Reinsurance News
Moderate rate increases across most commercial P&C lines in Q2: CIAB
27th August 2019
The Council of Insurance Agents & Brokers (CIAB) has reported that premium pricing increased across all-sized commercial property and casualty (P&C) accounts in the second quarter of 2019. Similarly, all lines of business saw slight to moderate pricing increases during the quarter, with the exception of workers’ compensation. Commercial property and commercial ... Read the full article
Background paper calls for better use of insurance to adapt to changing climate
27th August 2019
A background paper submitted to the Global Commission on Adaptation by global risk transfer experts recommends numerous ways to maximise the benefits of risk transfer solutions for climate adaption. Specifically, the paper calls for investment in open-source models that offer a long-term view of climate risk and link to insurance solutions, ... Read the full article
Lapse in reinsurance M&A as market conditions improve: Fitch
23rd August 2019
Mergers and acquisitions (M&A) activity in the reinsurance industry appears to be have been on hold through 2019 as improved market conditions have shifted the focus towards organic growth opportunities, according to Fitch Ratings. Analysts noted that 2018 and early 2019 were characterised by the completion of several substantial M&A deals, ... Read the full article
CAC Specialty adds Jennifer Schaeffer as Senior VP
23rd August 2019
CAC Specialty, a specialty insurance brokerage and investment banking platform recently established by Cobbs Allen, has appointed Jennifer Schaeffer as its Senior Vice President. Schaeffer, who joins from Marsh JLT Specialty where she served as Senior Vice President, has been appointed to bolster the firm’s west coast business, accelerate growth ... Read the full article
Reviving the private US flood market could generate $41.6bn in premiums: Verisk
23rd August 2019
Recent analysis from data analytics provider Verisk suggests that reviving the private flood insurance market in the US could generate $41.6 billion in written premiums for insurers from owner-occupied homes. The figure came as part of a study that concluded 62 million residential locations in the US could be at moderate ... Read the full article
Allianz expands in Brazil with €667mn acquisition from SulAmérica
23rd August 2019
Global insurer Allianz has agreed to acquire automobile and other property and casualty (P&C) operations from Brazilian insurer SulAmérica in a deal valued at BRL 3 billion (€667 million). The transaction is expected to significantly expand Allianz’s presence in Brazil, making it one of the top three insurers with a market ... Read the full article
Laurence Liao resigns from Sirius’ board
23rd August 2019
Laurence Liao has resigned from global re/insurance group Sirius International’s Board of Directors and his role as Chair of its Finance Committee. Sirius has stated that Liao made the decision to leave in order to focus on his role at CMIG International Holding. CMIG International is a subsidiary of China Minsheng Investment ... Read the full article
Insurtech funding rises nearly 280% in Q2: CB Insights
23rd August 2019
A handful of very large insurtech funding deals in the second-quarter of 2019 helped to take the total amount of fundraising for the quarter to almost $1.4 billion, which is almost 280% up on the prior year. Data from CB Insights shows that insurtech funding was down slightly on Q1 of ... Read the full article
ABIR announces key regulatory appointments
23rd August 2019
The Association of Bermuda Insurers and Reinsurers (ABIR) has appointed Wendy King as Public Policy & Regulatory Affairs Analyst. Additionally, the firm’s Director of Policy and Regulation, Suzanne Williams-Charles, has been appointed with additional responsibilities as ABIR Corporate Secretary. King, who most recently served as Senior Officer at the BMA’s Policy and ... Read the full article
Trans Re promotes Andy Taylor to regional CUO oversight role
23rd August 2019
Transatlantic Holdings (Trans Re), the reinsurance arm of the Alleghany Corporation, has announced the appointment of Andy Taylor as Chief Underwriting Officer for its London, Continental Europe, Middle East and Asia Pacific businesses. The decision follows numerous changes made recently to its regional leadership teams, including the appointment of Louise ... Read the full article
Industrial cyber vulnerability could spell multi-billion dollar loss for re/insurers
23rd August 2019
Analysis by predictive cyber risk modelling firm Kovrr has warned of the potential for a multi-billion dollar loss to the re/insurance industry stemming from a recently discovered vulnerability in the IoT operating system of a major security company. Kovrr modelled two scenarios in which attackers exploit the URGENT/11 exposure in VxWorks, ... Read the full article
Ryan Specialty Group to acquire hotel-focused program manager
23rd August 2019
Ryan Specialty Group (RSG) has entered an agreement to acquire the assets and operations of The Suitelife, a program manager based in West Chester, PA that specialises in hotels. Founded in 2010, Suitelife offers package, liability, property, umbrella, auto and workers’ compensation coverages to hotels, resort properties and private resort communities. Its ... Read the full article
Asian reinsurers continue to grapple with intense competition: Fitch
22nd August 2019
Reinsurance companies in Asia continue to look at mergers and acquisitions (M&A) and access to alternative capital markets in order to offset intense competition, according to analysis by Fitch Ratings. In a new report, financial services rating agency Fitch notes challenges facing Asian reinsurers driven by high competition to negotiate improved ... Read the full article
EPIC Insurance Brokers adds RBS Re founders to reinsurance unit
22nd August 2019
EPIC Insurance Brokers and Consultants, a retail property and casualty (P&C) broker and employee benefits consultant, has announced the appointment of four ex-RBS Re employees to its growing reinsurance unit, EPIC Reinsurance (EPIC Re). Alex Soria, Tony Rodriguez, Randy Baker and Ken Knopp form a team of healthcare reinsurance specialists who ... Read the full article
Oscar Health announces US expansion
22nd August 2019
US domiciled health insurer Oscar has announced plans to expand its coverage to six new states and a total of 12 new markets in 2020. The move marks the third consecutive year of expansion for Oscar, bringing its total geographic footprint to 15 states and 26 markets. The firm intends to expand ... Read the full article
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