Reinsurance News
RTG’s Limehouse acquires Decyber
25th February 2019
Limehouse Agencies, the managing general agency (MGA) subsidiary of RFIB’s Risk Transfer Group Limited (RTG), has acquired the online specialist sport and leisure resilience firm Decyber. This acquisition forms part of RTG’s new corporate strategy first outlined in May 2018 that aims to increase revenue from approximately £50 million to ... Read the full article
Germany agrees to extend passporting rights for UK insurers
25th February 2019
Germany has adopted preliminary provisions to authorise the temporary extension of UK financial institutions’ passporting rights, including insurers, in the event of a no-deal Brexit, Clyde & Co analysts have reported. These measures are reportedly part of a wider set of legislation concerning primarily tax matters and allows the extension of ... Read the full article
Brit’s third-party capital hits $440m as Versutus sidecar renewed
25th February 2019
Global specialty re/insurer Brit Limited has completed the fifth annual renewal and expansion of its Versutus sidecar, bringing the total amount of third-party capital under management to $440 million. This capacity is spread across the Versutus 2019, Sussex Capital (its multi-use collateralised reinsurance PCC vehicle in the UK) and its Lloyd's Syndicate ... Read the full article
SCOR sues Barclays, demands access to Covéa acquisition docs
25th February 2019
French reinsurer SCOR has gone through with it’s plans to prosecute Barclays, who acted as the financial advisor and financing bank to Covéa during its failed attempt to acquire SCOR in 2018, according to reports from the Financial Times. SCOR previously announced that it intended to sue Covéa and its ... Read the full article
QBE returns to profit on lower cat impact & improved attritional claims ratio
25th February 2019
QBE Insurance Group Limited has reported a net profit after tax of $390 million (which includes $567 million of profit from continuing operations) for 2018 compared with a loss of $1.3 billion in 2017, driven by a significantly improved attritional claims experience as well as a reduced level of catastrophe ... Read the full article
London Market discipline pays back Hiscox in 2018
25th February 2019
Hiscox has reported that its profit before tax increased substantially in 2018 to $137.4 million despite the impacts of catastrophes on its reinsurance and insurance-linked securities (ILS) business, driven mainly by the improved performance of its London Market operations. Overall, Hiscox saw its profit increase three-fold to more than $137 million ... Read the full article
Pacific Life Re appoints Andrew Gill as MD of Australia, Asia units
25th February 2019
Pacific Life Re has announced the appointment of Andrew Gill as Managing Director of the its Australia and Asia business units. Currently serving as Managing Director of Pacific Life Re Australia (as well as a member of the company’s global executive team) Gill has so far lead the Australian team to ... Read the full article
Value of InsurTech deals up by 155% in Q4: Willis Towers Watson
25th February 2019
Global insurance and reinsurance broker, Willis Towers Watson, has said that the number of InsurTech deals announced globally in Q4 2018 increased by 24% to 63, with a total value of $1.59 billion, which is growth of 155% on the same period in 2017. This is according to the broker's Quarterly ... Read the full article
Legal & General announces £500mn buy-in with Pearson Pension Plan
25th February 2019
Legal & General has announced the completion of a c.£500 million buy-in transaction with the Pearson Pension Plan, covering approximately 2,200 current pensioner members. In 2017, Legal & General provided a c.£600 million pension buy-in with the Pearson Pension Plan, covering approximately 2,400 members. And, the new £500 million transaction, alongside ... Read the full article
Berkshire Hathaway’s primary gains offset reinsurance underwriting loss in 2018
23rd February 2019
Berkshire Hathaway reported an underwriting loss for its reinsurance businesses in 2018, but this was more than offset by strong gains in the primary insurance and GEICO businesses. Reporting its annual results today, Warren Buffett's insurance and reinsurance businesses clearly saw mixed fortunes in 2018, with catastrophe losses denting the fourth-quarter ... Read the full article
AXA saves nearly $200mn on reinsurance costs with 2019 integrated program
22nd February 2019
Global insurer AXA has outlined its restructured, integrated reinsurance program for 2019, the placement of which resulted in a cost saving of almost $200 million, according to AXA Group's Chief Risk Officer (CRO), Alban de Mailly Nesle. The firm announced previously that it expected the placement of its 2019 integrated reinsurance ... Read the full article
Berkshire Hathaway expected to report elevated combined ratios
22nd February 2019
Warren Buffett's insurance and reinsurance divisions of Berkshire Hathaway are expected to report elevated combined ratios in the firm's annual results this week, with catastrophes, attritional weather claims and adverse development of longer-tailed liabilities all expected to have dented its performance. Berkshire Hathaway is scheduled to report its annual results on ... Read the full article
WTW adds Chubb’s Ben Dunston as Head of Broking in Asia
22nd February 2019
Global re/insurance brokerage Willis Towers Watson (WTW) has announced the appointment of Ben Dunston as Head of Broking in Asia, effective March. Dunston was previously the Head of Marine at Chubb Insurance Company, Singapore. Prior to that he held key leadership positions, including at Chubb Syndicate London and Pembroke Managing Agency London. “With ... Read the full article
Cyber analytics insurtech Arceo.ai launches with new platform
22nd February 2019
Arceo.ai, a risk analytics provider for the cyber re/insurance market, has launched with the debut of a new platform that allows carriers to automate their cyber insurance solutions, while increasing the security of policyholders. The Arceo platform seeks to bridge the gap between insurance and cybersecurity by providing clients with a ... Read the full article
TransRe reduced cat exposure due to climate concerns: Alleghany CEO Hicks
22nd February 2019
Weston Hicks, Chief Executive Officer (CEO) of Alleghany Corporation, has said that the firm's reinsurance arm, Transatlantic Reinsurance Company (TransRe), has reduced its catastrophe exposure in response to concerns about growing climate risks and other adverse market conditions. In a letter to shareholders, Hicks addressed the challenge of writing catastrophe business ... Read the full article
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