Reinsurance News
Aon partners with Pembroke on $50mn policy for victims of terrorism
27th September 2018
Global re/insurance broker Aon has collaborated with Pembroke Managing Agency at Lloyd’s in the development of a Public Protection Policy, designed to help businesses provide financial support to individuals affected by a terrorist attack on its premises or owned space. With an aggregate policy limit up to $50 million, the solution ... Read the full article
Lloyd’s performance stabilises but further improvements needed: Peel Hunt
27th September 2018
The underlying underwriting performance at Lloyd’s stabilised over the first half of 2018 as rate increases fed through and the marketplace clamped down on underperforming syndicates, according to analysts at Peel Hunt. However, Peel Hunt stated that more needs to be done to place the Lloyd's market on a firmer footing ... Read the full article
RCM&D and Risk Cooperative enter strategic partnership
27th September 2018
RCM&D, an independent re/insurance brokerage and risk advisory firm, has entered a strategic partnership with Risk Cooperative, a risk and insurance advisory firm and coverholder at Lloyd’s in Washington, D.C. The partnership is expected to strengthen RCM&D’s regional presence in the mid-Atlantic, which already includes offices in Baltimore, Harrisburg, Philadelphia, and ... Read the full article
U.S. life insurers experience improved profitability in 2018: Fitch
27th September 2018
Approximately two-thirds of publicly traded life insurers in the U.S. rated by Fitch improved profitability in the first-half of 2018, and while higher interest rates will mitigate spread compression, the rating agency warns that this will remain a headwind in the second half of the year. For the U.S. life insurers ... Read the full article
Prepare for no-deal Brexit, German government tells re/insurers
27th September 2018
Germany's Deputy Finance Minister Joerg Kukies is encouraging insurance and reinsurance firms to prepare for the UK's Brexit negotiations to end in no-deal. According to Reuters, the Minister called on re/insurers to make preparations for the UK crashing out of the EU without a deal, but also noted that Germany is ... Read the full article
Covéa CEO temporarily steps down from SCOR’s Board
27th September 2018
Thierry Derez, Chairman and Chief Executive Officer (CEO) of Covéa, is to temporarily step down from SCOR’s Board of Directors following the rejection of an €8.2 billion (US $9.6 billion) acquisition offer made by Covéa last month. Covéa said that Derez would withdraw from the Board until the 2019 annual shareholders’ ... Read the full article
Munich Re’s HSB Engineering appoints two senior underwriters
27th September 2018
HSB Engineering Insurance, a specialist engineering and construction insurer and Munich Re subsidiary, has appointed John Nicholls and Jamie Talbot to new senior underwriting positions within the business. Nicholls has been promoted to Construction Product Lead within the Underwriting Strategy and Standards team, reporting to Andy Bazley, Underwriting Strategy Manager. He has ... Read the full article
National Reinsurers Network formed following Moscow summit
27th September 2018
Participants of a two day summit in Moscow hosted by the Russian National Reinsurance Company have announced their decision to join forces as a 'National Reinsurers Network'. “Top managers” from GIC (India), China Re, VINARE (Vietnam), Dunav Re (Serbia), Triglav Re (Slovenia), Europa Re (Switzerland), Bimeh Markazi (Iran), NITF (Sri Lanka), ... Read the full article
Ategrity receives ‘A-‘ rating from A.M. Best, launches P&C offering
27th September 2018
Ategrity Specialty Insurance Company, a specialty property and casualty (P&C) insurer with a focus on the excess and surplus (E&S) lines market, has received an A- (Excellent) VIII financial strength rating from A.M. Best, and will begin offering insurance immediately. Former Scottsdale Insurance President Mike Miller originally announced in April 2018 ... Read the full article
Zurich to acquire Indonesia’s Adira Insurance for $414m
27th September 2018
Zurich Insurance Group has announced an agreement to acquire 80% of Indonesian property and casualty insurer PT Asuransi Adira Dinamika from PT Bank Danamon Indonesia and a minority investor for $414 million (IDR 6.15 trillion), a deal that will make Zurich the largest foreign P&C insurer in the country. The transaction ... Read the full article
Investors slate SCOR’s ‘anti-takeover’ remuneration policy
27th September 2018
Catherine Berjal, President of French activist investment fund CIAM, has penned a second letter to SCOR’s management following the rejection of a €8.2 billion (US $9.6 billion) acquisition offer by Covéa, accusing the company of using its remuneration as an ‘anti-takeover policy.’ The letter, this time addressed to Augustin ... Read the full article
Citizens to claim back $126.4mn from private reinsurers for Hurricane Irma
27th September 2018
Citizens Property Insurance Corporation (Citizens), Florida's insurer of last resort, has announced that it has incurred losses of $1.81 billion from Hurricane Irma, and that it expects to recover $126.4 million from the private reinsurance market and a further $534.7 million from the Florida Hurricane Catastrophe Fund (FHCF). Not long after ... Read the full article
Trade Credit Brokers rebrands under Willis Towers Watson name
27th September 2018
Trade Credit Brokers has announced that it has rebranded to Willis Towers Watson Trade Credit and Surety, becoming Ireland’s largest Trade Credit insurance specialist. Willis Towers Watson currently brokers over two-thirds of the Credit insurance business across the island of Ireland, and its Trade Credit clients insure over £1.5 billion worth ... Read the full article
Swiss Re highlights rising global protectionism
26th September 2018
As global protectionism continues to rise there's potential for a longer-term decline in trade, which in turn will negatively impact marine and trade credit insurance premium growth, according to reinsurance giant Swiss Re's inaugural edition of its Economic Insights series. The report, titled Protectionism on the rise, and here to stay, ... Read the full article
Munich Re develops new cyber reinsurance solution for SMEs
26th September 2018
Munich Reinsurance America, Inc. (Munich Re) has developed a new reinsurance solution for U.S property and casualty (P&C) insurance carriers seeking to provide cyber coverage to their small and medium-sized enterprise (SME) clients. The new cyber solution will provide reinsurance capacity for limits up to $15 million, as well as technical ... Read the full article
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