Reinsurance News
Sirius Group posts negative Q3 results, driven by cat losses
16th November 2018
Sirius International Group, a global multi-line re/insurance group, has posted a loss of $23 million for the third quarter of 2018, which was largely driven by $77 million of catastrophe losses. The Group’s combined ratio for the quarter was 111%, including 24 points of catastrophe losses, which compares with losses of ... Read the full article
IAG says climate change could make world ‘uninsurable’: Financial Review
16th November 2018
The insurance industry will be unable to operate effectively if the current trajectory of climate change proves accurate, Insurance Australia Group (IAG) Executive Jacki Johnson told the Financial Review. Johnson’s comments come after the UN Environment’s Finance Initiative (UNEP FI) announced a partnership with a group of 16 large, global ... Read the full article
Liberty Specialty Markets adds Charlie Bragg to Marine Liability team
16th November 2018
Liberty Specialty Markets (LSM), the London underwriting centre of Liberty Mutual Insurance, has expanded its Ports and Terminals offering with the addition of Charlie Bragg to its Marine Liability team. Bragg brings 49 years’ experience to his new role, which is effective from November 1. He will be based in Liberty’s ... Read the full article
U.S accounting update may cause erratic GAAP results: A.M. Best
16th November 2018
The treatment of unrealised gains and losses under a recent update to the U.S Accounting Standards could lead to erratic results for companies operating under Generally Accepted Accounting Principles (GAAP), according to A.M. Best. Accounting Standards Update 2016-01, issued by the Financial Accounting Standards Board (FASB) in January 2016, requires companies ... Read the full article
A.M. Best downgrades Maiden Holdings’ financial strength rating to B++
16th November 2018
A.M. Best has downgraded the financial strength rating of Maiden Reinsurance, Ltd. and Maiden Reinsurance North America, Inc. from to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to bbb from a-, the ratings agency has announced. At the same time, A.M. Best has downgraded the Long-Term ... Read the full article
Willis Towers Watson opens new operations in Kazakhstan
16th November 2018
Global insurance and reinsurance broker Willis Towers Watson (WTW) is targeting market growth in Kazakhstan with the launch of a new operation to serve clients in the country. The broker had previously operated in Kazakhstan through a smaller representative office, but recent regulatory approval now allows it to conduct insurance and ... Read the full article
Generali launches new pension risk transfer business unit
16th November 2018
Italian insurance giant Generali has launched a new business unit designed to offer pension risk transfer solutions to multi-national corporations, called Generali Global Pension (GGP). Generali said the unit will aim to accompany corporations in their de-risking journey and cross-border plans, providing a range of services for both plan sponsors and ... Read the full article
Radian secures $455m of credit risk protection from capital markets
16th November 2018
Radian Group subsidiary, Radian Guaranty, has obtained $434 million of credit risk protection from newly-formed Bermuda special purpose insurer Eagle Re 2018-1 Ltd. through the issuance of mortgage insurance-linked notes (ILNs) to eligible third-party capital markets investors in an unregistered private offering. In addition, Radian Guaranty has agreed to terms with ... Read the full article
California wildfires’ property toll climbs to 12,400
16th November 2018
The level of destruction from the recent outbreak of wildfires in California continues to rise with more than 12,408 structures now claimed by the fires, according to the latest data from the California Department of Forestry and Fire Protection (Cal Fire). The majority of these damages were caused by the Camp ... Read the full article
UN partners with 16 global re/insurers to develop climate risk assessment tools
16th November 2018
The UN Environment's Finance Initiative (UNEP FI) has announced a partnership with a group of 16 large, global insurers and reinsurers, to develop a new generation of risk assessment tools that enable the risk transfer industry to better understand the impacts of climate change on their business. The 16 companies represent ... Read the full article
Allianz Life forms start-up accelerator with Securian Financial and gener8tor
16th November 2018
Allianz Life Ventures, part of Allianz Life Insurance Company of North America, has partnered with Securian Financial and start-up accelerator gener8tor to form the OnRamp Insurance Accelerator program, which will invest in new tech start-ups in the re/insurance industry. Based in Minneapolis, the initiative will provide a cash investment of $100,000, ... Read the full article
Chubb management highlights adverse large loss trend in homeowners
16th November 2018
Management at global insurer and reinsurer Chubb have highlighted an adverse large loss trend in homeowners business, and the firm is taking underwriting actions and rate increases to offset the impacts. Chubb recently announced its financial results for the third-quarter of 2018, which revealed catastrophe losses of $450 million and ... Read the full article
Helios to acquire Advantage DCP for up to £1.9mn
16th November 2018
Helios Underwriting plc has revealed plans to acquire Advantage DCP Limited, a limited liability member of Lloyd’s, for a consideration of up to £1.91 million. This consideration could be reduced to £1.66 million dependent on the deterioration of the current 2017 midpoint forecast for Advantage and the final result of that ... Read the full article
Current M&A trends benefit mid-sized players like CCR Re, says CEO Labilloy
15th November 2018
Current mergers and acquisitions (M&A) trends in the re/insurance industry are creating more space for pure reinsurers and medium players like CCR Re to offer improved services to clients, according to Bertrand Labilloy, Chief Executive Officer (CEO) of CCR, the state-back French reinsurer. Speaking in an interview with Reinsurance News, Labilloy ... Read the full article
Willis Towers Watson welcomes IFRS 17 delay
15th November 2018
Global insurance and reinsurance broker Willis Towers Watson welcomes this week’s decision by the International Accounting Standards Board (IASB) to introduce a one-year deferral of the mandatory effective date for the International Financial Reporting Standards (IFRS17) to 1 January 2022. The new accounting standard had originally been planned for 1 ... Read the full article
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