Reinsurance News
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
Pension reinsurance market growing at fastest pace in years: Prudential’s Kessler
27th December 2018
The pension de-risking market is growing at its fastest pace in years, in part because such activity has become more affordable than at any point in the last decade, according to the Head of Longevity Risk Transfer at Prudential Financial Amy Kessler. Providing an outlook for the longevity reinsurance market over ... Read the full article
U.S Congress extends NFIP funding by five months
24th December 2018
U.S Congress has approved a short-term extension for the government-backed National Flood Insurance Program (NFIP) for the tenth time in 15 months, authorising it until 31 May 2019. It’s been a busy 2018 for the NFIP; hurricane Michael, which tore into the Florida Panhandle with high-end category four wind speeds ... Read the full article
TowerBrook Capital acquires Orchid Underwriters Agency
24th December 2018
International investment management firm TowerBrook Capital Partners has announced the acquisition of Orchid Underwriters Agency, a specialty underwriter of catastrophe-exposed property insurance, from private equity firm Gryphon Investors. Orchid provides proprietary insurance solutions for “hard-to-place” risks to a growing, national network of retail agents and other strategic distribution partners. Orchid President and ... Read the full article
Reinsurers speculate over nature of Marriott cyber loss: Johansmeyer, PCS
24th December 2018
Following the major cyber attack and resulting data breach of one of the Marriott hotel chain’s reservation systems, Reinsurance News spoke with the Co-Head of Property Claim Services (PCS), Tom Johansmeyer, about the nature of the event and expected industry loss. The breach, announced on November 30th, led the insurance ... Read the full article
Swiss Re to provide KFH Takaful with reinsurance
24th December 2018
Swiss Re has signed an agreement to provide reinsurance throughout 2019 to KFH Takaful, a global provider of Islamic banking services. The takaful market, which is the Islamic alternative to insurance, attracted gross premium contributions of $14.9 billion in 2015, and is estimated to have attracted over $20 billion in 2017. KFH ... Read the full article
Sun Life invests in Hong Kong’s first virtual insurer
24th December 2018
Sun Life Hong Kong, part of the Canadian financial services and life insurance company Sun Life Financial, has announced an investment in Bowtie Life Insurance Company, the first virtual insurer approved under the Fast Track of the Insurance Authority in Hong Kong. Sun Life says the investment will further solidify its’ ... Read the full article
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