Reinsurance News
AmTrust and Swiss Re enter into quota share on $2.9bn of U.S commercial risk
2nd January 2019
Property and casualty insurer AmTrust Financial Services has entered into a quota share agreement with Swiss Re for 2019 that covers U.S small commercial business totalling an estimated $2.9 billion in projected written premiums, with Swiss Re projected to assume approximately $1.05 billion on an inforce, new and renewal basis. The ... Read the full article
Arch completes acquisition of Ardonagh’s UK commercial lines business
2nd January 2019
Arch Insurance Europe has completed its' acquisition of the UK commercial lines business owned by The Ardonagh Group, and part of its Geo Underwriting operating segment. The acquired business generated more than £150 million of Gross Written Premium in 2017 and will become the newly-formed Arch UK Regional Division, focused on ... Read the full article
January renewals highlight reinsurance “pricing gap”: Willis Re
2nd January 2019
The January 2019 reinsurance renewals have highlighted a "pricing gap" between cedants with peak peril exposure or poor loss records and other accounts, according to a new report from broker Willis Re. The company earlier told the Financial Times that reinsurance rate increases did not materialise at the 1 January renewals, ... Read the full article
Flood Re premiums cut by up to £112 for 2019
2nd January 2019
Flood Re, the UK’s government-backed reinsurance scheme, has cut the reinsurance premiums it charges to insurance companies as of 1 January 2019, which in turn should lower the cost of flood protection for those most at risk of flooding in the UK. Premiums charged by Flood Re to insurers are set ... Read the full article
QBE European Operations’ post-Brexit plans approved by High Court
2nd January 2019
QBE European Operations, part of the QBE Insurance Group, has announced the implementation of its post-Brexit plans after its Part VII transfers came into effect in the New Year. A Part VII transfer is essentially a court-sanctioned legal transfer of some or all of the policies of one company to another QBE ... Read the full article
AIG completes purchase of UK life insurer Ellipse from Munich Re
2nd January 2019
American International Group (AIG) has completed its acquisition of Ellipse, a specialist provider of group life risk protection in the UK, from Munich Re. Funded by an undisclosed cash consideration, the purchase was conducted via AIG Life, a UK subsidiary of AIG Life & Retirement. AIG said that Ellipse’s group protection capabilities, ... Read the full article
Generali completes stake increase in Indian joint ventures
2nd January 2019
Italian insurance giant Generali has finalised its previously announced plans to increase its stakes in Future Generali insurance joint ventures in India from 25.5% to 49%. The completion of the transaction saw Generali commit approximately €120 million to the Future Group, a platform and customer ecosystem that offers digital insurance ... Read the full article
Reinsurance renewals defy expectations of post-loss firming: JLT Re
2nd January 2019
The January reinsurance renewals "broadly defied early expectations of post-loss firming for the second consecutive year," according to broker JLT Re. Reinsurers' desire and ability to underwrite risks remained healthy overall, the broker said this morning, and as a result pricing was seen as broadly stable across reinsurance markets at the ... Read the full article
Reinsurance rates flat to slightly down at January 2019 renewal
2nd January 2019
Reinsurance rates at the key January renewal season are largely seen to have been flat or a little down, according to the first report on the key contract signings. Broker Willis Re told the FT that hoped for reinsurance rate increases did not appear at the renewal, resulting in an overall ... Read the full article
KBW moderately optimistic about 2019 reinsurance pricing
31st December 2018
Analysts at Keefe, Bruyette & Woods remain moderately optimistic about 2019 reinsurance pricing following meetings with numerous underwriters and brokers. Virtually everyone KBW met expected steadily rising reinsurance pricing over the course of 2019, reflecting declining supply and rising demand, which could extend into other lines, particularly the retro-dependent Lloyd’s market. Participants ... Read the full article
Stackhouse Poland, Aston Lark up for sale with £600m joint value: reports
31st December 2018
Two of the UK’s largest independent insurance brokers, Stackhouse Poland and Aston Lark, are reportedly up for sale with a joint value of £600 million, according to online news outlet This is Money. The private equity owners of Stackhouse Poland have reportedly hired individuals from global independent investment banking advisory firm ... Read the full article
RFIB enters into partnership with VIPR
31st December 2018
International re/insurance broker RFIB has entered into a partnership with VIPR, an insurance industry IT solutions provider, in order to utilise the firm’s bordereaux management solution 'Intrali'. VIPR states that an impressive bid matching RFIB’s brief was submitted, highlighting evidence of how Intrali has helped the industry, as well as emphasising ... Read the full article
Carlyle and GIC to take 10% stake in India’s SBI Life for $742mn
31st December 2018
U.S private equity firm Carlyle Group and Singapore’s sovereign wealth fund GIC plan to team up on a Rs 5,200 crore (US $742 million) deal that will see the companies take a 10% stake in Indian insurer SBI Life Insurance Co. SBI Life Insurance was formed in 2001 as a joint ... Read the full article
NWS Holdings to acquire Hong Kong insurer FTLife for $2.75bn
31st December 2018
New World Development Company Limited (NWD) has announced that its subsidiary, NWS Holdings Limited, plans to acquire the entire issued share capital of Hong Kong insurer FTLife Insurance Company Limited for HK $21.5 billion (US $2.75 billion) in cash. NWD explained that the transaction would enhance the diversified business portfolio of ... Read the full article
Aflac enters reinsurance agreement with Singapore Life
31st December 2018
U.S insurer Aflac Incorporated has announced that it plans to enter into a reinsurance agreement on certain protection products as part of a $20 million minority equity investment in Singapore Life Pte. Ltd. American Family Life Assurance Company of Columbus, an operating subsidiary of Aflac, will enter into the arrangement with ... Read the full article
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