Reinsurance News
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
Nephila’s Schauble appeals for more climate action using new products & data
19th June 2019
Barney Schauble, Managing Principle at Nephila Advisors, has urged the re/insurance industry to utilise new products and data in tackling the risks posed by climate change, which he believes are not being adequately addressed. Speaking at the MMC Rising Professionals’ Global Forum, Schauble argued that, with the success of the capital ... Read the full article
MMC urges U.S Senate to renew terrorism risk insurance act
19th June 2019
Tarique Nageer, Property Terrorism Placement and Advisory Leader at Marsh, a Marsh & McLennan firm, has testified before a U.S Senate Committee to highlight the importance of the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA). Nageer urged members of the Committee on Banking, Housing and Urban Affairs to renew the Act, ... Read the full article
Alan Quilter, Dr. Roger Sellek appointed Joint CEOs of R&Q
19th June 2019
Randall & Quilter Investment Holdings Ltd. (R&Q) has revealed that Group Chief Executive Officer (CEO) Ken Randall is to step down from his position, and is to be replaced by Alan Quilter and Dr. Roger Sellek as Joint CEOs. Randall, who jointly founded the company with Quilter in 1991, will continue ... Read the full article
Pakistani regulator looks to increase retention of reinsurance premiums
19th June 2019
The Securities and Exchange Commission of Pakistan (SECP) has announced that it is exploring options to reduce the outflow of foreign exchange related to reinsurance business. The regulator recently held a roundtable attended by private and public sector non-life re/insurers, as well as representatives of the State Bank to address the ... Read the full article
AIG’s Robert Klepper joins AXA XL as CUO for short-tail insurance
18th June 2019
AXA XL, the property & casualty and specialty risk division of AXA, has announced the appointment of Robert Klepper as Chief Underwriting Officer (CUO), Short Tail Insurance Lines. He joins AXA XL from AIG, where he has spent the previous seven years, having most recently served as President of Client Risk ... Read the full article
Series of Munich area storms to cost insurers €650mn: German Insurance Association
18th June 2019
The German Insurance Association (GDV) has said that insurers and reinsurers are set to pay out €650 million (USD 727 million) as a result of a series of hail storms that hit the Munich area of Germany around the Pentecost holiday. Actuaries had previously estimated that one of the severe hail ... Read the full article
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