Reinsurance News
Tony Ursano to depart TigerRisk
23rd April 2019
Reinsurance brokerage, risk and capital strategic advisory firm TigerRisk Partners LLC has announced that its President, Tony Ursano, will be stepping down and leaving the organisation. Ursano joined TigerRisk in 2015 to help build the company’s reinsurance broking and investment banking practices into a holistic risk solutions provider and advisor. Rod Fox, ... Read the full article
Swiss Re’s reinsurance unit solvency ratio drops 34 points in 2019
23rd April 2019
The Swiss Solvency Test (SST) ratio of Swiss Reinsurance Company Ltd dropped 34 points from 252% in 2018 to 218% in 2019, according to the company’s latest financial condition report. At the Group level, Swiss Re’s SST ratio fell from 269% in 2018 to 251% in 2019, driven by further decreases ... Read the full article
Covéa looking to diversify into reinsurance through M&A, reports Reuters
23rd April 2019
The Chief Executive Officer (CEO) of French insurance group Covéa, Thierry Derez, has said that the firm is eager to diversify into the reinsurance industry through acquisitions, reports Reuters. In January 2019, Covéa decided to abandon plans to pursue an acquisition of reinsurer SCOR after the firm rejected an offer ... Read the full article
Francesco Martorana appointed CEO of Generali’s asset management arm
23rd April 2019
Generali Insurance Asset Management S.p.A. Società di gestione del risparmio (GIAM), a division of the Italian insurance giant, has appointed Francesco Martorana as Chief Executive Officer. Martorana replaces Santo Borsellino, who becomes Chairman of the Board of GIAM as well as Head of Generali’s asset and wealth management business unit Martorana also ... Read the full article
Allstate’s Q1 cat losses hit $680 million in 2019
23rd April 2019
The Allstate Corporation has revealed estimated catastrophe losses of $381 million, pre-tax ($301mn after-tax) for the month of March 2019, comprised of seven events and unfavourable reserve reestimates of prior period cat losses. The seven events resulted in estimated catastrophe losses of $371 million for the month, with $10 million coming ... Read the full article
Trust Re appoints new CEO to succeed outgoing Fadi Abunahl
23rd April 2019
Trust International Insurance & Reinsurance Company (Trust Re) has announced the appointment of Talal Al Zain as Group Chief Executive Officer (CEO), succeeding Fadi Abunahl. Outgoing CEO, Abunahl, had led the Bahrain-based company for 12 years since 2006, having been with the Group for more than two decades. Abunahl will relocate ... Read the full article
Hail drives $15.4mn of catastrophe losses for Heritage in Q1
23rd April 2019
Heritage Insurance Holdings, Inc. expects to incur net catastrophe losses of approximately $15.4 million for the first-quarter of 2019, with more than 66% a result of a severe March 2019 hailstorm in Brevard County, Florida. The March 2019 hailstorm is expected to result in net catastrophe losses of approximately $10.2 million ... Read the full article
Global, dedicated reinsurance capital declined to $462bn in 2018: Willis Re
23rd April 2019
Total, dedicated reinsurance industry capital declined by 5% year-on-year in 2018, ending the year at $462 billion, according to Willis Re, the reinsurance broking arm of Willis Towers Watson. The reinsurance broker has released its 2018 Reinsurance Market Report, which shows a decline in the volume of dedicated, global reinsurance capital. According ... Read the full article
Liberty Mutual elects Jay Hooley to Board of Directors
23rd April 2019
Liberty Mutual Insurance has announced that Jay Hooley has been elected to the company’s Board of Directors. Hooley is the Chairman and former Chief Executive Officer (CEO) of State Street Corporation, the U.S financial services and bank holding company. As former CEO of State Street, Hooley was responsible for leading a company ... Read the full article
Munich Re Syndicate eyes Asia expansion with coverholder partnership
18th April 2019
Munich Re Syndicate Singapore, the Asia-Pacific arm of Munich Re's Lloyd’s syndicate, has announced a partnership with Singapore-based coverholder Nectar Specialty Risk (Nectar), a move that strengthens its ties in the region. Nectar offers professional lines products via a Nectar Pro, a Financial Lines business unit focused on emerging Asian markets ... Read the full article
Insurance Council of Australia raises Sydney hail loss estimate to AUD $1.27bn
18th April 2019
The Insurance Council of Australia (ICA) has increased its insured loss estimate to AUD $1.271 billion (USD $910 million) for the hailstorm that affected Sydney and New South Wales in December 2018. Almost 50% of the 136,424 insurance claims received after the hailstorm have already been resolved, according to the ICA. The ... Read the full article
Hannover Re to restrict underwriting for coal-based risks
18th April 2019
Hannover Re has announced that it plans to adopt a more restrictive underwriting policy for the reinsurance of coal-based risks in order to help combat climate change. As a general principle, the reinsurer will not provide coverage for any planned new coal-fired power plants or coal mines, and aims to no ... Read the full article
Thomas Brazil named CEO of Sompo International’s SI Insurance (Europe)
18th April 2019
Thomas Brazil, currently Senior Vice President (SVP), and Head of Europe Property Catastrophe Reinsurance at Sompo International, has been named Chief Executive Officer (CEO) of SI Insurance (Europe), SA. SI Insurance (Europe) is the insurer and reinsurer's platform for European Economic Area (EEA) insurance operations. In his new role, Brazil will ... Read the full article
Reinsurance supports premium growth, improved combined ratio for Travelers in Q1
18th April 2019
U.S. primary insurer Travelers has announced net written premium growth of 3% and an improved underlying combined ratio of 91.6% for the first-quarter of 2019, driven by a new catastrophe reinsurance treaty. Travelers' Q1 2019 results announcement reveals net income of $796 million and core income of $755 million, up 19% ... Read the full article
Heightened reinsurance use supports Japanese P&C players’ strong capitalisation: Moody’s
18th April 2019
Strong internal capital generation combined with an increased utilisation of reinsurance is expected to support the capitalisation of property and casualty (P&C) insurers in Japan over the next 12-18 months, reports financial services ratings agency, Moody's. Moody's maintains a stable outlook for Japanese P&C insurers, noting that capitalisation amongst players remains ... Read the full article
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