Reinsurance News
Unicorn Underwriting adds Argo’s Neil Russell
31st December 2018
Unicorn Underwriting, a London-based managing general agent and part of U.S-headquartered global broker AmWINS Group, has announced the addition of Neil Russell starting 1 January 2019. The company says he will be working on the development of new facilities and capacity for the firm with plans to join the Property Underwriting ... Read the full article
China Re completes acquisition of Chaucer
31st December 2018
China Re has successfully completed its previously announced acquisition of the holding company of Chaucer, the London-based and Lloyd's focused specialty re/insurance business of The Hanover. The transaction was valued at around $950 million, made up of a cash consideration of $865 million paid by Hong Kong listed China Re, ... Read the full article
Shanghai inks strategic cooperation agreement with China Taiping Life Insurance
28th December 2018
A strategic cooperation agreement has been signed between the Shanghai Municipal government and China Taiping Life Insurance alongside the unveiling of a new Asia-Pacific Reinsurance Research Centre. Shanghai Party Secretary Li Qiang and Mayor Ying Yong met Taiping’s Chairman Luo Xi and his delegation to ink an agreement that will see ... Read the full article
Converge RE II secures A- KBRA rating
28th December 2018
Converge RE II, a Puerto Rico-domiciled Class 5 Life and Annuity reinsurer, has been assigned an insurance financial strength rating of A- by Kroll Bond Rating Agency (KBRA), having launched in August of 2017. Owned by David Lichtenstein, Chairman and Chief Executive Officer (CEO) of the Lightstone Group, a commercial real ... Read the full article
New York regulators fine Lloyd’s insurers $5m for NRA dealings
28th December 2018
Ten insurers that did business with the National Rifle Association (NRA) through the Lloyd’s of London marketplace have been fined a total of $5 million by New York regulators. The fines are related to NRA self-defense insurance programs and have been deemed in violation of state law. Initially, an investigation by New ... Read the full article
Swiss Re Corporate Solutions enters MGA agreement with EF Marine
28th December 2018
Swiss Re Corporate Solutions, a division of global reinsurer Swiss Re, has entered into a Managing General Agent (MGA) agreement with EF Marine, effective January 1st, 2019. The firm states that the new partnership provides it with entry into a niche and expanding marketplace that requires a high level of specialisation ... Read the full article
Enstar completes purchase of Maiden Re North America
28th December 2018
Bermuda based re/insurance, run-off and legacy transaction specialist Enstar Group Limited has announced that it has completed its acquisition of Maiden Re North America from a subsidiary of Maiden Holdings. The net consideration paid in the transactions was $272.4 million, which represents the adjusted purchase price less the ceding commission. Domiciled in ... Read the full article
Swiss Re keen to profit from any market weakness: Mumenthaler
28th December 2018
Swiss Re is keen to find ways to profit from weaknesses in the global insurance and reinsurance market, with acquisitions a possible route, although pricing remains unattractive, according to CEO Christian Mumenthaler. The Swiss Re chief said in an interview with the Financial Times that his firm would be keen to ... Read the full article
Sicily rocked by earthquake following Mount Etna eruption
28th December 2018
An earthquake triggered by the ongoing eruption of Mount Etna has rocked eastern Sicily, injuring at least ten people, damaging churches and houses on the volcano's slopes, and forcing villagers to flee their homes. Italy's Civil Protection officials said the quake, which hit at 3.19am local time on Wednesday, was part ... Read the full article
$1.7bn compensation to be paid over Spain’s 2002 Prestige oil spill
27th December 2018
Spain's Supreme Court has ordered that the captain and insurer of the Prestige oil tanker pay more than €1.5 billion ($1.7 billion) in compensation for the 2002 environmental disaster, which to this day stands as the worst to hit the country. This has confirmed an earlier ruling handed down in November ... Read the full article
Berkshire Hathaway Specialty may expand product offerings from Dubai office
27th December 2018
The insurance arm of Warren Buffett’s global insurance and reinsurance company, Berkshire Hathaway Specialty Insurance Company (BHSI), is sizing up an expansion of products on offer from its Dubai office, as confidence continues on the growth of the surrounding regions, according to a company official. The company announced earlier this year ... Read the full article
Nexus completes acquisition of Hiscox Global Flying
27th December 2018
Specialty Managing General Agent (MGA) Nexus Group has completed the acquisition of Hiscox Global Flying (HGF) via an asset purchase into Millstream Underwriting Limited, a Nexus Group company that specialises in Accident & Health and Travel insurance. HGF, which was bought by Hiscox in 2006, has provided insurance for aviation professionals ... Read the full article
Marsh establishes China office in Dubai: reports
27th December 2018
Global re/insurance broker Marsh has established a China desk in Dubai in order to benefit from the growing commercial links between China, the Middle East and Africa, according to reports by Reuters. Marsh is the latest multinational to make such a move in Dubai, which is benefiting from a regional business ... Read the full article
Insurance claims may reach $1.1bn following Indonesia tsunami
27th December 2018
Insurers may have to pay out as much as $1.1 billion in claims following the devastating tsunami which hit the Lampung and Banten provinces of Indonesia last week, according to insurance firms PT Maskapai Reasuransi Indonesia (REI) and PT Asuransi Maipark Indonesia. The two companies have estimated a minimum of 191 ... Read the full article
Ongoing competition to impact profits in London non-life sector: Fitch
27th December 2018
The profitability of companies in the London, UK non-life re/insurance sector will continue to come under pressure throughout 2019 as intense competition erodes margins, according to Fitch Ratings. Fitch said its outlook for the sector would remain negative in light of a number of ongoing challenges, including regulatory scrutiny, high expense ... Read the full article
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