Reinsurance News
Composite rate for U.S. P&C placements up by 2.5% in Q3: MarketScout
17th October 2018
The composite rate for U.S. property and casualty (P&C) placements increased by an average of 2.5% in the third-quarter of 2018, in line with the rate increases witnessed in the second-quarter, according to MarketScout. According to Richard Kerr, Chief Executive Officer (CEO) of MarketScout, rates continued to move slowly upward with ... Read the full article
Hannover Re helped clients secure $1.5bn from capital markets over 2018
17th October 2018
With the recent completion of its fifth catastrophe bond transaction, Hannover Re has helped its clients to secure more than US $1.5 billion of reinsurance capacity from the capital markets over 2018. The company’s latest transaction was a $125 million cat bond covering San Diego-based energy infrastructure company Sempra Energy against ... Read the full article
InsurTech start-up iX Technology Group appoints Executive Chairman
17th October 2018
iX Technology Group, an InsurTech start-up company with a focus on blockchain, has announced the appointment of Sally Coryn as Executive Chairman. Coryn most recently served at Canopius as Head of Corporate Development, and has more than 30 years’ re/insurance market experience spanning strategy, analysis, investor relations, communications and underwriting. She previously ... Read the full article
MGIC taps capital markets to secure $318mn of mortgage reinsurance
17th October 2018
One of the largest mortgage insurers in the United States, Mortgage Guaranty Insurance Corporation (MGIC), has sought $318.6 million of capital markets-backed reinsurance capacity with its first insurance-linked securities (ILS) transaction, according to our sister site Artemis. Reports from Artemis had revealed that the mortgage insurance specialist was eyeing ... Read the full article
Blue Capital posts $10.2mn third quarter nat cat losses
17th October 2018
Blue Capital Reinsurance Holdings Ltd. has revealed that its third quarter 2018 results will be impacted by approximately $10.2 million of natural catastrophe losses, the majority of which are due to loss creep from Hurricane Irma. The loss estimate, which is net of reinsurance and reinstatement premiums, includes a $6.1 million ... Read the full article
AXA XL authorised to move insurance subsidiary to Ireland amid brexit uncertainty
17th October 2018
AXA XL has taken a step closer to moving its European Union insurance company, XL Insurance Company SE (XLICSE), from the UK to Ireland with the news that it has received authorisation in principle from the Central Bank of Ireland. The purpose of the move is to ensure continuity following the ... Read the full article
London company market premium income surges by 16% to £26bn: IUA
17th October 2018
Premium income in the London company market jumped to £26.314 billion in 2017, a 16% increase from the previous year, according to a report by the International Underwriting Association (IUA). Gross written premium in London for 2017 was £18.331 billion, with an additional £7.984 billion identified as written in other locations, ... Read the full article
StarStone names John Hendrickson Group CEO
17th October 2018
Global specialty insurer StarStone has announced the appointment of John Hendrickson as its new Group Chief Executive Officer (CEO), effective immediately. Hendrickson replaces Demian Smith, who resigned from the company in September of this year after eight years with the firm. Hendrickson brings more than 35 years of industry experience to the ... Read the full article
“InsurTech is not one size fits all”, says Claude Yoder, Guy Carpenter
17th October 2018
The rise of advanced technology alongside a need throughout the insurance and reinsurance value chain to improve efficiency has created a bourgeoning InsurTech start-up trend, but it’s important to find the right InsurTech fit, according to Claude Yoder, Guy Carpenter. Traditionally, the insurance industry has been slow to adapt and modernise. ... Read the full article
Modest cat activity likely to dampen Q3 results: Analysts
17th October 2018
Analysts at JMP Securities believe Q3 earnings will be highlighted by a modestly high level of catastrophe losses and a slightly positive mark-to-market impact. While these are the items that will likely be featured in earnings, JMP thinks much of investors’ focus will be on the sustainability of recent modest pricing ... Read the full article
Iberian Peninsula reeling from unprecedented impact of Leslie
16th October 2018
On October 12, as the most powerful hurricane to hit the U.S in 27 years exited the country and dissipated into the Atlantic ocean, the path of an increasingly-erratic hurricane Leslie was 19 days into a near-month long existence that would culminate in widespread destruction throughout central and northern ... Read the full article
Former BMS head launches reinsurance MGA Aurous Risk Partners
16th October 2018
Carl Beardmore, former head of BMS Group, has launched a new managing general agency (MGA) called Aurous Risk Partners that aims to improve the way reinsurance transactions are captured, delivered and processed. Aurous Risk Partners is a joint venture between OneAdvent and Aurous’ management team that will focus initially on international ... Read the full article
Progressive anticipating $120mn hit from Hurricane Michael
16th October 2018
Insurance group The Progressive Corporation has said that it currently expects to incur losses of approximately $120 million from Hurricane Michael, which hit Florida last week as a Category 4 hurricane. This estimate consists of $60 million in losses for Progressive’s vehicle business and $60 million for its property business, ... Read the full article
Underwriting losses continue for U.S Medical Professional Liability: Fitch
16th October 2018
The U.S Medical Professional Liability Insurance (MPLI) sector has experienced underwriting losses for a second consecutive year, posting a combined ratio of 102% in both 2016 and 2017, according to a new report by Fitch Ratings. Calendar-year results in MPLI continue to benefit from favourable loss reserve development, which averaged 20% ... Read the full article
Stonybrook creates new Ventures Division, led by Sandra Familet
16th October 2018
Stonybrook Capital, an insurance sector-focused merchant and investment banking firm, has established a new Ventures Division and appointed Sandra Familet to lead it. The division will aim to combine Stonybrook’s various investment fund initiatives under a single umbrella, bringing a more focused and coordinated approach to this area, the company said. Familet ... Read the full article
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