Reinsurance News
European re/insurers prepared for economic uncertainty, reports S&P
13th February 2019
The biggest risk to European re/insurers’ balance sheets in 2019 is the potential for economic disruption, although most companies are well-positioned and prepared to withstand volatility, according to analysts at S&P Global Ratings. A report by the rating agency highlighted the changing nature of the risk landscape ten years after the ... Read the full article
Lodestar Marine enters P&I insurance cover agreement with Aspen Insurance
13th February 2019
Lodestar Marine has entered into a new agreement with Aspen Insurance, the insurance arm of Aspen Insurance Holdings Limited, that sees Lodestar provide Protection and Indemnity (P&I) insurance to the owners and managers of small and specialised ships with Aspen. Under the agreement, Lodestar will now provide protection up to $50 ... Read the full article
SSL Endeavour names David Lawrence as CEO, reorganises management
13th February 2019
SSL Endeavour, the specialist independent Lloyd’s broker and delegated authority expert, has announced a number of changes to its management team, including the appointment of David Lawrence as Group Chief Executive Officer (CEO). As part of the reorganisation, Marine Director and Head of Broking Gillian Martin has been promoted to Managing ... Read the full article
Pool Re approved to offer non-damage business interruption cover
12th February 2019
Pool Re, the UK’s government-backed terrorism reinsurer, has received Parliamentary approval to cover losses incurred by businesses that cannot trade or access their premises in the wake of a terrorist attack. The Counter-Terrorism and Border Security Bill 2018, which was granted Royal Assent today, will make Pool Re the first terrorism ... Read the full article
Beazley to offer environmental liability policy for banks & lenders
12th February 2019
Specialist re/insurer Beazley has launched a new environmental liability policy that protects banks and other lenders from pollution risks that could affect the value of property used as collateral for commercial loans. In the event of a loan default due to environmental contamination, the site lender environmental asset protection (SLEAP) policy ... Read the full article
Howden acquires strategic stake in specialist Malaysian broker
12th February 2019
Howden, the retail broking unit of Hyperion Insurance Group, has agreed to buy a strategic stake in Malene Insurance Brokers, a leading Malaysian independent niche broker in the energy and power sector, according to reports from New Straits Times. Malene will reportedly join Howden’s other Malaysian business, CIMB Howden Insurance Brokers, ... Read the full article
Some reinsurance claims expected from Australia’s Townsville flooding
12th February 2019
Damages from the torrential rainfall and flooding in the Australian city of Townsville, Queensland are expected to trigger reinsurance protection for some exposed insurers, according to reports from the Courier Mail. The latest data from the Insurance Council of Australia shows that 14,600 insurance claims have been lodged as of Tuesday ... Read the full article
Reinsurance support part of Mitsui Sumitomo’s strategic alliance with Russian insurer
12th February 2019
MS&AD Insurance Group Holdings subsidiary, Mitsui Sumitomo Insurance Co. (MSI), has expanded its presence in Russia with the formation of a new strategic alliance with Russian non-life insurer, Ingosstrakh Insurance Company. Under the new partnership, MSI will have access to Ingosstrakh's network, which includes 83 branches across Russia and its offices in six countries ... Read the full article
AXA XL details potential job cuts in future plans
12th February 2019
AXA XL has drafted a plan for the future target operating model and organisational structure of the business, which includes the potential reduction of 711 positions in Europe. The plan, which has been presented to representatives in France, Italy, Germany and the UK, forms part of the process to unite AXA ... Read the full article
InsurTech firm Agile to represent StarStone across all Syndicate 1301 specialty business
12th February 2019
InsurTech underwriting agency, Agile Underwriting Services Pty Ltd, has been announced as a representative agent for international specialty insurer, StarStone in Australia and New Zealand. Since StarStone launched its Australian underwriting business in 2016, Agile has been a strategic partner, and this appointment follows a strategic review by StarStone. Under the partnership, Agile ... Read the full article
Ascot & Beazley launch tech-driven cargo consortium at Lloyd’s
12th February 2019
Ascot and Beazley have partnered on the launch of a new Lloyd’s based cargo consortium that uses insurtech solutions to help manage risk and claims performance. The A2B consortium, which aims to cement Lloyd’s position in the global cargo market, brings together a range of carriers to provide a maximum of ... Read the full article
SCOR never had discussions with PartnerRe, affirms CEO Kessler
12th February 2019
Denis Kessler, Chief Executive Officer (CEO) of French reinsurer SCOR, has reaffirmed that the company has never had discussions with Bermudian reinsurer PartnerRe regarding a potential merger scenario. Rumours about a possible combination between the two companies have circulated since SCOR rejected an €8.2 billion takeover bid from Covéa last year ... Read the full article
Zurich bought more, tweaked reinsurance protection: CFO Quinn
12th February 2019
The Chief Financial Officer (CFO) of global insurer Zurich, George Quinn, recently discussed the firm's increased reinsurance purchase as it continues to tweak its protection in light of attractive pricing. Speaking during the insurer's Q4 2018 earnings call, CFO Quinn highlighted the firm's increased utilisation of reinsurance, especially around the casualty ... Read the full article
Munich Re’s ERGO to sell Russian non-life arm to RESO-Garantia
12th February 2019
German reinsurer Munich Re has announced that it intends to sell the Russian non-life re/insurance business of its ERGO International division to Moscow-based insurer RESO-Garantia. The property and casualty (P&C) subsidiary provides a range of insurance solutions both in Russia and internationally, including motor, voluntary health coverage, property, mortgage, travel, accident, ... Read the full article
Argo improves combined ratio, reports strong growth for 2018
12th February 2019
Argo Group International Holdings, Ltd. saw its combined ratio strengthen in both Q4 and the full-year 2018, as the re/insurer continued to expand its business operations. Argo has reported its financial results for the fourth-quarter and full-year 2018, posting a net loss of $43.6 million and net income of $63.6 million, ... Read the full article
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