Reinsurance News
W. R. Berkley scales back reinsurance segment in 2018
24th October 2018
W. R. Berkley's reinsurance unit maintained underwriting discipline in the third-quarter of 2018, shrinking the business by 14% to $119 million in light of intense competition and the soft area of the market, according to the firm's Chief Financial Officer (CFO), Richard Baio. The insurance and reinsurance holding company has reported ... Read the full article
Hyperion eyes future insurtech investments with new Hyperion X business
24th October 2018
London-headquartered Hyperion Insurance Group has announced the launch of Hyperion X, a new business targeting key areas of data, analytics and digital platform delivery. Led by Barnaby Rugge-Price as Chief Executive Officer and Elliot Richardson as Chairman, Hyperion X will sit alongside its existing broking businesses Howden Broking Group, RKH Specialty, ... Read the full article
M&A insurance surge driving global deal-making: Aon
24th October 2018
A recent surge in the use of insurance for mergers and acquisition deals has created a greater opportunities and cost savings for stakeholders, while simultaneously changing the way deal professionals distribute and insurers view risk, according to Aon’s global M&A Risk in Review report. The report states that the increased demand ... Read the full article
FWD Group to acquire Indonesian life insurance unit from CBA
24th October 2018
FWD Group, the Swiss Re backed insurance business of Pacific Century Group (PCG), has announced that it plans to acquire a majority stake in PT Commonwealth Life, the Commonwealth Bank of Australia’s (CBA) Indonesian life insurance venture. The arrangement will also see FWD enter into a 15-year life insurance distribution partnership ... Read the full article
Munich Re’s HSB identifies rise in business email scam losses
24th October 2018
A new survey by The Hartford Steam Boiler Inspection and Insurance Company (HSB), a subsidiary of reinsurance giant Munich Re, has identified a rise in losses related to fraudulent business emails in the U.S. HSB found that 58% of business executives polled by cyber insurance and services provider Zogby Analytics said ... Read the full article
Marsh adopts Concirrus’ AI-powered platform to drive marine insights
24th October 2018
Global re/insurance broker Marsh has partnered with the London-based insurtech Concirrus and will adopt the firm’s Quest Marine platform to drive new insights and placement strategies for clients, while identifying new opportunities for digital product development in the marine insurance industry. Quest provides a single web application to allow commercial marine ... Read the full article
Florence & Jebi impacts push QIC’s 9M combined ratio above 100%
24th October 2018
Qatar Insurance Group (QIC) has reported its financial results for the first-nine months of the year, which reveal how the impact of both hurricane Florence and typhoon Jebi in September on its Qatar Re and Antares units pushed the group's combined ratio above 100%. QIC, a leading insurer and reinsurer in ... Read the full article
TMK to close “unsustainable” Hong Kong office
24th October 2018
Tokio Marine Kiln is to reorganise its Asian operations following the immediate closure of its Hong Kong office. Operations in the region are based primarily in Singapore with the Hong Kong office providing a supporting role alongside Shanghai. TMK will be making arrangements over the next six months for the orderly runoff ... Read the full article
Generali acquires Polish asset management firm Union Investment
24th October 2018
Italian insurance giant Generali has acquired a 100% stake in Polish asset management company Union Investment TFI as it looks to to strengthen its presence in central and eastern Europe. With €3.3 billion of assets under management, Union Investment is the country’s sixth largest asset management company. It has approximately 135,000 ... Read the full article
Cat losses hit Chubb in Q3 but operating profit up year-on-year
24th October 2018
Global insurer Chubb has reported pre-tax catastrophe losses of $450 million ($372 million after-tax) for the third-quarter of 2018, and a core operating profit of $1.1 billion, compared with a $60 million loss a year earlier. Chubb announced previously that it expected Q3 2018 catastrophe losses to amount to $450 ... Read the full article
AIG cat losses a “concern” with Q4 still looming: Goldman Sachs
24th October 2018
American International Group’s consolidated year-to-date (YTD) catastrophe losses are already 81% higher than its full year expected average annual loss (AAL), raising concerns over the efficacy of the company's reinsurance program, according to Goldman Sachs. AIG expects between $1.5 billion and $1.7 billion in cat losses for the third quarter (double ... Read the full article
SCOR on target despite higher than expected Q3 cat losses
24th October 2018
French headquartered global reinsurance firm SCOR remains on track to achieve its Vision in Action plan targets after the first nine months of the year, despite a lower than expected third-quarter net income due to the impact of recent catastrophes. SCOR, like many other reinsurance firms, was always expected to take ... Read the full article
AXIS Capital appoints Deutsche Bank’s Elly Hardwick to Board of Directors
24th October 2018
Bermudian re/insurance group AXIS Capital Holdings has announced the appointment of Elly Hardwick to the company’s Board of Directors, effective November 1. Hardwick has held senior leadership roles at Credit Benchmark, Thomson Reuters and, most recently, Deutsche Bank AG. “Elly brings experience driving innovation and strategy at world-class companies, coupled with the ... Read the full article
Germany prepares for hard Brexit with emergency insurance laws
24th October 2018
The German government is reportedly preparing a set of emergency laws to protect its insurance sector and insureds from the consequences of a hard Brexit. Handelsblatt Global states that the government is working on two new laws protecting cross-border insurance agreements and derivatives contracts that aren’t processed by clearing houses. Deals involving ... Read the full article
AXA to sell its operations in Ukraine
24th October 2018
French insurance and investment giant AXA has announced that it is to sell all its insurance operations in Ukraine to Toronto-headquartered holding company Fairfax Financial. The deal will see AXA exit the Ukrainian market. Under the terms of the agreement, Fairfax would acquire 100% of the non-life entity AXA Insurance and the ... Read the full article
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