Reinsurance News
CatIQ updates Canadian exposure database in partnership with PERILS
13th May 2019
Catastrophe Indices & Quantification Inc. (CatIQ) has released the annual update of its Canadian insurance Industry Exposure Database (IED), developed with the support of the Canadian P&C industry and in partnership with Zurich-based PERILS AG. Launched in June 2018, CatIQ’s IED is based on exposure submissions from a majority of the ... Read the full article
AXA XL sets up Seaview Re as Class 3A reinsurer to add efficiency
10th May 2019
AXA XL has established a new Class 3A reinsurer in Bermuda called Seaview Re Ltd., we've learned, with the vehicle taking a quota share of the firms U.S. risks, including property catastrophe, and set to act as a capital efficiency play. Seaview Re Ltd. was registered by AXA XL back in ... Read the full article
Munich Re partners with Curv on digital asset insurance
10th May 2019
Munich Re has announced a new partnership with Curv, a cryptography firm for the digital economy, to provide insurance protection of up to $50m for digital assets in Curv's Institutional Digital Asset Wallet Service. The arrangement will provide Curv with the financial capability to pay for losses of crypto assets, with ... Read the full article
Resolution Life adds Rob Devey as Independent Non-Exec Director
10th May 2019
Resolution Life Group, a long-term manager of legacy life insurance portfolios, has announced the appointment of Rob Devey as an Independent Non-Executive Director. Devey was previously an Executive Director of Prudential and Chief Executive Officer of Prudential UK and Europe, and CEO of Towry. He currently serves as Chairman of Modulr Finance ... Read the full article
Florida market to undergo meaningful price correction at June 1: AIG’s Zaffino
10th May 2019
Global insurer AIG believes the Florida property reinsurance market will undergo a meaningful price correction at the upcoming mid-year renewals, while more broadly, it continues to see greater evidence of price discipline, according to Global Chief Operating Officer (COO) and Chief Executive Officer (CEO) of General Insurance, Peter Zaffino. Speaking during ... Read the full article
Indian regulator cancels ITI Re’s license after failing to commence business
10th May 2019
The Insurance Regulatory and Development Authority of India (IRDAI) has moved to cancel ITI Reinsurance’s licence to transact reinsurance business after the company failed to commence business operations. ITI Re, which is the only domestic reinsurer in India besides GIC Re, was originally granted a Certificate of Registration (CoR) by IRDAI ... Read the full article
Amerisure hires Robert Bateman as CFO & Treasurer
10th May 2019
Amerisure Mutual Insurance Company, the U.S property and casualty insurer, has announced the appointment of Robert Bateman as its new Chief Financial Officer (CFO) and Treasurer. He will succeed outgoing CFO Matthew Simon, who is retiring from Amerisure after 21 years of service. Bateman joins the company from Infinity Property & Casualty ... Read the full article
PERILS updates Townsville flood loss estimate to AUD $1.04bn
10th May 2019
Catastrophe loss data aggregator PERILS has updated its insured loss estimate to AUD $1.041 billion (USD $728.28 million) for the floods that hit the Australian city of Townsville, Queensland in February 2019. The update compares with PERILS’ initial loss estimate of AUD $957 million (USD $669 million), which was issued ... Read the full article
Cat losses push Peak Re’s profit down to $19.5mn in 2018
10th May 2019
Hong Kong domiciled reinsurer Peak Reinsurance Company Limited (Peak Re) reported net profit of $19.5 million for 2018 as its earnings were impacted by several large natural catastrophe events. The reinsurer’s combined ratio for the year was 98.3%, with 2018 representing the sixth consecutive year of growth for the company despite ... Read the full article
ProSight names Hannon CEO, as Beneducci takes Exec Chairman role
10th May 2019
ProSight Specialty Insurance has announced that Larry Hannon will take over as its Chief Executive Officer (CEO), succeeding Joe Benducci, who will be moving into the role of Executive Chairman. Beneducci, who founded ProSight in 2009, will remain as Chairman until May 2020. He has previous experience as President & CEO of ... Read the full article
Investment return more than offsets underwriting loss for Third Point Re in Q1
10th May 2019
Hedge fund style reinsurer Third Point Re has announced record net income of $132.9 million for the first-quarter of 2019, a significant improvement on the $26 million net loss reported for the same period in 2018. The improvement was driven by an investment gain of $155 million for the quarter, which ... Read the full article
Lloyd’s participants that fail to meet standards could face deregistration
10th May 2019
The specialist Lloyd's of London insurance and reinsurance marketplace has warned that failure to meet its expectations regarding harassment, bullying, discrimination or misconduct related to alcohol or drugs, could result in deregistration from the marketplace. As Lloyd's continue to modernise, it recently published a bulletin introducing an updated set of rules applicable ... Read the full article
Bredahl resigns from Third Point Re as Malloy named CEO
10th May 2019
Third Point Reinsurance Ltd., the Bermuda-based, hedge fund backed reinsurer, has announced that Daniel Malloy is to take over the role of Chief Executive Officer (CEO) from Robert Bredahl, whose resignation has been accepted by the Board of Directors. Malloy, who currently leads the company’s main operating subsidiary, Third Point Reinsurance Company ... Read the full article
Growth trends continue for commercial lines rates in April: IVANS
10th May 2019
Commercial lines rate movements were mixed in April but generally showed a continuation in the trend of increases across most lines, according to data from the latest IVANS Index. IVANS, which is a division of Applied Systems, observed an uptick in premium renewal rates for General Liability, Umbrella, and Workers’ Compensation ... Read the full article
RSG expands specialty footprint with Atlantic Specialty Lines acquisition
10th May 2019
Ryan Specialty Group (RSG) has reached an agreement to purchase the assets and operations of wholesale insurance brokerage, Atlantic Specialty Lines, Inc. (ASL), expanding the firm's specialty footprint in the Mid-Atlantic and Southeast regions. ASL is headquartered in Richmond, Virginia, and has additional offices in Illinois, Florida, Louisiana, New York, Pennsylvania, ... Read the full article
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