Reinsurance News
Pioneer appoints HDI’s Sam Bishop as renewable energy underwriter
8th September 2019
Pioneer Underwriters, part of Minova Insurance Holdings, has added Sam Bishop as an Underwriter within its Renewable Energy team. Based in London, Bishop reports to Warren Diogo, Pioneer’s Head of Renewable Energy. Bishop, who joins from HDI Global Specialty SE having served as an underwriting manager responsible for the operational power portfolio, ... Read the full article
Nephila’s Lloyd’s managing agency gets regulatory nod
8th September 2019
Nephila Capital, the world’s largest insurance-linked securities (ILS) investment manager, has received regulatory approval to establish its own Lloyd’s managing agency. Nephila’s Syndicate 2357, which is backed by funds managed by Nephila, has been managed by Asta, a third party syndicate manager at Lloyd’s, since its inception in 2013. Nephila Syndicate Management ... Read the full article
DARAG to acquire Zurich’s German architects & engineers professional indemnity portfolio
8th September 2019
Legacy acquirer DARAG Group Limited has entered into an agreement with Zurich Insurance plc to acquire Zurich's German architects and engineers professional indemnity insurance portfolio. Upon effectiveness of the transfer, which remains subject to relevant regulatory and court approvals, DARAG Deutsche Versicherungs- und Rückversicherungs-AG, the firm's German risk carrier, will assume ... Read the full article
Aon to introduce auction capability for 1/1 renewals
8th September 2019
Global re/insurance brokerage Aon is set to implement an auction capability for the January 1 renewals, as the company looks to leverage new technology in order to speed up the process of pricing negotiations and contract certainty. Aon says the technology, offered as part of its suite of services, enables pricing ... Read the full article
Evolving risk landscape pivotal in shaping future of re/insurance: GC
8th September 2019
A recent report from Guy Carpenter has highlighted how players within the re/insurance industry are increasingly being forced to reassess their views of risk in light of loss accumulation from recent extreme weather events, uncertainty around climate change and higher loss cost trends in a number of long-tail business lines. Despite ... Read the full article
Swiss Re expects further rate increases for loss-affected, underperforming business
8th September 2019
Global reinsurance giant Swiss Re has said that it expects to see further rate increases for both loss-affected and underperforming businesses, while rates elsewhere are expected to remain stable. Throughout 2019 rates in the reinsurance industry have gained momentum, most notably in parts of the U.S. and Japan which experienced heavy ... Read the full article
AM Best to review ratings for Bahamas re/insurers hit by Dorian
8th September 2019
AM Best is to review the credit ratings of the major property/casualty (P&C) and life/health insurance companies operating in the Bahamas following the devastating impact of Hurricane Dorian in the region. The ratings have been placed under review with developing implications in light of the widespread destruction and limited information that ... Read the full article
Prudential set to acquire insurtech Assurance IQ
8th September 2019
US insurance and investment firm Prudential Financial has agreed to acquire Assurance IQ, an insurtech firm that matches buyers with customised insurance solutions. The transaction includes a total upfront consideration of $2.35 billion, plus an additional earnout of up to $1.15 billion in cash and equity, contingent upon Assurance achieving certain ... Read the full article
Hurricane Dorian triggers $11mn CCRIF payout to the Bahamas
8th September 2019
The Caribbean Catastrophe Risk Insurance Facility (CCRIF) will pay the Bahamas almost US $11 million due to the impact of Hurricane Dorian, which hit the region last week as a Category 5 storm. Dorian made landfall in the Bahamas on September 1 and stalled over the Abaco Islands and Grand Bahama ... Read the full article
Markel announces launch of Lodgepine Capital Management in Bermuda
8th September 2019
Markel Corporation has announced its new retrocessional reinsurance ILS fund management unit, Lodgepine Capital Management Limited., together with a reinsurer, Lodgepine Re. Initially, Lodgepine's product offering will be the Lodgepine Fund, a property cat retrocessional investment fund ahead of the 2020 renewals season. "Lodgepine will expand Markel's current range of ILS capabilities ... Read the full article
Tysers to acquire RFIB Group owner RTG
8th September 2019
Specialty Lloyd’s broker Tysers has announced the acquisition of Risk Transfer Group, the parent company of RFIB Group, for an undisclosed fee. Tysers says the move to combine with another independent specialist brokerage demonstrates a commitment to expanding its capabilities and product offering. As part of the deal, RTG Chief Executive Officer ... Read the full article
David Priebe named Chairman of Guy Carpenter
8th September 2019
Long-standing leader David Priebe has been named as the new Chairman of reinsurance broker Guy Carpenter this morning. Having worked at the brokerage since 1981, Priebe has held a range of leadership positions, most recent as its Vice Chairman. Moving up to Chairman effective immediately, Priebe will continue to report to Guy ... Read the full article
Opportunity to close $1.2 trillion composite protection gap, says Swiss Re
7th September 2019
Reinsurance giant Swiss Re has said that the world economy is less resilient now than in 2007 and has highlighted a $1.2 trillion composite protection gap for three main risk areas - nat cats, mortality and healthcare spending. Swiss Re's latest sigma report, which was announced today at the annual meeting ... Read the full article
Reinsurance rate rises uneven & regional: Tony Melia, Willis Re
6th September 2019
Movements in reinsurance rates seen at mid-year 2019 renewals were not evenly distributed, with differentiation of cedants and regional price dynamics the order of the day. Willis Re International CEO Tony Melia explained to us in a recent interview that the reinsurance market has become increasingly nuanced, when it comes to ... Read the full article
Re/insurers could face $3bn loss from Dorian in the Caribbean: AIR Worldwide
6th September 2019
Catastrophe risk modelling firm AIR Worldwide has estimated that industry insured losses resulting from Hurricane Dorian’s impact in the Caribbean will be between US $1.5 billion and $3 billion. Dorian is currently moving northeast away from the coast of North Carolina at 14 mph, having weakened considerably during its track along ... Read the full article
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