Reinsurance News
Mexico showing strong re/insurance growth despite regulatory concerns: A.M. Best
17th May 2019
A.M. Best believes that Mexico continues to offer significant growth opportunities for re/insurers and has even benefited from the introduction of the Solvency II framework, which some anticipated would be a limiting factor for the market. The rating agency noted that premium growth has been inconsistent since the regulatory system was ... Read the full article
Bermuda removed from EU tax blacklist
17th May 2019
Bermuda has been removed from the European Union’s (EU) list of non-cooperative jurisdictions after implementing commitments to address concerns about its tax transparency. The island nation and global reinsurance hub was added to the list alongside 14 other countries last month for failing to comply with good governance standards on ... Read the full article
Ping An growth helps China overtake as most valuable insurance market: Brand Finance
17th May 2019
China has overtaken the U.S as the largest global insurance market in terms of brand value, according to valuation consultancy Brand Finance, in part due to the continued growth of Chinese insurance giant Ping An. Ping An, which outpaced Allianz to become the world’s most valuable insurance brand in 2017, grew ... Read the full article
Deutsche Rück profits up in 2018 despite underwriting loss
17th May 2019
German re/insurer Deutsche Rückversicherung AG (Deutsche Rück) reported a net profit of €56.0 million, after tax, in 2018 despite turning an underwriting loss, partly driven by claims from weather events such as Storm Friederike/David. The improved result, which was well above the net profit of €3 million recorded in 2018, was ... Read the full article
Munich Re member firm HSB announces cyber cover for farmers
17th May 2019
Munich Re member firm The Hartford Steam Boiler has announced a new cyber solution designed to help protect farmers and farm technology from hackers, malware and other cyber attacks. HSB Farm Cyber Insurance protects farmers against cyber attacks involving computers and electronic devices located on the farm premises, including the farm ... Read the full article
David McMillan departs QBE to become CEO at esure
17th May 2019
esure Group plc has announced that David McMillan, current Group Chief Operating Officer at QBE, is to join the company as Chief Executive Officer (CEO) in August 2019. McMillan joined QBE in September 2017 and has since been based in the re/insurer’s London office. Prior to this, he was CEO for Europe ... Read the full article
A.M. Best revises Third Point Re outlook to negative
17th May 2019
International financial services ratings agency, A.M. Best has revised the rating outlooks to negative from stable of Third Point Reinsurance Ltd. and its subsidiaries, in light of the firm's inability to produce an underwriting profit. At the same time, A.M. Best has affirmed the Financial Strength Rating of A- (Excellent) and ... Read the full article
Aon invests in Global Reinsurance Clients unit, adds executive team
17th May 2019
Global insurance and reinsurance broker Aon has announced a number of organisational changes within its Global Reinsurance Clients team, which launched in 2014 and forms part of its Reinsurance Solutions operation. Currently, Aon's Global Reinsurance Clients team supports 25 large, global insurance companies, providing firms with a service to accelerate their ... Read the full article
Korean Re sets up Swiss reinsurance branch
17th May 2019
Korean Reinsurance Company (Korean Re), the Seoul-based reinsurer, has established a new branch in Zurich, Switzerland, as part of a push to expand into the European market. The subsidiary, called Korean Reinsurance Switzerland AG, is licenced to start reinsurance business from June 1, 2019, the company disclosed. It will be led by ... Read the full article
Commercial insurance prices continue growing at Q1, finds Marsh
17th May 2019
Global commercial insurance prices increased by 3% during the first quarter of 2019, according to data from re/insurance broker Marsh, marking a sixth consecutive quarter of price increases. Marsh also noted that the rate of growth in commercial insurance prices was at its highest since it began its survey in 2012. Regionally, ... Read the full article
Allstate posts catastrophe losses of $290mn for April
17th May 2019
The Allstate Corporation has announced that its estimated catastrophe losses for the month of April 2019 were $290 million, pre-tax ($229 million, after-tax). Two wind/hail events, which primarily impacted Texas, accounted for approximately 70% of the month’s catastrophe losses, Allstate revealed. The insurer was impacted by seven catastrophe events in April, which ... Read the full article
Warmer climate is driving higher re/insurance costs: Swiss Re report
16th May 2019
Rising global temperatures due to climate change have heightened the risk of costly events such as wildfire and drought and significantly impacted the level of re/insurance industry losses in recent years, according to the latest sigma report by Swiss Re. Swiss Re expects that climate change will cause more frequent occurrences ... Read the full article
Victor adds Anthony Stevens as President of international operations
16th May 2019
Victor Insurance Holdings, the Managing General Underwriter previously known as The Schinnerer Group, has announced the appointment of Anthony Stevens as President of Victor International, effective immediately. In his new role, Stevens will oversee the advancement of Victor’s insurance strategy outside of North America. He succeeds Paul Drake, who previously announced his ... Read the full article
Globe Underwriting adds Mackay as Head of NA Property
16th May 2019
UK-based managing general agent (MGA) Globe Underwriting has announced the appointment of Jennifer Mackay as Head of its North American Property Division. Mackay in her new role will focus on the underwriting and management of both residential and commercial property programs whilst leading the underwriting team to drive profitable growth. She brings ... Read the full article
Clyde & Co develops smart contract for parametric insurance
16th May 2019
Global law firm Clyde & Co has launched a new smart contract for parametric insurance, which uses software and data sources to automatically calculate claims obligations and other factors. The contract, which is available through Clyde & Co’s smart contract consultancy, Clyde Code, is the first of its kind, according the ... Read the full article
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