Reinsurance News
Compass awarded term life product contract by Habito
27th November 2018
London-based firm Compass Underwriting has won the underwriting and service contract to provide term life mortgage cover for Habito, a digital mortgage broker. Underwritten by AIG Life, the policy will match the period of the mortgage and can cover single or joint applicants. It also offers up to 90 days of cover ... Read the full article
Lonham appoints Marsh’s Matt Haywood as Marine Underwriter
27th November 2018
Lonham Insurance Underwriters, a member of the international specialty insurance group Chaucer, has announced the appointment of Matt Haywood as Marine Underwriter. Lonham says this appointment is aimed at expanding its specialist underwriting and claims service to the UK cargo and freight liability market. Haywood brings over 24 years’ experience in the ... Read the full article
Insurtech Bindable gets investment from EPIC, Motive Partners & Wafra
27th November 2018
Insurance technology firm Bindable has received an investment from EPIC Holdings, the corporate parent that oversees all of the investments across the EPIC insurance platform, alongside institutional and private equity specialists. The EPIC platform includes EPIC Insurance Brokers & Consultants as well as program business, MGA/MGU, warranty and insurtech initiatives. In this ... Read the full article
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
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