Reinsurance News
RenRe falls to Q4 underwriting loss on Hagibis, but net income up
5th February 2020
Bermuda-based reinsurer RenaissanceRe Holdings Ltd. has reported net income of $33.8 million for the fourth-quarter of 2019, however, the impact of Typhoon Hagibis and 2019 Aggregate Losses pushed the firm to a Q4 underwriting loss of $65.2 million. The reinsurer's net income in Q4 2019 compares with a net loss of ... Read the full article
Thailand non-life sector to face growing profit pressures: AM Best
5th February 2020
Analysts at AM Best expect the non-life re/insurance industry in Thailand to face growing pressures on profitability due to fierce market competition and the need for improved pricing and operational sophistication. The Thailand non-life segment posted THB 232 billion (US $7.5 billion) in direct premium written (DPW) in 2018, making it ... Read the full article
Climate response requires new products & modelling techniques: Cavaciuti-Wishart, AXIS Capital
4th February 2020
A comprehensive response to the complex challenges posed by climate risk will require reinsurers to adapt business models, develop new products, and improve modelling techniques, according to Ellissa Cavaciuti-Wishart, Head of Cat Modelling – International at AXIS Capital. Faced with the unpredictability of climate-related impacts, reinsurers must develop ever more sophisticated, ... Read the full article
K2 to acquire Pioneer in first non-US transaction
4th February 2020
K2 Insurance Services LLC, a specialty insurance holdings company, is set to complete its first transaction outside of the U.S., with the acquisition of underwriting services firm, Pioneer Underwriters. According to an announcement on the deal, Pioneer is set to become the cornerstone for a new global platform of K2. Initially, this ... Read the full article
Fidelis appoints Burrows as Group MD, Burford as UK CEO
4th February 2020
Fidelis Insurance, the privately owned Bermuda-based holding company, has announced the appointment of Daniel Burrows as Group Managing Director for Fidelis Group. Burrows joined Fidelis in 2015 and previously was co-CEO of AonBenfield’s Global ReSpeciality (GRS) division. “I am delighted Dan has accepted the position of Group Managing Director,” said Richard Brindle, ... Read the full article
AXA LM acquires RenRe’s UK run-off business
4th February 2020
AXA Liabilities Managers (AXA LM), a division of AXA and an acquirer and manager of legacy re/insurance business, has announced an agreement to acquire RenaissanceRe (UK) Limited from Bermuda-based reinsurer, RenaissanceRe Holdings Ltd. RenaissanceRe (UK) Limited, a company in run-off, was formerly known as Tokio Millennium Re (UK) Limited, and ... Read the full article
Coronavirus poses limited threat to Chinese insurers: Moody’s
4th February 2020
Analysts at Moody’s Investors Service believe that the ongoing coronavirus outbreak poses only a limited threat to the Chinese insurance sector, with disruption likely to stem mostly from broader economic impacts. The firm noted that Hubei, the province at the centre of the outbreak, only accounted for around 4% of domestic ... Read the full article
MS Amlin promotes Ho to CEO of Asia Pacific as Clarke departs
4th February 2020
Insurer and reinsurer MS Amlin has revealed that William Ho, currently Head of Reinsurance (Asia), has been appointed Chief Executive Officer (CEO) of MS Amlin Asia Pacific. Ho's appointment remains subject to regulatory approval and he takes over the responsibilities of CEO of the division from Simon Clarke, who is leaving ... Read the full article
AFG’s Q4 results include $58mn non-core charge from Neon exit
4th February 2020
American Financial Group, Inc. (AFG) has reported net earnings of $211 million for the fourth-quarter of 2019 against a net loss of $29 million for the same period in 2018. The growth in earnings has occurred despite the firm's Q4 result including a $58 million hit from its previously announced ... Read the full article
GIC Re’s Russian subsidiary obtains reinsurance licence
4th February 2020
GIC Perestrakhovanie LLC, Russia, a wholly owned subsidiary of India's General Insurance Corporation of India (GIC Re), has now received a reinsurance licence from the Central Bank of Russia (CBR). The approval means that GIC Re is the first reinsurance firm in more than 10 years to be granted this licence, ... Read the full article
Aon enhances cyber services with Cytelligence acquisition
4th February 2020
Re/insurance broker Aon has expanded its cyber offering with the acquisition of Cytelligence Inc, a Canadian-based cyber security firm that provides incident response advisory, digital forensic expertise, and security consulting and training services. The acquisition will help Aon expand its current coverages within the cyber market at a time when cyber ... Read the full article
Swiss Re committed to finding solutions to tackle cancer: Chief Medical Officer, Schoonbee
4th February 2020
On World Cancer Day, the Global Chief Medical Officer at reinsurance giant Swiss Re, John Schoonbee, explores the fast moving and complex disease and how re/insurers like Swiss Re can collaborate to bring significant benefits. According to the World Health Organization (WHO), globally, cancer is the 2nd leading cause of death, ... Read the full article
Safety National restructures executive management, COO Luebbert to retire
4th February 2020
Safety National Casualty Company, a specialty provider of insurance and reinsurance, has announced a number of changes to its executive management structure, including the retirement of Chief Operating Officer (COO), Steve Luebbert. Effective April 1st, 2020 Luebbert is set to retire after 44 years working in the insurance sector. He has ... Read the full article
Radian taps capital markets for another $488mn of mortgage reinsurance
4th February 2020
US mortgage insurer Radian Guaranty, a subsidiary of Radian Group, has obtained a further $488 million of fully collateralised mortgage reinsurance from the capital markets. This transaction marks the third time Radian Guaranty has utilised the insurance-linked securities (ILS) market for mortgage reinsurance, following a $455 million deal in November ... Read the full article
Carl Titterton to lead Markel’s trade credit, political risk & surety team
4th February 2020
Specialist insurer Markel International has announced the appointment of Carl Titterton as divisional managing director of its trade credit, political risk and surety (TCPRS) team. Titterton joined Markel International in April 2010 as a senior underwriter, specialising in credit insurance, and supported the integration of trade credit, political risk and surety ... Read the full article
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