Reinsurance News
Moody’s increasingly positive on mortgage insurers as reinsurance use grows
2nd December 2019
With mortgage insurers in the U.S. increasingly leveraging the capital markets to secure reinsurance protection, alongside traditional forms of coverage, Moody's Investors Service (Moody's) has taken some positive rating actions and a somewhat more positive outlook on market players. Overall, notes Moody's, the U.S. mortgage insurance sector has reported broad-based improvements ... Read the full article
Chaucer hires US General Liability underwriter from Allianz
2nd December 2019
Chaucer, the specialty international re/insurance group, has announced the appointment of Colm Sheedy as Class Underwriter to work on its US General Liability account, focused on large wholesale facultative business. Sheedy joins Chaucer from Allianz Global Corporate & Specialty, where he worked on the company’s US liability account. He has nearly a ... Read the full article
Berkshire (BHSI) announces Commercial Crime policy for Asia
2nd December 2019
Berkshire Hathaway Specialty Insurance (BHSI), a division of Warren Buffett's Berkshire Hathaway, has announced the launch of a new policy designed to help companies address fraud exposure in Asia. The policy, called Commercial Crime Insurance, will offer coverage for both traditional employee crime and external crimes, including funds transfer fraud, credit ... Read the full article
Aspen’s Daniel Berry named Underwriting & Pricing Director, Coverly
2nd December 2019
Coverly, the pay-as-you-go InsurTech provider of on-demand insurance for small and medium sized enterprises, has appointed Aspen Risk Management Ltd.'s Daniel Berry as Underwriting and Pricing Director. Coverly launched in February and has since experienced significant growth, which is set to continue in 2020 with two new appointments. Berry brings 15 years ... Read the full article
Arch completes acquisition of Barbican
2nd December 2019
Bermuda-based re/insurance company Arch Capital Group has completed its acquisition of Barbican Group Holdings Limited from owner investor Carlson Capital. The deal, first announced in July 2019, is expected to provide a significant expansion to Arch’s London and Lloyd’s related insurance and reinsurance underwriting operations. As part of the acquisition, Arch ... Read the full article
Hiscox set to drop out of FTSE 100
2nd December 2019
Specialist re/insurer Hiscox is set to drop from the FTSE 100 this week as ongoing claims arising from hurricane Dorian and typhoons Hagibis and Faxai continue to dent profitability. The insurer last month set aside $165 million to cover the aforementioned storms and have seen its share price fall 12% since ... Read the full article
Reinsurance sector is uniquely placed but can’t do it alone, say SCOR execs
2nd December 2019
The global reinsurance industry is well placed to help protect both societies and the economy, but it's important that the private sector works with governments amid the growing frequency and severity of disasters, according to a recent blog post by SCOR's Vincent Foucart and Eric Le Mercier. The need to improve ... Read the full article
Zurich acquires Adira Insurance, expanding presence in Indonesia
2nd December 2019
Zurich Insurance Group has completed the acquisition of 80% of PT Asuransi Adira Dinamika (Adira Insurance), thereby becoming the largest property and casualty (P&C) insurer in Indonesia. Adira Insurance is among the top 10 P&C insurers in Indonesia. It generated gross written premiums of US $170.4 million in 2018 and has leading ... Read the full article
A changing environment shouldn’t change your strategy: PartnerRe’s Colello
29th November 2019
Reinsurers should not be looking to alter their strategy in response to changing market conditions, but should instead be focusing on consistency and execution, according to Jon Colello, CEO for P&C Americas and President of PartnerRe. Speaking in an interview with Reinsurance News, Colello acknowledged that both insurers and reinsurers were ... Read the full article
Sompo International establishes Brazilian insurance holding company
29th November 2019
Sompo Holdings, Inc. has announced the establishment of Sompo International Holdings Brasil Ltda, a Brazilian Insurance Holding subsidiary designed to achieve further growth in the group's overseas insurance business. The group's new Brazilian insurance subsidiary was established on October 1st, 2019 and will be based in Sao Paulo, Brazil. Sompo has announced ... Read the full article
A.M. Best report highlights growing debt among U.S. health insurers
29th November 2019
The total debt obligations among U.S. publicly traded health insurers have increased significantly over the last ten years to $115.5 billion in 2018, driven by the low interest rate environment supporting companies' diversification and acquisition efforts, says A.M. Best in a recent report. From total debt obligations of $24.8 billion in ... Read the full article
France & Italy brace for hundreds of millions in flood losses: Aon
29th November 2019
Flooding this week in parts of southeastern France and northwestern Italy along the Mediterranean coast is likely to drive economic losses in the hundreds of millions of euros range, if not higher, according to re/insurance broker Aon. Parts of France and Italy were hit with torrential rains between November 21 and ... Read the full article
Capital strength threatened by severe stress scenarios, reports Moody’s
29th November 2019
Severe stress scenarios could cause the risk-based capital (RBC) of US life re/insurers to deteriorate to an extent that would put credit ratings under pressure, according to analysts at Moody’s. The rating agency currently considers the US life industry to be well capitalised with a median RBC ratio of 447%. However, it ... Read the full article
Cooper Gay France acquires Belgian unit from Tokio Marine Kiln
29th November 2019
Cooper Gay (France) SAS (CGF), the French MGA owned by Ed Broking, has announced that it plans to acquire a Belgium headquartered service company from Tokio Marine Kiln. Following the acquisition, Tokio Marine Kiln Europe SA (TMKE) will combine with CGF to create a single business, to be named Cooper Gay. CGF ... Read the full article
Spanish non-life sector maintains growth & profitability: Fitch
29th November 2019
The Spanish non-life insurance sector has expanded for the fifth year in a row, with strong profitability maintained and many opportunities for further growth, according to analysts at Fitch Ratings. In 2018, Spanish non-life premiums increased by 4% with positive contributions from most lines. Fitch expects the Spanish non-life insurance sector to ... Read the full article
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