Reinsurance News
Kingstone grows reinsurance treaty at 2019 renewal
26th July 2019
Property and casualty (P&C) insurance holding company, Kingstone Companies, Inc. has announced that its wholly-owned subsidiary, Kingstone Insurance Company (KICO), has signed a number of new reinsurance treaties for the treaty year beginning July 1st, 2019. From a panel of 53 reinsurance companies, KICO secured $602.5 million of catastrophe excess-of-loss reinsurance ... Read the full article
HSCM-backed insurtech Corvus develops silent cyber offering for cargo
26th July 2019
Corvus Insurance, an AI-driven insurtech MGA backed by ILS and reinsurance investment manager Hudson Structured Capital Management (HSCM), has expanded its product line with an offering that focuses on silent cyber risks posed by cargo insurance policies. The offering, called Smart Cargo + Cyber, will allow brokers and their policyholders to ... Read the full article
TWIA rate adequacy continues to slip in 2019, analysts report
26th July 2019
Analysis by the Texas Windstorm Insurance Association (TWIA) has concluded that its rates are currently inadequate by 41.7% for residential coverage and 50% for commercial coverage. This represents a significant increase from last year’s analysis, which found that rates were inadequate by 32% for residential coverage and 37% for commercial coverage. Since ... Read the full article
S&P stays negative on Aspen citing performance pressure
26th July 2019
S&P Global Ratings has maintained its negative outlook on the ratings of Bermudian re/insurer Aspen Insurance Holdings and its subsidiaries, citing continued pressure on the company’s underwriting performance compared to its peers. The rating agency also affirmed its ‘BBB+’ long-term issuer credit rating for Aspen, and ‘A-‘ long-term issuer credit and ... Read the full article
Argo warns of $32.5m casualty reserve impact & accident year losses
26th July 2019
Global specialty re/insurer Argo Group International Holdings Ltd. has revealed an expected $32.5 million hit to its second-quarter results, largely driven by reserve increases for its casualty business, as well as some current accident year losses as well. Argo warned that its second quarter of 2019 results will be impacted by ... Read the full article
A J Gallagher reports solid revenue growth in 2019
26th July 2019
Arthur J. Gallagher & Co. has reported its results for the second-quarter of 2019, posting solid revenue growth and improved net earnings in its brokerage segment. Revenues increased from $1 billion in Q2 2018 to $1.13 billion in Q2 2019, while organic revenues also increased year-on-year, to $1.01 billion. The firm's ... Read the full article
Aon increases revenue to $2.6bn in Q2, driven by reinsurance growth
26th July 2019
Aon has released its results for the second quarter of 2019, which show a 2% increase in the broker’s total revenue, partly driven by significant growth in its Reinsurance Solutions segment. Overall revenue increased by $45 million to $2.606 billion, boosted by an 11% increase in the revenue of Aon’s reinsurance ... Read the full article
Blue Capital Re announces run-off of all liabilities and in-force portfolio
26th July 2019
The Board of Directors of Blue Capital Reinsurance Holdings Ltd. has announced that, after considering strategic alternatives, it's been decided to stop all active operations and pursue an orderly run-off. The firm is to pursue the run-off of all of its liabilities and in-force portfolio and return capital to shareholders as ... Read the full article
Premium growth drives higher revenues for MAPFRE in H1 2019
26th July 2019
Insurer and reinsurer MAPFRE recorded a 6.8% increase in revenues in the first-half of 2019 to €15.05 billion, driven by an increase in premiums to €12.53 billion and elevated financial income. For the first-half of the year, MAPFRE's net earnings hit €375 million, which is a decline of 2.9% on the ... Read the full article
Markel announces new retro ILS platform, closes CATCo funds
26th July 2019
Markel Corporation has announced that it intends to establish a new retrocessional insurance-linked securities (ILS) platform in Bermuda, comprised of a reinsurance company, fund entity and investment manager. At the same time, the company said that it would start to wind down its existing Markel CATCo fund operations, which will be ... Read the full article
ACR reignites majority stake sale ambitions: reports
26th July 2019
Singaporean reinsurer ACR Capital Holdings has re-ignited plans for a majority stake sale, with Morgan Stanley having been tasked with facilitating the process, reports DealStreetAsia. ACR operates across 11 countries in Asia and has offered risk solutions in the region since 2006. This process has reportedly been underway for roughly four months ... Read the full article
Aon partners with insurtech Bunker to target on-demand economy
26th July 2019
Aon has entered into a new commercial partnership with Bunker, a business insurance and compliance platform for independent workers and enterprises, to target the growing on-demand, sharing economy. The agreement provides Aon and its clients with access to Bunker’s compliance platform and Live Certificate of Insurance, which ensures an organisation’s contractors, ... Read the full article
Mass shooting attacks expose re/insurance coverage gap: A.M. Best
26th July 2019
The recent increase in mass shooting attacks in the US have highlighted a distinct lack of re/insurance coverage for violent events of this nature, according to A.M. Best. The rating agency noted that insurers have begun to respond to rising demand for active assailant insurance coverage, which carries unique features over ... Read the full article
There’s “enough pain in the system” says Lancashire CEO, Alex Maloney
25th July 2019
Alex Maloney, Group Chief Executive Officer (CEO) of Lancashire Holdings Limited, has said that there is "enough pain in the system" and that regardless of new players and new capital, the "market moves on from here." Lancashire posted positive albeit reduced earnings for the first-half of the year, with management ... Read the full article
Arch secures $700m of mortgage reinsurance from capital markets
25th July 2019
Arch Capital Group’s US mortgage insurance subsidiary, Arch Mortgage Insurance Company, has secured $700 million of indemnity mortgage reinsurance protection. This transaction, which covers a pool representing $49.6 billion of mortgages from special purpose reinsurer Bellemeade Re 2019-3 Ltd., is Arch’s third of 2019 and the largest of its kind by ... Read the full article
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