Reinsurance News
A changing environment shouldn’t change your strategy: PartnerRe’s Colello
29th November 2019
Reinsurers should not be looking to alter their strategy in response to changing market conditions, but should instead be focusing on consistency and execution, according to Jon Colello, CEO for P&C Americas and President of PartnerRe. Speaking in an interview with Reinsurance News, Colello acknowledged that both insurers and reinsurers were ... Read the full article
Sompo International establishes Brazilian insurance holding company
29th November 2019
Sompo Holdings, Inc. has announced the establishment of Sompo International Holdings Brasil Ltda, a Brazilian Insurance Holding subsidiary designed to achieve further growth in the group's overseas insurance business. The group's new Brazilian insurance subsidiary was established on October 1st, 2019 and will be based in Sao Paulo, Brazil. Sompo has announced ... Read the full article
A.M. Best report highlights growing debt among U.S. health insurers
29th November 2019
The total debt obligations among U.S. publicly traded health insurers have increased significantly over the last ten years to $115.5 billion in 2018, driven by the low interest rate environment supporting companies' diversification and acquisition efforts, says A.M. Best in a recent report. From total debt obligations of $24.8 billion in ... Read the full article
France & Italy brace for hundreds of millions in flood losses: Aon
29th November 2019
Flooding this week in parts of southeastern France and northwestern Italy along the Mediterranean coast is likely to drive economic losses in the hundreds of millions of euros range, if not higher, according to re/insurance broker Aon. Parts of France and Italy were hit with torrential rains between November 21 and ... Read the full article
Capital strength threatened by severe stress scenarios, reports Moody’s
29th November 2019
Severe stress scenarios could cause the risk-based capital (RBC) of US life re/insurers to deteriorate to an extent that would put credit ratings under pressure, according to analysts at Moody’s. The rating agency currently considers the US life industry to be well capitalised with a median RBC ratio of 447%. However, it ... Read the full article
Cooper Gay France acquires Belgian unit from Tokio Marine Kiln
29th November 2019
Cooper Gay (France) SAS (CGF), the French MGA owned by Ed Broking, has announced that it plans to acquire a Belgium headquartered service company from Tokio Marine Kiln. Following the acquisition, Tokio Marine Kiln Europe SA (TMKE) will combine with CGF to create a single business, to be named Cooper Gay. CGF ... Read the full article
Spanish non-life sector maintains growth & profitability: Fitch
29th November 2019
The Spanish non-life insurance sector has expanded for the fifth year in a row, with strong profitability maintained and many opportunities for further growth, according to analysts at Fitch Ratings. In 2018, Spanish non-life premiums increased by 4% with positive contributions from most lines. Fitch expects the Spanish non-life insurance sector to ... Read the full article
Aspen Re’s Abdallah Balbeisi to join QBE as SEO, Head of MEA region
29th November 2019
QBE Insurance Group has announced the appointment of Aspen Re's Abdallah Balbeisi as Senior Executive Officer (SEO), Head of Middle East and Africa (MEA), effective May 2020. In his new role, Balbeisi will be based in Dubai and will report to Stephen Postlewhite, Deputy Chief Underwriting Officer (CUO) of QBE Re. He ... Read the full article
Swiss Re CorSo adds Seelan Naidoo to key South Africa role
29th November 2019
Swiss Re Corporate Solutions, the commercial insurance arm of reinsurance giant Swiss Re Group, has appointed Seelan Naidoo as head of property & specialty lines in South Africa. He brings with him over 30 years’ experience in the commercial insurance sector and most recently served as head of property and engineering ... Read the full article
Thailand general insurance market to hit $9.14bn by 2023: GlobalData
29th November 2019
A report from data and analytics firm GlobalData has projected the general insurance business in Thailand to grow from $7.7 billion in 2018 to $9.1 billion in 2023. GlobalData notes how gross written premium in the country’s general insurance market registered a compound annual growth rate of 3.1% between 2014 and ... Read the full article
Lloyd’s to repeal Singapore scheme by November 2022
28th November 2019
Insurance and reinsurance marketplace Lloyd’s of London has announced that its scheme allowing Lloyd’s underwriters to write Singaporean domiciled risk will be repealed by November 2022. The scheme was established in 2000 as a temporary measure until the Lloyd’s Asia platform reached maturity. Under the scheme, Lloyd’s underwriters outside of Singapore are ... Read the full article
Medical malpractice costs up significantly: Beazley, Aon
28th November 2019
Analysis by specialist insurer Beazley shows that the average cost of a medical malpractice claim in the U.S. has risen by 50% over the last decade, with a steep increase in the number of claims of above $5 million since 2015. Beazley, a specialist insurer that operates in the U.S. hospital ... Read the full article
US life/annuity market makes use of low financing costs & interest rates
28th November 2019
Global financial services ratings agency, A.M. Best, has found that the long-term debt obligations among publicly traded U.S. life/annuity insurers declined by 14% between 2010 and 2018, to $89.3 billion. According to A.M. Best, the majority of the 19 companies followed for this report took advantage of lower financing costs in ... Read the full article
Outlook stable for Chinese P&C insurers in 2020: Moody’s
28th November 2019
Moody’s Investors Service has issued a stable outlook for China’s property and casualty (P&C) insurance industry in 2020, based on diversifying business growth, stable profitability, and strong capitalisation. Offsetting these factors is the fast growth in unseasoned non-motor lines, as well as potential acceleration in motor pricing liberalisation, analysts said. “China’s P&C ... Read the full article
Philip Turner joins Pioneer as a specie underwriter
28th November 2019
Pioneer Underwriters has announced the addition of Philip Turner as a specie underwriter within its Marine Specialty team, effective December 2nd, 2019. In his new role, Turner will be based in London and will report to Andy Corton, Head of Marine Specialty. He brings extensive broking and underwriting experience to the role, ... Read the full article
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