Reinsurance News
Individual disability market growth continues but at slower rate: Gen Re
4th June 2019
The U.S individual disability insurance market continued to grow in terms of new sales in 2018, although at a slower rate than in 2017, according to a report from Gen Re, the global reinsurance subsidiary of Berkshire Hathaway. Analysts reported that overall new individual disability sales were up 2.8% to $413 ... Read the full article
Markel appoints Chubb’s Proferes to professional liability underwriting role
4th June 2019
Re/insurance holding company Markel Corporation has announced the appointment of James Proferes as Executive Underwriting Officer for Global Professional Liability. Proferes joins from Chubb, where he worked for close to three decades across a number of executive roles in the professional lines markets. Reporting to Executive Vice President and CUO Robin Russo, ... Read the full article
European insurance market shifting towards firmer conditions: Aon
4th June 2019
A new report by global re/insurance brokerage Aon suggests that the commercial European insurance is beginning to show a more consistent shift towards firmer conditions. For buyers, this shift is likely to result in higher rates, capacity constraints, and a tightening of terms and conditions. Aon says this shift is partly a ... Read the full article
Protective completes reinsurance transaction with Great-West Lifeco
4th June 2019
Great-West Lifeco Inc. subsidiary, Great-West Life & Annuity Insurance Company (GWL&A) has completed the sale, via reinsurance of all of its individual life insurance and annuity business to Protective Life Insurance Company, a subsidiary of Protective Life Corporation. The transaction was previously announced on January 24th, 2019 and the business sold includes bank-owned ... Read the full article
New Zealand’s Earthquake Commission increases reinsurance cover to $6.2bn
4th June 2019
The Earthquake Commission (EQC) of New Zealand has increased its reinsurance coverage at the June 1 renewals, securing NZ $6.2 billion (US $4.1 billion) of protection for the next 12 months, according to reports from Stuff. The reinsurance will cover disaster events such as earthquakes, tsunamis and volcanic eruptions. Last year, the ... Read the full article
Arthur J. Gallagher acquires Australian broker The Protectors Insurance Group
4th June 2019
Global insurance brokerage Arthur J. Gallagher & Co. has announced the acquisition of The Protectors Insurance Brokers and Regent Insurance Brokers, collectively known as The Protectors Group. Founded in 1982, The Protectors Group is a retail broker specialising in construction, hospitality and transport coverage. It is based in Liverpool, New South Wales, ... Read the full article
Everest Insurance expands Professional Liability team with trio of hires
4th June 2019
Everest Insurance, a division of Bermuda-based reinsurer Everest Re, has announced the addition of three new members to its Professional Liability group. This segment, which operates within the Everest Insurance Financial Lines unit, provides coverage for architects and engineers, lawyers, accountants, as well as miscellaneous professional liability. Brittany Lannan joins the Lawyers ... Read the full article
East-West business confidence split as reputational risk rises: CNA survey
4th June 2019
A survey published by specialist commercial insurer CNA Hardy suggests that, as global interconnected risk becomes a reality, reputational risk is rising and business confidence is on the slide. CNA says its survey data highlights a clear East-West divide in terms of confidence, with optimism having fallen among executive leading European, ... Read the full article
P&C insurers positioned well as Atlantic hurricane season gets underway: Fitch
3rd June 2019
Despite significantly elevated levels of catastrophe losses in both 2017 and 2018, analysts at Fitch Ratings state that increased policyholders' surplus during this period supports its view that U.S. property and casualty (P&C) insurers are well placed to manage a significant landfalling storm. The 2019 Atlantic hurricane season officially started on ... Read the full article
Ryan Specialty Group completes acquisition of Atlantic Specialty Lines
3rd June 2019
Ryan Specialty Group (RSG) has announced the completion of its acquisition of the assets and operations of wholesale insurance brokerage Atlantic Specialty Lines, Inc. (ASL). ASL is headquartered in Richmond, Virginia, and has additional offices in Illinois, Florida, Louisiana, New York, Pennsylvania, and Texas. The ASL team now forms part RSG’s wholesale ... Read the full article
Zurich completes purchase of ANZ’s OnePath Life
3rd June 2019
Zurich Insurance Group has announced the completion of its acquisition of ANZ’s life insurance business, OnePath Life, for AU $2.85 billion (US $2.14 billion). The transaction, which was first announced in December 2017, will provide Zurich with up to 6 million new customers in Australia, leaving it with a market ... Read the full article
HDI Global Specialty names Waters Global Head of Distribution and Business Development
3rd June 2019
HDI Global Specialty SE, the specialty lines insurer launched as a collaborative venture between Hannover Re and HDI Global, has named Alan Waters as its Global Head of Distribution and Business Development, effective immediately. In this newly created role, which has been established to support the firm's growth and also the ... Read the full article
White Mountains acquires minority stake in ILS manager, Elementum Advisors
3rd June 2019
White Mountains Insurance Group, Ltd. has acquired a minority equity stake in insurance and reinsurance linked asset manager, Elementum Advisors, LLC. Terms of the deal were not disclosed. However, our sister publication, Artemis reported on April 18th 2019 that Elementum was selling a 30% stake to White Mountains. White Mountains is known ... Read the full article
Heritage places its largest ever catastrophe reinsurance program
3rd June 2019
Property and casualty (P&C) insurance holding company, Heritage Insurance Holdings, Inc. has increased its 2019 - 2020 catastrophe reinsurance program to the highest level in its history. The placement of its 2019 - 2020 reinsurance program for its statutory insurance subsidiaries, including Heritage Property Casualty Insurance Company, Narragansett Bay Insurance Company, ... Read the full article
June 1 rates expected to be up 10% – 30% for loss-affected accounts: Analysts
3rd June 2019
Meetings with insurers and reinsurers in Bermuda points to an expectation of average mid-year reinsurance renewal price increases of 10% - 30% for loss-affected accounts, according to analysts at Morgan Stanley. After a prolonged period of falling rates, heavy catastrophe losses and a muted rate response, reinsurers were hopeful of a ... Read the full article
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