Reinsurance News
Market dynamics suggest higher overall reinsurance rate increases at mid-year: Analysts
15th April 2019
Analysts at Keefe, Bruyette & Woods (KBW) expect property and casualty (P&C) insurers and reinsurers to report manageable catastrophe losses in Q1, while the market's distinction between loss-free and loss-affected accounts' pricing suggests higher overall rate increases at the upcoming mid-year reinsurance renewals. In terms of large events, the global catastrophe ... Read the full article
PIB looks to raise £200mn in new consolidation push
15th April 2019
PIB Group, an acquisition vehicle backed by U.S private equity firm Carlyle, is looking to raise £200 million to support a new deal-making push, according to reports from the Evening Standard. The firm has reportedly engaged advisors from Deloitte to restructure its credit facilities in an effort to build funds for ... Read the full article
Arch Insurance expands UK Regional Division with Obelisk acquisition
15th April 2019
Arch Insurance (UK) Limited, a division of Arch Insurance International, has completed its takeover of specialist underwriting agency, Obelisk Underwriting. Obelisk Underwriting produced around £5 million of gross written premium (GWP) in 2018, and will form part of Arch UK Regional Division, which is focused on commercial property, casualty, motor, professional ... Read the full article
A.M. Best stays stable on German non-life sector
15th April 2019
Rating agency A.M. Best has maintained a stable market segment outlook on Germany’s non-life insurance market, based on solid rate adjustments in core business classes and strong balance sheets among market participants. Analysts said rate adjustments were keeping pace with claims inflation, thereby supporting robust technical profitability, while balance sheet strength ... Read the full article
Internal review finds no evidence CATCo personnel acted in bad faith: Markel
15th April 2019
Markel Corporation has revealed that an internal review of CATCo's loss reserving in late 2017 and early 2018 by outside counsel, has found "no evidence that CATCo personnel acted in bad faith in exercising business judgement". The firm announced previously that it had sought outside counsel to conduct an internal review ... Read the full article
Fall in traditional equity drives 3% decline in global reinsurer capital: Aon
15th April 2019
Global, dedicated reinsurance capital declined by 3% in 2018 ending the year at $585 billion, driven by a fall in traditional capital as the alternative sector grew once again, according to Aon's 2019 Reinsurance Market Outlook. From the end of 2017 to the end of 2018, traditional reinsurer capital declined by ... Read the full article
Baloise acquires Belgian insurer Fidea from Anbang for €480m
15th April 2019
Baloise Group, a Swiss insurer, has moved to acquire Belgian insurance firm Fidea NV from China's Anbang Insurance Group in a deal worth €480 million. The purchase will see Baloise edge closer to becoming a top four non-life insurer in the Belgian market, increasing its share by 1.7% to 8.5%. In the ... Read the full article
KatRisk enhances cat modelling engine, financial model
15th April 2019
Catastrophe risk modeller, KatRisk LLC has announced updates to its SpatialKat 2.0 and SoloKat+ software and data, further enhancing its sophisticated cat modelling engine and financial model. KatRisk has revealed a range of updates, noting the firms' ability to quantify U.S. flood risk, both inland and storm surge, by leveraging its ... Read the full article
Indian regulator maintains 5% obligatory cession rate for GIC Re
15th April 2019
The percentage of business that general insurers in India have to cede to the country's national reinsurance company, General Insurance Corporation of India (GIC Re), for 2019-2020 is to remain at 5%, according to a notification from the Insurance Regulatory and Development Authority of India (IRDAI). The regulator says the 5% ... Read the full article
Reinsurers have no choice but to be creative: Aditya Dutt, RenRe
12th April 2019
The evolution of the capital structure forces reinsurers to be innovative and creative, and is one of the most fundamental and permanent changes to the industry over the last three decades, according to Aditya Dutt, President of Renaissance Underwriting Managers, Ltd. and Senior Vice President (SVP) and Treasurer, RenaissanceRe Holdings ... Read the full article
Argo calls for shareholder backing ahead of proxy vote
12th April 2019
Specialty re/insurer Argo has called on shareholders to vote down Voce Capital’s previously-announced Board nominations, describing the proxy contest as an attempt to push a “short term agenda.” Voce, whose 1.9 million shares in Argo make them the fourth-largest shareholder, first sparked a war of words when in February when ... Read the full article
TigerRisk analysis suggests frequency of ‘stalled storms’ not increasing
12th April 2019
Analysis conducted by reinsurance brokerage, risk and capital strategic advisory firm TigerRisk indicates that the frequency of stalled storms, such as hurricane Harvey in 2017 and Florence in 2018, has remained relatively constant over the past 167 years. The company’s analytics team conducted an extensive review of weather data as far ... Read the full article
Florida House of Representatives pass bill targeting AOB reforms
12th April 2019
The Florida House of Representatives has passed legislation designed to tackle the state's assignment of benefits (AOB) issue, increasing the likelihood that needed reforms are enacted into law this year. At the same time, the House passed a bill that looks to increase the reimbursement of loss adjustment expenses (LAE) that ... Read the full article
Zurich Canada secures Aon’s Marco Royer as Head of Liability
12th April 2019
The Canadian operations of global insurer Zurich has announced the appointment of Marco Royer as Head of Liability, effective July 1. Royer joins from Aon after a 12 year stretch at the firm, most recently serving as the Head of its Canadian reinsurance broking team. He has a strong technical casualty underwriting ... Read the full article
Rate increases continue across most commercial lines at Q1: IVANS
12th April 2019
The Results of IVANS' index for Q1 2019 show that premium renewal rates increased across almost all major commercial lines of business when compared against the previous quarter. However, the General Liability renewal rate experienced a decrease while the Workers’ Compensation average dropped and remained in negative territory, consistent with the ... Read the full article
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