Reinsurance News
Allianz Global Corporate & Specialty SE promotes Mauthe to Regional CEO, CEE
1st March 2019
Allianz Global Corporate & Specialty SE (AGCS), Allianz Group’s specialist carrier for corporate insurance business, has added Hans-Joerg Mauthe as Regional Chief Executive Officer for Central & Eastern Europe (CEE). Mauthe, who joined Allianz in 1990 as a trainee in Frankfurt, will be responsible for the German market and for AGCS ... Read the full article
The Hanover enhances growth focus with expanded specialty leadership team
1st March 2019
The Hanover Insurance Group has announced the expansion of its specialty leadership team in an effort to enhance its focus on growth opportunities while at the same time drive greater value with the firm's independent insurance agent partners. The expansion includes a number of appointments, notably the naming of Steven Mills ... Read the full article
CyberScout partners with Pioneer & MSIG Mingtai on Southeast Asia offering
1st March 2019
CyberScout has partnered with Pioneer Insurance & Surety Corp. and MSIG Mingtai Insurance Co. to deliver an embedded, retainer-based cyber insurance offering for the Southeast Asia market. The solutions will offer multilingual 24/7 breach response, consumer cyber assistance, remote consulting and data forensic services to both individuals and small and medium-size ... Read the full article
PG&E says its equipment probably ignited Camp Wildfire
1st March 2019
Energy supplier Pacific Gas & Electric Co. (PG&E) has acknowledged that it is “probable” that its equipment was responsible for igniting the Camp Wildfire, which became the deadliest and most destructive fire in California’s history last year. The California-focused utility company, which filed for bankruptcy in January, revealed it was taking ... Read the full article
TigerRisk adds JLT Re’s David Unsworth as Senior Broker
1st March 2019
Reinsurance brokerage, risk and capital strategic advisory firm TigerRisk Partners LLC has announced the appointment of David Unsworth as a Senior Broker. Wade Gulbransen, the firm’s Global Head of Reinsurance, noted that Unsworth is regarded as one of the foremost experts on reinsurance solutions for the Florida market and that he ... Read the full article
Emergency declared as winter storm floods 2,000 California homes
1st March 2019
A state of emergency has been declared after days of unrelenting rainfall from a severe winter storm flooded more than 2,000 homes and businesses across two towns in California’s Sonoma County. The towns of Monte Rio and Guerneville, about 70 miles north of San Francisco, were surrounded by floodwaters after the ... Read the full article
Munich Re leads placement of £2.3bn Pool Re retro program
1st March 2019
The UK’s government-backed mutual terrorism reinsurer Pool Re has renewed its 2019 retrocessional reinsurance program, at an expanded size, that covers property damage arising from nuclear, biological, chemical, and radiological attacks; those arising from cyber-triggered terrorist losses; as well as conventional terrorist acts. The £2.3 billion program, which is provided on ... Read the full article
Skuld’s growth continues in spite of challenging P&I market
1st March 2019
Marine insurer Skuld experienced a positive renewals with 4.3% net increases in mutual Protection & Indemnity (P&I) gross tonnage year-on-year, from 2018 to 2019, which, includes committed tonnage for delivery through 2019. Finalised on February 20th, 2019, Skuld's committed mutual P&I tonnage now stands at 95 million gross tonnes, as the ... Read the full article
Middle East & Africa insurers prove resilient to instabilities: A.M. Best
1st March 2019
Insurance and reinsurance companies in the Middle East and Africa generally remain well capitalised and resilient to recent economic and political instabilities, according to analysts at A.M. Best. A report by the rating agency noted that the majority of its rating actions (75%) in the Middle East and Africa during 2018 ... Read the full article
Growth in protectionism & geopolitical tensions to impact re/insurers: Marsh
28th February 2019
Rising geopolitical tensions and protectionist sentiments, in combination with ongoing trade disputes, and resulting in increased uncertainty and risk for multinationals such as re/insurers, according to Marsh, particularly for those with direct foreign investments. Marsh’s Political Risk Map 2019 rated more than 200 countries and territories on the basis of short ... Read the full article
Hurricane Michael drives Q4 loss for FedNat while Irma estimate rises
28th February 2019
FedNat Holding Company has reported a net loss of $9.3 million for the fourth-quarter of 2018, which includes a $23.7 million pre-tax catastrophe hit, mostly driven by Hurricane Michael. Overall, Hurricane Michael resulted in a gross loss of $275 million for the firm, with its net loss hitting $23 million. The ... Read the full article
Cincinnati Financial completes acquisition of Munich Re subsidiary
28th February 2019
Cincinnati Financial Corporation has completed its previously announced acquisition of MSP Underwriting Limited from reinsurer Munich Re for £102 million. Following the transaction, MSP Underwriting will become a wholly owned subsidiary of Cincinnati Financial, continuing to operate under its existing leadership team. Based in London, MSP Underwriting operates through Beaufort Underwriting ... Read the full article
Expect Floridian insurers to report loss reserve strengthening: Demotech
28th February 2019
Analysts at regional and specialty insurer-focused financial analysis firm, Demotech, Inc., expect Floridian property insurers' 2018 results to include further loss and loss adjustment expense reserve hardening. At the same time, the firm warns that regardless of any changes to the cost of catastrophe reinsurance protection, it will not relax its ... Read the full article
JLT & Allianz partner on corporate reputation cover for SMEs
28th February 2019
JLT Specialty and Allianz Global Corporate & Specialty (AGCS) have partnered on the launch of a new corporate reputation insurance product targeted at small and medium-sized enterprises (SMEs) in the UK. Reputation Protect Plus provides coverage against the loss of net operating profit from a reputational crisis combined with a crisis ... Read the full article
Greenlight Re maintains optimism despite weak financial performance in 2018
28th February 2019
The impact of Hurricane Michael and the California wildfires, combined with a testing investment environment has resulted in a $80.8 million Q4 2018 net loss for hedge fund backed reinsurer Greenlight Capital Re. The $80.8 million fourth-quarter 2018 net loss compares to a $37.7 million net loss for the same period ... Read the full article
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