Reinsurance News
AmWINS to acquire Florida’s The Flood Insurance Agency
14th January 2019
Global specialty insurance provider, AmWINS Group, Inc., has agreed a deal in principle to acquire Florida-based managing general agency (MGA), The Flood Insurance Agency. The Flood Insurance Agency specialises in private market flood insurance, providing access to an alternative to the National Flood Insurance Program (NFIP). Operating as a Program Administrator for ... Read the full article
Global reinsurance capital resilient despite two years of losses: Aon
14th January 2019
Dedicated, global reinsurance capital declined by 2% in the first nine months of 2018 to $595 billion, driven by a decline in traditional capital by $20 billion, according to insurance and reinsurance broker Aon. The 2% overall decline to $595 billion at the end of September, 2018, is from the end ... Read the full article
Rates continue to increase across commercial lines at Q4: IVANS
14th January 2019
Premium renewal rates during the fourth quarter of 2018 continued to increase across almost all commercial lines, according to the latest IVANS Index report. IVANS, which is a division of Applied Systems, found that premiums increased across almost every major commercial line when compared with Q3, with the exception of Workers’ ... Read the full article
Kemper transfers more than half of Q4 cat losses to reinsurers
14th January 2019
U.S insurer Kemper Corporation has estimated that its fourth quarter 2018 results will include pre-tax catastrophe losses of $25 million to $30 million, net of reinsurance. Kemper's catastrophe aggregate reinsurance program is expected to absorb between $30 million to $35 million of the company's losses for the quarter. 2018 was the first ... Read the full article
World Bank renews Philippines catastrophe cover at $390mn
14th January 2019
The World Bank has announced the renewal of a parametric insurance program that helps the Philippines better respond to losses from natural disasters, at an increased size of $390 million. The renewal is almost double the size of the $206 million of insurance coverage secured under the 2017 policy, and provides ... Read the full article
Marsh has placed more than 15,000 risks through the PPL
14th January 2019
Global insurance and reinsurance broker Marsh has announced that in 2018, it had placed more than 10,000 risks through the London Market Group's (LMG) electronic placement platform, Placing Platform Limited (PPL). In total, Marsh has now placed more than 15,000 risks on the electronic platform, which is used by the Lloyd's ... Read the full article
Reinsurance rates increase by 1.1% at Jan renewals: Guy Carpenter
14th January 2019
Reinsurance brokerage Guy Carpenter has said that the limited movement of rates at the recent January 1, 2019 renewals has raised concerns about pricing adequacy, underwriting strategy and the amount of capital available in the market. The firm’s Global Rate on Line (RoL) Index, which measures the change in catastrophe premium ... Read the full article
AEGIS London announces board additions
14th January 2019
AEGIS London has announced that Tom Busher, previously non-executive chair of the Board's Risk Committee, has succeeded William Dalton as non-executive chair of the Board of the managing agency. At the same time, Christopher Crane, President and Chief Executive Officer (CEO) of U.S. energy supplier, Exelon Corporation, has been named non-executive ... Read the full article
Gard renews P&I reinsurance for 2019 through the International Group
14th January 2019
Gard, a shipowner-controlled protection and indemnity (P&I) marine and energy insurer, has outlined the terms of its 2019 reinsurance program, which it arranged through the International Group of P&I Clubs (IGP&I). The structure of the cover reinsured through the pool includes club retention of $10 million, general excess loss cover of ... Read the full article
Reinsurance rates to improve through mid-year 2019: Goldman Sachs
11th January 2019
While early indications indicate that reinsurance pricing was largely flat at the January 2019 renewals, analysts at Goldman Sachs are confident that rates will improve later in the year at the renewals in April and June. The firm argued that two consecutive years of elevated catastrophe activity should lead to improved ... Read the full article
Swiss Re backs first county-level catastrophe insurance project in China
11th January 2019
Swiss Re has become the exclusive reinsurer to a new catastrophe insurance project in Mao County in China’s Sichuan Province, according to reports from China Financial News. The project, which is the first in China to provide catastrophe insurance at the county-level, provides the government of Mao County with financial protection ... Read the full article
Freddie Mac transfers further $618mn of risk to re/insurers
11th January 2019
The Federal Home Loan Mortgage Corporation (Freddie Mac) has obtained two new re/insurance policies under its Agency Credit Insurance Structure (ACIS) program, providing coverage for approximately $618 million of credit risk. The coverage underlies a $66 billion reference pool of mortgages, bringing ACIS credit risk transfer for 2018 to approximately $3 ... Read the full article
Beazley adds financial lines underwriters to Barcelona team
11th January 2019
Specialist re/insurer Beazley has appointed Francisco Alcaide and Alexander van Nierop as financial lines underwriters at the company’s hub for continental Europe in Barcelona. Alcaide joins Beazley from Hiscox, where he has spent the previous eight years as a senior underwriter in the insurer’s professional risks team in Spain, with responsibility ... Read the full article
P&C capital growth may reflect favourable industry expectations: Guy Carpenter
11th January 2019
Despite subpar underwriting returns, the property and casualty industry increased its capital position by $81 billion between 2014 and 2017, a growth which broker Guy Carpenter believes may be a sign that management teams expect favourable conditions ahead and want capital ready to deploy into new endeavors to grow their businesses. In ... Read the full article
Florida regulator pegs insured Michael losses at $4.9bn
11th January 2019
Total re/insured losses resulting from Hurricane Michael in Florida are estimated to be approximately $4.9 billion, according to data compiled by the Florida Office of Insurance Regulation (FLOIR). The state regulator’s estimate is based on information from claims data filed by insurers, and shows that a total of 136,873 claims have ... Read the full article
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