Reinsurance News
FWD is in advanced talks to acquire MetLife Hong Kong: Reports
25th June 2019
The South China Morning Post has reported that FWD Group, the Swiss Re backed insurance business of Pacific Century Group (PCG), is in advanced talks to acquire MetLife's Hong Kong insurance business. According to reports, an agreement between the two companies could be made within the next few weeks. People close ... Read the full article
RGA subsidiary in $2.9 billion annuity reinsurance deal with Horace Mann
25th June 2019
A subsidiary of global life reinsurer, Reinsurance Group of America (RGA) has completed a $2.9 billion annuity reinsurance transaction with Horace Mann Life Insurance Company, a subsidiary of Horace Mann Educators Corporation. Under the transaction, effective April 1st, 2019 RGA's subsidiary will reinsure a seasoned block of U.S. annuity business and ... Read the full article
Munich Re partners with GIC consortium on catastrophe damage analytics
25th June 2019
Munich Re has announced a new partnership with re/insurance industry consortium the Geospatial Intelligence Center (GIC) to provide its members with access to automated damage classification analytics following major catastrophe events. The GIC provides its members with access to imagery and data that enhance underwriting assessments, expedite claims, and improve fraud ... Read the full article
Ed Bermuda receives regulatory approval
25th June 2019
Global reinsurance brokerage Ed has now received regulatory approval from the Bermuda Monetary Authority (BMA) for its Bermuda operation. The new division, Ed Bermuda will provide its full range of broking services, backed by the utilisation of advanced technology through the firm's proprietary trading platform, TradEd. At the start of February, 2019 ... Read the full article
Mutual microinsurance improves disaster resilience in vulnerable communities, finds report
25th June 2019
A new study from the University of Cambridge Institute for Sustainability Leadership (CISL) has concluded that the use of mutual microinsurance contributes significantly to the recovery of low-income households following a natural disaster. Taking the impact of the 2013 Typhoon Haiyan in the Philippines as its case study, the report found ... Read the full article
Consortium of development agencies to promote disaster risk insurance in Africa
25th June 2019
A new consortium of international development agencies has formed with the aim of improving the knowledge of African governments, the private sector, and the international community regarding the disaster risk insurance market in Africa. The group consists of the United Nations African Institute for Economic Development and Planning (IDEP), the African ... Read the full article
Flatter pricing cycle will help protect policyholders: Hannover Re’s Konrad Rentrup
24th June 2019
The flatter pricing cycle that reinsurers have experienced following recent catastrophe events will ultimately ensure that primary insurance policyholders continue to be provided with affordable and widely available coverage. This is according to Konrad Rentrup, President and CEO at Hannover Re Bermuda, who discussed the impact of recent pricing trends alongside ... Read the full article
Willis Towers Watson develops new solution for mid-market clients
24th June 2019
Re/insurance broker Willis Towers Watson (WTW) has launched a new solution for General Industry mid-market clients as part of its Differentiated Broking Solutions (DBS) strategy. Notably, the solution features pre-agreed terms and conditions, meaning it will act almost like a facility with guaranteed capacity at guaranteed rates for WTW’s clients. WTW said ... Read the full article
Essent obtains further $334mn of mortgage reinsurance from capital markets
24th June 2019
Bermuda domiciled mortgage insurer Essent Group Ltd. has announced that its subsidiary, Essent Guaranty, Inc., has secured a further $333.8 million of fully collateralised excess of loss reinsurance coverage from the capital markets. The coverage was obtained through Radnor Re 2019-2 Ltd, a newly formed Bermuda special purpose insurer, and relates ... Read the full article
Email outage could cause multi-billion dollar insured losses
24th June 2019
Analysis by predictive cyber risk modelling firm, Kovrr highlights the potential for significant insurance and reinsurance industry losses as a result of an email service outage in the UK. According to statistics, some 290 billion emails are sent every day across the world by around 3.9 billion users. While the numbers ... Read the full article
China Re appoints Liu Xiaopeng as Non-Executive Director
24th June 2019
The Board of Directors of China Reinsurance Corporation (China Re) has approved the nomination of Liu Xiaopeng as a Non-Executive Director for the Board's fourth session. Xiaopeng is currently the director of the strategic operations of Gome Holdings Group Company Limited, an industrial conglomerate that operates in retail, finance, real estate, ... Read the full article
Allianz to sell stake in Spanish bancassurance venture
24th June 2019
Global insurer Allianz has announced plans with Banco Santander to sell its 60% stake in its joint Spanish bancassurance venture, Allianz Popular SL. Banco Santander has agreed to pay €936.5 million for the acquisition of Allianz’s holding and for the termination of the exclusive non-life distribution agreement with Allianz’s operating entity ... Read the full article
HSCM Bermuda, White Mountains latest to invest in auto-focused insurtech Noblr
24th June 2019
HSCM Bermuda Management Company, an insurance-linked securities (ILS), reinsurance and transportation investment manager, has in collaboration with White Mountains Capital and TPRE Reinsurance invested in auto-focused insurtech firm Noblr. Noblr, who was recently invested in by hedge fund-backed reinsurer Third Point Re, offers an insurance product designed to reward automobile ... Read the full article
Labuan IBFC targets China outreach via Tricor Group partnership
24th June 2019
The Labuan International Business and Financial Centre (Labuan IBFC) is looking to strengthen is marketing outreach and development initiatives in China via a new partnership with Tricor Group. Tricor, which is one of the leading Trust Company Service Providers (TCSP) in Labuan IBFC, will help the Centre to explore opportunities in ... Read the full article
Record £7 billion of longevity risk reinsured by PIC in 2019
24th June 2019
Pension Insurance Corporation (PIC) has completed £5.8 billion (USD 7.4 billion) of pension buy-ins and buyouts and has reinsured a record £7 billion (USD 8.9 billion) of longevity risk so far in 2019. The specialist insurer of defined benefit pension funds has highlighted a very active year for the pension risk ... Read the full article
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