Reinsurance News
Hive Aero extends offering to include aviation war liabilities
3rd June 2019
Hive Aero, the London-based managing general agency (MGA), has announced that it has expanded into underwriting excess third-party aviation war liabilities. The company’s capacity for 2019 is $47.5 million, backed by Lloyd’s insurers Beazley and Arch. Hive Aero began underwriting aviation hull war in April 2018 and increased its capacity to $52.5 ... Read the full article
Gallagher completes takeover of JLT’s aerospace business
3rd June 2019
Global insurance brokerage Arthur J. Gallagher & Co. has announced the completion of its acquisition of Jardine Lloyd Thompson Group plc’s (JLT) global aerospace operations. The transaction, which was first announced in March 2019, is expected to significantly expand Gallagher’s existing aerospace team. The broker’s global aerospace operations now includes offices ... Read the full article
A.M. Best turns negative on Greenlight Re due to underwriting concerns
3rd June 2019
Hedge fund style reinsurer Greenlight Re has had its outlook revised from stable to negative by A.M. Best, due to concerns about its track record of poor underwriting performances. The revised outlooks apply to Greenlight Re, as well as its subsidiaries, Greenlight Reinsurance, Ltd. (Cayman Islands) and Greenlight Reinsurance Ireland, Designated ... Read the full article
Liberty Mutual completes takeover of AmTrust’s U.S. surety operations
3rd June 2019
Liberty Mutual Insurance has completed its previously announced acquisition of AmTrust Financial Services' U.S. surety operations, AmTrust Surety, following the completion of customary closing conditions. Liberty Mutual announced in April of this year that it's acquiring the global surety and credit reinsurance operations of AmTrust Financial Services, which is comprised ... Read the full article
Palomar Holdings completes reinsurance renewal
3rd June 2019
Specialty property insurance company, Palomar Holdings, Inc. has announced the successful completion of its June 1st, 2019 reinsurance programs. Including the insurer's Torrey Pines Re catastrophe bond, Palomar Holdings' renewed $470 million of its core reinsurance program, and also purchased $200 million of incremental limit that sits at the top of ... Read the full article
SCOR launches second UK cat bond, securing $250mn of protection
3rd June 2019
French reinsurer SCOR has returned to the UK market for the launch of a second catastrophe bond, securing multi-year risk transfer capacity of $250 million to protect against named storms in the U.S, earthquakes in the U.S and Canada, and windstorms in Europe. Atlas Capital UK 2019 PLC will run from ... Read the full article
Re/insurers can issue more hybrid debt under Solvency II, but ratings may suffer: S&P
3rd June 2019
European re/insurers operating under Solvency II regulations have the flexibility to issue further hybrid capital if needed, according to a new report by S&P Global Ratings, but doing so could put credit ratings at risk. Analysts noted that access to hybrid capital is an important element of a re/insurer’s financial strength, ... Read the full article
Only 19% of UK firms have terrorism insurance, Pool Re finds
3rd June 2019
A new report commissioned by the UK’s government-backed mutual terrorism reinsurer Pool Re has found that only 19% of UK firms have a terrorism insurance policy in place, a figure which the company says indicates a widespread lack of attack contingency planning among the country’s businesses. The uptake of Small to ... Read the full article
Singapore Reinsurers’ Association re-elects Validus’ Haushofer to Chair
3rd June 2019
The Singapore Reinsurers’ Association (SRA) has announced the line-up of its Executive Committee (EXCO) for the 2019/2020 term of office, with Marc Haushofer, Chief Executive Officer, Asia Pacific & Executive Vice President of Validus Reinsurance re-confirmed as Chairman. The full-line up, which remains largely unchanged from the previous year, includes Deputy ... Read the full article
A.M. Best upgrades credit ratings of IRB Brasil Re
31st May 2019
Rating agency A.M. Best has upgraded the financial strength rating of Brazilian reinsurance firm IRB Brasil Resseguros S.A. to A (Excellent) from A- (Excellent), due to the company’s improved financial strength. The reinsurer’s long-term issuer credit rating was also upgraded from “a-“ to “a”, and the outlook of its credit ratings ... Read the full article
The Hartford partners with Mimecast on cyber awareness training course
31st May 2019
Property and casualty (P&C) insurer The Hartford has partnered with email and data security firm Mimecast in order to bolster knowledge and foresight around the inherent risks of cyber. The service, named Mimecast Awareness Training, is designed to help its customers reduce the risk of a cyber incident before it occurs. The ... Read the full article
Aureum Re partners with analytics firm Clearwater
31st May 2019
Cayman Island-based reinsurer Aureum Re has selected Clearwater Analytics’ web-based solution and services for investment data aggregation, reconciliation, accounting, reporting, and other daily processing. The company, which was established in 2016 and focuses on the reinsurance of fixed and indexed annuities issued by US-domiciled insurers, says that leveraging the technology and ... Read the full article
Universal’s P&C units secure largest cat reinsurance programs to date
31st May 2019
Universal Insurance Holdings, Inc. has announced that its subsidiaries, Universal Property & Casualty Insurance Company (UPCIC) and American Platinum Property and Casualty Insurance Company (APPCIC), have completed their 2019-20 reinsurance programs, effective June 1. The units secured more catastrophe coverage than at any other point in Universal’s history, with the top ... Read the full article
Analysts expect mid-teen reinsurance rate increases at mid-year renewals
31st May 2019
Analysts at KBW expect average June 1st catastrophe reinsurance rate increases in the mid-teens, but warns that Florida cat rates remain far below previous peaks. Anticipation of average rate increases in the mid-teens at the upcoming mid-year renewals follows analysts' meetings with Bermudian insurers, reinsurers and brokers. KBW notes that expectations ... Read the full article
Moody’s remains stable on Korean life sector despite slip in demand
31st May 2019
Moody’s Investors Services has maintained its stable outlook on the Korean life insurance sector, citing an improved product mix and stable capitalisation. These factors are balanced against a decline in demand, driven by the product shift together with subdued economic growth. Upcoming changes to the local risk-based capital (RBC) system are also ... Read the full article
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