Reinsurance News
Rising motor prices drive improved outlook for French P&C sector: Moody’s
9th November 2018
Moody’s Investors Service has changed its outlook on the French Property and Casualty (P&C) insurance sector from negative to stable, reflecting rising prices and lower claims frequency in the key motor insurance market. French P&C insurers are also likely to benefit from a rise in interest rates, as they will gradually ... Read the full article
Asian markets to drive re/insurance growth over next decade: Swiss Re CEO
8th November 2018
Markets in Asia, and China in particular, are likely to be one of the main drivers of growth for the re/insurance industry over the next ten years, according to Christian Mumenthaler, Chief Executive Officer (CEO) of Swiss Re. Speaking in an interview with Bloomberg TV, Mumenthaler suggested that exponential growth can ... Read the full article
Monument Re acquires run-off life portfolio from Enstar’s Alpha Insurance
8th November 2018
Bermudian reinsurer Monument Re has announced the acquisition of a run-off portfolio of traditional life and credit life business from Belgian composite insurer Alpha Insurance S.A., a wholly owned subsidiary of Enstar Group Limited. Monument Re said that the portfolio would be transferred to its Belgian carrier, Monument Assurance Belgium NV, ... Read the full article
Bermuda aims to be the world’s insurtech capital: Premier Burt
8th November 2018
Speaking at an event on the island last week, Premier of Bermuda, the Hon. David Burt, JP, MP, explained that as well as being seen as the world's risk capital he would like to see Bermuda take the title of the world's insurtech capital as well. Premier Burt was speaking at ... Read the full article
Zurich anticipates $175mn Hurricane Michael loss
8th November 2018
Zurich Insurance Group has released its results for the first nine months of 2018, in which it estimates that losses related to Hurricane Michael in the fourth quarter are likely to be around US $175 million. Category 4 Michael made landfall in the Florida Panhandle on October 10th as the strongest ... Read the full article
Beazley’s Neil Maidment to join Lloyd’s Board in 2019
8th November 2018
Beazley's Neil Maidment has been appointed as an independent non-executive director of the Lloyd's Board for an initial three-year term, effective February 2019. The new appointment will be effective once Maidment's term of office on the Council of Lloyd's comes to an end on January 31st 2019. He is set to ... Read the full article
Anti-fraud start-up Fraugster raises $14mn in funding, backed by Munich Re
8th November 2018
Fraugster, a software company that uses artificial intelligence (AI) to prevent fraud for online retailers, has raised $14 million in a Series B funding round that saw participation from HSB Ventures, the venture capital arm of global reinsurer Munich Re. Munich Re announced in April that it had agreed to ... Read the full article
BMS builds Australia presence with senior hires from Gallagher
8th November 2018
Independent specialist insurance and reinsurance broker BMS Group Limited has expanded its operations in Australia with the appointments of Stuart Davies as a Director and Samantha Ford as a Corporate Broker. Davies has 25 years’ experience in the UK and Australia re/insurance markets and joins BMS Australia from Gallagher, where he ... Read the full article
MassMutual takes on $50mn of pension liabilities from Scripps
8th November 2018
Massachusetts Mutual Life Insurance Company (MassMutual) has agreed to take on approximately $50 million of pension plan obligations from U.S broadcasting company. E.W. Scripps. The transaction, which involves a group annuity contract, will see MassMutual assume responsibility for the pension benefits of approximately 2,000 Scripps retirees and beneficiaries. Scripps plans to fund ... Read the full article
Insured losses from Hurricane Michael likely to reach $8bn, says Aon
8th November 2018
The latest Global Catastrophe Recap report from re/insurance broker Aon has estimated that total economic losses from Hurricane Michael will exceed US $15 billion, with public and private re/insurers likely to incur pay-outs of at least $8 billion. Aon’s Impact Forecasting team based their estimate on both physical damage and net ... Read the full article
Brit Global Specialty USA names head of Cyber & Technology
8th November 2018
Brit Global Specialty USA (BGSU), a division of global specialty re/insurer Brit Ltd, has appointed Jeff Norton as Senior Vice President, Cyber & Technology, effective October 1, 2018. Norton joins BGSU from Beazley Group, where he most recently served as a Senior Underwriter, Private Enterprise, with responsibility for leading the U.S ... Read the full article
Canopius hires SCOR’s Marco Silva as Senior Property Treaty Underwriter
8th November 2018
Global specialty lines re/insurer Canopius has announced the appointment of Marco Silva as Senior Underwriter, Property Treaty Reinsurance in London. Silva joins Canopius from SCOR, where he most recently served as a Senior Property Underwriter in the treaty team based in London. He has 25 years’ industry experience and has held various ... Read the full article
Premium growth and rate rises outweigh cat losses for Beazley at Q3
8th November 2018
Strong premium growth across all divisions and an average 3% rate increase on renewal business have driven profits for specialist insurer Beazley at the third quarter of 2018 despite significant catastrophe losses. Gross premiums written by Beazley for the nine months ended 30 September 2018 increased by 11% year-on-year to $1.96 ... Read the full article
Italy storms caused over €3bn in economic losses, says Minister
8th November 2018
The storms that battered Italy with flooding and windspeeds of up to 190km/h (118mph) towards the end of October 2018 are expected to cause economic losses in excess of €3 billion (US $3.44 billion), according to the country's Transport and Infrastructure Minister, Danilo Toninelli. "I think that the total bill of ... Read the full article
Hannover Re remains on target, despite using up major loss budget in Q3
8th November 2018
Global reinsurance player Hannover Re said this morning that it remains on target for its full-year profit, despite the impacts of catastrophe events in the third-quarter using up its full major loss budget. Hannover Re noted that its group net income was up by 32.1% at September 30th to EUR 725.3 ... Read the full article
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