Reinsurance News
A.M. Best ratings to be used by Swiss insurers after FINMA recognition
30th December 2019
Global financial services ratings agency, A.M. Best, has been recognised by the Swiss Financial Market Authority (FINMA), effective December 13th. The recognition by FINAM is to enable Best's Credit Ratings to be used by Switzerland-based insurers for the determination of capital requirements in accordance with the Swiss Solvency Test. The requirements for ... Read the full article
European storm threat requires more vigilance: Swiss Re’s Edi Schmid
27th December 2019
Two decades on from storms Lothar and Martin in Europe, re/insurers need to stay vigilant and avoid ‘optimism bias,’ according to Edi Schmid, Chairman of Swiss Re Institute and Swiss Re Group Chief Underwriting Officer (CUO). In December 1999, Lothar and Martin caused economic losses of €16 billion and insured losses ... Read the full article
Liberty Mutual sells Russian subsidiary to Sovcombank
27th December 2019
Liberty Mutual Group has agreed to sell its Russian subsidiary, Liberty Insurance PJSC, to Sovcombank, one of the largest privately owned banks in the country. The transaction is expected to close in the first quarter of 2020, after which the Russian subsidiary will be renamed, Liberty explained. Currently, the deal remains subject ... Read the full article
Argo urged to remedy culture of “insularity, protectionism”
27th December 2019
Specialty re/insurer Argo has been urged to remedy its culture of “insularity and management protectionism” by fourth-biggest shareholder Voce Capital Management. Voce believes Argo will only be able to regain shareholders’ trust through the addition of shareholder representatives to its board. It was announced earlier this month that five members of ... Read the full article
Bermuda market increases reliance on reinsurance
27th December 2019
A new report by the Bermuda Monetary Authority (BMA) shows that the island’s insurance market has increased its reliance on reinsurance year-on-year. Looking at market activity in 2018, the BMA found that on average, insurers ceded close to 52.0% of gross losses, which is an increase of about 2.4% compared to ... Read the full article
Tokio Marine Kiln CEO Franks transitions to Adviser role
27th December 2019
Tokio Marine Kiln (TMK), part of global insurance group Tokio Marine, has confirmed that its Chief Executive Officer (CEO), Charles Franks, is scheduled to assume the post of Adviser from January 1, 2020. The company announced back in September that Franks would step down by the end of the year, with ... Read the full article
Philippines fails to secure reinsurance for state assets & infrastructure
27th December 2019
The Government of the Philippines has failed to secure reinsurance protection in a recent bid to protect state assets and infrastructure from natural catastrophes, according to reports from The Philippine Daily Inquirer. National Treasurer Rosalia de Leon told the Inquirer there was a “failed bidding” for the insurance program of the ... Read the full article
Sava Re to take over Slovenian life insurer from NLB & KLB
27th December 2019
Slovenia domiciled reinsurance firm Sava Re has agreed to acquire life insurer NLB Vita from its parent companies, Nova Ljubljanska banka (NLB) and KBC Insurance NV (KBC). Both NLB and KBC will sell their respective stakes in the 50/50 joint venture, which is also based in Slovenia. In doing so, KBC will ... Read the full article
Reinsurance rates lower than expected at ‘U-shaped’ Jan renewal: KBW
27th December 2019
Analysts at KBW believe reinsurance rates at the upcoming January renewals will increase to lesser degree than had been anticipated, with overall rate movements set to be described by a ‘U-shaped’ curve. US domestic insurers, for instance, are reporting reinsurance rate changes of flat to up 5%, which is lower than ... Read the full article
Alliant recruits energy & marine advisor from Marsh
27th December 2019
US specialty insurance broker Alliant Insurance Services has announced the appointment of Karey Vaught as Executive Vice President, Managing Director. Joining the company from Marsh, Vaught will provide insurance and risk advisory services to energy and marine clients across the US. “Karey brings with him an impressive track record and strong leadership ... Read the full article
GIAJ puts Typhoon Faxai costs at $3.1bn, Hagibis claims growing
24th December 2019
Claim payments from Typhoon Faxai have reached $3.1 billion, according to the General Insurance Association of Japan (GIAJ), up from $2.45 billion a month ago. Recent estimates from catastrophe modeller RMS indicate that the eventual cost of Faxai will be between $5 billion and $9 billion, while AIR ... Read the full article
Patrick Schepens to take over as CEO of the Benelux region, Guy Carpenter
24th December 2019
Global reinsurance broker Guy Carpenter has announced the appointment of Patrick Schepens as Chief Executive Officer (CEO) of the Benelux region, effective April 2020. In his new role, Schepens will be based in Brussels and will take responsibility for all of the company's activities in the Benelux region. At the same ... Read the full article
Admiral cancels Spanish joint venture with MAPFRE & Oakley Capital
24th December 2019
Admiral Group has agreed to terminate its proposed agreement to form a joint insurance venture in Spain with MAPFRE and Oakley Capital. First announced back in April 2019, the venture was intended to combine digital brokers Rastreator Comparador Correduría de Seguros S.L. (Rastreato) with Asesor Seguros Online S.L. and Asesor Consumer ... Read the full article
Analysts expect double-digit cyber premium growth
24th December 2019
For at least the next three to five years, equity analysts at Goldman Sachs expect double-digit compound annual growth rate (CAGR) from current global cyber premium base of less than $5 billion of global commercial premiums. Currently, cyber premiums account for less than 1% of the international commercial insurance market, and ... Read the full article
International Group of P&I Clubs maintains reinsurance structure at renewal
24th December 2019
The International Group of P&I Clubs (IGP&I), a provider of protection and indemnity (P&I) insurance to the global shipping industry, has largely maintained the structure of its reinsurance program during its renewal for the 2020/21 year. IGP&I decided to renew its program without significant changes this year, following a number ... Read the full article
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