Reinsurance News
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
London Market Group revises strategy, introduces new workstreams
28th February 2019
The London Market Group (LMG) has made a number of revisions to its 2015 vision and action plan, which includes the introduction of two new workstreams focusing on clients and knowledge. The revised strategy, which was announced at the LMG’s Market Forum event in London today, was created after reflection on ... Read the full article
Poor investment result, modest cat losses drive significant 2018 loss for Third Point Re
28th February 2019
Bermuda-based, hedge fund backed reinsurer Third Point Re has reported a net loss for both the fourth-quarter and full-year 2018, driven by a poor investment performance and modest catastrophe losses. For Q4, Third Point Re recorded a net loss of $298 million, driven by a $278 million net investment loss and ... Read the full article
Sustained underwriting discipline, seamless digitisation top priorities for the LMA in 2019: CEO Cameron
28th February 2019
Sheila Cameron, the Chief Executive Officer (CEO) of the Lloyd's Market Association (LMA), has underlined the pursuit of seamless digitisation and achieving sustained underwriting discipline as top priorities for the LMA in 2019. Cameron outlined the LMA's priorities for 2019 to CEOs from across the Lloyd's of London managing agency community ... Read the full article
North P&I expects total entered tonnage to exceed 200 million for the first time
28th February 2019
For the first time its 159-year history, North P&I Club is projecting total entered tonnage to surpass 200 million gross tonnes, following the successful completion of its 2019 renewal. The firm states that its landmark achievement cements its place as one of the world's leading members of the International Group of ... Read the full article
A.M. Best maintains stable US P&C outlook on lower cats, rising premiums
27th February 2019
In light of improved results in 2018 driven by lower catastrophe losses and rising premiums, international financial ratings agency, A.M. Best, is to maintain its stable outlook for the U.S. Property and Casualty (P&C) insurance sector. The ratings agency anticipates that reduced cat losses and continued increases in premiums will drive ... Read the full article
Berkshire Hathaway GUARD to launch new Commercial Package product
27th February 2019
Berkshire Hathaway GUARD Insurance Companies, a U.S subsidiary of Warren Buffett’s global insurance and reinsurance company, is adding a Commercial Package product that will include coverages for Property, General Liability, Umbrella, and Employment-Related Practices Liability Insurance (EPLI). GUARD Chief Executive Officer (CEO) Sy Foguel explained that the company is planning for ... Read the full article
Beazley, Marsh launch cyber & breach solution for US manufacturers
27th February 2019
Specialist insurer Beazley and global broker Marsh have collaborated on the launch of a new tailored cyber insurance and breach response solution for U.S. manufacturers. Together, Beazley and Marsh have created Manufacturer's First Response, a Marsh and Beazley Breach Response (BBR) initiative that provides the following coverages tailored specifically to address ... Read the full article
Munich Re to utilise CyberCube’s risk modelling, analytics platform
27th February 2019
Global reinsurer Munich Re has selected CyberCube’s analytics platform to help quantify, model and control cyber accumulation risk. Munich Re’s Chief Underwriter Stefan Golling states that leveraging the capabilities of CyberCube will help the company’s underwriting and risk modelling teams in better quantifying cyber risk and understanding potential cyber accumulation scenarios. An ... Read the full article
SCOR Global Life makes senior promotions across Global Markets & Finance teams
27th February 2019
SCOR Global Life, a division of the France-headquartered reinsurer, has announced a series of senior appointments across its Global Markets and Finance and R&D teams. Within the Global Markets team, these include the promotions of Miguel Alferieff to Executive Head of Client Relationships and Roy Chappell to Executive Head of Proposition. Alferieff ... Read the full article
PCS to reveal market share data capture rates for $1bn+ U.S cats
27th February 2019
Property Claim Services (PCS), a division of Verisk that collects and aggregates the insurance industry loss data widely used by reinsurers, is for the first time to reveal market share capture rates for U.S catastrophe’s with insured losses of at least $1 billion. This decision to increase the transparency of estimates ... Read the full article
Ascent targets silent cyber with backing of Munich Re
27th February 2019
Specialist managing general agent, Ascent Underwriting has added physical damage cover to its CyberPro product, with additional capacity being provided by reinsurance giant Munich Re. CyberPro forms part of Ascent's professional and non-tangible risks portfolio, and with the backing of Munich Re, now covers physical and property damage plus debris removal ... Read the full article
ACE Insurance Brokers to launch DIFC-based reinsurance operation
27th February 2019
Gulf Cooperation Council (GCC) privately-owned insurance broker, ACE Insurance Brokers, is to establish a dedicated reinsurance operation in Dubai, based in the Dubai International Financial Centre (DIFC). The new business will join the broker's region-wide network, which is comprised of 16 offices across eight countries. From DIFC, ACE's reinsurance industry experts will ... Read the full article
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