Reinsurance News
Syncora to sell guarantee insurance subsidiary for $392.5m
19th August 2019
Bermuda-domiciled holding company Syncora has agreed to sell its New York financial guarantee insurance subsidiary to Star Insurance Holdings for $392.5 million in cash. Star Insurance is an entity organised by GoldenTree Asset Management on behalf of GoldenTree’s managed funds and accounts. In addition to the cash purchase price, after the closing ... Read the full article
Helios sees attractive near-term opportunities to consolidate market
19th August 2019
Helios Underwriting plc, a Lloyd's of London investment vehicle which acquires and consolidates private underwriting capacity, sees attractive near-term opportunities in the market place. The firm has reported its quarterly syndicate mid-point forecasts in respect of its portfolio f syndicate capacity for both the 2017 and 2018 years of account, based ... Read the full article
UK bulk annuity market could exceed £35 billion in 2019: Aon
19th August 2019
Given the deals already transacted and those in the offing, global re/insurance brokerage Aon believes the UK bulk annuity market could well exceed £35 billion in 2019 and possibly even surpass the £40 billion mark. Aon’s Senior Partner and Head of Risk Settlement, Martin Bird, highlights what has proved to be ... Read the full article
Bermuda to play key role in cyber coverage: Hannover Re’s Rentrup
16th August 2019
Cyber reinsurance is likely to become an increasingly critical area of growth for the Bermuda market, which will play a key role in the development of the coverage, according to Konrad Rentrup, President and Chief Executive Officer at Hannover Re Bermuda. “I can only stress how important this line is for ... Read the full article
Oscar Health in reinsurance deal with Berkshire Hathaway: Reports
16th August 2019
U.S. domiciled health insurer Oscar Health has entered into a new multi-year quota share reinsurance agreement with Berkshire Hathaway's National Indemnity Company (NICO), reports Forbes. Oscar Health established itself as a startup with a focus on providing Obamacare coverage, but according to reports, is looking to expand within the individual and ... Read the full article
Fitch calls on BMA to address ambiguities in Tier 3 capital treatment
16th August 2019
As Bermuda continues to adapt and evolve in order to maintain its status as a desirable re/insurance domicile, Fitch Ratings has said that although development of the market is broadly positive, recent regulatory activity related to the treatment of Tier 3 capital for re/insurers raises some questions. Fitch notes that over ... Read the full article
Prudential’s £12bn annuities transfer to Rothesay blocked by High Court
16th August 2019
A UK High Court judgement has blocked Prudential's proposed £12 billion annuities transfer to longevity re/insurer Rothesay Life. The Part VII portfolio transfer was first announced by Prudential in March 2018 as part of plans to demerge its UK & Europe business. The High Court judgement supposedly has no impact on ... Read the full article
Department of Finance halts California disaster bill
16th August 2019
Legislation which for the past few months had been gaining momentum and promised to protect the state from disasters, including wildfires, has stalled in the state assembly following objections from the Department of Finance that it would have exposed taxpayers to unnecessary financial risks. Analysis claims the legislation is not ... Read the full article
Ping An reports significant jump in net profit in 2019
16th August 2019
Ping An Insurance (Group) Company of China, Ltd. has reported 63.3% growth in net profit for the first-half of the year to RMB105,738 million (USD 15 billion), which included a RMB10,453 million (USD 1.5 billion) one-off gain from a tax law change on commission expense. The firm notes steady overall growth ... Read the full article
Aspen reports H1 net loss from underwriting, expense movements
16th August 2019
Aspen Insurance Holdings Limited has reported a net loss of $37.3 million for the first-half of 2019 compared with net income of $16.1 million in the same period last year, driven by expense and underwriting movements. The insurer and reinsurer's reported net loss for the period includes $99.2 million of net ... Read the full article
Liberty Specialty bolsters FRS Multi-Buyer Trade Credit practice
16th August 2019
Liberty Specialty Markets (LSM), a division of Liberty Mutual Insurance, has announced that James Goodliffe has joined the firm's Financial Risk Solutions (FRS) Multi-Buyer Trade Credit practice as Senior Underwriting Officer. In his new role, Goodliffe will be responsible for credit and transaction underwriting, portfolio and client relationship management, negotiation and ... Read the full article
Re/insurers adjusting risk appetite after Cali wildfires: S&P
16th August 2019
Re/insurers have reassessed their risk appetites following successive above-average catastrophe years, especially those from the California wildfires, according to S&P Global Ratings analysts. The California wildfires of 2017 and 2018 caused roughly $33 billion in insured losses, surprising re/insurers as losses were outside of the market understanding of the risk and ... Read the full article
Intact to grow to $3bn of premiums with new acquisitions
16th August 2019
Intact Financial Corporation has announced that it has entered into an agreement with Princeton Holdings Limited to acquire The Guarantee Company of North America (The Guarantee) and Frank Cowan Company Limited. The cash consideration for the acquisitions is approximately $1 billion, and the transaction is expected to close in the fourth-quarter ... Read the full article
Aon names Don Magee as UK Chairman, Reinsurance Solutions
16th August 2019
Insurance and reinsurance broking group Aon has named one of its long-standing senior leaders Don Magee as its new UK Chairman of the Aon Reinsurance Solutions business. Magee has significant industry experience, having first joined Benfield, Lovick & Rees back in 1991, and previously working at Hall, Harford Jeffreys International, Thomas ... Read the full article
Rated captives continue to produce positive underwriting results: A.M. Best
16th August 2019
A.M. Best's universe of rated captives reported a pre-tax profit of roughly $1.1 billion in 2018, and while this represents a decline from the $1.3 billion posted in 2017, the ratings agency holds a favourable view of the sector, which is in part a result of consistent positive underwriting results. In ... Read the full article
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