Reinsurance News
Global pension gap a major re/insurance opportunity: Swiss Re
25th January 2019
A growing crisis in the global pensions system represents a major opportunity for the life re/insurance industry to close the funding gap, according to a new report by the Swiss Re Institute. Swiss Re found that the shortfall in pension funding for the global retired population is forecast to grow by ... Read the full article
Allianz partners with PIMCO to launch P&C ILS unit
25th January 2019
Premier fixed income investment manager PIMCO, which is owned by global re/insurer Allianz, has launched a new property and casualty insurance-linked securities (ILS) business, working in partnership with its parent. The new ILS business launch is to be led by Rick Pagnani as Executive Vice President (EVP), who brings more than ... Read the full article
Zurich CEO optimistic about P&C rates in 2019
25th January 2019
Mario Greco, Chief Executive Officer of Zurich Insurance Group, has said that the company is optimistic about the prospects for property and casualty (P&C) re/insurance pricing in 2019. Speaking in an interview with CNBC at the World Economic Forum 2019 event in Davos, Switzerland this week, Greco said that market conditions ... Read the full article
RGA adds IT and operations veteran to Board of Directors
25th January 2019
Global life and health reinsurer, Reinsurance Group of America (RGA), has announced the addition of Steven Van Wyk, currently Chief Information Officer (CIO) and Head of Technology & Innovation at PNC Financial Services Group, Inc., to its Board of Directors. Van Wyk will start his tenure as an independent director on February ... Read the full article
AmTrust adopts PCMI software for reinsurance business
25th January 2019
Property and casualty re/insurer AmTrust Financial Services has signed an agreement with Policy Claim Management International (PCMI) Corporation to use its integrated software solutions for AmTrust’s reinsurance business. AmTrust plans to implement the Policy Claim and Reporting Solutions (PCRS) - Reinsurance Module from PCMI, which it says will provide its clients ... Read the full article
Bermuda re/insurers to post improved CR following volatile 2017: Fitch
25th January 2019
Fitch Ratings is expecting the Bermudian re/insurers it tracks to post a Combined Ratio (CR) of approximately 100% for 2018, down from the 106.9% posted after the volatile cat events of 2017. The improvement reflects a reduced cat loss burden of roughly 10% on the 2018’s CR, compared to 20.2% in ... Read the full article
PG&E not liable for Tubbs Fire, report California investigators
25th January 2019
An investigation by California authorities has determined that energy supplier Pacific Gas & Electric Co. (PG&E) is not financially liable for damages resulting from the Tubbs Wildfire, which burned through more than 36,000 acres in the north of the state in October 2017. After thorough review, the California Department of Forestry ... Read the full article
Aetna returns to the capital markets for reinsurance protection
25th January 2019
The health, medical and benefits insurance unit of CVS Health, Aetna, has announced a new four-year collateralised reinsurance agreement with Vitality Re X Limited. Aetna has entered the insurance-linked securities (ILS) market, and more specifically the catastrophe bond market for risk transfer for many years running, and has now announced its ... Read the full article
RMS names Cihan Biyikoglu Exec VP of Product
25th January 2019
Catastrophe risk modelling and analytics firm RMS has announced the appointment of Cihan Biyikoglu as Executive Vice President of Product. Reporting to Chief Executive Officer Karen White Biyikoglu will serve as a member of the company’s Executive Committee. He joins with 20 years experience overseeing product management for big data, data analytics ... Read the full article
Allianz eyes joint venture with Vietnam’s FPT after signing MoU
25th January 2019
Global insurer and reinsurer Allianz has signed a Memorandum of Understanding (MoU) with Vietnam-based IT corporation, FPT Group, which cements the firms' intentions to enter into a joint venture agreement to establish a new general insurance company in Vietnam. The MoU, which was signed on the side-lines of the World Economic ... Read the full article
MarketScout launches wildfire, brush & quake MGA, WildCat
25th January 2019
U.S. domiciled electronic insurance exchange and specialty managing general agent (MGA), MarketScout, has announced the launch of WildCat, a new MGA facility for insuring wildfire, brush, and earthquake exposures. In response to increasing losses from the wildfire peril over the last two years, most notably from outbreaks in California, WildCat has ... Read the full article
RLI increases cat reinsurance limit by $90mn at Jan renewals
25th January 2019
Specialty insurer and reinsurer RLI Corporation has increased its catastrophe reinsurance protection limit by $90 million at the recent January renewals to cover an expected growth in exposures. Craig Kliethermes, President and Chief Operating Officer (COO) at RLI, explained that about half of the company’s reinsurance spend is placed at year-end, ... Read the full article
UK & Switzerland commit to post-Brexit insurance terms
25th January 2019
The UK and Switzerland have agreed to allow insurers and reinsurers to trade freely between the two countries once the UK completes its exit from the European Union (EU). UK Finance Minister Phillip Hammond and Ueli Maurer, President of the Swiss Confederation and Head of the Federal Department of Finance, signed ... Read the full article
Everest Re estimates Q4 losses at $695m
25th January 2019
Bermuda-headquartered reinsurer Everest Re Group has announced Q4 catastrophe losses of $695 million, a figure net of reinsurance, reinstatement premiums and taxes. The group states that these Q4 losses can primarily be attributed to hurricane Michael, the Camp and Woolsey California wildfires, and hailstorms which hit Australia in December. Michael made landfall ... Read the full article
Brexit prep has sapped business from UK insurance market, say experts
25th January 2019
The host of new European hubs established by re/insurers in preparation for Brexit have already begun to “sap business" away from the UK market, leaving it “less important than it was before,” according to a panel of industry experts. Speaking at Fitch Ratings’ Insurance Roadshow 2019 event in London, the panellists offered ... Read the full article
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