Reinsurance News
California wildfire outbreaks underline ‘new normal’ challenge: AM Best
30th October 2019
With several intense wildfire outbreaks already recorded in California this year, and much of the season still to go, AM Best has underlined the challenge that re/insurers will face in adapting to a potential ‘new normal’ trend of heightened wildfire activity. Although wildfire activity in 2019 thus far has been quieter ... Read the full article
RiverStone acquires two Cayman-based captives
30th October 2019
Legacy specialist RiverStone has announced the acquisitions of GMPCI Insurance Company, Ltd. and Seaside Indemnity Alliance Company, Ltd., which are both Cayman-based captives. Seaside Indemnity Alliance was established in 2013 in order to assume hospital and physician professional liabilities. GMPCI Insurance was launched in 2005 to provide insurance to anaesthesiologists, certified registered ... Read the full article
RenRe profits down on Q3 cat losses
30th October 2019
The impacts of Hurricane Dorian and Typhoon Faxai have driven down Bermudian reinsurer RenaissanceRe’s (RenRe) third quarter operating income by $4.8 million against the prior year quarter. Catastrophe events for the quarter resulted in an underwriting loss of $181.9 million and added 20.6% to the combined ratio. RenRe posted an overall underwriting ... Read the full article
Beazley appoints Beth Diamond group head of claims
30th October 2019
Specialist insurer Beazley has appointed Beth Diamond to succeed Anthony Hobkinson as group head of claims, following his decision to retire from the role in February 2020. Diamond currently serves as head of third-party complex claims at Beazley, having first joined the firm as a claims team leader in 2006. She will ... Read the full article
“Disappointing quarter” sees AXIS Capital’s combined ratio weaken to 109.4%
30th October 2019
Bermudian insurer and reinsurer, AXIS Capital Holdings Limited has reported net income of $28 million and an operating loss of $33 million for the third-quarter of 2019, as catastrophe, credit and aviation line losses pushed the firm's combined ratio to 109.4%. The re/insurer's Q3 2019 results include pre-tax weather-related losses, net ... Read the full article
Lloyd’s report reveals huge cyber risk protection gap across Asia-Pacific ports
30th October 2019
A single, large cyber-attack hitting major ports across the Asia-Pacific region could cost as much as USD 110 billion, of which just 8% would be covered by insurance, according to a new report produced by the University of Cambridge Centre for Risk Studies, on behalf of the Cyber Risk Management ... Read the full article
Catastrophe models a tool, not the whole answer: Roundtable
29th October 2019
An over-reliance of catastrophe model data could be generating some dramatic learning experiences for industry participants, according to key executives speaking at the 2019 Reinsurance News Monte Carlo Rendezvous roundtable. Swiss Re’s Head of Property & Specialty Underwriting, Mike Mitchell, described what he considered a “somewhat slavish enthrallment to ... Read the full article
Westhoff appointed Beazley’s head of US large commercial property
29th October 2019
Specialist insurer Beazley has announced the appointment of Matthew Westhoff as head of US large commercial property. Based in New York, Westhoff will report to the firm’s global head of commercial property Simon Jackson while managing the US based team and working alongside the property team in London. He brings 16 years ... Read the full article
EU market access prompts Aon to move parent incorporation to Ireland
29th October 2019
As a result of Brexit and a subsequent desire to remain within the European Union (EU) single market, global insurance and reinsurance broker, Aon, has filed a preliminary proxy statement to move the jurisdiction of incorporation for the firm's parent company from the UK to Ireland. According to Aon, "Remaining within ... Read the full article
Munich Re’s ERGO strengthens presence in China
29th October 2019
ERGO, the primary insurance arm of reinsurance giant Munich Re, has signed a "strategic partnership agreement for insurance business" with innovative, China-based automobile manufacturer, Great Wall Motors. The agreement was completed by ERGO board members Markus Rieß and Karsten Crede, and is embedded in the organisational structure of ERGO China, although ... Read the full article
Hagibis likely an earnings event, reinsurers to cover majority of losses: Fitch
29th October 2019
Typhoon Hagibis is likely to be an earnings event for Japan's three main non-life insurers, while overall, it's expected that more than half of the insured loss total will be covered by reinsurers, says Fitch Ratings. Hagibis made landfall along Japan’s east coast as an equivalent category 1 hurricane on the ... Read the full article
Guy Carpenter results boost Marsh & McLennan growth in Q3
29th October 2019
Marsh & McLennan Companies, Inc. (MMC), has reported 13% revenue growth and 5% underlying revenue growth in the third quarter of 2019, supported by a strong performance from its reinsurance broking subsidiary, Guy Carpenter. Consolidated revenue came to $4.0 billion in Q3, an increase of 13% compared with the same period ... Read the full article
QIC Group’s 9M underwriting result hit by Ogden rate revision
29th October 2019
The UK Government's revision of the Ogden discount rate to -0.25% adversely impacted Qatar Insurance Group's (QIC Group) underwriting performance in the first nine months of 2019, driving its combined ratio above 100%. At 101.5%, QIC Group's combined ratio for the period improved slightly from the 102% recorded for the ... Read the full article
PCS expands industry loss and index services to Australia, NZ, Southeast Asia
29th October 2019
Property Claim Services (PCS), a Verisk Analytics business, has announced the extension of its catastrophe loss aggregation methodology used in Japan to cover Australia, New Zealand, and Southeast Asia. PCS notes that the extension is driven by strong global reinsurance market demand, and following rapid adoption of PCS Japan, launched ... Read the full article
Beazley appoints Hannah Smith as medical underwriter
29th October 2019
Specialist insurer Beazley has announced the appointment of Hannah Smith to the role of miscellaneous medical underwriter within its US healthcare team. Smith is based in Atlanta and will underwrite a number of miscellaneous medical professional liability risks while also working on Beazley’s virtual care book, which provides cover for technology-enabled ... Read the full article
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