Reinsurance News
Lloyds is ‘accelerating’ Brexit plans over no-deal fears, says CEO Beale
8th October 2018
Lloyd’s of London is ‘accelerating’ its Brexit contingency plans, which include contract transfers to its new subsidiary in Brussels, due to a growing concern that the UK will leave the European Union (EU) in 2019 in a ‘no-deal' scenario, according to its Chief Executive Officer (CEO) Inga Beale. Speaking in an ... Read the full article
Lancashire expects negative Q3 RoE on marine and nat cat losses
8th October 2018
Specialty re/insurer Lancashire Holdings has announced an aggregate net loss from exposure to events within its marine portfolio of approximately $30 million. In addition, the company has suffered an accumulation of attritional losses as a result of exposures to a number of recent natural catastrophe events - including hurricane Florence, and ... Read the full article
Modest cat losses to pressure rates at 1/1 renewals: Goldman Sachs
8th October 2018
Reinsurance pricing is likely to come under further pressure at 1 January 2019 renewals due to below-average catastrophe losses over 3Q 2018 and a sustained influx of alternative capital, according to investment bank Goldman Sachs. Property catastrophe modelling firms estimate that insured industry losses over the third quarter of 2018 will ... Read the full article
DAC Beachcroft adds two to Claims Solutions business
8th October 2018
International law firm DAC Beachcroft has announced the appointment of Kate Archer and Paul Cox as partners in its Claims Solutions business. Archer is a specialist in defending motor-related large loss and catastrophic injury claims and most recently served as a Director at DWF. She previously worked at DAC Beachcroft as a ... Read the full article
High Q3 losses could see AIG call on aggregate reinsurance cover: Analysts
5th October 2018
Global insurer American International Group (AIG) has roughly $125 million of net potential H218 qualifying severe losses before its aggregate reinsurance coverage is triggered, according to data from investment banking firm Keefe, Bruyette & Woods (KBW). Of the firm’s $428 million H118 severe losses, $290 million counts towards its loss aggregate ... Read the full article
Greenlight Re unit makes second insurtech investment in as many weeks
5th October 2018
Greenlight Re Innovations, part of the specialist hedge fund backed property and casualty (P&C) reinsurer Greenlight Capital Re, has invested in Sana Benefits, an Austin-based third party administrator (TPA) startup focused on the U.S self-insured health market. Having commenced providing administrative services on September 1, 2018, Sana Benefits’ Software as a Service (SaaS) ... Read the full article
Monument Re completes acquisition of Aspecta Assurance Luxembourg
5th October 2018
Monument Re, a Bermuda Class E reinsurer that specialises in the acquisition of run-off, closed and asset-intensive insurers, has completed its previously announced acquisition of Aspecta Assurance International Luxembourg S.A. Aspecta, which has now been renamed as Monument Assurance Luxembourg, is a life insurance undertaking based in Luxembourg with branches in ... Read the full article
Silent cyber perceived as a far greater risk than ever before: Willis Towers Watson
5th October 2018
Cyber-related losses are expected to increase across all business lines over the next 12 months while silent cyber continues to pose a massive threat, according to an industry-wide survey conducted by insurance and reinsurance broker Willis Towers Watson (WTW). “The insurance market considers ‘silent cyber’ to be a far greater risk ... Read the full article
Swiss Re Corporate Solutions launches parametric haze solution
5th October 2018
Swiss Re Corporate Solutions, the commercial insurance arm of the Swiss Re Group, has announced the launch of HazeShield, a standalone haze insurance solution for Singaporean businesses. The parametric-based solution leverages data from Singapore's National Environment Agency (NEA) Pollutant Standard Index (PSI), to allow the triggering of a pre-agreed payout amount ... Read the full article
Abundant capital driving nat cat resilience & innovation: Aon
5th October 2018
Despite huge insured losses in 2017 an ongoing abundance of capital means the industry’s capacity to meet and operate profitably in the face of natural catastrophe is not only stable, but growing, according to Rohan Dixon, Executive Vice-President and Chief Broking Officer at Aon, Canada. In its latest market report, Aon ... Read the full article
Markel opens new office in India
5th October 2018
Specialist insurer and reinsurer Markel International has announced that its office in Mumbai, India is now open and actively writing business. Markel provides local Indian insurers with specialist facultative reinsurance in a broad range of commercial classes, including marine, energy, contingency, and professional and financial risks. Deepika Mathur, head of Markel’s Indian ... Read the full article
PERILS reveals €324m final loss estimate for cyclone Xavier
5th October 2018
Catastrophe data loss aggregation and estimation firm PERILS has released its final loss estimate for extratropical cyclone Xavier, which primarily affected Germany on October 5, 2017. PERILS’ estimate of the insured property market loss for the cyclone, based on loss data collected from affected insurers, is €324 million. This compares to the ... Read the full article
Charles Taylor acquires FGR Group in Latin America expansion
5th October 2018
Charles Taylor Adjusting has announced the acquisition of Chile-based loss adjusting and claims program management group FGR, a move that extends its presence across Latin America. FGR provides specialist technical loss adjusting and claims program management services, employing around 385 people in 17 locations in Chile and Peru. The loss adjusting business ... Read the full article
Maritime industry unprepared to deal with global issues, reports Marsh
5th October 2018
The global maritime industry is not prepared to deal with major issues that are likely to impact it over the next ten years, according to senior maritime stakeholders surveyed in an industry report backed by global insurance broker and risk adviser, Marsh. The report examines the impact and likelihood of 17 ... Read the full article
H2 2018 losses by no means benign, but reinsurers able to absorb major event: Analysts
4th October 2018
Despite catastrophe and man made losses in the second-half of 2018 falling below the levels seen last year, so far, analysts at Peel Hunt have said that by no means is H2 2018 a benign loss period, with losses starting to have a meaningful P&L impact. Notable natural catastrophe losses so ... Read the full article
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