Reinsurance News
Microinsurance is key to closing the protection gap, says Clyde & Co.
4th October 2018
Microinsurance, also known as inclusive insurance, is the best tool at the industry’s disposal for closing the protection gap in developing countries, according to a report by global law firm Clyde & Co. A worldwide shift from low to middle incomes, technological developments and an increasing governmental landscape that recognises the ... Read the full article
Risk modeller Kovrr develops new silent cyber product
4th October 2018
Kovrr, an Israel-headquartered cyber risk modeller, has developed a new silent cyber risk offering that enables insurance and reinsurance carriers to identify uncalculated capital at risk and quantify policy clauses that may leave them liable in the event of a cyber-attack. The product, which Kovrr claims is the first fully integrated ... Read the full article
IFRS 17 to have mixed results for reinsurers, says Deutsche Bank
4th October 2018
The International Financial Reporting Standard (IFRS) 17 will have mixed results for reinsurers in different sectors, according to a new report from Deutsche Bank. The report suggested that Property & Casualty (P&C) business was likely to be the least impacted segment due to IFRS 17’s inclusion of the simplified premium allocation ... Read the full article
Reinsurance M&A to continue, driven by alternative capital access: Fitch
4th October 2018
Mergers and acquisitions (M&A) activity in the reinsurance industry is expected to continue, driven in part by a desire for companies to gain better access to alternative capital platforms, according to Fitch Ratings. Consolidation provides a range of potential benefits for reinsurers, including revenue diversification, economies of scales, improved return on ... Read the full article
LSM increases global fine art & specie risk capacity to $250mn
4th October 2018
Liberty Specialty Markets, part of Liberty Mutual Insurance Group, has increased its capacity for fine art and specie risks to $250 million globally. LSM’s Head of Marine, Mike Burle, said that the investment is aimed at elevating the company’s platform and expanding its global offering. “We’re seeing greater demand from both our ... Read the full article
2018 Typhoons may impact creditworthiness of Japan’s insurers: S&P
4th October 2018
The recent run of large natural disasters to hit Japan such as typhoon Jebi and typhoon Trami has likely put downward pressure on the creditworthiness of the nation's three largest non-life insurance groups, says S&P Global Ratings. Japan's three largest non-life insurance groups - Tokio Marine Group, MS&AD Insurance Group, ... Read the full article
Fannie Mae transfers further $9bn of loan risk to re/insurers
4th October 2018
The Federal National Mortgage Association (Fannie Mae) has completed its sixth and seventh Credit Insurance Risk Transfer (CIRT) transactions of 2018, which together provide re/insurance cover for $9 billion of loans. These latest two deals are a part of Fannie Mae’s ongoing effort to reduce taxpayer risks by increasing the role ... Read the full article
Lockton adds tech expertise to Capital Markets business
4th October 2018
Global insurance and reinsurance broker Lockton has appointed financial services and technology experts Ash Shah and Femi Ogunjumo as Managing Director and Vice President, respectively, at its recently established Lockton Capital markets business. Launched last month, Lockton Capital Markets facilitates investment banking and capital markets transactions and aims to provide ... Read the full article
CNA Hardy scales back Lloyd’s activity as senior duo depart
4th October 2018
CNA Hardy, a UK specialist commercial re/insurer, has announced its decision to exit Property Treaty, Marine Hull and CAR/EAR business on the Lloyd’s platform. The lines had struggled to deliver consistent profitability despite improving market conditions. Furthermore, Chief Underwriting Officer Patrick Gage has confirmed his departure from the company; he will remain ... Read the full article
Munich Re’s BI&I to launch home cyber coverage in Canada
4th October 2018
The Boiler Inspection and Insurance Company of Canada (BI&I), a subsidiary of reinsurer Munich Re, has announced the launch of a new personal lines cyber insurance product for consumers in Canada, called Home Cyber Protection. The product will offer a suit of coverages and services for cyber attacks, cyber extortion, online ... Read the full article
Marsh makes senior leadership appointments within captive business
4th October 2018
Global re/insurance broker Marsh has announced two senior leadership appointments within its Marsh Captive Solutions business. Julie Boucher takes direct leadership of the company’s Bermuda, Cayman, and Barbados captive offices as Islands Practice Leader, a newly-created role effective January 1, 2019. Boucher, who has been with Marsh for 30 years, will relocate ... Read the full article
Hannover Re “takes advantage” of expanding alternative capital space: Henning Ludolphs
3rd October 2018
Germany-based reinsurance giant Hannover Re is embracing varied forms of alternative, or third-party reinsurance capital structures and solutions, and anticipates continued growth for the insurance-linked securities (ILS) sector in the future. Alternative reinsurance capital continues to grow its share of dedicated reinsurance capital, expanding to $95 billion during the first-quarter ... Read the full article
Blue Marble & Nespresso launch parametric insurance pilot for Colombian farmers
3rd October 2018
Blue Marble Microinsurance - a consortium of nine companies including Zurich, AIG, Aspen, and Hamilton - has collaborated with Nespresso on the launch of a pilot weather index insurance program for smallholder coffee farmers in Colombia. It has commenced with 1,975 farmer participants across 5,724 hectares belonging to the farmers of ... Read the full article
Monument Re completes acquisition of Ethias S.A run-off portfolio
3rd October 2018
Monument Re has announced the completion of its acquisition of a run-off portfolio of flexible premium retail life insurance contracts from Belgian insurer Ethias S.A, known as the FIRST A Portfolio. The deal was first announced in April 2018 and saw Monument Re take over the portfolio via its wholly ... Read the full article
Insurance Europe calls for IFRS 17 to be reopened and delayed
3rd October 2018
Insurance Europe, the European insurance and reinsurance federation, has called for the new International Financial Reporting Standard (IFRS 17) to be reopened and its implementation delayed by two years in order to address several underlying issues and allow time for companies to prepare. The federation said that studies by the European ... Read the full article
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