Reinsurance News
Pool Re completes first terrorism cat bond, securing £75mn retro cover
26th February 2019
Pool Re, the UK’s government-backed terrorism reinsurer, has completed what it claims to be the first-ever standalone terrorism catastrophe bond, providing £75 million of retrocession protection for losses in excess of £500 million. The bond, which was issued through special-purpose vehicle Baltic PCC Ltd, is designed to move UK taxpayers even ... Read the full article
ABI Director urges Brexit delay to avoid “economic self-harm”
26th February 2019
Huw Evans, Director General of the Association of British Insurers (ABI), has urged the UK Government to delay the UK's planned withdrawal from the European Union (EU) in order to avoid a no-deal scenario, which he claims would be “an unforgivable act of economic and social self-harm that the UK ... Read the full article
Argo labels CEO criticisms “misleading, inaccurate”
26th February 2019
Recent claims that Argo Group Chief Executive Officer Mark E. Watson III has perpetuated “shockingly high and shockingly inappropriate” expenses over the past decade have been labelled misleading and inaccurate by the company. In a statement released this morning Argo accused Voce Capital Management (Argo’s fourth-largest shareholder) of ignoring the ... Read the full article
MGAA adds Markerstudy co-founder Humphreys to board
26th February 2019
The Managing General Agents’ Association (MGAA) has announced the addition of Gary Humphreys as a Board Director. Humphreys is currently Group Underwriting Director at Markerstudy Group, a UK MGA he co-founded in 2001. The Group, a member of the MGAA, includes Zenith Insurance and Markerstudy Insurance Services, and recently acquired the Co-op’s ... Read the full article
Study shows how augmented data sets significantly impact flood loss estimates
26th February 2019
Insurdata, in collaboration with speciality insurer and reinsurer Canopius, flood risk modeller Fathom and ModEx, a catastrophe risk modelling platform from Simplitium, has released the findings of a new flood data survey that focuses on altered risk profiles in light of augmented property exposure data. The report highlights a number of ... Read the full article
Argo CEO under expenses fire from fourth-largest shareholder
25th February 2019
Argo Chief Executive Officer Mark E. Watson III has been accused of perpetuating “shockingly high and shockingly inappropriate" corporate expenses over the past decade by Voce Capital Management LLC, the owner of approximately 5.8% of Argo Group’s shares. Voce, whose 1.9 million shares in Argo make them the fourth-largest shareholder, argues ... Read the full article
Global property & FinPro lines drive Q4 commercial insurance price increases: Marsh
25th February 2019
Global commercial insurance pricing increased by an average of 2% in the final quarter of last year, driven mostly by increases in global property and financial and professional (FinPro) lines, according to international re/insurance broker Marsh. The market remained stable overall, says Marsh, and the 2% average increase in the fourth-quarter ... Read the full article
Aon expands restructuring plan, estimates additional job losses
25th February 2019
Insurance and reinsurance broker Aon's global Restructuring Plan, initiated in 2017, is now expected to result in estimated job losses of between 4,800 to 5,400, which is up 12% from the 4,200 to 4,800 expected job eliminations announced in early 2018. The updated range was announced in the global broker's most ... Read the full article
RTG’s Limehouse acquires Decyber
25th February 2019
Limehouse Agencies, the managing general agency (MGA) subsidiary of RFIB’s Risk Transfer Group Limited (RTG), has acquired the online specialist sport and leisure resilience firm Decyber. This acquisition forms part of RTG’s new corporate strategy first outlined in May 2018 that aims to increase revenue from approximately £50 million to ... Read the full article
Germany agrees to extend passporting rights for UK insurers
25th February 2019
Germany has adopted preliminary provisions to authorise the temporary extension of UK financial institutions’ passporting rights, including insurers, in the event of a no-deal Brexit, Clyde & Co analysts have reported. These measures are reportedly part of a wider set of legislation concerning primarily tax matters and allows the extension of ... Read the full article
Brit’s third-party capital hits $440m as Versutus sidecar renewed
25th February 2019
Global specialty re/insurer Brit Limited has completed the fifth annual renewal and expansion of its Versutus sidecar, bringing the total amount of third-party capital under management to $440 million. This capacity is spread across the Versutus 2019, Sussex Capital (its multi-use collateralised reinsurance PCC vehicle in the UK) and its Lloyd's Syndicate ... Read the full article
SCOR sues Barclays, demands access to Covéa acquisition docs
25th February 2019
French reinsurer SCOR has gone through with it’s plans to prosecute Barclays, who acted as the financial advisor and financing bank to Covéa during its failed attempt to acquire SCOR in 2018, according to reports from the Financial Times. SCOR previously announced that it intended to sue Covéa and its ... Read the full article
QBE returns to profit on lower cat impact & improved attritional claims ratio
25th February 2019
QBE Insurance Group Limited has reported a net profit after tax of $390 million (which includes $567 million of profit from continuing operations) for 2018 compared with a loss of $1.3 billion in 2017, driven by a significantly improved attritional claims experience as well as a reduced level of catastrophe ... Read the full article
London Market discipline pays back Hiscox in 2018
25th February 2019
Hiscox has reported that its profit before tax increased substantially in 2018 to $137.4 million despite the impacts of catastrophes on its reinsurance and insurance-linked securities (ILS) business, driven mainly by the improved performance of its London Market operations. Overall, Hiscox saw its profit increase three-fold to more than $137 million ... Read the full article
Pacific Life Re appoints Andrew Gill as MD of Australia, Asia units
25th February 2019
Pacific Life Re has announced the appointment of Andrew Gill as Managing Director of the its Australia and Asia business units. Currently serving as Managing Director of Pacific Life Re Australia (as well as a member of the company’s global executive team) Gill has so far lead the Australian team to ... Read the full article
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