Reinsurance News
AIG forms global reinsurance business AIG Re, names Marsh’s Schaper CEO
20th June 2019
American International Group, Inc (AIG) has announced the consolidation of its assumed reinsurance operations, resulting in the establishment of global business AIG Re. The global re/insurer has consolidated the assumed reinsurance operations of Validus Re, AlphaCat, and Talbot Treaty into one global reinsurance business, called AIG Re. At the same time, the ... Read the full article
Hannover Re’s parent leads financing of Spanish PV solar parks
20th June 2019
Parent of reinsurance giant Hannover Re, The Talanx Group has been revealed as the lead investor for the financing of nine operational photovoltaic (PV) solar parks located in southwest Spain, with financial guarantee being provided by Assured Guaranty (Europe) plc (AGE). The financing further expands Talanx's sustainable investment activities and, the ... Read the full article
Genstar partners with Atlas on DIC program for earthquake & flood
20th June 2019
Genstar, a subsidiary of General Reinsurance Corporation and member of the Berkshire Hathaway family, has partnered with Atlas General Insurance Services on the launch of a new Difference in Conditions (DIC) program. The program will be administered by Atlas, and include coverage for earthquake, earthquake sprinkler leakage, and flood. “GenStar is excited ... Read the full article
Reinsurers’ profits at historic low as return on equity drops: analysts
19th June 2019
The reinsurance industry is experiencing a period of historic unprofitability as the gap between cost of capital and return on equity remains at the highest level its ever been, according to analysts at A.M. Best. In a new report, the rating agency noted that reinsurers tend to have a low cost ... Read the full article
Sompo International to utilise casualty analytics platform from AIR Worldwide
19th June 2019
Bermuda-based property and casualty re/insurer Sompo International has begun using Arium, the casualty analytics platform from AIR Worldwide, to better understand and quantify its liability and loss potential across multiple commercial liability lines. As part of the collaboration, AIR is also offering portfolio data coding services to Sompo International that include ... Read the full article
Marsh names CEO & Client Director of UK Real Estate Practice
19th June 2019
Global re/insurance broker Marsh has announced the appointments of Tim Scoble as Chief Executive Officer (CEO) of its UK Real Estate Practice, and Mark Lumley as Client Director. Part of Marsh JLT Specialty, the UK Real Estate Practice provides insurance and risk advisory services to real estate owners, operators, managers, and ... Read the full article
Analysts highlight uncertainty around FedNat’s Maison deal & off-cycle renewal
19th June 2019
Analysts at JMP remain confident in the prospects of FedNat Holding Company, but have said that some uncertainty exists around the company's "slightly off-cycle" reinsurance renewal and the potential delay of its acquisition of Maison Insurance, the homeowners insurance operations of 1347 Property Insurance Holdings. JMP met with FedNat management ... Read the full article
Joshua Brekenfeld joins Aspen as Director of Global Corporate Development
19th June 2019
Aspen Insurance Holdings Limited has appointed Joshua Brekenfeld as Director of Global Corporate Development, effective August 2019. Brekenfeld joins the insurer and reinsurer from Lloyd's of London, where he worked in a number of senior roles over the past six years, most recently leading the business oversight relationship between Lloyd's and ... Read the full article
Insurers FHCF reimbursement raised as Florida Governor approves bill
19th June 2019
Florida Governor Ron DeSantis has signed into law bill HB 301, part of which doubles the reimbursement rate insurance companies can receive from the Florida Hurricane Catastrophe Fund (FHCF). The Florida House of Representatives passed the legislation in April 2019, at the same time as it passed a bill targeting assignment ... Read the full article
U.S life/annuity market posts 25% drop in pre-tax earnings for 2018: A.M. Best
19th June 2019
The majority of U.S life/annuity companies posted favourable operating results in 2018, according to A.M. Best, but statutory pre-tax operating gains declined by 25%, the largest drop in five years. The rating agency observed that pre-tax operating earnings for the sector declined from $63.7 billion in 2017 to $47.8 billion in ... Read the full article
Blockchain insurtech ChainThat joins the BMA’s Innovation Hub
19th June 2019
ChainThat, a specialist provider of blockchain solutions for the re/insurance industry, has been approved as the first company to join the Bermuda Monetary Authority’s (BMA) Innovation Hub. The Bermudian regulator launched the Innovation Hub initiative in April 2018, providing insurtech firms with the ability to share ideas and information with BMA ... Read the full article
Citizens to cap Florida rate increases at 4.7% following AOB reforms
19th June 2019
Citizens Property Insurance Corporation, the Florida state-run insurer, is seeking approval from its Board to cap its average premium rate increases at 4.7% following recent legislation designed to curtail assignment of benefits (AOB) abuse. If approved, the revised rate increases would be limited to nearly half the original 8.2% hikes ... Read the full article
Nexus recruits Marc van der Veer from Ardonagh as CEO, European Ventures
19th June 2019
Nexus Group, the specialty managing general agent (MGA), has announced the appointment of Marc van der Veer as Chief Executive Officer (CEO), European Ventures. Van der Veer joins Nexus from The Ardonagh Group, where he most recently served as CEO of International for specialty MGA Geo Underwriting. Prior to this, he held ... Read the full article
Cat 5 storm landfall near Miami would drive residential losses of over $200bn, says KCC
19th June 2019
A new risk model from Karen Clark & Company (KCC), which contains over 90,000 hurricanes, estimates that a strong Category 5 storm making landfall near Miami would drive re/insured residential losses of more than $200 billion. KCC explains that one of the worse-case scenarios for the state of Florida is a ... Read the full article
All Caribbean CCRIF members renew, some expand coverage
19th June 2019
The CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) has announced that as of June 1st, all of its Caribbean members have renewed their parametric insurance coverage for the 2019/2020 year. In fact, the CCRIF SPC reveals that nine Caribbean Governments decided to expand their level of coverage for at ... Read the full article
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