Reinsurance News
Maiden to exit AmTrust quota share agreement, returning $700mn
4th January 2019
Maiden Holdings has agreed to a partial termination amendment to its quota share agreement with AmTrust Financial Services, which will see it return approximately $700 million in gross unearned premium. The amendment enables Maiden to exit specific lines of business in the quota share agreement, including Small Commercial Business and U.S ... Read the full article
Global economy has become less resilient, but insurtech can help: Swiss Re
4th January 2019
The global economy has become less resilient to shocks in the ten years following the financial crisis, but new public-private partnerships, in combination with the use and development of new technological capabilities, can help to strengthen it, according to reinsurance giant Swiss Re. In the company’s latest sigma report, titled ‘Global ... Read the full article
Outlook of Italian life, P&C remains stable on robust earnings: Moody’s
4th January 2019
Moody's Investors Service has kept the outlook on Italy's life and property and casualty (P&C) insurance sectors at stable. Meanwhile, sustained sales of unit-linked products support profitability for the life insurance sector and while earnings for the P&C sector will decline moderately they will remain robust. Moody’s says that, for life insurance ... Read the full article
AXIS Capital Chairman Michael Butt OBE inducted into Insurance Hall of Fame
3rd January 2019
Bermudian re/insurance group AXIS Capital Holdings has announced the induction of its Chairman, Michael Butt OBE, into the Insurance Hall of Fame by the International Insurance Society. Butt, who has also been named the 2019 Insurance Hall of Fame Laureate, is to be honoured at the IIS Global Insurance Forum’s Gala ... Read the full article
Sri Lankan microinsurance growth requires more regulation, says ICMIF
3rd January 2019
More regulation is needed to support the growth of the microinsurance sector in Sri Lanka, according to a new report by the International Cooperative and Mutual Insurance Federation (ICMIF) and the Institute of Policy Studies of Sri Lanka (IPS). The report, which was conducted as part of the ICMIF 5-5-5 Mutual ... Read the full article
The struggle continues for hedge fund reinsurers
3rd January 2019
Hedge fund backed reinsurers Greenlight Capital Re and Third Point Re both reported negative investment returns in the final month of 2018, contributing to negative returns for the full-year and once again bringing the efficacy of this business model into question. Greenlight Re recorded its steepest monthly decline of the year ... Read the full article
Safety National Casualty acquires U.S broker Midlands Management
3rd January 2019
Safety National Casualty Corporation, a multi-line specialty re/insurer and member of the Tokio Marine Group, has acquired U.S broker Midlands Management Corporation. Midlands Management is a managing general agent (MGA), wholesale broker, program administrator and insurance services provider with a specialty in excess workers’ compensation. Following the transaction, the company will become ... Read the full article
Pricing broadly stable across U.S casualty renewals, finds Willis Re
3rd January 2019
The latest 1st View report from Willis Re has found that U.S casualty reinsurance pricing trends were mixed at the 1 January 2019 renewals, with pockets of rate increases and decreases across a broadly stable market. The findings came as part of the broker's wider market analysis, which found that Read the full article
PERILS finalises storm Burglind (Eleanor) industry loss estimate at €756mn
3rd January 2019
Catastrophe loss data aggregator PERILS has released its final re/insured loss estimate for Extratropical Cyclone Burglind, also known as Eleanor, putting the total at €756 million (US $860 million). In keeping with PERILS’ reporting schedule, the final loss figure was released 12 months after the original event, and represents a 4.4% ... Read the full article
R&Q’s Accredited forms program underwriting partnership with CPD
3rd January 2019
Accredited Insurance (Europe), a wholly owned European subsidiary of Randall & Quilter Investment Holdings (R&Q), has entered into a new program underwriting partnership with CPD Underwriting Solutions. CPD is a UK Managing General Agent (MGA) that provides both private motor and household insurance. The announcement follows a series of other program underwriting ... Read the full article
W.R. Berkley announces three senior executive appointments
3rd January 2019
Re/insurance holding company W. R. Berkley Corporation has announced a series of senior appointments, including the addition of Philip S. Welt as Executive Vice President and general counsel. Welt joined W. R. Berkley in 2004 as a Vice President and senior counsel and was named Exec VP with oversight responsibility for ... Read the full article
Suncorp says Sydney hail storm losses will trigger reinsurance
3rd January 2019
Suncorp Group, the Australian primary insurer, has announced that its losses from the recent severe hail storm that struck the Sydney area of the country will surpass its retention and trigger a reinsurance claim. Previously, Suncorp had said it was too early to accurately estimate the number of claims it would ... Read the full article
Ardonagh Group acquires UK broker Swinton for £165mn
3rd January 2019
The Ardonagh Group has completed its planned £165 million acquisition of UK personal lines broker Swinton Group Limited from Covéa Group. Ardonagh revealed that it has now received regulatory approval for the deal, which it originally announced in September 2018. The broker funded the acquisition with committed financing from its existing bank ... Read the full article
IAG expands catastrophe reinsurance to $9 billion of coverage
3rd January 2019
Australian primary insurer Insurance Australia Group Limited (IAG) has successfully renewed its catastrophe reinsurance protection at an expanded size of $9 billion, up from $8 billion in the prior year. The 12.5% increases in catastrophe reinsurance limit has been secured in a similar structure to 2018, to provide IAG with ... Read the full article
ABIR voices support for Bermudian commitment to new international standards
3rd January 2019
Following the introduction of new international requirements for companies to show economic substance in jurisdictions where they have a registered presence, members of the Association of Bermuda Insurers and Reinsurers (ABIR) has expressed support for the island's efforts to facilitate tax transparency and compliance with global standards. The Bermudian government recently ... Read the full article
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