Reinsurance News
Legal & General completes £930mn pension buy-in with Tate & Lyle
19th September 2019
Legal & General Assurance Society Limited has announced the completion of a £930 million full buy-in for the members of the Tate & Lyle Pension Scheme. Tate & Lyle, a global provider of solutions and ingredients for food, beverage and industrial markets, previously entered a buy-in deal with Legal & General ... Read the full article
Re/insurers reacting as “cracks” appear in casualty market: Peel Hunt
19th September 2019
Analysts at Peel Hunt have suggested that re/insurers are increasingly pushing for rate increases and management actions as “cracks” begin to appear in the casualty market. A new report by the firm noted that casualty claims trends have continued to deteriorate, triggering ongoing rate increases across US professional lines, a core ... Read the full article
Combined, Typhoon Faxai to cost Sompo, MS&AD at least $2 billion
19th September 2019
Typhoon Faxai, which struck Japan on September 9th, will cost Japanese insurers MS&AD Insurance Group Holdings, Inc. and Sompo Japan Nipponkoa Insurance Inc. a combined USD 2 billion, at least. Typhoon Faxai hit Japan on September 9th, impacting the Tokyo area with some of the most severe damage seen in the ... Read the full article
Willis Research Network partnership to focus on natural air traffic hazards
19th September 2019
Willis Research Network (WRN), the research arm of Willis Towers Watson, has partnered with Mitiga Solutions to help aviation and aerospace clients optimise air traffic management. The partnership aims to help airlines, airports and associated organisation in both the public and private sectors to predict and mitigate the impact of natural ... Read the full article
Charles Taylor to accept “compelling” acquisition offer
19th September 2019
Insurance service provider Charles Taylor is expected to accept a £261 million acquisition offer from Jewel Bidco, a company formed on behalf of funds advised by Lovell Minnick Partners LLC and its affiliates. The boards of LMP Bidco and Charles Taylor have reached an agreement on terms that will be put ... Read the full article
Insurance consortium CCS expects €203mn loss from Spanish floods
19th September 2019
The Consorcio de Compensación de Seguros (the Insurance Compensation Consortium, or CCS) is expecting to face a loss of approximately €203 million as a result of the recent flooding in Spain. Record-breaking rainfall in the south-east of the country last week caused catastrophic flash-flooding, bursting river banks, sweeping away cars, and ... Read the full article
Brit Re to expand reinsurance portfolio in 2020
19th September 2019
The Bermuda-based reinsurance business of specialty re/insurer Brit is set to expand its portfolio in 2020 after receiving a financial strength rating of A (Excellent) and a stable outlook from AM Best. Brit Re is expected to write US-based casualty excess of loss business, consisting of workers compensation, general casualty, and ... Read the full article
AXA LM acquires Munich Re Malaysia’s non-life legacy portfolio
19th September 2019
AXA Liabilities Managers (AXA LM), the non-life re/insurance legacy arm of AXA, has completed the acquisition of the non-life legacy portfolio of Munich Re Malaysia. The portfolio transfer is effective from October 1st, 2019 and was made through AXA LM's fund, AXA DBIO II, which invests in run-off portfolios and firms. The ... Read the full article
Pricing, modernisation among top concerns for Lloyd’s CROs: LMA survey
19th September 2019
A market survey by the Lloyd's Market Association in conjunction with PwC has identified pricing, cost reduction, change management, market modernisation, and competition as the top five risks facing Lloyd’s. For Chief Risk Officers within Lloyd’s managing agencies, these internal factors rank ahead of external factors such as cyber risk and ... Read the full article
Vouch Insurance announces launch, backed by Munich Re capacity
19th September 2019
Vouch Insurance, a new insurance company focused on early stage tech start-ups, has announced its launch, with capacity for its policies to be provided by Munich Re. Using an entirely digital platform, Vouch will offer proprietary insurance products and risk assessment tools designed specifically for high growth companies. Vouch also revealed that ... Read the full article
Mumenthaler lays out key growth opportunities for Swiss Re
18th September 2019
Christian Mumenthaler, Chief Executive Officer (CEO) at Swiss Re, has identified what he sees as key growth opportunities for Swiss Re and the wider reinsurance market, as well as some potential challenges. Speaking in an interview with Reinsurance News, Mumenthaler noted that insurers have been buying more reinsurance following the catastrophe ... Read the full article
Marsh launches analytics platform to improve claims outcomes
18th September 2019
Global re/insurance brokerage Marsh has announced the launch of Blue Claims, a new analytics platform designed to help clients achieve better claims outcomes. The platform will initially focus on US workers’ compensation risks, which are estimated to cost employers nearly $100 billion annually. Working with Marsh’s claims specialists, clients will be able ... Read the full article
Ascent, Cove adds Paul Western as CUO
18th September 2019
Cyber and specialty lines managing general agent Ascent Underwriting and Cove Programs, a US construction-focused MGA, has appointed Paul Western as group Chief Underwriting Officer. Effective October 7, Western will oversee the direction, leadership and management of the group’s underwriting and business lines . He joins from MS Amlin, where he served ... Read the full article
Price increases will fall short of hard market: Canaccord Genuity
18th September 2019
While the industry seems confident that rates will continue to increase in 2020, analysts at Canaccord Genuity argue they will not be enough to move reinsurance into ‘hard market’ territory. Based on its meetings at the Reinsurance Rendezvous in Monte Carlo this year, Canaccord Genuity believes that the market is anticipating ... Read the full article
Arch, Marsh collaborate on insurance solution for digital assets
18th September 2019
Arch Insurance UK, a division of Arch Insurance International, has partnered with global re/insurance brokerage Marsh on a new solution designed to protect digital asset private keys held in traditional vault facilities. A private key, in this context, is essentially a string of numbers and letters that leads to a digital ... Read the full article
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