Reinsurance News
Hannover Re’s net income climbs in 2018 despite challenges
7th March 2019
Reinsurance giant Hannover Re has reported net income of €1.06 billion for 2018, up 10.5% year-on-year as the firm achieved solid results in spite of challenging conditions and high levels of catastrophe losses. During 2018, the reinsurer increased its gross premiums by 7.8% to €19.2 billion, with growth occurring in both ... Read the full article
Berkshire Hathaway GUARD partners with AI platform Planck
7th March 2019
Berkshire Hathaway GUARD Insurance Companies, a U.S subsidiary of Warren Buffett’s global re/insurance company, is partnering with Artificial Intelligence (AI) data platform Planck in an effort to optimise underwriting processes for its small and medium business segment. It’s hoped the insights provided by Planck will allow GUARD’s underwriters to focus on ... Read the full article
LMA appoints new Operations, Finance Director
7th March 2019
The Lloyd's Market Association (LMA) has appointed Rob Myers and Paul Davenport as Operations Director and Finance Director, respectively. Myers began his career nearly 20 years ago at Lloyd’s and has since held a number of senior roles in Xchanging, and most recently CSC and DXC Technology. Davenport has held senior positions ... Read the full article
Odyssey’s Newline Brexit unit receives PCA rating from A.M. Best
7th March 2019
Newline Europe Versicherung AG, the European insurance hub that Odyssey Group Holdings plans to establish ahead of Brexit, has received a Preliminary Credit Assessment (PCA) from rating agency A.M. Best. The firm assigned a Financial Strength Assessment of A pca (Excellent) and a Long-Term Issuer Credit Assessment of ‘a+’ pca to ... Read the full article
AI technologies the “future of employment” for re/insurers, says Quantemplate CEO
6th March 2019
Artificial intelligence (AI) and machine learning technologies should not just be viewed as a short-sighted cost cutting tool, but rather as the “future of employment” for re/insurance companies, according to David Lundgren, CEO of financial tech firm Quantemplate. Speaking in an interview with Reinsurance News, Lundgren noted that efficiency and cost ... Read the full article
Hannover Re adds Silke Sehm to Executive Board
6th March 2019
The Supervisory Board of Hannover Re has appointed Silke Sehm as a full member of the Executive Board with immediate effect. Sehm takes responsibility for French-speaking and Nordic markets in Europe as well as Central and Eastern Europe and catastrophe business. She joined Hannover Re in 1996 as an underwriter for property ... Read the full article
Ryan Specialty Group completes acquisition of Westphalen
6th March 2019
Ryan Specialty Group has completed its previously announced acquisition of Westphalen Insurance Services Inc., an independently owned wholesale insurance brokerage located in Edmond, Oklahoma. The Westphalen team now forms part of R-T Specialty, the wholesale brokerage unit of Ryan Specialty Group, and will establish the company’s presence in Oklahoma. Founded in ... Read the full article
Tech consultancy Capco to enter reinsurance with new U.S practice
6th March 2019
Capco, a business and technology consultancy focused on the financial services industry, has announced that it plans to enter the reinsurance space with the launch of a new U.S insurance practice. The U.S practice joins Capco’s existing insurance practices in Canada, Asia and South America, and will allow the company to ... Read the full article
Pool Re joins Home Office, Counter Terrorism Police on new initiative
6th March 2019
The UK’s government-backed mutual terrorism reinsurer Pool Re, alongside the UK National Counter-Terrorism Police HQ and the Home Office’s Joint Security & Resilience Centre, is launching an interactive information sharing platform designed to help businesses become more resilient to terrorism. Pool Re has invested £10 million in the project and says ... Read the full article
Machine learning tech can enhance wildfire modelling, says Swiss Re
6th March 2019
There is significant potential for machine learning technologies to enhance the re/insurance industry’s approach to modelling wildfire risk, which has failed to adequately predict the growing frequency of large losses in recent years, according to Swiss Re. The reinsurer stressed the possible advantages in utilising real-time data to complement probabilistic wildfire ... Read the full article
Canada Life Re enters long-term longevity reinsurance agreement with VIVAT
6th March 2019
Canada Life Reinsurance has entered into a long-term longevity reinsurance agreement with VIVAT covering 70% of €8 billion (€5.5bn) of in-force liabilities. Subsequently, over 150,000 of in-payment and deferred pensioners are reinsured by Canada Life under the agreement. "I am pleased to announce this significant reinsurance transaction, which highlights our strength in ... Read the full article
Berkshire Hathaway’s Dublin unit granted approval ahead of Brexit
6th March 2019
Berkshire Hathaway Insurance Group has announced that its new Irish subsidiary, Berkshire Hathaway European Insurance DAC (BHEI), has been granted a Certificate of Authorisation by the Central Bank of Ireland to operate as an insurer in Ireland and the European Economic Area (EEA). Based in Dublin, BHEI will operate as a ... Read the full article
Aon does not intend to pursue Willis Towers Watson deal
6th March 2019
Re/insurance brokerage Aon has now confirmed that it does not intend to pursue a deal to acquire rival broker Willis Towers Watson (WTW). Media reports emerged yesterday claiming that Aon was in early discussions with WTW about a potential acquisition. Aon then confirmed then it was in the early ... Read the full article
WTW partners with InsurTech massUP
6th March 2019
Global re/insurance broker Willis Towers Watson (WTW) has partnered with German InsurTech massUP with the aim of developing new insurance products and solutions. The strategic partnership, which is hoped will also enable the integration of technological processes and includes joint international distribution, follows existing collaboration efforts between massUp and Willis Re, ... Read the full article
R&Q completes £107mn capital raise
6th March 2019
Randall & Quilter (R&Q), the Bermuda-based program underwriting management and legacy acquisitions specialist, has raised approximately £107 million via the issuance of new ordinary shares. The sum was raised through the issuance of 69,858,915 new ordinary shares (before expenses), R&Q announced following a general meeting this week. The company announced in ... Read the full article
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