Reinsurance News
North America P&C sector results improve despite cat losses: Fitch
5th April 2019
North American property and casualty (P&C) re/insurers generated improved operating returns and underwriting profits in 2018, according to Fitch Ratings. Analysis of 48 P&C re/insurers’ results showed that performance across the sector improved despite a second consecutive year of higher than average catastrophe losses. Insured cat losses represented 5.0% of aggregate net ... Read the full article
Whiplash reforms push down car premiums as Ogden review continues
5th April 2019
Car premiums in the UK declined by an average of £100 between December 2018 and February 2019, driven by the sector's response to the passing of the Civil Liability Act in December of last year. Canaccord Genuity questions whether the Ogden reforms will result in further reductions. The Civil Liability ... Read the full article
PPL surge continues as Board reveals 50,000 risks now bound on the platform
5th April 2019
The board of Placing Platform Limited (PPL), a core component of the London Market’s Target Operating Model, has announced that over 50,000 risks have now been bound on the platform, with close to 12,500 bound in just the last three months. The adoption of electronic placement is increasing across the London ... Read the full article
Berkshire BHSI confirms move to Cologne from Düsseldorf
5th April 2019
Berkshire Hathaway Specialty Insurance Company (BHSI), the insurance arm of Warren Buffett's global re/insurance company, has confirmed its decision to relocate to Cologne, Germany from neighbouring Düsseldorf in June. The decision has been well received by the Mayor of Cologne Henriette Reker, who has for the past year been a Read the full article
Munich Re’s ERGO to offload insurance portfolios of three entities to Generali
5th April 2019
ERGO International AG, a division of global reinsurer Munich Re, has announced plans to sell the insurance portfolios of three subsidiaries to Generali Group. The new sale is for its life, non-life and composite portfolios in Hungary and Slovakia. The transaction sees ERGO further consolidate its international business and follows last ... Read the full article
“Vast majority” of Midwest flood damage to go uninsured: A.M. Best
5th April 2019
According to A.M. Best, the “vast majority” of the damages to property from the ongoing flooding in Nebraska and other states along the Missouri River, which is expected to exceed $3 billion, will be uninsured. The Midwestern U.S has experienced major floods since mid-March 2019, partly caused by a blizzard early ... Read the full article
Aurous Risk Partners secures first Lloyd’s binder
5th April 2019
Aurous Risk Partners , a London-headquartered managing general agency (MGA), has secured its first Lloyd’s energy binder, led by Arcus Syndicate 1856. Through this arrangement Aurous Risk Partners will be able to offer clients capacity within the European Economic Area (EEA) on behalf of Lloyd’s Brussels security and Arcus Syndicate 5330. Aurous ... Read the full article
Munich Re, US appoints COO of new commercial insurance unit in North America
5th April 2019
Munich Reinsurance America, Inc. (Munich Re, US) has announced Adam Edelstein as the Chief Operating Officer (COO) of a new commercial insurance division in North America, Munich Re Specialty Insurance. Edelstein joins the firm from a boutique insurance-focused consultancy and will report to the Chief Executive Officer (CEO) of Munich Re Specialty ... Read the full article
Downstream energy sector sees first major capacity decrease since 2001: WTW
5th April 2019
The downstream energy sector experienced its first significant decrease in underwriting capacity since 2001, according to a new energy market report by broker Willis Towers Watson. Downstream capacity fell from $6.8 billion to $6.2 billion in the first major market turn since the aftermath of 9/11, WTW analysts said. They attributed the ... Read the full article
Hamilton Re raises $65mn collateralised capacity from sidecar Turing Re
5th April 2019
Hamilton Re, the reinsurance arm of Bermuda-based Hamilton Insurance Group, has secured $65 million of collateralised capacity through its special purpose sidecar vehicle, Turing Re Ltd. The capacity was obtained through the issuance of the Series 2019-1 preference shares from Turing Re in a syndicated private placement, the reinsurer explained. Turing Re ... Read the full article
Islamic insurance demand to drive profits & premium growth: Moody’s
5th April 2019
Growth in global demand for Islamic insurance, also known as takaful, is supporting profitability in the sector and will likely result in moderate premium increases over the next 2-3 years, according to Moody’s Investors Service. Globally, gross takaful premiums, or contributions, increased at a compound annual rate of 9% between 2014 ... Read the full article
Forecasts suggest fairly average 2019 Atlantic hurricane season
4th April 2019
Recently published forecasts for the 2019 Atlantic hurricane season, from the Colorado State University and Accuweather, suggest a roughly average level of storm activity. The 2019 Atlantic hurricane season begins on June 1st and runs until the end of November, 2019. After two consecutive years of increased catastrophe activity and subsequent ... Read the full article
European windstorm biggest exposure in PERILS’ updated IED
4th April 2019
Catastrophe data loss aggregation and estimation firm, PERILS AG, has released the 2019 update of its Industry Exposure Database (IED), showing that for the second consecutive year the biggest exposure in the database is European windstorm. PERILS explains that the updated country IEDs for 2019 have once again been produced from ... Read the full article
Moody’s changes AXIS Capital’s ratings’ outlook to negative
4th April 2019
Moody's Investors Service has changed the ratings' outlook of AXIS Capital Holdings Limited from stable to negative, citing lower capitalisation and higher operating and financial leverage relative to peers. At the same time, Moody's has affirmed the ratings of AXIS Capital and its subsidiaries, including the Baa1 guaranteed senior debt of its ... Read the full article
Pilots not at fault in Ethiopia Airlines crash, say investigators
4th April 2019
Investigators have reported that the pilots of the Ethiopian Airlines flight that crashed on March 10 “repeatedly” followed the procedures recommended by Boeing and were not responsible for the crash. The Ethiopian government said data from the plane’s recorders showed “repetitive uncommanded aircraft nose-down conditions” and said Boeing should review its ... Read the full article
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