issuance of shares of TPRe, its ... Read the full article
IRB Brasil Re again delays Q1 results, as court dispute intensifies
17th June 2020
Brazilian reinsurer IRB Brasil Re has again pushed back the release of its Q1 results, amid reports that the company must come up with 1 billion reais ($194 million) to settle a court dispute that arose after a drop in IRB’s share price earlier this year. Back in May, IRB ... Read the full article
Newly launched Astaara gets investment from West of England P&I Club
17th June 2020
Astaara, a newly launched insurer focusing on cyber threats in the maritime industry, has received a significant investment from the West of England P&I Club. Based in Guernsey, Astaara functions as an integrated insurance services and risk management advisory business, supported by a dedicated analytics capability. Chief Executive Officer (CEO) Robert ... Read the full article
AGCS launches new UK cyber product
17th June 2020
Allianz Global Corporate & Specialty, Allianz’s entity for large-scale corporate and specialty risks, has announced the launch of a new cyber product in the UK. The new Allianz Cyber Protect policy provides a full suite of third party and first party covers to ensure a company is protected in the event ... Read the full article
Lancashire’s COVID-19 loss notifications ‘slower than expected’: Peel Hunt
17th June 2020
Peel Hunt analysts have reported that Lancashire Holdings’ COVID-19 loss notifications are slower than expected and is taking management by surprise. The specialty re/insurer held an analyst meeting to catch up on the recent capital raising and the development of re/insurance rates following the Florida renewals. While Lancashire has estimated $35 million ... Read the full article
Japan’s non-life insurers to see lower growth, higher reinsurance costs: Fitch
17th June 2020
Non-life insurers in Japan will report lower premium growth in the 2021 financial year, while carriers' earnings will bit adversely hit by the COVID-19 pandemic at a time of rising reinsurance costs, reports Fitch Ratings. Japan, like much of the world, is enduring a slowdown in economic activity as a result ... Read the full article
Re/insurers face “profound” impact as COVID-19 lifts pricing: AmWINS
16th June 2020
In a report looking at the affects of COVID-19 on the re/insurance industry, analysts at specialty insurer AmWINS have warned that “the loss impact on the market will be profound.” In May, Lloyd’s of London reported that it will pay between $3 billion and $4.3 billion as a result of the ... Read the full article
Crawford & Company sells stake in Lloyd Warwick International to McLarens
16th June 2020
Crawford & Company, a provider of claims management solutions, has agreed to sell its 51% stake in Lloyd Warwick International to global independent insurance services provider McLarens. LWI is a global multi-disciplined loss adjusting and claims management company with a team of nearly 50 adjusters providing a range of engineering, forensic ... Read the full article
Swiss Re helps Indian state secure parametric insurance against flooding
16th June 2020
Global reinsurer Swiss Re has announced its role in helping India's northeastern state of Nagaland secure parametric insurance for excess rainfall events that can lead to severe flooding. The cover is based on a geospatially gridded dataset whose precipitation levels are derived from satellite observations. The parametric structure is designed to cover ... Read the full article
Vermont strengthens captive insurance laws
16th June 2020
Vermont has passed new legislation to strengthen its captive insurance laws, designed to increase efficiency while adding flexibility to regulatory policy and procedures. The bill, signed by Governor Phil Scott, includes new policies related to Vermont’s captive protected cells, which the state has identified as a promising area for growth within ... Read the full article
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