Reinsurance News
The Hanover’s outlook revised to stable on improved underwriting by S&P
20th August 2019
S&P Global Ratings has revised its outlook for The Hanover Insurance Group Inc. (THG) from negative to stable, citing a sustainable underwriting improvement in the company’s U.S commercial business. The rating agency also affirmed its ‘A’ issuer credit and financial strength ratings for THG and its core operating subsidiaries. S&P believes that ... Read the full article
Liberty adds Aon’s Douglas Schrift as CUO of SDI offering
20th August 2019
Liberty Mutual Surety, a business unit of US primary insurer Liberty Mutual, has appointed Douglas Schrift to develop the firm’s Subcontractor Default Insurance (SDI) offering as Chief Underwriting Officer. Schrift joins from Aon’s Construction Services Group SDI practice, where he served as Managing Director. Prior to that, he served as Vice President ... Read the full article
Interest rates cause slowdown in re/insurance deal volume at Q2: PwC
20th August 2019
Re/insurance deal volume slowed down during the second quarter of 2019 as interest rates reversed course and declined toward multi-year lows, according to analysts at PwC. A recent report from the firm found that deal volume among re/insurance companies decreased by 22% compared with the first quarter of 2019 and was ... Read the full article
Guy Carpenter secures key reinsurance role in Cali Wildfire Fund
20th August 2019
Global reinsurance brokerage Guy Carpenter has been selected as the sole reinsurance intermediary for the recently-formed California Wildfire Fund, as the state looks to mitigate the risk after two heavy loss years. Together with the fund’s administrator, the California Earthquake Authority (CEA), Guy Carpenter will provide strategic reinsurance and advisory services ... Read the full article
Reserve releases down in Q2, with headwinds to intensify: Morgan Stanley
20th August 2019
Reserve releases continued to decline during the second quarter of 2019, according to analysts at Morgan Stanley, with total favourable development down at $741 million for the 32 companies tracked by the firm. This was $616 million lower than in the second quarter of 2018, when the companies recorded favourable development ... Read the full article
Uzbek insurer KAFOLAT secures reinsurance from SCOR & Canopius
20th August 2019
KAFOLAT Insurance Company JSC, an insurance company based in Uzbekistan, has secured reinsurance from companies including SCOR, Canopius Lloyd’s syndicate 4444, and Polish Re. The insurer believes that the backing of these reinsurance partners will help to keep its solvency at a high level, by sharing risks and eliminating potential threats ... Read the full article
Insurance satisfaction reaches new high among small businesses, finds industry survey
19th August 2019
Small business owners have never been more satisfied with their insurance providers, according to the results of a new survey by J.D. Power, a provider of consumer insights, data and analytics. The report found that investments in technology, servicing, product expansion and dedicated infrastructure helped to push satisfaction to a new ... Read the full article
Abry to acquire reinsurance management firm Portfolio from Capital Z
19th August 2019
Boston-based private equity firm Abry Partners has agreed to acquire Portfolio Holding from Capital Z Partners, a New York-based private equity firm. Portfolio's primary business is turnkey reinsurance management of vehicle service contracts, warranties and other F&I products sold in the automotive dealership. All of Portfolio's current management team will remain in ... Read the full article
Lockton appoints Marsh’s Beresheim to lead Specialty Practices
19th August 2019
Global re/insurance brokerage Lockton has appointed Devin Beresheim to succeed the recently-retired Brian Kawamoto as Executive Vice President of its Specialty Practices business. Beresheim, who joins from Marsh with nearly 30 years’ experience, will report to Lockton’s US President and Chief Operating Officer, Peter Clune. "Using a baseball analogy, Devin is the ... Read the full article
Jebi to account for over 15% of top reinsurers’ cat budgets: S&P
19th August 2019
S&P Global Ratings has highlighted the ongoing impact of 2018’s Typhoon Jebi on global insurers and reinsurers, as unfavourable loss development continues to affect earnings in 2019. The insured loss estimate of Jebi rose dramatically from $6 billion at the end of 2018 to around $15 billion by the first half ... Read the full article
Tokio Marine partners with Plug and Play in Singapore
19th August 2019
Tokio Marine Holdings, the largest property and casualty (P&C) insurance group in Japan, has announced a new partnership with Plug and Play’s insurtech program in Singapore. Plug and Play is a Silicon Valley-based innovation platform and venture fund that specialises in the development of early-to-growth stage technology startups. It has had a ... Read the full article
Demand for W&I cover in EMEA rises as claims notifications spike: Marsh
19th August 2019
Marsh has released its Transactional Risk Insurance Claims study, which reveals that since 2016, warranty & indemnity (W&I) claims notifications across Europe, the Middle East and Africa (EMEA) have increased significantly. Insurance and reinsurance broker Marsh notes that claims notifications have increased by 293% from 2016 to 2018, adding that this ... Read the full article
Cobbs Allen forms specialty brokerage CAC, announces leadership
19th August 2019
US risk management and insurance brokerage Cobbs Allen has announced the formation of CAC Specialty, a platform which will combine the capabilities of an investment bank and an insurance broker. Cobbs says this new specialty insurance brokerage and investment banking platform will work as a response to the long-term convergence of ... Read the full article
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
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
