Reinsurance News
Protective names Jay Nichols as Interim CEO
19th October 2018
Protective Insurance Corporation (formerly Baldwin & Lyons, Inc.) has appointed Jay Nichols as Chairman of the Board and Interim Chief Executive Officer (CEO) following the resignation of the company's CEO, President and Chief Operating Officer (COO) W. Randall Birchfield. Nichols served as CEO of global property and casualty (P&C) reinsurer AXIS ... Read the full article
Scientific progress is expanding the ‘sphere of insurability’: SCOR’s Denis Kessler
19th October 2018
The development of new technologies and scientific research are the key factors driving the growth and transformation of the risk universe, and have required re/insurers to significantly expand their “sphere of insurable risks,” according to Denis Kessler, Chief Executive Officer (CEO) of SCOR. In his opening presentation at SCOR’s 2018 Annual ... Read the full article
IAG to utilise RMS’ HD New Zealand earthquake model
19th October 2018
Multinational insurer Insurance Australia Group has licensed the RMS High Definition New Zealand Earthquake Model, strengthening its ability to perform granular risk quantification as perform strategic risk management decisions. The RMS High Definition (HD) New Zealand Earthquake model is the world’s first earthquake model to benefit from the RMS HD model ... Read the full article
National Security expecting $4m hit from hurricane Michael
19th October 2018
Insurance holding company The National Security Group is expecting to be hit with $4 million pre-tax, net of reinsurance losses as a result of hurricane Michael. Based on analysis of historical reporting patterns, preliminary post-event model output and assessment of early reports of claims to date, the group estimates its ultimate ... Read the full article
Insurance sector ‘weighed down’ by rising interest rates: Peel Hunt
19th October 2018
According to analysts at Peel Hunt the UK Non-life insurance sector “pulled back” last week as rising interest rates, high catastrophe & man made losses, and the ongoing soft motor cycle weighed negatively on share prices across the board. While rising interest rates in U.S and UK continue to dominate the ... Read the full article
Gossmann launches innovative legacy product with Munich Re backing
19th October 2018
Arndt Gossmann, the founder and owner of Gossmann & Cie, has announced the establishment of Expiring Policy Roll-Over (working title), a product that, with Munich Re as a reinsurance partner, allows the ongoing transfer of insurance contracts expiring in the future to an external risk carrier. This enables insurers to release ... Read the full article
Charles Taylor Managing Agency puts Syndicate 1884 into run-off
19th October 2018
Charles Taylor Managing Agency has announced that it has placed Syndicate 1884 into run-off, following the decision of the syndicate’s capital provider to withdraw from the Lloyd’s market for the 2019 underwriting year. The company said that it believes there will be increased demand for live and run-off syndicate management capabilities ... Read the full article
$25m Q3 catastrophe losses expected by Argo Group
19th October 2018
International underwriter of specialty re/insurance products Argo Group International Holdings has announced a preliminary pre-tax catastrophe loss estimate for Q3 2018 of approximately $25 million. Hurricane Florence, typhoon Jebi and other cat and weather-related events in Q3 are all included in the estimate. Also included are claims costs net of ceded reinsurance ... Read the full article
Munich Re’s Q3 catastrophe losses said to be within budget
19th October 2018
German reinsurance giant Munich Re was hit by large natural catastrophe losses during the third quarter of 2018, although claims are likely to remain within the company’s budget, according to sources at Reuters. The company also saw some losses related to claims from the Genoa bridge collapse in Italy, although these ... Read the full article
Everest Re anticipating $240m Q3 catastrophe losses
19th October 2018
Global reinsurer Everest Re Group has announced preliminary Q3 pre-tax catastrophe losses of an approximately $240 million, net of reinsurance. The estimate includes Q3 losses from hurricane Florence, California wildfires, typhoon Jebi, typhoon Trami and Japan floods. “Our thoughts are with those affected by these devastating catastrophe ... Read the full article
Prudential removed from “too big to fail” list
19th October 2018
U.S insurance giant Prudential has been removed from the “too big to fail” list, drawn up in response to the 2008 financial crisis and designed to impose extra scrutiny and regulatory requirements for large financial companies deemed a threat to the financial stability of the United States in the event ... Read the full article
Puerto Rico aiming to rival Bermuda and Cayman Islands with bill introduction
19th October 2018
Puerto Rico’s government is hopeful for the approval of a bill in the U.S Congress which could spearhead the development of an International Insurance Centre (IIC) on the island. The bill, introduced by Puerto Rico’s resident commissioner Jenniffer González Colón, proposes an amendment to section 4301 of the Tax Cuts & ... Read the full article
AIG expects up to $1.7 billion of third-quarter catastrophe losses
19th October 2018
Global insurance and reinsurance firm American International Group (AIG) has pre-announced that it expects to suffer between $1.5 billion and $1.7 billion of catastrophe losses from third-quarter events. The Q3 loss total will have caused AIG to call on some of its reinsurance partners for support. As we explained recently AIG ... Read the full article
Resolution hopes to compete with leading reinsurers, says founder Cowdery
18th October 2018
UK life re/insurance entrepreneur Clive Cowdery has said that his latest venture, Resolution Life Group (RLG), will aim to compete with leading global reinsurers such as Swiss Re and Munich Re, according to Reuters. Shortly after RLG was formed in September, the company reinsured $5.7 billion in annuities from U.S ... Read the full article
New Nordic’s Qudos ceases underwriting pending restructure
18th October 2018
New Nordic Advisors, the advisor to investment management company New Nordic Holding Ltd, has announced that its wholly-owned subsidiary Qudos Insurance has suspended live underwriting, pending a restructuring of the business. Qudos’s live underwriting platform will be re-launched following a restructuring project and a comprehensive audit, New Nordic said. It added that ... Read the full article
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