Reinsurance News
TWIA secures $2.1bn of private market reinsurance & cat bonds for 2019
7th June 2019
The Texas Windstorm Insurance Association (TWIA) has completed its 2019 reinsurance program, securing $2.1 billion of private market reinsurance and catastrophe bond protection for the 2019 Atlantic hurricane season. TWIA's 2019 reinsurance program is effective June 1st, 2019 and provides total aggregate funding of $4.2 billion. 50% of this is from ... Read the full article
Re/insurers face multi-billion dollar losses from prolonged U.S storms: Aon
7th June 2019
Re/insured losses are expected to climb into the multi-billion dollar range as severe weather and storm activity in the U.S remained high for a second consecutive month in May, according to the latest Global Catastrophe Recap report from Aon. The broker recorded seven outbreaks of severe convective storms across the central ... Read the full article
Athora to acquire VIVAT from Anbang Group, NN Group to take non-life unit
7th June 2019
Athora Holding Ltd. is to acquire VIVAT N.V. from Anbang Group Holdings Co Ltd., retaining the life and asset management divisions. Following the closing of this acquisition, NN Group will take ownership of VIVAT Schadeverzekeringen N.V. (VIVAT Schade), VIVAT's non-life business. The acquisition marks Athora's entry into the Dutch market, and it's ... Read the full article
PERILS increases cyclone Dragi-Eberhard industry loss to €798m
7th June 2019
Catastrophe loss data aggregator PERILS has increased its initial €740 million loss estimate for windstorm Dragi-Eberhard to €798 million. Dragi-Eberhard consisted of two low pressure systems that affected areas of the British Isles, and Western and Central Europe on 9 and 10 March 2019. Given the storms affected similar regions across ... Read the full article
Shipping losses at record low, but incident frequency remains high: Allianz (AGCS)
7th June 2019
Large shipping losses are currently at their lowest level this century, according to a report by Allianz Global Corporate & Specialty SE (AGCS), although the overall number of reported incidents shows little decline. In 2018, AGCS recorded 46 total losses of vessels around the shipping world, down from 98 in the ... Read the full article
Swiss Re to launch ReAssure IPO, registration to be filed today
7th June 2019
Swiss Re is moving forwards with long-discussed plans for an initial public offering (IPO) of shares in its UK closed life book consolidator business ReAssure. An IPO registration document for the ReAssure Group plc share offering is due to be filed today, pending the approval of the UK's Financial Conduct Authority, ... Read the full article
Gender diversity supports re/insurance sector growth, reports Swiss Re
7th June 2019
Promoting more gender diversity would drive economic growth, increase insurance premiums and penetration, and ultimately make the world more resilient, according to a new report from Swiss Re. The company argued that re/insurers also stand to gain from better financial performance with a more diverse workforce. Greater female inclusion in the labour ... Read the full article
Rates to increase through April 2020 regardless of storm activity: Goldman Sachs
6th June 2019
Analysts at Goldman Sachs believe that catastrophe reinsurance and retrocession rates will continue to increase through to April 2020 regardless of how active this year’s storm season is. However, the firm does not believe that rate increases will continue into the June 2020 renewals and beyond without another above-year average loss ... Read the full article
Munich Re’s HSB partners with CNA on IoT Technology solutions
6th June 2019
The Hartford Steam Boiler Inspection and Insurance Company (HSB), which is part of reinsurance giant Munich Re, has collaborated with U.S. commercial property and casualty (P&C) insurer CNA on IoT Technology solutions. Under the new partnership, HSB's IoT Technology solutions will be offered to CNA's small and mid-size commercial policyholders in ... Read the full article
Kirt Walker named CEO of Nationwide
6th June 2019
US-based insurance and financial services provider Nationwide has announced the appointment of Kirt Walker as Chief Executive Officer, effective October 1. He succeeds outgoing CEO Steve Rasmussen, who earlier this year announced his retirement. Walker, who since 2009 has served as the President and Chief Operating Officer of Nationwide's financial services business ... Read the full article
AIG subsidiary Blackboard adds Uwe Schoberth from QBE
6th June 2019
AIG subsidiary Blackboard Insurance has brought in Uwe Schoberth to focus on market relationships and bolster the company’s expanding go-to-market strategy. Schoberth, who joins from QBE Group, will apply his background in the commercial insurance industry to enhance Blackboard’s connection with brokers in this market to help clients better manage risks ... Read the full article
HCI Group secures $1.5bn cat reinsurance limit at June renewals
6th June 2019
Florida-headquartered re/insurance focused holding company HCI Group has completed its catastrophe reinsurance program for 2019-20, securing a total limit of $1.477 billion. The program provides coverage up to approximately $901 million for a first event loss, excluding flood, and subsequent coverage of up to $608 million for a second event loss. Third party ... Read the full article
TMR’s Meredith Head joins Aspen Re to lead NA Property Cat
6th June 2019
Aspen Re, the reinsurance arm of Aspen Insurance Holdings Limited, has announced the appointment of Meredith Head from Tokio Millennium Re (TMR) as Head of North American Property Catastrophe. In her new role, Head will report to Christian Dunleavy, Aspen Re's Chief Underwriting Officer (CUO) and Chief Executive Officer (CEO) of ... Read the full article
Aviva to cut 1,800 jobs in expense saving push
6th June 2019
UK insurer Aviva has announced that it plans to cut approximately 1,800 jobs across the group over the next three years as part of a new expense saving push. This would represent a 6% reduction in the company’s total workforce of 30,000, although Aviva claimed that redundancies will be kept to ... Read the full article
IUA adds exclusion clauses for silent cyber risks
6th June 2019
The International Underwriting Association (IUA) has published two new London Market model clauses to help underwriters manage cyber losses and address issues related to non-affirmative cover. The Cyber Loss Absolute Exclusion Clause provides re/insurers with an option to exclude any loss arising from the use of a computer system, network or ... Read the full article
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