Reinsurance News
Swiss Re doubles share buy-back program to $2bn following shareholder approval
18th April 2019
Swiss Re shareholders have approved previously-announced plans to introduce a new public share buy-back program consisting of two CHF1 billion ($995,000) tranches, effectively doubling the amount previously returned to shareholders. Voting at the company's Annual General Meeting (AGM) in Zurich, shareholders also approved the Board of Directors’ proposals for a ... Read the full article
PERILS estimates Cyclone Dragi-Eberhard industry losses at €740mn
18th April 2019
Catastrophe loss data aggregator PERILS has released its initial industry loss estimate for Extratropical Cyclone Dragi-Eberhard, which puts insured property losses at €740 million. Dragi-Eberhard consisted of two low pressure systems that affected areas of the British Isles, and Western and Central Europe on 9 and 10 March 2019. Given the storms ... Read the full article
Silvestre promoted to Deputy General Manager for France, Liberty Specialty Markets
18th April 2019
A division of Liberty Mutual Insurance Group, Liberty Specialty Markets has announced the promotion of Emmanuel Silvestre to Deputy General Manager of its French business. Silvestre will be based in Paris and will report to General Manager for France, Richard Deguettes. He will also retain his responsibilities as Continental Europe Underwriting ... Read the full article
Munich Re names Michael Hauer CEO, Korea
18th April 2019
Global reinsurance giant Munich Re has appointed Michael Hauer to replace Ike Kim as Chief Executive Officer (CEO) for Korea, effective June 1st, 2019. After nine years as CEO for Korea, Kim is to leave the position and become Executive Director at Munich Re Korea. Hauer, who has been with the reinsurer ... Read the full article
FEMA returns to capital markets for $300m NFIP risk transfer
18th April 2019
The US Federal Emergency Management Agency (FEMA) has returned to the capital markets, entering into an agreement with Hannover Re (Ireland) Designated Activity Company (DAC) and securing $300 million of collateralised reinsurance protection for the National Flood Insurance Program (NFIP) from insurance-linked securities (ILS) investors. In August 2018, FEMA secured ... Read the full article
Canopius and AmTrust to merge Lloyd’s operations
18th April 2019
Canopius AG has announced the signing of a definitive sale and purchase agreement that will see its Lloyd's of London business merge with that of AmTrust at Lloyd's, subject to regulatory approval. The sale of AmTrust at Lloyd's, a division of AmTrust Financial, is expected to close in the third-quarter of ... Read the full article
SCOR Global P&C grows premiums by 9.6% at April renewals
18th April 2019
SCOR Global P&C, a division of the French reinsurance company, has announced that it grew its reinsurance premiums at the April renewals by 9.6% at constant exchange rates to €548 million. The reinsurer said that it benefitted from “broadly improving market conditions,” with catastrophe reinsurance treaties responding “rationally” in the aftermath ... Read the full article
Lloyd’s performance review to drive better marine energy results: analysts
18th April 2019
The intervention of the Lloyd’s Performance Management Directorate is expected to support better underwriting results for marine energy classes throughout 2019, according to analysts at Lloyd & Partners. The firm noted in its April 2019 quarterly energy newsletter that the performance review was not a one off event, with all syndicates ... Read the full article
InsurTech Amenity closes $18m Series B led by STARR Companies
18th April 2019
Amenity Analytics, a software company developing solutions using natural language processing (NLP) and machine learning, has secured $18 million in a Series B funding round led by STARR Companies and its Chief Executive Officer Hank Greenberg. Amenity says it plans to use the funding to expand its team and product development. NLP ... Read the full article
Protectionist trends a “significant barrier” for European re/insurers: Insurance Europe
17th April 2019
The use of protectionist measures in emerging countries remains a “significant barrier” to the ability of European re/insurers to place business in these regions, according to Insurance Europe. In a recent report, the European insurance and reinsurance federation highlighted concerns about protectionist trends in a number of high growth potential markets. For ... Read the full article
Holborn appoints Peter Beckman as Executive Officer
17th April 2019
U.S. domiciled independent reinsurance brokerage Holborn Corporation has announced the appointment of Peter G. Beckman to the newly created role of Executive Officer. Beckman joins Holborn from Goldman Sachs, where he has held a number of roles within the firm's Corporate Reporting unit since 2003. Reporting to Chairman and CEO Frank Harrison, ... Read the full article
Former NAIC heads welcome expansion in private U.S flood market
17th April 2019
Former National Association of Insurance Commissioners (NAIC) presidents Ted Nickel and John Huff have said they are encouraged by the recent expansion of the private flood insurance market and regulation in the U.S. “The Midwest continues to suffer from the effects of devastating floods, yet few homeowners have the necessary flood ... Read the full article
POP Insurance partners with AI insurtech Fractal Industries
17th April 2019
POP Insurance Holdings, a specialist insurance group based in Sydney, Australia, and its MGA subsidiary Fusion Specialty Insurance (Fusion), have announced a new partnership with Fractal Industries, an AI-powered analytics and insurtech software provider. Under the partnership, the Virginia-based insurtech will use its proprietary, data-driven decision support platform to enable Fusion’s ... Read the full article
Pricing to improve from current levels but become less cyclical: Berenberg
17th April 2019
The reality that profitability has to be achieved at current pricing levels has altered market expectations for insurers and reinsurers, and while analysts at Berenberg expect rates to improve from where they are today, going forward, pricing is expected to become less cyclical. Analysts highlight a challenging pricing environment for the ... Read the full article
JLT Insurance Management’s Daley named MD of SRS (Bermuda)
17th April 2019
Captive management and consulting service provider, Strategic Risk Solutions (SRS), has announced the appointment of Richard Daley from JLT Insurance Management (Bermuda) Ltd., as Managing Director (MD) of SRS (Bermuda) Ltd. In his new role based in the firm's Bermuda office, effective August 1st, 2019, Daley will work alongside Managing Directors ... Read the full article
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