Reinsurance News
Stable reinsurance outlook underpinned by pricing & capital: Moody’s
3rd September 2019
Rating agency Moody’s has maintained its stable outlook for the global reinsurance industry going into 2020, with strong capitalisation and rising prices offset by low interest rates and falling reserve releases. Analysts at the firm noted that reinsurers’ regulatory and economic capital has remained resilient thanks to increased use of retrocession, ... Read the full article
Liberty promotes Alice Blake in Bermuda reinsurance build-out
3rd September 2019
Liberty Mutual Re, part of the Liberty Mutual Insurance Group, has announced the promotion of Alice Blake to the role of Senior Underwriter – Financial Risks Reinsurance. Based in Bermuda, her appointment comes as part of a push to build out Liberty Mutual Re’s reinsurance operations on the island. Blake will also ... Read the full article
Secular headwinds to continue for reinsurers, but rates may rise 5% in 2020
3rd September 2019
Reinsurance firms are expected to continue facing "secular headwinds" to their business models in 2020, with rate rises of around 5% expected at renewals next year, but these may not be sufficient to offset the continued competitive trends faced. This is according to rating agency S&P Global Ratings, who said this ... Read the full article
Primary segment often a drag for hybrid reinsurers, say industry experts
3rd September 2019
For many reinsurers utilising a hybrid business model, the insurance segment has often been a drag on profitability that has outweighed any benefits it affords, according to a panel of industry experts. Speaking on AM BestTV, Mario Bonaccorso, Chief Financial Officer at PartnerRe, said that his company had made a deliberate ... Read the full article
Lloyd’s modernisation plans carry high execution risk: Moody’s
3rd September 2019
The Lloyd's of London insurance and reinsurance market's plans to modernise and reduce costs are positive, but come with a high degree of execution risk, according to Moody's. Back in May, Lloyd's announced a new strategy focused on delivering higher quality risk protection for the market’s clients. The six proposed transformational ... Read the full article
Convex signs up Clearwater for investment accounting & reporting
3rd September 2019
Convex Group, the international specialty insurance and reinsurance firm established by Stephan Catlin and Paul Brand, has signed up Clearwater as a provider of investment accounting, reporting and related data services. Convex, which launched with $1.8 billion of initial committed capital of which $1.6 billion is currently drawn, has chosen ... Read the full article
Opportunities ahead for expanding legacy market, but caution needed: IRLA
3rd September 2019
The legacy market continues to show an uptick in both deal size and volume, with many promising opportunities ahead, but re/insurers also need to exercise restraint to ensure they aren’t pushing for transactions at unrealistic levels. This is according to directors at the Insurance & Reinsurance Legacy Association (IRLA), who sat ... Read the full article
US faces prolonged threat as Hurricane Dorian slows to a crawl
2nd September 2019
Hurricane Dorian has continued to slow as it tracks over the Bahamas and towards the US, with dangerous hurricane-force winds expected to batter the length of the east coast throughout the whole week. The storm is still maintaining Category 5 strength, with maximum sustained wind speeds of 155mph, but is currently ... Read the full article
Steven Farr promoted to Global Head of Upstream Energy, AXA XL Insurance
2nd September 2019
AXA XL Insurance has announced the promotion of Steven Farr to Global Head of Upstream Energy, effective immediately. In his new role, Farr will be tasked with leading the firm's Global Upstream Energy team, based in London. He will be responsible for developing the Upstream Energy book, expanding on and delivering ... Read the full article
Talbot’s Noufal Manzil appointed Class Underwriter at Chaucer MENA
2nd September 2019
Specialty re/insurance group Chaucer has announced the appointment of Noufal Manzil as Class Underwriter within its property team in Dubai. Chaucer says the addition of Manzil, who joins from Talbot and brings over 20 years’ experience to the role, reaffirms its commitment to establishing a broad marine and non-marine underwriting team ... Read the full article
US stop-loss premiums surge to $18.6bn in 2018, reports AM Best
2nd September 2019
Net premiums earned in the US stop-loss insurance market more than doubled over the last five years, with premiums surging up to $18.6 billion in 2018, according to AM Best. Premiums were up from $9.2 billion in 2013, reflecting a shift toward self-insured health plans since the implementation of the Affordable ... Read the full article
Lloyd’s broker MNK Re launches Residual Value Insurance Centre of Excellence
2nd September 2019
Specialist Lloyd's of London brokerage, MNK Re Limited, has launched a new dedicated Residual Value Insurance (RVI) Centre of Excellence. MNK Re has a specialist focus on Financial Risks, Casualty, Terrorism, Cyber risks and Marine liabilities, with clients in more than 50 countries across the world. It's been announced that Robert Prince ... Read the full article
Former Swiss Re exec Takashi Goda named Senior Advisor for Japan, PERILS
2nd September 2019
Catastrophe loss data aggregator PERILS has announced the appointment of Takashi Goda as Senior Advisor for Japan, based in Tokyo. In his new role, Goda will work closely with the PERILS team and the local insurance industry, tasked with supporting the expansion of PERILS' services into the Japanese market. Goda brings extensive ... Read the full article
London may lose £61bn of re/insurance business due to Brexit, reports suggest
2nd September 2019
London may lose as much as £61 billion of insurance business as a result of the UK’s decision to leave the European Union (EU), according to reports from Bloomberg. The publication noted that huge amounts of business are being shifted over to rival financial centres on the continent, which will continue ... Read the full article
Gero Michel joins Aon’s Reinsurance Solutions unit to lead UK & EMEA Analytics
2nd September 2019
Gero Michel has joined Aon from Chaucer to lead the re/insurance broker's UK & EMEA Analytics for its Reinsurance Solutions division. In his new role he will report to Eric Paire, Head of Capital Advisory, International, Aon's Reinsurance Solutions business. He will be responsible for devising and driving analytics innovation and strategy ... Read the full article
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