Reinsurance News
RLI earnings down in Q3 despite underwriting improvements
17th October 2019
US property and casualty (P&C) insurer RLI Corp. has reported a 17.9% decrease in net earnings during the third quarter of 2019, despite significant improvements in its underwriting performance. RLI recorded net earnings of $32.3 million in Q3 2019, down from $39.4 million for the same period last year. However, the company ... Read the full article
RSG wraps up acquisition of hotel-focused program manager
17th October 2019
Ryan Specialty Group, an international specialty insurance organisation, has completed its previously-announced acquisition of Suitelife, a program manager based in West Chester, PA that specialises in hotels. Founded in 2010, Suitelife offers package, liability, property, umbrella, auto and workers’ compensation coverages to hotels, resort properties and private resort communities. Its program management ... Read the full article
Legal cannabis boom considerable opportunity for Lloyd’s: Clyde & Co
17th October 2019
With upcoming regulatory developments in the US and Canada expected to facilitate a significant growth of the legal cannabis industry over the next five years, Global law firm Clyde & Co sees considerable opportunities for insurers at Lloyd’s. Sales are already projected to grow as much as ten-fold to reach $40 ... Read the full article
DARAG Guernsey purchases Thames Water captive
17th October 2019
DARAG Guernsey, part of run-off specialist DARAG, is set to acquire captive re/insurer Thames Water Insurance Company Limited (TWICL) from its parent Kemble Water Finance. The captive will be renamed DARAG Insurance (Guernsey) Limited and serve as a consolidator for certain future DARAG non EEA legacy deals, including captive acquisitions and ... Read the full article
CCRIF SPC adds Guatemala to Facility
17th October 2019
The CCRIF SPC (formerly called the Caribbean Catastrophe Risk Insurance Facility) has added the Government of Guatemala to the Facility, taking the total number of member countries to 22. After the signing of a Memorandum of Understanding (MoU) with the Council of Ministers of Finance of Central America, Panama and the ... Read the full article
Japan’s three largest non-life insurers profitable despite Faxai, Hagibis
17th October 2019
AM Best analysis suggests that, barring any further major catastrophes in the next five months to fiscal year-end, Japan’s three largest non-life insurance groups are unlikely to report an overall loss despite the recent impacts of typhoon Faxai and Hagibis. In fact, due to effective catastrophe risk management and strong capitalisation, ... Read the full article
United Insurance anticipating $46m Q3 cat hit
17th October 2019
Property and casualty insurance holding company United Insurance Holdings (UPC) is anticipating pre-tax catastrophe losses of approximately $46 million in the third quarter of 2019. The company has attributed the net retained cat losses from tropical storms Barry and Imelda, hurricane Dorian and increased retention from non-tropical events related to its ... Read the full article
Rate divergence continues for upstream & downstream energy: Marsh JLT Specialty
17th October 2019
A new report from Marsh JLT Specialty has highlighted the ongoing divergence in rates between upstream and downstream energy markets, as the upstream market continues to struggle to achieve meaningful increases. In contrast, downstream energy rates are gaining more traction, driven by withdrawals and cutbacks in capacity. Other specialty lines – including ... Read the full article
Gard’s Christian Pritchard-Davies appointed CFO
17th October 2019
Gard, the Norwegian shipowner-controlled provider of P&I, marine and energy insurance, has named Christian Pritchard-Davies Chief Financial Officer (CFO), effective January 1st, 2020. Currently, Pritchard-Davies serves as Vice President - Head of Infrastructure & Operations at Gard, having joined the firm in 2014 from Skretting Group in Stavanger, Norway, where he ... Read the full article
Up to 85% of insurtechs could fail, says Starr CEO Greenberg
17th October 2019
Maurice R. Greenberg, Chairman and Chief Executive Officer (CEO) at Starr Insurance Companies, believes that up to 85% of budding insurtech firms are likely to fail. Speaking in an interview with AM Best TV, Greenberg explained that Starr was embracing technological change via investments into new start-ups, but remained realistic about ... Read the full article
Concerns about climate, cyber & political risks intensify: AXA survey
16th October 2019
Climate change, cybersecurity risks, and geopolitical instability are viewed as the three emerging risks most likely to have a significant impact in the near future, according to a new report from AXA. The report, which was based on the results of AXA’s 2019 Emerging Risks Survey, highlighted the “sheer number and ... Read the full article
Castel Specialty enters construction & engineering market
16th October 2019
Castel Specialty, a division of club-style MGA formation platform Castel Underwriting Agencies, has entered the construction & engineering market and appointed Beazley's Colin Rose to lead the effort. The new proposition will primarily be aimed at the UK, North America, Australia and Canada as well as other key territories. Rose joins from ... Read the full article
Dorian, Faxai drive $280mn of cat losses for Everest in Q3
16th October 2019
Bermuda-based reinsurer Everest Re Group, Ltd. has announced a preliminary pre-tax catastrophe loss estimate of $280 million for the third-quarter of 2019, net of reinsurance recoveries and reinstatement premiums. Net of tax, and Everest Re's catastrophe loss estimate for the third-quarter falls to an estimated $225 million. The catastrophe losses recorded in ... Read the full article
RenRe estimates Q3 cat losses at $155 million
16th October 2019
Bermudian reinsurance firm RenaissanceRe Holdings Ltd. (RenRe) is anticipating that its catastrophe losses will total $155 million for the third quarter of 2019. The figure consists of $100 million in costs from Typhoon Faxai, and $55 million from Hurricane Dorian. RenRe added that it is also in the preliminary stage of assessing ... Read the full article
FedNat forecasts Q3 cat losses at $11mn, with no reinsurance triggered
16th October 2019
Florida-based primary insurer FedNat Holding Company has estimated that it will incur gross catastrophe losses of $11.0 million in the third quarter of 2019. This figure includes $8.0 million from FedNat’s non-Florida property business, which is subject to a 50% profit-sharing agreement with the non-affiliated managing general underwriter that writes FedNat ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
