Reinsurance News
Lloyd’s “absolutely” wants to grow into the future: Carnegie-Brown
14th November 2018
Chasing loss making business out of the specialist Lloyd’s of London insurance and reinsurance marketplace might be tough and lead to pain for some, but it is “absolutely right” that the market becomes sustainably competitive for the future, according to Lloyd’s Chairman, Bruce Carnegie-Brown. Addressing an audience today in the Old ... Read the full article
Insured California wildfire losses may reach $10bn, says Credit Suisse
14th November 2018
A preliminary estimate from Credit Suisse has put industry losses related to the recent Camp, Woolsey and Hill Wildfires in California in the range of $5 billion to $10 billion. The three fires sprang up in the Butte and Ventura Counties on November 8 and have since collectively burned through 232,151 ... Read the full article
Zurich expects rates momentum to slow into 2019, says CFO Quinn
14th November 2018
Zurich Insurance Group continues to achieve rate increases across its property and casualty (P&C) lines, but it expects pricing momentum to slow down as it moves into 2019, according to Chief Financial Officer George Quinn. Speaking during a third quarter earnings call, Quinn explained that the overall rate changes experienced over ... Read the full article
IFRS17 delayed by one year amid industry criticisms
14th November 2018
The International Accounting Standards Board (IASB) has voted in favour of delaying the implementation of new International Financial Reporting Standard (IFRS17) for one year to 1 January 2022. The new accounting standard had originally been planned for January 2021 but financial bodies, as well as insurers and reinsurers, have been calling ... Read the full article
Liberty Mutual partners with OPIC on $1bn investment program
14th November 2018
Liberty Mutual Insurance has partnered with the Overseas Private Investment Corporation (OPIC), the U.S government’s development finance institution, on the launch of a $1 billion risk-sharing agreement to facilitate private sector investment in developing markets. This partnership represents OPIC’s first agreement with a U.S owned insurance company to share credit risk ... Read the full article
AIG told to improve reinsurance disclosures
14th November 2018
Global insurer American International Group is to provide improved disclosures regarding its use of reinsurance to mitigate losses in its property and casualty unit, following a request to do so by The U.S Securities and Exchange Commission, according to Reuters. SEC staff reportedly asked AIG to add information that includes details ... Read the full article
Assurant makes senior appointments, outlines new operating structure
14th November 2018
Assurant, a global provider of risk management solutions, has made a series of senior management appointments and outlined a new operating structure within both technology and risk, effective 1 January 2019. The company says these changes support its commitment to drive sustainable, profitable growth across the enterprise. Firstly, the company’s Management Committee ... Read the full article
UK in “ideal position” to provide cyber re/insurance: John Glen MP
14th November 2018
With the cyber market set for rapid growth over the coming years, the UK is currently in “an ideal position” to provide this kind of re/insurance, according to John Glen MP, Economic Secretary to the Treasury and City Minister. Glen spoke at a round table hosted by Andrew Horton, Chair of ... Read the full article
Up to $6bn insured loss from devastating Californian wildfires: Moody’s
14th November 2018
The Camp and Woolsey Wildfires, which last Thursday broke out in California’s Butte and Ventura Counties and continue to rage despite containment efforts, are expected to cause an estimated $3 billion to $6 billion in insured losses, according to Moody’s. The financial services company says that, assuming the California Department ... Read the full article
Hiscox Re’s David Roache joins Hamilton Re as SVP, Head of Risk XS
14th November 2018
Hamilton Re, the reinsurance arm of Bermuda-based Hamilton Insurance Group, has announced that David Roache has joined the firm in the newly-created role of Senior Vice President (SVP), Head of Risk XS. He will report to the company's Chief Underwriting Officer (CUO), Tim Duffin, and joins from reinsurer Hiscox Re, where ... Read the full article
California wildfire losses to reach record levels in 2018: A.M. Best
14th November 2018
The Camp and Woolsey Wildfires, which continue to burn through vast areas of the Butte, Ventura and Los Angeles Counties in California, are expected to contribute to what will likely be a record year for insured wildfire losses in the state, according to A.M. Best. The rating agency noted that ... Read the full article
Covéa CEO resigns from SCOR board following takeover attempt
14th November 2018
Thierry Derez, the Chief Executive Officer of French insurer Covéa, has resigned from his position on SCOR’s board following the rejection of an €8.2 billion (US $9.6 billion) takeover attempt in September. SCOR had recently released a statement reaffirming its rejection of Covéa’s “hostile and unfriendly” acquisition offer and called ... Read the full article
2019 set to surpass record year for bulk annuities deals: Hymans Robertson
14th November 2018
2019 is expected to surpass what has been a record-breaking year for bulk annuity transactions, with pension scheme buy-ins and buy-outs likely to pass £20 billion by the end of 2018, according to analysts at Hymans Robertson. Deal volumes in 2018 doubled the previous record set in 2014 and Hymans Robertson ... Read the full article
Canopius bolsters energy team with addition of Beazley’s Rachel Sabbarton
14th November 2018
Global specialty lines re/insurer Canopius has announced the appointment of Rachel Sabbarton as Senior Underwriter within the firm’s energy team. Sabbarton joins from Beazley Group where she was Deputy Head of Energy and will report to Geoff Tin before succeeding him in the role of head of energy in the summer ... Read the full article
JBA partners with Chaucer on new India Crop catastrophe model
14th November 2018
JBA Risk Management, the global flood risk modeller, has partnered with international specialty insurer Chaucer on the development of a new catastrophe model to help re/insurers price and assess their exposure within India’s Crop Insurance scheme, Pradhan Mantri Fasal Bima Yojana (PMFBY). The launch of the India Crop model is intended ... Read the full article
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