Reinsurance News
P&C reserve development risk to increase: Morgan Stanley
15th January 2019
Analysts at Morgan Stanley believe that the risk of adverse development in property and casualty (P&C) re/insurance reserves is likely to heighten over the coming years, potentially leading to a major earnings headwind. The firm’s annual actuarial reserve study revealed an overall industry reserve deficiency of $4.3 billion relative to $615 ... Read the full article
AXA XL broadens U.S errors & omission coverage
15th January 2019
AXA XL Insurance, a division of French insurance and investment giant AXA, has expanded the product offering of its errors & omission program in the U.S and extended its in-house liability underwriting expertise to law firms of all sizes. The program can now provide any law firm, including defence firms, with ... Read the full article
Rising sea levels a manageable concern for re/insurers, says climate expert
15th January 2019
Sea level rise over the 21st century will not be as severe as many climate models have predicted and should not present a major issue for re/insurers provided it is managed appropriately, according to Dr. Judith Curry, President of Climate Forecast Applications Network and Professor Emeritus, Georgia Institute of Technology. Curry ... Read the full article
Greenlight Re to make second investment in tech-driven MGU AccuRisk
15th January 2019
Cayman Islands-based specialist property and casualty reinsurer Greenlight Capital Re has announced plans to invest in AccuRisk Solutions, a managing general underwriter (MGU) focused on employee and health insurance benefits. It's believed this investment will facilitate AccusRisk’s planned expansion via a series of strategic acquisitions in North America. Having first invested in ... Read the full article
Rates diverge between loss-affected accounts at 1/1 renewals: Peel Hunt
15th January 2019
Property catastrophe re/insurance rates fell by an average of 1% at the January renewals, but there was a wide divergence in trends between loss-affected and loss-free accounts, according to analysts at Peel Hunt. The firm attributed some of the muted results at the recent 1/1 renewals to the focus on European ... Read the full article
MS&AD enhances digital capabilities with new partnerships
15th January 2019
MS&AD Insurance Group Holdings has enhanced its digital capabilities through two new strategic alliance agreements with U.S-based MGA CoverHound and German insurtech company ELEMENT. The company intends to use CoverHound’s expertise in the development and sales of digital insurance products to empower its own digital solutions, particularly in regard to the ... Read the full article
London marine energy market “chaotic” but hardening: JLT
15th January 2019
The London marine energy re/insurance market continues to exhibit “chaotic and undisciplined” underwriting practices but finally seems to be emerging from a prolonged period of softening rates, according to analysts at JLT. The firm’s latest quarterly energy report observed that the predominately younger workforce in the London and Lloyd’s markets has ... Read the full article
HDI Global names Claire McDonald as MD for UK & Ireland
15th January 2019
HDI Global SE has announced the appointment of Claire McDonald as Managing Director (MD) of its UK and Ireland operations, effective 18 March 2019. McDonald joins the company from Allianz Global & Corporate Specialty SE, where she served as Global Head of Operations. She previously worked for over 31 years within the ... Read the full article
Vermont to launch captive insurance blockchain pilot
15th January 2019
The Vermont Department of Financial Regulation (DFR) is preparing to launch a pilot program that will allow new captive insurance companies to register with the Secretary of State using blockchain technology. Secretary of State Jim Condos and DFR Commissioner Michael Pieciak signed a memorandum of understanding on January 9, 2019 that ... Read the full article
European re/insurers to maintain stable pricing through 2019: Deutsche Bank
15th January 2019
Most European insurers and reinsurers are likely to maintain existing pricing trends through 2019 as last year’s catastrophe losses look set to keep the market stable for now, according to analysts at Deutsche Bank. A recent report from the firm noted that loss activity (particularly in the U.S) was lower year-on-year ... Read the full article
Barbican promotes three in leadership adjustment at Syndicate 1955
15th January 2019
Barbican Insurance Group, which underwrites re/insurance predominantly through its Lloyd's platform, has announced a trio of promotions at its Barbican Syndicate 1955. The promotions include key roles, with new faces set to fill the deputy active underwriter, head of insurance and head of reinsurance positions at the Syndicate. Barbican has named David ... Read the full article
Swiss Re expects $1.3bn nat-cat & man-made losses in Q4 2018
15th January 2019
Reinsurance firm Swiss Re said this morning that it expects to be hit with an estimated $1.3 billion of natural catastrophe and man-made losses from the fourth-quarter of 2018. Natural catastrophe losses are expected to cost the reinsurer $1 billion, after retrocession and before tax. Man-made losses are expected to cost ... Read the full article
Increased demand for reinsurance to boost brokers’ revenues: KBW
14th January 2019
Following the reinsurance renewal reports published by Willis Re and JLT Re pointing to flat overall pricing at 1/1, analysts at Keefe, Bruyette & Woods (KBW) have stated that a growing overall demand should boost reinsurance brokers’ revenues. KBW points to Marsh & Mclennan Companies and Willis Towers Watson as ... Read the full article
PG&E to file for bankruptcy over California wildfire liability
14th January 2019
Energy supplier Pacific Gas & Electric Co. (PG&E) has announced that it intends to file for bankruptcy protection due to the potential $30 billion of California wildfire costs that it faces liability for. The announcement follows a series of lawsuits from insurers including Allstate, State Farm and USAA concerning damages ... Read the full article
Lloyd’s faces pressure to focus on U.S business
14th January 2019
Andrew Brooks, incoming Chair of the Lloyd’s Market Association (LMA), has urged Lloyd's of London to refocus its growth strategy away from emerging markets and towards the U.S, according to reports from the Financial Times. Lloyd’s has concentrated on winning new business over the past few years by opening offices in ... Read the full article
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