Reinsurance News
SCOR should not accept offer below €50 per share, says Amber Capital investor
1st October 2018
Joseph Oughourlian, Founder and Managing Partner of long-time SCOR investor Amber Capital, has told the Financial Times that he believes SCOR was right to reject Covéa’s €8.2 billion (US $9.6 billion) acquisition bid, which valued SCOR’s shares at €43 per share. Oughourlian, whose company has been an investor in Scor ... Read the full article
LIIBA “lobbied hard” to ensure “manageable” IDD effect on wholesale brokers: Croft
1st October 2018
The London and International Insurance Brokers’ Association “lobbied hard” to ensure that today’s implementation of the Insurance Distribution Directive in the UK will have a manageable effect on wholesale brokers, according to LIIBA Chief Executive Officer Christopher Croft. Essentially, IDD is designed to outline the information consumers should receive before they ... Read the full article
Flood Re to lower reinsurance premium charges from Jan 2019
1st October 2018
Flood Re, the UK’s government-backed reinsurance scheme, has announced that it will lower the reinsurance premiums it charges to insurance companies from January 1st 2019, which in turn should lower the cost of flood protection for those most at risk of flooding in the UK. The premiums Flood Re charges insurers are ... Read the full article
Indian regulator upholds GIC Re’s right of first refusal
1st October 2018
The Insurance Regulatory and Development Authority of India (IRDAI) has decided to maintain its established ‘order of preference’ guidelines, which grant GIC Re first refusal to all reinsurance business placed in India, according to sources at BloombergQuint. The new regulations were finalised at a meeting on 28 September and will come ... Read the full article
Guy Carpenter appoints Siobhan O’Brien as Head of International Cyber Centre
1st October 2018
Guy Carpenter & Company, LLC, the reinsurance broker and wholly owned subsidiary of Marsh & McLennan Companies, has appointed Siobhan O’Brien Head of the Cyber Centre of Excellence for International and Global Specialties, effective October 1. The newly-created role will see O’Brien lead the International Cyber Centre of Excellence and work ... Read the full article
Re/insurers to benefit from rising interest rates, says Moody’s
1st October 2018
Rising global interest rates are expected to be credit positive for the profitability of global re/insurance companies, according to Moody’s Investors Service. Moody’s is anticipating solid economic growth for the G-20 countries in 2018 and 2019, driven largely by the U.S, but growth will likely peak at the end of this ... Read the full article
Zambia proposes 5% withholding tax for foreign reinsurers
1st October 2018
The African nation of Zambia has proposed introducing a 5% withholding tax for reinsurers based outside the country, which could amount to an annual value ZMK 40 million (USD $3 million) if imposed, according Zambia Daily Mail. In recent years, Zambia has been looking to control the outflow of reinsurance premiums ... Read the full article
Are brokers still contributing to the value chain? Aon & Swiss Re heads discuss
28th September 2018
As reinsurance companies increasingly develop capabilities that allow them to interact directly with customers, the position of brokers in the value chain has come into question. Speaking during events at the Reinsurance Rendez-vous event in Monte Carlo, the heads of reinsurance at Aon and Swiss Re offered contrasting opinions on the ... Read the full article
Marsh expands blockchain partnership with IBM
28th September 2018
Global re/insurance broker Marsh is expanding its blockchain partnership with IBM, five months after announcing its decision to use the technology to streamline proof of insurance processes. It’s hoped that blockchain technology will transform the certificate of insurance process, which is currently manual, and allow clients to more easily hire contractors ... Read the full article
Berkshire Hathaway’s insurance units outlook returns to stable: S&P
28th September 2018
S&P Global Ratings has revised its outlook of the operating insurance subsidiaries of Warren Buffett's Berkshire Hathaway from negative to stable, due to improved capitalisation. The revision incorporates S&P’s view that Hathaway’s insurance subsidiaries will maintain combined capital adequacy that is redundant at the AA confidence level on a prospective basis, ... Read the full article
Turkey to form reinsurance pool for companies in high risk sectors
28th September 2018
A new reinsurance pool, set up to help certain Turkish companies labelled too “risky” for the insurance industry, is to be formed. The pool is part of the New Economic Plan, which was presented by the country’s Treasury and Finance Minister Berat Albayrak last week. Reports from the Hurriyet Daily News suggest ... Read the full article
Ex-Brit global property lead Foster to launch D&F start-up with Poole
28th September 2018
Richard Foster, the former lead underwriter and head of global market property at re/insurer Brit is launching a new direct & facultative focused start-up alongside former broker James Poole. Foster and Poole have launched Agile Risk Partners Limited, our sister site Artemis was first to report today, a company that ... Read the full article
“The time is right to be precisely our size,” says Argo CEO Watson
28th September 2018
Mark E. Watson III, Chief Executive Officer (CEO) of Argo Group International Holdings, Ltd. has claimed that current market conditions and the pace of technological change in the re/insurance industry are conducive to mid-sized companies such as Argo. In a Letter to Shareholders, Watson said that he believed the industry was ... Read the full article
Everest promotes Mike Karmilowicz & Dave Sandler to head of respective segments
28th September 2018
Everest Insurance, a division of global reinsurer Everest Re Group, has promoted both Mike Karmilowicz and Dave Sandler to President of their respective business segments effective immediately. Karmilowicz joined Everest in 2015 and leads Everest Specialty Underwriters, which currently comprises the Executive Solutions Group, Professional Liability, Alternative Solutions, Political Risk & ... Read the full article
Greenlight Re unit leads Galileo Series A funding round
28th September 2018
Greenlight Re Innovations, part of the specialist hedge fund backed property and casualty (P&C) reinsurer Greenlight Capital Re, has made a strategic investment in Galileo Platforms, a Hong Kong-based Platform as a Service (PAAS) business focused on emerging markets in Asia. Greenlight Re Innovations believes the secure platform will reduce IT costs ... Read the full article
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