Reinsurance News
Neuberger Berman acquires Cartesian Re & affiliate reinsurer Iris Re
1st November 2018
Private, independent, employee-owned investment manager, Neuberger Berman, has acquired specialist asset manager Cartesian Re and its affiliated reinsurer, Iris Re, expanding its alternative investment platform. Cartesian Re is the insurance-linked securities (ILS) asset management unit of Cartesian Capital Group, and this, alongside the unit's reinsurance and segregated accounts vehicle, Iris Re, have been ... Read the full article
Still negative, but AIG’s Q3 underwriting result improves with reinsurance
1st November 2018
Insurance giant American International Group (AIG) has reported a net, albeit smaller loss in the third-quarter of 2018, of $1.3 billion as a result of significant catastrophe losses. However, the insurer's underwriting loss did narrow year-on-year thanks to reinsurance. AIG's $1.3 billion net loss compares to a $1.7 billion net loss ... Read the full article
Rates must improve as sector struggles to meet cost of capital: Swiss Re CEO
1st November 2018
Reinsurance giant Swiss Re has underlined the need for further rate improvements across the property and casualty (P&C) industry as the sector continues to struggle to earn its cost of capital. Following years of declining rates and a soft market environment, rates in the highly competitive P&C sector increased at the ... Read the full article
Australian insurance industry transitions to new consumer dispute body
1st November 2018
The Australian insurance industry has formally completed its transition from the Financial Ombudsman Service (FOS) to the new Australian Financial Complaints Authority (AFCA), which will now handle external dispute resolution. “The industry believes the establishment of AFCA from the mergers of FOS, the Superannuation Complaints Tribunal and the Credit and Investments ... Read the full article
Arch acquires commercial MGA businesses from Ardonagh for £31m
1st November 2018
Arch Insurance Europe has acquired a series of Ardonagh Group-owned Commercial MGA businesses for a consideration of up to £31 million. The agreement, which is conditional upon performance criteria, will see Arista, Fusion, Towergate Personal Accident and Travel and Towergate Commercial MGA transferred to Arch along with approximately 250 employees from ... Read the full article
Canopius appoints Gabrielle Folliard as Head of Claims
1st November 2018
Global specialty lines re/insurer Canopius has announced the appointment of Gabrielle Folliard as Head of Claims. Folliard joins Canopius from Markel International, where she most recently served as Head of Specialty and Financial Lines Claims. She is due to take up her new role in early 2019 and will report to Laurie ... Read the full article
Willis Towers Watson’s LifeSight outlines new ESG investment strategy
1st November 2018
LifeSight, Willis Towers Watson’s (WTW) UK defined contribution (DC) master trust, has outlined a new Environmental, Social & Governance (ESG) investment strategy, which will see it allocate around half of the Equity investments within the default fund to ESG issues by Q4 2018. WTW said that this is the first master ... Read the full article
RMS launches U.S Inland Flood HD Model
1st November 2018
Catastrophe risk modelling and analytics firm RMS has announced the release of its U.S Inland Flood High Definition (HD) Model, which accounts for all types of inland floods including those induced by both tropical cyclone and non-tropical cyclone rainfall. The model is coupled with the RMS North Atlantic Storm Surge Model ... Read the full article
Cats push Lancashire to Q3 loss, firm eyes specialty line growth in 2019
1st November 2018
Lancashire Holdings Limited has reported a net operating loss of $24.6 million and a combined ratio of 135.2% for the third-quarter of 2018 as a result of catastrophe events. However, the firm remains in positive territory for the first-nine months of the year and sees growth opportunities in 2019. Despite an ... Read the full article
Legal & General announces launch of Smart Adjusting initiative
1st November 2018
British multinational financial services firm Legal & General has announced the launch of its Smart Adjusting initiative, a tailored solution for large loss claims via a panel of handpicked adjusters. Having engaged with a large number and variety of providers across the UK market, L&G states that it will work in ... Read the full article
Swiss Re reports positive results despite impacts of large losses
1st November 2018
Reinsurance giant Swiss Re has reported a positive first nine months to the year despite the impacts of large losses in the property and casualty reinsurance and Corporate Solutions divisions. Despite the impact of roughly $1.6 billion of natural catastrophe and man-made losses during the third-quarter, Swiss Re managed to report ... Read the full article
Life reinsurers must better adapt to cedents’ needs: Guy Carpenter
31st October 2018
The life reinsurance sector has been shrinking for a number of years, but reinsurers can remain relevant if they take a more strategic approach to adapting to the changing needs of cedents, according to David Rains, Managing Director at Guy Carpenter. Rains claimed that the traditional life reinsurance proposition, which involves ... Read the full article
TMR deal provides RenRe with access to preferential risk at a valuable time
31st October 2018
Bermudian reinsurer RenaissanceRe (RenRe) expects to access up to $1.4 billion of incremental reinsurance premium following its $1.5 billion acquisition of Tokio Millennium Re (TMR), and has entered into an agreement on the firm's non-Japanese reinsurance placements, which provides it with "preferential access to risk" at a valuable time. The ... Read the full article
Substance debate will strengthen captive insurance market: Analysts
31st October 2018
The Base Erosion and Profit Shifting (BEPS) debate regarding substance in business activities will act as a “wake up call” for the captive insurance market, but will ultimately strengthen the sector, according to industry analysts. Speaking at the Guernsey Insurance Forum in London, Paul Owens, Managing Director of the Global Captive ... Read the full article
Australian Reinsurance Pool to conduct cyber terrorism study
31st October 2018
The Australian government’s terrorism reinsurance agency, Australian Reinsurance Pool Corporation (ARPC), has commenced a 12-month research study on the threat of cyber terrorism in Australia. The study will aim to identify and explore current and prospective threats, and assess the practicalities of extending insurance coverage to include cyber terrorism in Australia, ... Read the full article
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