Reinsurance News
Munich Re closes on full-year profit target after less profitable Q3
7th November 2018
Reinsurance giant Munich Re has nearly reached its full-year profit target for 2018 after the first nine months of the year, however its Q3 results were hit by catastrophe losses and profitability was boosted by reserve releases during the period. Munich Re has reported profit of €2,038m for the first nine ... Read the full article
Argo broker survey identifies most pressing re/insurance shortfalls
6th November 2018
A survey of brokers and the small and medium-sized businesses (SMEs) they serve, conducted by global specialty re/insurer Argo Group International Holdings, Ltd., has identified cybercrime, climate change, and talent retention as among the areas where re/insurance is most likely to fall behind. For example, Argo found that 71% of brokers ... Read the full article
Seguros SURA Colombia implements Guidewire’s insurance solutions
6th November 2018
Seguros SURA Colombia, the largest insurer in Colombia, has revealed that it is in the process of rolling out Guidewire Software’s InsuranceSuite solutions across all of its lines of business. SURA said that it plans to use Guidewire’s InsuranceSuite, Client Data Management, Rating Management, and Reinsurance Management solutions for underwriting, policy ... Read the full article
Re/insurance will cover almost a quarter of $17bn Florence losses, says NC Governor
6th November 2018
Private insurance and reinsurance is expected to cover $4.6 billion of the estimated $16.7 billion in economic losses caused by Hurricane Florence in North Carolina, according to state Governor Roy Cooper. Initial estimates indicate at least $2.5 billion of potential federal aid and $0.8 billion will also go towards funding losses ... Read the full article
Insurance penetration growing, but poorest more vulnerable than ever, report finds
6th November 2018
Insurance cover in emerging markets is steadily increasing, but climate change and extreme weather events are exposing the poorest and most vulnerable to risk as never before, according to the 2018 State of Microinsurance report from the Microinsurance Network. The report found encouraging signs of insurance uptake in some markets, with ... Read the full article
Ping An remains focused on domestic market growth potential
6th November 2018
Ping An Insurance, China’s largest insurer by market value, remains focused on maximising its opportunities for growth in the domestic market and CEO Peter Ma said that he doesn't foresee any major overseas acquisitions. In an interview with the Financial Times, Ping An CEO Peter Ma said that the Chinese domestic ... Read the full article
Swiss Re hires XL’s LaRocca to lead Corp. Solutions Property & Specialty lines NA
6th November 2018
Swiss Re has hired Michael LaRocca as Head Property & Specialty Lines North America for its commercial risk underwriting focused Corporate Solutions unit. LaRocca was most recently the Chief Underwriting Officer for XL Catlin's North American Property insurance business, a senior role which saw him overseeing one of the largest U.S. ... Read the full article
Swiss Re “not afraid” of Brexit outcome, says CEO Mumenthaler
6th November 2018
Reinsurance giant Swiss Re is “not afraid” of the potential effects that the UK’s departure from the European Union (EU) may have on the economy and on the company’s ability to do business, according to its Chief Executive Officer (CEO), Christian Mumenthaler. Speaking in an interview with Bloomberg TV, Mumenthaler explained ... Read the full article
Q3 catastrophe bond issuance highest ever at $1.6bn: Willis Re
6th November 2018
Catastrophe bond issuance was at a record-high during the third quarter of 2018, totalling $1.6 billion, which exceeded the former Q3 record of $1.4 billion in 2013, according to the new insurance-linked securities (ILS) Market Update from Willis Re. The Q3 total is also well ahead of the $800 million five-year ... Read the full article
Sirius completes merger with Easterly, becomes public company
6th November 2018
Sirius International Group, a global multi-line re/insurance group, has completed its previously announced merger agreement with Easterly Acquisition Corp., through which Sirius has become a publicly listed company. As part of the business combination arrangement, a wholly owned subsidiary of Sirius Group merged with and into Easterly, while Easterly became ... Read the full article
WKFC Underwriting Managers appoints Mark Reisig as CUO, Property
6th November 2018
WKFC Underwriting Managers, a Ryan Specialty Group subsidiary specialising in underwriting management and other services, has appointed Mark Reisig as Chief Underwriting Officer (CUO), Property. Reisig joins WKFC from Arch Insurance Group, where he has held a variety of positions in the Global Property division in both New York and Bermuda, ... Read the full article
Arch Insurance to acquire New York insurer McNeil & Co.
6th November 2018
Arch Capital Group has today announced an agreement to acquire McNeil & Company, a specialised risk management and insurance firm headquartered in Cortland, New York. Post-acquisition, McNeil will operate independently, supporting Arch Insurance’s program division. “McNeil is a great fit for Arch and solidifies a program relationship that dates back to Arch’s ... Read the full article
Short-term policies will open new markets for life re/insurers: Hannover Re’s Laudato
5th November 2018
New categories of short-duration life insurance products will allow re/insurers to access new markets and pools of customers, according to Tony Laudato, Vice President of Partnership Solutions, Hannover Re US. Speaking in an interview with Reinsurance News, Laudato explained that short-duration policies, such as the one recently developed by Hannover ... Read the full article
Markel’s reinsurance business struggles at Q3 despite low cat losses
5th November 2018
Markel posted a 13% decrease in earned premiums and a combined ratio of 115% for its reinsurance business during the third quarter of 2018 despite relatively low catastrophe losses. This resulted in an overall loss of $33.7 million for the reinsurance business, although the company still turned an underwriting profit overall ... Read the full article
Ensurance UK to offer cyber cover for construction sector, backed by Beazley
5th November 2018
Ensurance UK Limited, a managing general agent (MGA) and Lloyd’s Coverholder, has announced that it plans to target the construction sector with a new cyber insurance product, backed by global specialty insurer Beazley. Ensurance has been appointed as a distributor for the new product, which is designed to minimise business disruptions ... Read the full article
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