Reinsurance News
Higher catastrophe hit pushes UPC to Q4 loss
20th February 2019
Property and casualty insurance holding company, United Insurance Holdings Corp. (UPC) fell to an $11.1 million net loss in the fourth-quarter of 2018, driven by catastrophe losses of more than $41.7 million, primarily relating to the impacts of Hurricane Michael in the U.S. The $11.1 million net loss compares to a ... Read the full article
FCA concludes wholesale broker study, finding no competition concerns
20th February 2019
The Financial Conduct Authority (FCA) has concluded its investigation into the London wholesale broker market, finding no evidence of competition concerns in the sector. The UK financial regulatory body launched its study in November 2017 to assess how effectively competition is working in the wholesale broker market. “Overall, the FCA has not ... Read the full article
Allianz X gets €1bn funding for global tech investments
20th February 2019
The success of Allianz Group’s digital investment unit Allianz X has resulted in it receiving an increased funding allocation of €1 billion. The investment from Allianz SE is designed to facilitate investments into companies globally that represent a strategic relevance to the Group. Allianz X is now one of the largest European ... Read the full article
No-deal Brexit not yet a “base case for rating purposes”: S&P Global
20th February 2019
While the likelihood of Brexit ending in a no-deal scenario remains high, it does not yet warrant becoming a base for rating purposes, according to S&P Global analysts. S&P points to a strong incentive for both the UK and European Union (EU) to successfully negotiate a more favourable exit as the ... Read the full article
SCOR reports solid 2018 growth and profit despite nat cats
20th February 2019
Global insurer and reinsurer SCOR's gross written premiums (GWP) surpassed €15 billion for the first time in 2018, while full-year net income improved to €322 million despite the impacts of catastrophe losses in the third and fourth-quarter. The French re/insurer has reported GWP of €15.3 billion for the full-year 2018, up ... Read the full article
JBA to deliver Sri Lanka Flood Model on Simplitium’s ModEx platform
20th February 2019
Simplitium, a provider of risk analysis services, has announced that the Sri Lanka Flood Model from global flood risk modeller JBA Risk Management is to be delivered on its multi-vendor ModEx platform. It’s hoped the move will broaden accessibility of the Sri Lanka model for both insurers and the wider Disaster ... Read the full article
SCOR promotes Conoscente to Global P&C CEO as Peignet retires
20th February 2019
French reinsurance company SCOR has promoted Jean-Paul Conoscente to the role of Chief Executive Officer (CEO) of SCOR Global P&C after its current leader Victor Peignet decided to retire. Conoscente was previously the CEO of Reinsurance with the SCOR Global P&C unit, the property and casualty underwriting division of the global ... Read the full article
The recipe is there for a positive renewal: Addesso, Everest Re
19th February 2019
In many instances, pricing for catastrophe reinsurance business has not firmed as much as needed, but certain factors suggest a stronger market moving forward, according to Dominic Addesso, President and Chief Executive Officer (CEO) of Bermudian reinsurer, Everest Re. Everest Re fell to a net loss of more than $380 ... Read the full article
Asia execs depart A.M. Best amid management restructure
19th February 2019
A.M. Best has announced that executives Roger Sellek and Jose Ribeiro are to step down from their positions as part of a management restructure to cut costs and strengthen the firm’s business in the Asia-Pacific (AP) region. Sellek is currently Chief Executive Officer of A.M. Best’s EMEA and AP regions and ... Read the full article
Ascot adds Markel’s Jeff Vetter as Exec VP, Head of Inland Marine
19th February 2019
Bermuda-domiciled re/insurer Ascot has announced the appointment of Jeff Vetter as Executive Vice President and Head of Inland Marine. Vetter joins with over 27 years’ experience in the industry and most recently led Markel’s inland marine division. “Jeff is a highly respected leader in his class of business," said Greg Wolyniec, President and ... Read the full article
Aspen bolsters London cyber team with addition of Liberty’s Watson
19th February 2019
Aspen Insurance’s cyber team in London is to add Amie Watson as an Underwriter in May. Watson will join from Liberty Specialty Market where she currently serves as a Cyber & Tech Underwriter. Aspen’s London cyber team is headed by Mauro Signorelli, Senior Underwriter, Technology Liability & Cyber Risk Insurance. “Cyber insurance is ... Read the full article
Florida insurers remain stable due to reinsurance protection, reports Demotech
19th February 2019
Financial analysis firm Demotech has affirmed the financial stability ratings (FSRs) of 51 Florida property insurers after reviewing the quality and quantity of the companies’ reinsurance protection. Based on its compilation of the year-end 2018 financial information of these carriers, Demotech concluded that their reinsurance programs were sufficient to expect reimbursement ... Read the full article
Beazley discounts $10mn in premiums for U.S hospitals
19th February 2019
Specialty re/insurer Beazley has now discounted more than $10 million in healthcare insurance premiums to hospital clients in the U.S through its Quality Indicator Return Premium (QuIRP) facility. The facility is designed to support improvements to patient quality and safety standards by allowing hospitals and health systems to earn a discount ... Read the full article
Preservation Capital follows up Ascent deal with investment in U.S MGA Cove
19th February 2019
Preservation Capital Partners, the private equity firm that purchased cyber and specialty lines managing general agent (MGA) Ascent Underwriting last year, has announced a strategic investment in Cove Programs, a U.S construction-focused MGA. Alongside an undisclosed financial investment, the agreement will see executives from Ascent and Cove come together to drive ... Read the full article
Swiss Re, Zurich offered stake in IAG’s Indian venture, say sources
19th February 2019
Swiss Re, Zurich Insurance, Gen Re and Liberty General are among a group of almost 40 companies who have been approached to buy out Insurance Australia Group’s (IAG) 26% stake in SBI General Insurance, according to sources at The Economic Times. IAG is reportedly seeking Rs 3,400 crore (US $476 million) ... Read the full article
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