Reinsurance News
Canopius US Insurance, Canopius Re ratings placed under review by A.M. Best
18th March 2019
In light of worse-than-expected operating results for 2018 at Canopius AG, A.M. Best has placed under review with negative implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" of Canopius US Insurance, Inc. and Canopius Reinsurance AG. Both Canopius US Insurance and Canopius Reinsurance ... Read the full article
Re/insurers must rethink approach to tougher Asian market, says WTW
18th March 2019
Global insurance and reinsurance broker Willis Towers Watson (WTW) has underlined challenges for insurers in Asia, warning that the dominance of large and complex risks in the Asian commercial insurance segment is revealing that current business models are unsustainable. 2018 was an active year for catastrophe activity across Asia, with numerous ... Read the full article
Talanx results robust despite heavy Q4 nat cat losses
18th March 2019
Despite heavy fourth quarter catastrophe losses, Hannover Re parent company The Talanx Group’s overall combined ratio for 2018 showed a 2.2% year-on-year improvement, reaching 98.2%. The Group's operating profit for Q418, which in particular saw a big hit from the Californian wildfires, slid -20.1% to €562 million. Gross written premiums for the ... Read the full article
Palomar Holdings files for $50mn IPO
18th March 2019
Palomar Holdings, a specialty property insurance provider backed by Genstar Capital, has filed for an initial public offering (IPO) with a placeholder amount of $50 million. The company, which is based in La Jolla, California, submitted preliminary documents to the Securities and Exchange Commission on Friday to pursue the IPO. It plans ... Read the full article
Pembroke & Ironshore sale removes business overlap, says Liberty Mutual
18th March 2019
Liberty Mutual has said that its decision to sell Pembroke Managing Agency Limited and Ironshore Europe DAC (IEDAC) to Hamilton Insurance Group, Ltd. will remove business overlap resulting from its 2017 acquisition of Ironshore. The transaction, which was announced on March 14, will see Hamilton take over the Pembroke platform ... Read the full article
Uptick across most commercial lines rates in February: IVANS
18th March 2019
The February results of the IVANS Index show a year-on-year increase in premium renewal rate change across all major commercial lines of business, with the exception of Workers’ Compensation. IVANS, which is a division of Applied Systems, also observed a month to month uptick in premium renewal rate change across Commercial ... Read the full article
Re/insurance M&A slowdown expected in 2019: Clyde & Co
15th March 2019
Mergers and acquisitions (M&A) activity in the global re/insurance sector increased by 9% in 2018, but political and economic uncertainty is expected to cause a temporary slowdown over the next six months, according to analysts at Clyde & Co. The law firm recorded 382 M&A transactions in 2018, up from 350 ... Read the full article
Arch secures $341m of mortgage reinsurance from capital markets
15th March 2019
Arch Mortgage Insurance Company (Arch MI), the US mortgage insurance arm of Arch Capital Group, has obtained $341 million of indemnity reinsurance, on a pool representing roughly $23 billion of mortgages, from special purpose reinsurer Bellmeade Re 2019-1 Ltd. This is Arch’s first 2019 ILS transaction, its most recent being a ... Read the full article
Zurich boosts M&A insurance capacity with Fusion partnership
15th March 2019
Zurich Australia has partnered with Fusion Specialty Insurance, a business unit of POP Insurance Holdings launched with the help of Allianz Global Corporate Specialty (AGCS) earlier this year. Zurich says the deal will boost the company's capacity in the mergers and acquisitions (M&A) insurance space. As per the agreement, Fusion will be delegated ... Read the full article
Swiss Re is focused on social value of protection gap: Moses Ojeisekhoba
15th March 2019
While closing the global protection gap offers huge potential for the re/insurance industry to grow its premium base, Swiss Re is focused primarily on the value of building resilience at both the individual and societal level, according to Moses Ojeisekhoba, the company's CEO of Reinsurance. Speaking during a lecture in the ... Read the full article
AEGIS London projects 5% growth for Lloyd’s syndicate in 2019
15th March 2019
Lloyd’s managing agency AEGIS London is expecting to grow its Syndicate 1225 by 5% in 2019 following another profitable year. AEGIS London delivered a combined ratio of 94% and profits of £22m for 2018, overcoming difficult market conditions and a challenging business review process at Lloyd’s. This was also 32% ahead of ... Read the full article
David Ripton joins WTW to lead Broking, Global Marine, CRB
15th March 2019
Global insurance and reinsurance broker, Willis Towers Watson (WTW), has announced the appointment of David Ripton as Head of Broking, Global Marine in its Corporate Risk and Broking (CRB) unit. Ripton joins the firm from rival brokerage Marsh, where since 2014 he held the position of Chief Executive Officer (CEO) for ... Read the full article
Assurant increases 2019 catastrophe reinsurance program
15th March 2019
U.S. specialty insurance group Assurant has reduced its exposure to catastrophe events in 2019, in part through the expansion of its catastrophe reinsurance program. At its 2019 Investor Day this week, Assurant revealed details of its new reinsurance program, which it claimed would significantly reduce its earnings impact from large catastrophe ... Read the full article
Pioneer adds Nick Greggains as CEO of US operations
15th March 2019
Pioneer Underwriters, part of Minova Insurance Holdings, has announced the appointment of Nick Greggains as Chief Executive Officer of its US operations. Greggains will be based in New York and report to Group CEO Andrew McMellin. His appointment, which is effective on March 25, will see the current US CEO Gene Hinman ... Read the full article
PERILS estimates AU$957m insured property losses from Townsville floods
15th March 2019
Catastrophe loss data aggregator PERILS has pegged the initial property losses for the floods which hit the Queensland city of Townsville earlier this year at AU$957 million (US$678 million). The city of Townsville and the surrounding area in northeastern Queensland experienced torrential rain and flash flooding between January 26 and February ... Read the full article
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