Reinsurance News
Swiss Re to persist in selling down ReAssure stake
31st July 2019
In light of the suspension of the planned initial public offering (IPO) of ReAssure, parent Swiss Re has said that it remains committed to reducing its ownership in order to de-consolidate the business. The reinsurance giant announced in early June that it was to go ahead with plans for an ... Read the full article
Allstate’s Q2 income growth offset by heavy cat losses
31st July 2019
US primary insurer Allstate Corporation has released its results for the second quarter of 2019, showing net income growth of 18.7% when compared to the same period in 2018. This was despite the impact of heavy catastrophe losses on the company’s performance, which totalled $1.07 billion in Q2 2019, up ... Read the full article
AXIS reports reinsurance growth, higher net income in Q2
31st July 2019
AXIS Capital Holdings Limited has reported higher net income for the second-quarter of 2019 when compared with the prior year, while its underwriting income fell to $78.7 million, resulting in a combined ratio of 96.1%. Bermudian insurer and reinsurer AXIS Capital's combined ratio improved by 3% in Q2 2019 when compared ... Read the full article
B3i releases v1.0 of its Cat XoL solution
31st July 2019
Following the creation of the first Corda 4.0 node, the Blockchain Insurance Industry Initiative (B3i) has announced the release of v1.0 of its Property Catastrophe Excess of Loss Reinsurance solution on the Corda Network. Following market collaboration to test and build the product, B3i has now released v1.0, which is designed ... Read the full article
Jacinta Karita named Group Chairperson of Africa’s Pacific Insurance & FirstRe
31st July 2019
The Board of Directors of Pacific Insurance Brokers (EA) Limited and First Reinsurance Brokers Africa Limited (FirstRe), have announced the appointment of experienced insurance and reinsurance professional, Jacinta Karita, as the new Group Chairperson, effective July 23rd, 2019. She brings more than 33 years' experience in the insurance and reinsurance sector, ... Read the full article
ABIR member premiums written reach $100bn high
31st July 2019
Gross premiums written by members of the Association of Bermuda Insurers and Reinsurers (ABIR) exceeded US $100 billion, according to data on the group's 2018 global underwriting results. ABIR reported on 21 of its 23 member companies, who write insurance and reinsurance business from underwriting centres across Bermuda, Europe, Asia, and ... Read the full article
Tokio Marine expands surety operations with new Mexican unit
31st July 2019
Tokio Marine HCC has expanded its international surety operations with the formation of a new Mexican subsidiary, called Tokio Marine HCC Mexico Compania Afianzadora, S.A. de C.V. (TMHCC Mexico). The newly-formed entity provides surety bonds to Mexican-domiciled organisations and enables Tokio Marine’s Surety Group to produce business for customers in the ... Read the full article
Fannie Mae transfers $1.7bn of single-family mortgage risk to re/insurers
31st July 2019
US Government-sponsored enterprise, The Federal National Mortgage Association (Fannie Mae), has undertaken a new Credit Insurance Risk Transfer (CIRT) deal, securing $1.7 billion of re/insurance for a pool of primarily single-family affordable loans. This CIRT LR FE 2019-1 transaction provides front-end coverage of loans to be delivered to Fannie Mae over ... Read the full article
Markel boosts revenue in Q2 but combined ratio slips
31st July 2019
Markel Corporation has reported its results for the second quarter of 2019, showing a 20% increase in operating revenue to $2.4 billion, compared with $2.0 billion for the same period last year. The insurer and reinsurer also saw significant growth in its net income, which increased to $506.5 million, up from ... Read the full article
Berkshire Hathaway’s GEICO launches first telematics program
31st July 2019
GEICO, the auto insurance arm of reinsurance and investments giant Berkshire Hathaway, has launched and is trialling its first telematics product, named DriveEasy. The push into telematics based solutions to provide analytics and intelligence on driver performance has likely been driven by a desire to reign in claims costs, while charging ... Read the full article
Human rights groups press re/insurers to help victims of Laos dam collapse
31st July 2019
International human rights groups are pressing re/insurers tied to the 2018 dam collapse in southern Laos to help make compensation available for victims of the disaster, according to reports from Nikkei. AIG, Samsung Fire & Marine, and Korean Re are among the companies expected to face some exposure to accident, with ... Read the full article
Swiss Re’s reinsurance & investments offset Corporate Solutions loss
31st July 2019
A solid investment result and strong reinsurance performance helped Swiss Re record net income of $953 million in H1 2019, while the firm's Corporate Solutions segment fell to a $403 million net loss in the period. At $953 million, net income declined from the $1 billion recorded in the first-half of ... Read the full article
Arch acquiring Barbican, expanding London & Lloyd’s footprint
31st July 2019
Bermuda-based re/insurance company Arch Capital Group said yesterday that it has entered into an agreement to acquire Barbican Group Holdings Limited from owner investor Carlson Capital. For Arch Capital, the move will provide a significant expansion to its London and Lloyd's related specialty insurance and reinsurance underwriting operations, given the acquisition ... Read the full article
Munich Re CEO expects worsening impact from low interest rates
30th July 2019
The ongoing low interest rate environment in investment markets is expected to heap additional pressure on the insurance and reinsurance industry in years to come, according to Munich Re's CEO. Interest rates have been considered depressed for a number of years now and it seems this may be better considered a ... Read the full article
A J Gallagher acquires broker Gillis, Ellis & Baker
30th July 2019
Commercial retail property/casualty broker, Gillis, Ellis & Baker, Inc. has been acquired by global insurance brokerage, Arthur J. Gallagher & Co (A J Gallagher). The New Orleans-based Gillis, Ellis & Baker also offers personal lines and employee benefit services across the Southeastern U.S. Following the acquisition, R. Parke Ellis, W. Anderson Baker ... Read the full article
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