Reinsurance News
Philippines to consider mandatory disaster insurance for properties
31st January 2020
The Insurance Commission (IC) of the Philippines is reportedly in talks with private sector re/insurers regarding the introduction of mandatory catastrophe insurance protection for private assets, according to Business Mirror. The regulator has signed a memorandum of understanding (MoU) with the Philippine Insurers and Reinsurance Association (PIRA) and National Reinsurance Corp. ... Read the full article
Liberty Mutual promotes Tracy Ryan to President of GRS, North America
31st January 2020
Liberty Mutual Insurance has announced the appointment of Tracy Ryan to President of Global Risk Solutions (GRS) North America. Ryan has been with the company for 25 years and has held numerous leadership roles during this time. Most recently, she served as Executive Vice President and Chief Claims Officer for GRS. In ... Read the full article
AJ Gallagher reports 5.6% organic revenue growth for 2019
31st January 2020
International insurance brokerage, risk management and consulting services firm, Arthur J. Gallagher & Co. (AJ Gallagher), has announced total revenue growth of 17% for the fourth-quarter of 2019, of which 5.8% was organic. For the full-year, the firm's total revenue growth hit 14%, of which 5.6% was organic, leading Chairman, President, ... Read the full article
FEMA targets additional catastrophe bond coverage for NFIP
31st January 2020
The US Federal Emergency Management Agency (FEMA) is seeking a further $300 million of flood protection from the capital markets with its third catastrophe bond issuance, FloodSmart Re Ltd. (Series 2020-1). This is the third time FEMA has looked to secure flood reinsurance protection from the capital markets for its National ... Read the full article
Seven biggest bulk annuity deals in 2019 dwarfed whole of 2018, Hymans
31st January 2020
Seven of the biggest bulk annuity transactions in 2019 amounted to over £24 billion, exceeding the total amount managed in 2018 across 162 transactions, says actuarial and advisory consultancy firm Hymans Robertson. Furthermore, a record £10 billion of deferred member liabilities were insured during 2019. Hymans says this is a result of ... Read the full article
IGI gets regulatory nod for go-public Tiberius deal
31st January 2020
International General Insurance Holdings (IGI), the specialist commercial re/insurer, has received regulatory approval from the Bermuda Monetary Authority (BMA) for its planned business combination with Tiberius Acquisition Corp., which will result in the public listing of IGI. First announced back in October 2019, this deal prices IGI at approximately 1.26x ... Read the full article
Cayman Islands continues international insurance growth in 2019
31st January 2020
According to figures from the Cayman Islands Monetary Authority (CIMA), the region’s international insurance industry saw continued growth in 2019, with 33 new licences issued. This was the same number of new licences as in the previous year, with the total number of insurance licensees now standing at 764, of ... Read the full article
Everest Insurance to offer workers’ comp through Dovetail’s online platform
31st January 2020
Everest Insurance, a division of Bermuda-based reinsurer Everest Re Group, has announced that it will offer its workers' compensation solution through Dovetail's online platform. Dovetail is a Victor company and its online platform enables both agents and brokers to quickly purchase insurance policies for their small commercial clients. Currently, the program is ... Read the full article
Aon records 17% organic reinsurance revenue growth in Q4
31st January 2020
Re/insurance brokerage Aon has reported organic revenue growth of 17% for its Reinsurance Solutions segment during the fourth quarter of 2019, driven by double-digit growth cross every major business. Aon said the performance of the segment was highlighted by continued new business generation globally, as well as strong growth in catastrophe ... Read the full article
Pro Global partners with delegated authority expert VIPR
31st January 2020
Re/insurance outsourcing and consulting specialist Pro Global Holding Limited has partnered with delegated authority expert VIPR to develop a solution for bordereaux and coverholder management. The joint-offering will combine VIPR’s Intrali bordereaux management tool with Pro’s Exposure Management Facility (CAI) to help managing agents handle these specialist areas. Intrali will be used ... Read the full article
UK re/insurers prepared for Brexit, but long-term effects uncertain: AM Best
31st January 2020
With the UK set to imminently depart the European Union (EU), AM Best has said UK re/insurers are well prepared from an operational standpoint, but could face some negative consequences in the longer-term. The rating agency noted that extensive preparations have been undertaken across the UK and European markets to ensure ... Read the full article
S&P maintains stable outlook on US health sector
31st January 2020
S&P Global Ratings has maintained its stable outlook on the US health insurance sector for 2020, with limited rating movement expected over the coming year. Analysts noted that about 90% of insurer ratings currently have stable outlooks in this sector, and near term macroeconomic factors and cost trends should help to ... Read the full article
Everest Re pegs Q4 catastrophe losses at $215 million
31st January 2020
Bermuda-based reinsurer Everest Re has said that it expects its fourth-quarter 2019 results will include catastrophe losses, net of reinsurance and reinstatement premiums, of $215 million, mostly driven by the impact of Typhoon Hagibis in Japan. A significant $190 million, or 88% of the reinsurer's Q4 catastrophe losses are attributable to ... Read the full article
BDA adds two insurance industry professionals to its team
31st January 2020
The Bermuda Business Development Agency (BDA) has announced the addition of experienced insurance industry professionals, Jasmine DeSilva and Anastasia Slater, to its team. DeSilva joined the entity last week as Business Development Manager and takes responsibility for driving initiatives across the insurance sector, working closely with key stakeholders and associations. Slater joins ... Read the full article
Consecutive disaster years cause mortgage delinquency spike: CoreLogic
31st January 2020
Analysts at property information and analytics provider CoreLogic believe that 2019 could bring an increase in mortgage delinquency rates in areas hit by consecutive years of destructive natural disasters. The firm noted that after 2017 Hurricanes Harvey, Irma and Maria, serious delinquency rates on home mortgages tripled in the Houston, Texas, ... Read the full article
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