Reinsurance News
Tower posts $6.7mn loss as weather events and earthquakes hit earnings
28th November 2018
New Zealand-based insurer Tower Limited has posted an NZ $6.7 million (US $4.6 million) loss for the 12 months ending September 30, as its earnings were hit by severe weather claims across the Pacific, escalating costs from the 2010 Canterbury earthquakes, and a settlement with reinsurer Peak Re. The company has ... Read the full article
AXA eyes profit boost in wake of $15bn XL acquisition
28th November 2018
With its investor day being held today, French insurance and investment giant AXA has said it expects the group’s profitability to improve over the next two years due to fresh U.S business bought in by its XL arm, and stated that focus would now be on expanding its operations in ... Read the full article
CNA Hardy appoints Carl Day as Lloyd’s Active Underwriter
28th November 2018
CNA Hardy, a UK specialist commercial re/insurer, has announced that Carl Day has been appointed to the role of Active Underwriter for Lloyd’s Syndicate 382. He will take over the role from current Active Underwriter Patrick Gage as of 1 January 2019, the company said. Day currently serves as Head of Property, ... Read the full article
Zurich partners with claims insurtech Snapsheet
28th November 2018
Zurich Insurance Group is partnering with Snapsheet, a provider of virtual claims technology, as it looks to streamline its customer experience and drive new and innovative tech implementations. Snapsheet’s software as a service (SaaS) platform allows intake of information from various customer channels including e-mail, text, or a web and mobile ... Read the full article
Oasis LMF, Nat Re and WTW to collaborate on new Philippines flood model
28th November 2018
Oasis Loss Modelling Framework (Oasis LMF) is to develop a new open-access catastrophe model for flood in the Philippines in collaboration with the National Reinsurance Corporation of the Philippines (Nat Re) and re/insurance broker Willis Towers Watson (WTW). The two-year project, called the ‘Oasis Platform for Catastrophe and Climate Change Risk ... Read the full article
R&Q ties up two run-off transactions in California
28th November 2018
Randall & Quilter Investment Holdings has announced the completion of a transaction to provide full finality to a California based self-insurer by R&Q’s wholly owned subsidiary, Accredited Surety and Casualty Company. This deal marks the second transaction with a self-insurer in California and the fifth nationwide over the past two years. “We ... Read the full article
AmTrust gets regulatory go-ahead for Evergreen merger deal
28th November 2018
AmTrust Financial Services, Inc. has received all necessary regulatory approvals to go ahead with the completion of its previously announced merger deal with Evergreen Parent, L.P., which will see the company go private. Evergreen is an entity formed by private equity funds managed by Stone Point Capital LLC, together with Barry ... Read the full article
Mercury General’s reinsurance to shoulder $216m of its wildfire losses
28th November 2018
Mercury General Corporation, a Los Angeles-based multi-line insurer, has announced that $216 million of losses inflicted by the Camp and Woolsey fires are expected to be shouldered by its reinsurance partners. The company states that pre-tax total gross losses, before reinsurance benefits, from the Camp fire in Northern California and the ... Read the full article
Hamilton Re appoints Liam Chan as SVP, Casualty & Specialty
28th November 2018
Hamilton Re, the reinsurance arm of Bermuda-based Hamilton Insurance Group, has promoted Liam Chan to the position of Senior Vice President (SVP), Casualty & Specialty. Reporting to Tim Duffin, Chan will underwrite a broad portfolio of casualty and professional lines business including several specialty classes. Chan joined Hamilton Re in 2015 as ... Read the full article
Significant losses expected as Sydney storm brings flash flooding
28th November 2018
Significant insured losses are expected to arise from a storm that hit the city of Sydney, Australia this morning, bringing gale force winds and torrential rain that caused flash flooding and severe disruption. More than 500 Australians have called for emergency assistance following the storm, which also damaged buildings and vehicles, ... Read the full article
Allianz Global Corporate & Specialty partners with insurtech Praedicat
28th November 2018
The Allianz corporate insurance carrier, Allianz Global Corporate & Specialty (AGCS), is partnering with insurtech analytics firm Praedicat to give policyholders access to ChemMeta, a software solution delivering science and regulatory risk analytics for industrial companies. ChemMeta leverages natural language processing and machine learning to “read” and convert high volumes of ... Read the full article
Protectionism a “lose-lose situation”: Swiss Re’s Jerome Haegeli
28th November 2018
Protectionism is a “lose-lose situation” and its impact on both global reinsurance players and policyholders alike is not positive, according to Swiss Re’s Chief Economist Jerome Haegeli. In a recent conversation with Reinsurance News Haegeli spoke positively about the current state of the reinsurance market, but warned against the trend of ... Read the full article
New Nordic places Qudos into liquidation with help of DARAG
28th November 2018
New Nordic Advisors, the investment management company, has placed its wholly-owned insurance subsidiary Qudos Insurance into liquidation, effective immediately. This decision follows a comprehensive review of the insurance company’s position. New Nordic had entered into a number of retrospective reinsurance treaties with legacy specialist DARAG, in order to de-risk Qudos and ... Read the full article
Up to $19bn residential and commercial cost from Cali wildfires: CoreLogic
27th November 2018
As the scope of damage from the California wildfires Camp and Woolsey continues to be assessed, catastrophe risk modeller CoreLogic has updated its total residential and commercial loss estimate to between $15 billion and $19 billion. According to its new property data analysis, losses from the Camp Fire, the most destructive ... Read the full article
Nassau Re secures $200m of new capital for growth, rebranding of core subsidiaries
27th November 2018
Private equity-backed reinsurer Nassau Re has secured an additional $200 million of committed equity from its existing sponsor, Golden Gate Capital, in order to support growth plans currently in place for the company’s fixed annuity and life insurance businesses. Following a rebranding of its core insurance subsidiaries into a single Nassau ... Read the full article
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