Reinsurance News
Industry reserves continue to weaken in 2018: Morgan Stanley
6th May 2019
Industry reserves continued to weaken in 2018, according to actuarial analysis by Morgan Stanley, which indicated a $9.8 billion deficiency for the P&C industry, representing a year-on-year deterioration of over $5 billion. Morgan Stanley estimates an actuarially reasonable range of reserves between $625.2 billion and $657.7 billion. Industry carried reserves of $631.7 ... Read the full article
Kingstone pegs Q1 cat losses at $5mn, strengthens claims reserves
6th May 2019
Kingstone Companies, Inc. (KICO), the multi-line regional property and casualty insurance holding company, has estimated its Q1 catastrophe losses at $5 million, pre-tax, and announced a number of reforms to help its ailing Claims Department, which include strengthening its claims case and IBNR reserves. Catastrophe losses were attributed to multiple winter ... Read the full article
Chubb renews global prop cat & terrorism reinsurance at April 1st
6th May 2019
Global insurer Chubb has disclosed the terms of its reinsurance buying at the April 1, 2019 renewals, which saw it renew both its global property catastrophe and terrorism coverages. The company explained that the global property cat program, which applies to its North American and International operations, was renewed with modest ... Read the full article
R&Q completes takeover of GLOBAL U.S Holdings from AXA LM
6th May 2019
Bermudian specialist non-life re/insurance investor Randall & Quilter Investment Holdings Ltd. (R&Q) has announced the completion of its acquisition of GLOBAL U.S. Holdings Inc (Global US). Global U.S is an investment vehicle managed by AXA Liabilities Managers SAS (AXA LM), the AXA unit that specialises in the management of legacy insurance ... Read the full article
Ata Khatib appointed CEO of Lockton MENA
6th May 2019
Re/insurance broker Lockton has announced the appointment of Ata Khatib as Chief Executive Officer of Lockton MENA Limited, its business for the Middle East and North Africa regions. Based in the Dubai International Financial Centre (DIFC), Khatib will be tasked with overseeing Lockton’s broking subsidiaries in the area. Khatib helped to set ... Read the full article
Munich Re is becoming “digital, leaner, and more profitable”: Joachim Wenning
6th May 2019
Munich Re is driving digital transformation and reducing complexity as part of a strategy to meet its new medium-term profit target of €2.8 billion for 2020, according to its Chief Executive Officer (CEO), Joachim Wenning. “Munich Re is becoming more digital, leaner, and more profitable,” Wenning said in a letter to ... Read the full article
Berkshire Hathaway suffers Q1 underwriting losses again
4th May 2019
For the second consecutive year, Warren Buffett's reinsurance businesses at Berkshire Hathaway have suffered an underwriting loss for the first-quarter, but the overall performance of the re/insurance segment of the conglomerate rose thanks to investment returns. For Q1 2019, Berkshire Hathaway's re/insurance underwriting income was $389 million, down on the prior ... Read the full article
JLT Re’s Pete Chandler joins BMS as President, US reinsurance
3rd May 2019
Specialist insurance and reinsurance broker BMS Group has announced the appointment of Pete Chandler from JLT Re as President of its US reinsurance operations, effective May 27th, 2019. In his new role, which subject to regulatory approval sees him join the BMS US Board, Chandler will report to Steve Korducki, US ... Read the full article
Swiss Re optimistic about renewal rates at mid-year: CFO, John Dacey
3rd May 2019
John Dacey, the Group Chief Financial Officer (CFO) of reinsurance giant Swiss Re, has said that in all cases, rate movements at the April 1st renewals were adequate for the firm and that it's optimistic about the important June / July renewals season. Swiss Re today reported its financial results ... Read the full article
CRC Group acquires Arkansas-based broker Argenia
3rd May 2019
U.S wholesale broker CRC Group has announced the acquisition of Argenia, LLC, an MGA and surplus lines broker based in Little Rock, Arkansas. CRC explained that the addition of Argenia will compliment its existing capabilities in Arkansas and the surrounding region, building on a previous acquisition that it made in the ... Read the full article
Voce’s proposal shows a “lack of experience in insurance company strategies”, says Argo
3rd May 2019
Argo Group International Holdings has commented on Voce Capital Management's proposed "plan", underlining continued false and misleading claims, as the war of words between the two continues. A back-and-forth between the two companies has been ongoing since February of this year, when Voce accused Argo’s Chief Executive Officer (CEO), Mark E. ... Read the full article
AmWINs launches commercial property flood product with TFIA
3rd May 2019
Global specialty insurance provider AmWINS has launched a new commercial property flood product in conjunction with its recent acquisition of Florida-based MGA The Flood Insurance Agency (TFIA). The new product, called FloodFLEX, is designed to eliminate out-of-pocket expenses not covered by traditional flood insurance, AmWINS explained. FloodFLEX increases the loss payable ... Read the full article
Markel appoints AIG’s Guenter Kryszon to Global Property role
3rd May 2019
Markel Corporation has announced that Guenter Kryszon will be joining the company as Executive Underwriting Officer for Global Property, effective 13 May 2019. Kryszon most recently served as Head of Retail Property at American International Group (AIG). He has spent the previous five years at AIG, moving through several senior roles, including ... Read the full article
DARAG completes acquisition of DONAU’s Italian portfolio
3rd May 2019
Legacy acquirer DARAG Group Limited has announced that its acquisition of the Italian portfolio of DONAU Versicherung AG has been approved by the Austrian financial authority, Finanzmarktaufsicht (FMA). The purchase agreement was initially signed in December 2018, and now, with the approval of the Italian Istituto per la vigilanza sulle assicurazioni, DARGA has ... Read the full article
AXA XL’s Q1 revenue growth offset by 2% reinsurance drop
3rd May 2019
AXA XL has reported total revenue growth of 7% for the first quarter of 2019, driven by 16% growth for P&C insurance and 4% growth for specialty, but offset by a 2% decline for reinsurance. Total revenue rose to €6.1 billion, made up of €2.9 billion from P&C insurance, €1.4 billion ... Read the full article
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