Reinsurance News
Cincinnati Financial announces $120m Q3 cat losses
16th October 2018
Cincinnati Financial Corporation has today announced that its property and casualty business expects its Q3 results to include pre-tax catastrophe losses of approximately $120 million, representing an impact on the Q3 2018 combined ratio of approximately 9.5% to 10%, based on estimated P&C earned premiums. The company's 10‑year historical average contribution ... Read the full article
Talanx warns of profit hit from industrial property claims
16th October 2018
Large and frequency losses across its industrial property insurance portfolio are set to drive Hannover Re's parent Talanx Group to a negative third-quarter in that division, the company said yesterday. Talanx has pre-warned of these losses ahead of its November results statement, in order to alert the market to the negative ... Read the full article
Competition from insurtech to increase: Geneva Association
15th October 2018
A report by leading think tank the Geneva Association suggests the current symbiosis between insurtech startups and re/insurers is likely to shift, as an increasingly digitised business landscape looks set to blur the line for traditional players. Insurance startups and other market entrants have not had a major disruptive impact on ... Read the full article
ArgoGlobal appoints Marcello Lombardini to Director role
15th October 2018
ArgoGlobal Assicurazioni, a member of Argo Group International Holdings, an international underwriter of specialty re/insurance, has appointed Marcello Lombardini as Distribution and Business Development Director. Lombardini joins from Banca IFIS, where he most recently served as Senior Insurance Consultant. In his new role, he will report to Giovanni Tucci, Managing Director of ... Read the full article
Insured Hurricane Michael losses may reach $10bn, says AIR Worldwide
15th October 2018
AIR Worldwide, the catastrophe risk modelling arm of Verisk Analytics, has estimated that industry insured losses resulting from Hurricane Michael’s winds and storm surge will be between $6 billion and $10 billion. Michael made landfall in Florida last week as a Category 4 storm, with sustained wind speeds of up ... Read the full article
Reinsurers to absorb the majority of FedNat’s Michael exposure
15th October 2018
FedNat Holding Company estimates that its aggregate gross losses from Hurricane Michael will be approximately $275 million, of which it will retain just $23 million, with the remainder being passed on to its reinsurers. The firm has a combined reinsurance program for its subsidiaries FedNat Insurance Company and Monarch National Insurance ... Read the full article
SCOR’s portfolio pricing “back at the 2014 level,” says P&C CEO Victor Peignet
15th October 2018
SCOR’s overall portfolio pricing is “now almost back at the 2014 level” in terms of technical ratio, and at the 2015 level for the return on risk-adjusted capital, according to Victor Peignet, Chief Executive Officer (CEO) of SCOR Global P&C. Speaking in an interview with Reinsurance News, Peignet said that SCOR ... Read the full article
Lloyd’s welcomes new CEO John Neal
15th October 2018
John Neal has today been welcomed by Lloyd’s as its new Chief Executive Officer; he replaces Inga Beale who has led the specialist re/insurance marketplace for the past five years. Neal, whose appointment was approved unanimously by a meeting of the Council of Lloyd’s, most recently served as Group CEO of ... Read the full article
RFIB Singapore appoints Simon McCrum as Managing Director, Asia Pacific
15th October 2018
RFIB Group Limited, the international Lloyd’s re/insurance broker, has announced the appointment of Simon McCrum as Managing Director, Asia Pacific at RFIB Singapore. McCrum takes up his position with immediate effect and will be reporting to Regional Head of Asia Pacific, Chris Bracegirdle. Subject to the appropriate regulatory/ministry approvals, he will be ... Read the full article
JLT FAC names Joe Ameruoso as Head of North America Construction Casualty
15th October 2018
JLT FAC, the facultative reinsurance division of broker JLT Re (North America) Inc., has announced the appointment of Joe Ameruoso as Head of North America Construction Casualty, Facultative. Ameruoso will be based in JLT FAC’s New York Office, and joins the company from Starr Indemnity & Liability Co in Primary Construction, ... Read the full article
World Bank Group launches $145mn cat risk facility with UK and German govs
15th October 2018
The World Bank Group, in partnership with the governments of the UK and Germany, has announced the launch of a US $145 million Global Risk Financing Facility (GRiF) to help vulnerable countries manage the financial impact of natural catastrophes and climate change. The Group explained that this kind of disaster risk ... Read the full article
AXA XL names Dan Curran as CUO for London Market Wholesale
15th October 2018
AXA XL insurance has announced the appointment of Dan Curran as Chief Underwriting Officer (CUO) for its property and casualty (P&C) London Market Wholesale business. Curran takes over the role from Paul Greensmith, who was recently appointed as regional leader for the UK to help shape the new division as part ... Read the full article
Treaty reinsurance class now trading on London Market’s PPL
15th October 2018
The Board of the London Market Group’s (LMG) Placing Platform Limited (PPL), an electronic platform created in July 2016 with the aim of increasing market efficiencies, has announced that the treaty reinsurance class of business has begun trading on the platform. With the treaty reinsurance class now live, the Board of ... Read the full article
AXIS Re appoints Ann Haugh as President of Global Markets
15th October 2018
AXIS Re, the reinsurance unit of Bermuda-headquartered global re/insurer AXIS Capital Holdings Limited, has appointed Ann Haugh as President of its Global Markets division. Haugh joins AXIS Re from international insurance services firm Thomas Miller, where she most recently served as Group Chief Operating Officer. Previously, she also held a number of ... Read the full article
CoreLogic raises top-end of Hurricane Michael loss estimate to $5bn
15th October 2018
Catastrophe risk modelling firm CoreLogic has raised its insured loss estimate for Hurricane Michael to between $3 billion and $5 billion. The modelling firm had stated last week that it expected between $2 billion and $4.5 billion insured losses from Michael. According to the new data analysis, wind losses for residential ... Read the full article
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