Reinsurance News
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
Ed to utilise URS’ Risk Explorer modelling software
24th October 2018
Ed, the global reinsurance, wholesale and specialty brokerage, has licensed Ultimate Risk Solutions’ (URS) financial risk modelling software to help design bespoke risk mitigation solutions for its clients. The broker said that using URS’ Risk Explorer software will allow it model its clients’ portfolios and evaluate potential re/insurance structures more quickly ... Read the full article
Modelling the un-modellable: An interview with CyberCube CEO Pascal Millaire
23rd October 2018
In 1957 while at his home in Richmond, Virginia, a blind seven-year old boy named Joe "Joybubbles" Engressia discovered that by whistling into the phone at a frequency of 2600 Hz he was able to mimic the dial tone used by AT&T to route calls, an exploit that allowed long-distance ... Read the full article
Maria loss-creep exhausts Assurant’s per-event Caribbean reinsurance program
23rd October 2018
Assurant, Inc. has posted catastrophe losses of between $82 million and $89 million pre-tax ($65-70 million after tax) for the third quarter of 2018, of which $16-19 million was due to loss creep from 2017’s Hurricane Maria. The company said that the additional Q3 2018 losses for Hurricane Maria are above ... Read the full article
Arch obtains further $506mn of mortgage reinsurance from capital markets
23rd October 2018
Arch Mortgage Insurance Company (Arch MI), the U.S mortgage insurance arm of Arch Capital Group, has secured a further $506.11 million of indemnity reinsurance from the capital markets via an insurance-linked securities (ILS) transaction with Bellemeade Re 2018-3 Ltd., a special purpose reinsurer. The reinsurance relates to a portfolio of mortgage ... Read the full article
Swiss Re appoints new CEO of UK & Ireland
23rd October 2018
Global reinsurance giant Swiss Re has announced the appointment of Tavaziva Madzinga as Chief Executive Officer (CEO) of Swiss Re in the UK & Ireland, effective January 1st, 2019. Currently, Madzinga is Market Executive for the Middle East & Africa across both P&C and L&H, and based in London, he will ... Read the full article
Fidelis establishes post-Brexit re/insurance hub in Dublin
23rd October 2018
Fidelis Insurance, the privately owned Bermuda-based holding company, has received approval from the Central Bank of Ireland to establish a regulated re/insurer in Dublin in preparation for the UK’s departure from the European Union in March 2019. Fidelis Insurance Ireland DAC (FIID) has been approved to write bespoke and specialty insurance ... Read the full article
UK insurers need strategic approach to manage financial risks of climate change: PRA
23rd October 2018
The UK's Prudential Regulation Authority (PRA) has released a consultation paper calling on the country's financial services entities to take a more forward looking and strategic approach to the management of financial risks from climate change. The consultation paper is on a draft supervisory statement which sets out firms' expectations regarding ... Read the full article
ACR shareholders considering potential $800m sale, Bloomberg reports
23rd October 2018
The shareholders of Singaporean reinsurer ACR Capital Holdings are considering re-visiting a potential sale of the company less than a year after a deal with Chinese buyers fell through, reports Bloomberg. A deal could value ACR at about $800 million. The company’s owners, which include SIngapore sovereign fund Temasek, and Khazanah ... Read the full article
Pickel to succeed Wallin as CEO of Hannover Re’s E+S Rück
23rd October 2018
Hannover Re has announced that Michael Pickel is to succeed Ulrich Wallin as Chief Executive Officer (CEO) of E+S Rück, the subsidiary responsible for the Group’s business in Germany. Pickel has been a member of the Executive Board of Hannover Re since 2000 and is currently responsible for the Group’s property ... Read the full article
Apollo lowered per share offer, Aspen’s counter-offer secured final price
23rd October 2018
A proxy statement has revealed that Aspen Insurance Holdings' financial advisors held discussions with 26 companies to gauge interest about making an offer for the company, four of which were in the final bid process, with Apollo eventually agreeing a deal. It was announced at the end of August 2018 that ... Read the full article
HCI Group estimates up to $18m hurricane Michael losses
23rd October 2018
Florida-headquartered re/insurance focused holding company HCI Group has issued an initial loss estimate from hurricane Michael of between $6 million and $18 million. Michael struck the Florida panhandle on 10 October, coming ashore as a major Category 4 storm with wind speeds of up to 155mph. This made the hurricane one of ... Read the full article
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