Reinsurance News
China’s Anbang reopens sales talks for Chengdu bank
3rd January 2020
China’s Anbang Insurance Group is reopening talks to sell its 35% stake in Chengdu Rural Commercial Bank, according to reports from Reuters. This marks the second time the insurer has attempted to offload its stake in Chengdu, having previously tried to sell the stake for 16.8 billion yuan (US $2.41 billion) ... Read the full article
FEMA renews NFIP reinsurance program with $1.33bn of coverage
2nd January 2020
The U.S. Federal Emergency Management Agency (FEMA) has announced the renewal of its flood reinsurance program to protect the National Flood Insurance Program (NFIP), securing $1.33 billion of protection. The coverage was secured from a panel of 27 reinsurance companies, and protects the NFIP from events on a per-occurrence basis for ... Read the full article
Uber selects Liberty Mutual to cover drivers in US states & Puerto Rico
2nd January 2020
Ridesharing company Uber has selected Liberty Mutual Insurance to provide coverage for its drivers and passengers throughout New England, South Carolina, and Puerto Rico as part of its 2020 auto insurance programs. Under the program, Liberty Mutual will provide specific coverages from the time drivers open the Uber app through to ... Read the full article
Argo capitulates to Voce board nominations
2nd January 2020
Specialty reinsurer Argo Group International Holdings has announced a new cooperation agreement with its shareholder, Voce Capital Management, that will see several changes made to the composition of Argo’s Board of Directors. The agreement marks the culmination of an ongoing dispute that began back in February 2019 when Voce accused ... Read the full article
Property cat rates stable amid varied 1/1 renewal: Hyperion X
2nd January 2020
Pricing for property-catastrophe reinsurance remained fairly stable at the January 2020 renewals, with rates-on-line rising 0.8% on average, according to Hyperion X, the data and technology focused unit of the global Hyperion Insurance Group. The firm noted that property-catastrophe pricing was stable despite more varied results in other lines, including significant ... Read the full article
Australia bushfire claims escalate, with further losses forecast
2nd January 2020
Insurance and reinsurance claims from the bushfires burning through New South Wales and other areas of Australia are continuing to escalate, with more extreme fire danger forecast over the coming days and weeks. Analysts at Aon report that insurance claims from this season’s bushfires have now reached US $207 million, while ... Read the full article
Global Risk Partners completes 18 acquisitions in 2019
2nd January 2020
Global Risk Partners (GRP), a vehicle designed to acquire brokers and MGAs trading in the UK retail and global, specialty insurance markets, completed 18 acquisitions in 2019 while its run rate GWP neared £800 million. At the same time, the firm has reported that run rate income increased by 25% to ... Read the full article
Allianz completes acquisition of remaining stake in LV=GI
2nd January 2020
Global insurer and reinsurer Allianz has completed its previously announced acquisition of the remaining 51% stake in Liverpool Victoria Friendly Society's (LV=) UK General Insurance businesses (LV=GI). The deal was first announced at the end of May 2019 alongside news that Allianz is to acquire Legal & General Insurance Limited, ... Read the full article
Willis Re notes some considerable price increases in a divergent renewal
2nd January 2020
Willis Re, the reinsurance arm of global insurance brokerage Willis Towers Watson, has noted a divergent and late January renewal season which saw some considerable price increases in certain lines of business. Overall, Willis Re states that reinsurers have been judicial during the January 1st renewal season, resulting in significant pricing ... Read the full article
Homeowners segment boosted by lower cat losses in 2019: AM Best
2nd January 2020
Following two years of elevated catastrophe losses, a significant decline in activity during 2019 has helped to boost the homeowners insurance segment, according to AM Best. Analysts noted that the re/insurance industry more broadly has had some respite from catastrophe losses in 2019 despite threats from numerous storms, as well as ... Read the full article
Pana Harrison seals long-term partnership with Mitsui & Co
31st December 2019
General re/insurance brokerage Pana Harrison has entered into a long term partnership with Mitsui & Co, one of the largest global trading and investment companies. Following the transaction, Mitsui will be Pana Harrison’s largest institutional shareholder, while the company’s management will continue to manage and own a stake with The Huntington ... Read the full article
Syncora wraps up sale of guarantee insurance subsidiary
31st December 2019
Bermuda-domiciled holding company Syncora has wrapped up the sale of Syncora Guarantee, its financial guarantee insurance subsidiary, to Star Insurance Holdings. Star Insurance is an entity organised by GoldenTree Asset Management on behalf of GoldenTree’s managed funds and accounts. Syncora has also announced plans to distribute the net proceeds of sale together ... Read the full article
Fitch sees improved underwriting profits for US P&C insurers
31st December 2019
Fitch Ratings has maintained a stable outlook for the U.S. property and casualty (P&C) sector's fundamentals and ratings in 2020, and has said that market players are likely to report an improved underwriting performance in 2019 when compared with the previous year. Ultimately, Fitch analysts believe that the positive pricing momentum ... Read the full article
2020 will be a turning point in Lloyd’s history, says Clyde & Co
31st December 2019
Insurance law firm Clyde & Co has suggested that in 2020 we will see Lloyd’s of London take control of its future by implementing the key initiatives proposed in Blueprint One. Analysts from the law firm say Lloyd’s has already taken control of performance via Decile 10, a program they ... Read the full article
Palomar Holdings completes reinsurance renewal
31st December 2019
Specialty property insurer Palomar Holdings has successfully renewed around $300 million of its core reinsurance program while also purchasing $145 million of incremental limit that sits at the top of its tower. Effective January 1, the program provides up to $1.2 billion of protection from earthquake events and features an incremental ... Read the full article
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