Reinsurance News
AXA XL partners with France’s Cedre on environmental risk policies
27th November 2018
AXA XL Insurance is to offer new environmental risk services for companies based in France via a partnership with Cedre, an organisation that specialises in helping governments and companies mitigate the impact of ecological incidents. The collaboration with Cedre (Centre de Documentation de Recherche et d’experimentations sur les pollutions accidentelles des ... Read the full article
Marsh granted first captive management licence in Abu Dhabi
27th November 2018
Global re/insurance broker Marsh has been awarded the first licence to provide captive insurance management services in Abu Dhabi. The firm, operating as Marsh Management Services (MENA) Limited, has been authorised by Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA). The AGDM is the international financial centre in the capital ... Read the full article
Arthur J. Gallagher acquires two California-based P&C brokers
27th November 2018
U.S. global insurance brokerage and risk management services firm Arthur J. Gallagher & Co. has expanded its presence in California with the acquisition of property and casualty (P&C) brokers Buckman-Mitchell, Inc. and R.T. Beers & Company Insurance Services, Inc. Buckman-Mitchell is a retail P&C and employee benefits agency and consultant that ... Read the full article
RSA appoints Geoff Jones to lead Specialty and Wholesale division
27th November 2018
RSA Group, one of the largest UK commercial insurers, has announced the appointment of Geoff Jones as Director of its Specialty and Wholesale unit, part of RSA's Global Risk Solutions (GRS) business. Jones, having joined RSA in 2010 following a 15 year career as a solicitor specialising in defendant litigation, currently ... Read the full article
Premiums, profits up for U.S P&C reinsurers: RAA
27th November 2018
A group of 18 U.S. property and casualty (P&C) reinsurance companies recorded $45.4 billion in net premiums written (NPW) during the nine-months ended 30 September 2018, according to a survey conducted by the Reinsurance Association of America (RAA). This figure represents a $11.2 billion increase from this point last year, when NPW ... Read the full article
Campaign aims to attract UK-based businesses to Brussels post-Brexit
27th November 2018
As the prospect of a ‘no-deal’ Brexit continues to incite uncertainty for UK organisations that rely upon a base within the European Union for business, Belgium is attempting to convince firms to to base themselves in its Brussels Capital Region. Backed by the Brussels’ regional government, regional trade associations and industry ... Read the full article
AXA acquires remaining €584m stake in Chinese joint P&C venture
27th November 2018
French insurance and investment giant AXA has purchased the remaining 50% of Chinese property and casualty (P&C) insurer AXA Tianping that it did not previously own in a €584 million transaction. This deal follows yesterday’s announcement that Allianz had received approval from the China Banking and Insurance Regulatory Commission for the ... Read the full article
Annual insured cat losses now average $87 billion: AIR Worldwide
27th November 2018
Catastrophe risk modelling firm AIR Worldwide has estimated that annual global catastrophe losses now average around $86 billion for the insurance and reinsurance industries. AIR’s ‘2018 Global Modeled Catastrophe Losses’ report also estimated that the 1% aggregate exceedance probability insured loss (or the 100-year return period loss) from catastrophes worldwide is ... Read the full article
European life re/insurers benefit from shift to higher margin products: J.P. Morgan
27th November 2018
European life re/insurers are to benefit from the introduction of higher margin products going forward, which is reflected in the life operating margin recently posted by Italian insurer Generali, according to analysts at J.P. Morgan. The firm attributed Generali’s higher operating margin to the new, lower guarantee products that it ... Read the full article
Reinsurers to see localised rate increases over 2019: Goldman Sachs
26th November 2018
Although overall reinsurance pricing momentum overall is likely to slow going into 2019, Goldman Sachs expects to see localised rate increases in some areas that have experienced heavy catastrophe losses over 2018. In Japan, Goldman Sachs predicted that the $8 billion loss from Typhoon Jebi (with a $2 billion reinsurance attachment) ... Read the full article
TransRe to partner with insurtech Concirrus on marine reinsurance programs
26th November 2018
Transatlantic Holdings, the reinsurance arm of the Alleghany Corporation, is to partner with London-based insurtech Concirrus on the development of data-driven reinsurance programs for marine insurers. To better assess risk across its portfolio TransRe will be leveraging Concirrus’ Quest Marine insurance software. Quest provides a single web application to allow commercial ... Read the full article
Germany prepares for no-deal Brexit with draft law for UK financial firms
26th November 2018
Germany’s Federal Financial Supervisory Authority (BaFin) has published a draft law aimed at preserving market access for UK firms offering banking, financial or insurance services under the European passport regime should Brexit negotiations culminate in a ‘no-deal’ scenario. Amendments to the German Banking Act would, in a no-deal scenario, empower BaFin ... Read the full article
Lloyd’s appoints Christian Noyer to Council and Brussels Board
26th November 2018
Lloyd’s has announced that French economist Christian Noyer has been appointed as Non-Executive Director of Lloyd’s Council and as Non-Executive Director of the Lloyd’s Brussels Board, effective from 2 November. Noyer served as the Governor of the Bank of France from 2003 to 2015, and has since held the position of ... Read the full article
Qatar General Insurance to place Dubai branch into run-off
26th November 2018
Qatar General Insurance and Reinsurance Company (QGIRCO) has announced that it is to cease issuing any new insurance policies from its branch in Dubai, United Arab Emirates (UAE) and begin the process of placing the business into run-off. The news follows the company’s decision to exit the insurance market in Dubai, ... Read the full article
Zurich CEO Greco denies acquisition rumours
26th November 2018
Mario Greco, Chief Executive Officer (CEO) of Zurich Insurance Group, has denied rumours that the company would consider a takeover bid from another large re/insurer or tech firm, according to Finews. Speaking at a recent conference event hosted by Handelsblatt in Munich, Greco reportedly said that a cross-border, transforming transaction would ... Read the full article
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