Reinsurance News
RenRe creates new property cat reinsurer Vermeer in partnership with PGGM
18th December 2018
Bermudian reinsurer RenaissanceRe (RenRe) has announced the creation of a new property catastrophe reinsurance vehicle, called Vermeer Reinsurance Ltd., which it is launching in collaboration with Dutch pension fund manager PGGM. RenRe said that the launch of Vermeer will allow it to provide capacity focused on risk remote layers in the ... Read the full article
Lloyd’s adds Albert Benchimol, Victoria Carter to Council
18th December 2018
The Lloyd's Council has announced the addition of Albert Benchimol and Victoria Carter as an External member and Working member, respectively, effective from 1 February 2019. Meanwhile, Michael Watson, currently on the council, has been re-elected as an External member. Benchimol is currently President and Chief Executive Officer of AXIS Capital Holdings Limited, ... Read the full article
KBW anticipating modest rate improvements at 1/1 renewals
18th December 2018
Analysts at Keefe, Bruyette & Woods (KBW) are expecting low single-digit increases in reinsurance pricing at the 1 January 2019 renewals due to the significant catastrophe losses experienced this year and some constraint on the supply of alternative capital. KBW acknowledged that the abundance of third-party capital in the property catastrophe ... Read the full article
Fannie Mae transfers $10.9bn of multifamily mortgage risk to re/insurers
18th December 2018
The Federal National Mortgage Association (Fannie Mae) has successfully secured re/insurance cover for $10.9 billion of multifamily loans in its first multi-tranche Credit Insurance Risk Transfer (CIRT) transaction. Fannie Mae said that the transaction transferred $273 million of risk to nine insurance and reinsurance companies. The completion of CIRT 2018-M02 marks Fannie ... Read the full article
U.S Treasury eases FATCA regulations on P&C premiums, LIIBA responds
18th December 2018
The Chief Executive Officer of the London and International Insurance Brokers’ Association (LIIBA), Christopher Croft, has welcomed new regulations from the US Internal Revenue Service (IRS) and Department of the Treasury to reduce the burden of complying with FATCA (Foreign Account Tax Compliance Act). FATCA in its original form essentially requires ... Read the full article
EPIC Holdings to acquire U.S operations of Integro
18th December 2018
EPIC Holdings, Inc. has announced that it plans to acquire Integro Holdings Inc., the company that houses all the U.S operations of international re/insurance broker and risk management firm Integro Group Holdings, LP. The transaction, which is expected to close in January 2019, will see EPIC benefit from the addition of ... Read the full article
Canada Life completes largest bulk buy-in transaction to date
18th December 2018
Canada Life has completed a £625 million buy-in of the Reuters Pension Fund, making it the insurers’ largest ever deal. The transaction is the first in a framework of buy-in transactions for the scheme and covers the majority of pensioner liabilities in the £2.2 billion fund. “The magnitude of this deal reflects ... Read the full article
Charman promoted to CEO of Overseas Insurance for Sompo Holdings
18th December 2018
Bermuda-based specialty re/insurer Sompo International Holdings has announced the promotion of John Charman, currently Chairman of the Board of Directors and Chief Executive Officer of Sompo International, to CEO of Overseas Insurance Business in Sompo Holdings. The appointment, effective 1 April 2019, will see Charman oversee a segment that represents more ... Read the full article
LMG launches ‘Future Workforce’ think tank
18th December 2018
The London Market Group (LMG) has announced the launch of a think tank aimed at assessing the challenges faced by its future workforce and developing recommendations in response. The work of the ‘Future Workforce’ think tank will be supported by KPMG. Clare Lebecq, Chief Executive Officer of the LMG, commented, “In 2016, ... Read the full article
KfW, World Bank announce €15m contribution to enhance Caribbean disaster insurance
18th December 2018
Germany’s government-owned development bank, KfW, and the World Bank have signed an agreement that will see €15 million contributed, from the Federal Republic of Germany, to the Central America and Caribbean Catastrophe Risk Insurance Program (CACCRIP). This is the biggest contribution to the CACCRIP from a single donor and is part ... Read the full article
European reinsurance pricing to continue improving through 2019: Barclays
18th December 2018
Reinsurance prices in the European market should continue to gradually improve throughout 2019 as demand goes up and capacity becomes more constrained, according to analysts at multinational investment bank Barclays. Barclays estimates that the reinsurance industry is set to incur around $70 billion in large loss claims this year, which is ... Read the full article
PRA’s climate change plan may conflict with shareholder expectations: Moody’s
17th December 2018
A recent consultation paper on climate change published by the UK’s Prudential Regulation Authority (PRA) is likely to enhance the long-term risk management of re/insurers, but may conflict with the near-term expectations of shareholders, according to Moody’s. Moody’s said that, if implemented, it expects the PRA’s proposed standard to improve ... Read the full article
JLT Re (North America), Pact Insurance announce insurtech partnership
17th December 2018
The North American arm of JLT Re has partnered with Pact Insurance, a personal auto Insurtech company, to create a digital insurance solution that covers established and emerging mobility risks. Ed Hochberg, Chief Executive Officer of JLT Re (North America) said the partnership is a testament to the unique and highly ... Read the full article
Global Risk Partners appoints Mike Bruce as Group Managing Director
17th December 2018
Global Risk Partners, an investment vehicle aimed at insurance brokers and managing general agents, has appointed Mike Bruce to the newly-created role of Group Managing Director. Bruce was appointed Chief Executive Officer, Broking in 2015 and has since overseen a a rapid and accelerating growth curve, with the Broking Division completing ... Read the full article
Swiss Re appoints Mark Hodges to lead ReAssure into planned IPO
17th December 2018
Swiss Re has appointed Mark Hodges as Chief Executive Officer (CEO) of its UK closed book business, ReAssure, as it continues to explore options for a potential initial public offering (IPO) in 2019. Hodges, who is currently CEO of the Consumer division at British energy and services company Centrica, will be tasked ... Read the full article
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