Reinsurance News
GIC Re’s pricing revisions cause Indian property rates to soar
20th March 2019
Companies in a number of Indian industries have seen their property insurance rates soar by as much as eight times after the country’s only active domestic insurance, GIC Re, revised the rates at which it provides reinsurance. This is according to reports from The Times of India, who said that corporates ... Read the full article
UAE insurers face challenging 2019 as underwriting discipline weakens: A.M. Best
20th March 2019
Insurers in the United Arab Emirates (UAE) are expected to face challenging market conditions in 2019 due to weakened underwriting discipline and competition surrounding rates, according to analysts at A.M. Best. The UAE insurance sector continued its earnings momentum in 2018 to deliver a second consecutive year of strong profits, while ... Read the full article
Ameriprise Financial enters $1.7bn reinsurance deal with Global Atlantic
20th March 2019
Ameriprise Financial, Inc. has announced a new reinsurance agreement with a subsidiary of Global Atlantic Financial Group that covers approximately $1.7 billion of fixed annuity policies sold through third parties. The agreement was entered into by Ameriprise Financial’s insurance subsidiary, RiverSource Life Insurance Company, and Commonwealth Annuity and Life Insurance Company, ... Read the full article
ICA Townsville industry loss estimate exceeds AU$1bn
20th March 2019
The Insurance Council of Australia’s updated industry loss estimate for the flooding in Townsville, Queensland has hit AU$1.04 billion (US$737.4 million), an increase of AU$434 million from a month ago. ICA Chief Executive Officer Rob Whelan said insurers have so far received 25,778 claims, with around 90% of those consisting of ... Read the full article
SCOR Global P&C names Reinsurance CEO, reshuffles leadership team
20th March 2019
French reinsurance firm SCOR has made a number of senior appointments within its Global P&C division. Effective April 1, Michel Blanc is promoted to Chief Executive Officer of Reinsurance and replaces Jean-Paul Conoscente after having been appointed to lead the division earlier this year. Also effective April 1, Christoph Spichtig is promoted ... Read the full article
Loss hit P&C insurance rates in Asia to increase by at least 10% in 2019: WTW
20th March 2019
Willis Towers Watson (WTW), the global insurance and reinsurance brokerage, expects large catastrophe loss-affected property and casualty (P&C) insurance rates in Asia to increase by at least 10% through 2019. The international broker has released its 2019 Asia insurance market report, which includes key insurance rate predictions for the current year. Looking ... Read the full article
Munich Re reports solid 2018 result, raises 2019 profit guidance
20th March 2019
Global reinsurance giant Munich Re has announced 2018 profit of €2.275 billion, helped by an improved result in its property and casualty (P&C) reinsurance segment. The €2.275 billion is a substantial jump from the €392 million recorded a year earlier. Munich Re's operating profit for 2018 reached €3.725 billion, as gross ... Read the full article
Spanish insurers focusing on tech as growth opportunities shrink: A.M. Best
20th March 2019
Spanish insurers are increasingly utilising technology to cross-sell products and target niche markets as growth opportunities both domestically and abroad continue to shrink, according to analysts at A.M. Best. The rating agency concluded that the Spanish insurance sector remains profitable, but margins are under pressure and the low interest rate environment ... Read the full article
Norsk Hydro disrupted by major cyber attack
19th March 2019
A potential ransomware attack on Norsk Hydro, one of the world’s largest manufacturers of aluminium, has forced the company to switch to manual operations in a bid to contain the breach. Emerging reports indicate the Norway-based company’s operations are being disrupted after unusual activity was spotted on its server by IT ... Read the full article
Hurricane Michael claims exceed $6bn: FLOIR
19th March 2019
The Florida Office of Insurance Regulation (FLOIR) has revealed that insurance claims from Hurricane Michael have now exceeded $6 billion, up from the $5.53 billion of insurance claims recorded in early February. According to figures from the FLOIR, which is based on claims data reported by insurers that operate in the ... Read the full article
Castel promotes European M&A division to standalone underwriting cell
19th March 2019
Castel Underwriting Agencies Limited, the club-style MGA formation platform, has promoted Transact Risk Partners from a division within the Castel Specialty portfolio to a standalone underwriting cell. Launched in October 2017, Transact provides warranty and indemnity insurance for mergers and acquisitions (M&A) transactions and tax risk insurance for tax liabilities across ... Read the full article
Specialist MGU PERse opens Miami office, announces new hires
19th March 2019
Specialist Managing General Underwriter (MGU) PERse has announced a series of appointments following the opening of its new office in Miami, Florida. PERse’s Miami office is primarily responsible for the underwriting of renewable energy projects in Latin America and will be lead by Marco Broccolo, who joined the company earlier this ... Read the full article
Ogden rate change to be confirmed on or before August 5th
19th March 2019
The first review of the personal injury discount rate is set to be announced today by the Lord Chancellor, David Gauke, following outcry from auto insurers after the rate was cut from 2.5% to -0.75% in 2017. The UK' Ministry of Justice said today that the first review of the Ogden ... Read the full article
Chaucer enters marine insurtech partnership with Concirrus
19th March 2019
Chaucer, the specialty international (re)insurance group, has announced a new partnership with insurtech firm Concirrus, which is focused on driving technological change in the marine insurance market. The partnership will enable Chaucer to benefit from the use of Concirrus’ Quest Marine platform, which analyses billions of historical and real-time data to ... Read the full article
Regulators suspend INTEGRAND’s cat business, A.M. Best downgrades ratings
19th March 2019
INTEGRAND Assurance Company, the Puerto Rico-based property and casualty (P&C) re/insurer, has been ordered to stop writing new catastrophe business by its regulator. Subsequently, A.M. Best has downgraded the company’s Financial Strength Rating from B++ (Good) to C++ (Marginal) and its Long-Term Issuer Credit Rating from ‘bbb+’ to ‘b’, while maintaining ... Read the full article
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