Reinsurance News
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
QBE to combine Asian and European operations in efficiency drive
5th November 2018
Australia domiciled insurer QBE has announced that its Asian and European operations are to be combined into a new International division as part of a drive for greater efficiency in the company. Additionally, a new Australia Pacific division will encompass operations in Australia, New Zealand, the Pacific and India, meaning Asia ... Read the full article
China’s Belt & Road Initiative huge opportunity for overseas insurers: Swiss Re
5th November 2018
China's ambitious Belt & Road Initiative (BRI) - an attempt by President Xi Jinping to spur investment in land and maritime trade routes that strengthen ties across Asia, the Middle East, Africa and Europe - is set to offer the insurance industry significant investment opportunities, according to a report by ... Read the full article
Arch Insurance to use AIR’s catastrophe risk modelling solution
5th November 2018
Arch Worldwide Insurance Group has announced that it plans to use Touchstone, the catastrophe risk modelling solution from Verisk’s AIR Worldwide, to help manage its catastrophe risk. Touchstone is designed to perform advanced analytics that help companies understand their risk, and has recently been updated to include enhancements that allow users ... Read the full article
Markel forms new Marine and Energy divisions, names heads
5th November 2018
Specialist insurer and reinsurer Markel International has created two new standalone divisions for Marine and Energy, and has appointed Chris Fenn and Julian Samuel as Managing Directors of the businesses. The formation of the new divisions reflects the growth of Markel’s Marine and Energy business, which has become the single largest ... Read the full article
SOBC DARAG acquires Florida insurer in U.S expansion move
5th November 2018
SOBC DARAG, the newly-formed joint venture between U.S run-off specialist SOBC and European legacy acquirer DARAG, has completed its acquisition of Florida-based Peachtree Casualty Insurance Company. The acquisition, which was first announced in August 2018, marks SOBC DARAG’s first U.S acquisition and represents part of the initial stage of the ... Read the full article
Occam appoints new Board member and CFO
5th November 2018
Specialty Lloyd’s of London managing general agent (MGA) Occam Underwriting has announced the appointments of Daniel Carr to the Board of Directors of the Company and Mark Fisher as Chief Financial Officer (CFO). Carr has been with Occam since 2015 and will also continue in his role as Head of Innovation ... Read the full article
The U.S. TCJA could have more immediate implications for Bermuda’s re/insurers: KBRA
5th November 2018
The U.S. Tax Cuts and Jobs Act (TCJA), signed into law in December of 2017, could have more immediate implications for Bermuda insurers and reinsurers, according to analysis by Kroll Bond Rating Agency (KBRA). In a recent report, KBRA discusses potential implications for Bermudian re/insurance companies regarding the implementation of the ... Read the full article
Hiscox premium growth continues, but expects it to slow as market still challenging
5th November 2018
Strong growth in premiums underwritten has continued at global specialist insurance and reinsurance firm Hiscox, but the firm expects this will slow down and moderate over the rest of the year as the market remains challenging. Hiscox reported its nine-month results this morning, citing an increase in gross written premiums 14.3% ... Read the full article
Berkshire Hathaway’s underwriting profits rise on fewer catastrophe losses
5th November 2018
The insurance and reinsurance units of Warren Buffett’s Berkshire Hathaway have experienced a strong bounce back from the major catastrophe losses of the prior year, delivering almost $1.8 billion of underwriting profit for the first nine-months of 2018. Berkshire Hathaway has reported a $441 million underwriting profit for Q3 2018, a ... Read the full article
Berkshire Hathaway pegs hurricane Michael loss at up to $550m
4th November 2018
In announcing its latest quarterly results this weekend, Berkshire Hathaway, the Warren Buffett owned giant conglomerate, said that its insurance and reinsurance businesses expect up to $550 million of catastrophe losses from hurricane Michael. Hurricane Michael struck the Florida Panhandle a deadly blow on October 10th, coming ashore as a major ... Read the full article
NFIP’s 2019 flood reinsurance renewal process begins
2nd November 2018
The U.S Federal Emergency Management Agency (FEMA) has begun the 2019 reinsurance program renewal process for its National Flood Insurance Program (NFIP), with the possibility of a multi-year deal being sought. FEMA first entered the reinsurance market in 2016 with $1 million of flood protection running from 19 September 2016 to ... Read the full article
Manulife reinsures $8bn of policy liabilities to Jackson National Life
2nd November 2018
Canadian multinational insurer Manulife has announced that its subsidiaries have entered into agreements to reinsure approximately $8 billion of policy liabilities related to legacy U.S group payout annuities to Jackson National Life Insurance Company. This transaction, along with two separate deals announced today, are expected to release a total of ... Read the full article
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