Reinsurance News
Premia Holdings acquires Public Service Insurance Company out of rehabilitation
11th January 2019
Bermuda-based property & casualty re/insurance run-off group Premia Holdings has acquired Public Service Insurance Company (PSIC) and its subsidiary Western Select Insurance Company (WSIC) after the two businesses were placed into rehabilitation by the state of Illinois in 2017. In what the company calls a groundbreaking transaction, Premia has acquired certain ... Read the full article
Arch estimates Q4 2018 cat loss of up to $130m
11th January 2019
Bermuda-based re/insurer Arch Capital Group has revealed pre-tax catastrophe losses for Q4 2018 of between $110 million and $130 million; a figure which takes into consideration the firm’s reinsurance recoveries and reinstatement premiums. However, Arch states there are significant uncertainties surrounding the number of claims and scope of damage for these ... Read the full article
MS Amlin CFO John Worth to depart for Hastings
11th January 2019
The Chief Financial Officer of global re/insurer MS Amlin, John Worth, is to depart the company in favour of a lead role at the insurer Hastings. The move comes just 14 months after replacing the firm’s previous CFO Chris Rash. MS Amlin has stated that Worth will remain in the role until ... Read the full article
“Interesting” 1/1 market dynamics to continue into April: Aon
11th January 2019
Re/insurance broker Aon has said that the “interesting” market dynamics that affected reinsurance pricing at the recent 1 January renewals are likely to continue to influence rates throughout the coming year. The company’s ‘Reinsurance Market Outlook 2019’ report noted that reinsurance buyers continue to secure protection at accretive cost of capital ... Read the full article
ACORD eyes more robust digital standards with LTI partnership
11th January 2019
ACORD, the insurance industry data standards body, has extended its partnership with global IT firm Larsen & Toubro Infotech to further develop a set of digital standards & solutions for the insurance industry. The partnership is aimed at extending the standardisation service ACORD already provides by constructing new and robust digital ... Read the full article
MAPFRE appoints Christopher Smith as Chief Global Brokers Officer
11th January 2019
Spanish insurance giant MAPFRE has appointed Christopher Smith as its Chief Global Brokers Officer. Smith joined MAPFRE Global Risk in 2013, where he worked as the Head of European business and subsequently as Chief Regions & Markets Officer - International. Prior to that, he spent nearly 20 years at RSA, eventually becoming ... Read the full article
Cat modellers can learn from tech industry: Simplitium’s Lay & Jones
10th January 2019
With recent developments driving the need for ever more efficiency in the re/insurance industry, catastrophe modellers could benefit from emulating the approach of the technology sector, according to Simplitium’s James Lay and Matthew Jones. Lay and Jones noted that cost reduction was a central theme for many re/insurers during 2018, as ... Read the full article
U.S commercial rates continue stable rise over Q4: MarketScout
10th January 2019
The U.S commercial insurance composite rate continued to rise by a modest but stable 2% over the fourth quarter of 2018, according to data from MarketScout, a U.S electronic insurance exchange and specialty MGA. MarketScout noted that this result was in line with the composite rate increase for the entire year ... Read the full article
Beazley targets Hong Kong expansion via Pegasus Underwriting partnership
10th January 2019
Specialist re/insurer Beazley has announced that it plans to expand its insurance offering in Asian markets through a new financial lines capacity arrangement with Hong Kong-based coverholder Pegasus Underwriting Limited (PUL). Beazley hopes to combine its expertise in underwriting specialist risks with PUL’s strong broking relationships and knowledge of the regional ... Read the full article
S&P maintains stable outlook on U.S health in 2019
10th January 2019
S&P Global Ratings has maintained a stable outlook on the U.S health insurance sector for 2019, with a combination of favourable business conditions and financial factors offsetting key concerns and risks. Analysts noted that strong payroll employment continues to bolster the commercial segment, with the ageing U.S population driving Medicare Advantage ... Read the full article
AXA to move int. risk & reinsurance units to Ireland due to Brexit
10th January 2019
AXA is reportedly planning to move its international risk and reinsurance operations from the UK to Ireland in preparation for the UK’s departure from the European Union (EU) in March 2019, according to Reuters. The publication claimed that a subsidiary in Dublin will handle AXA’s large European risks and reinsurance, while ... Read the full article
Impact of Indonesian tsunami on local, global re/insurers to be minor: Fitch
10th January 2019
The recent tsunami to hit Indonesia following the Anak Krakatau volcanic eruption in the closing days of 2018 is not likely to affect the financial stability of the country’s insurers due to comprehensive catastrophe risk management and strong capital buffers, according to Fitch Ratings. It’s also likely that specialist reinsurers in ... Read the full article
Argo Group renews Harambee Re sidecar for sixth time
10th January 2019
Specialty re/insurer Argo Group International has announced the renewal of its Harambee Re sidecar for 2019, the sixth time since its launch in 2013. Much like in 2018, the collateralised vehicle will provide Argo with additional catastrophe capacity for specific property portfolios underwritten by Ariel Re, which has served as Argo’s ... Read the full article
AXA XL partnership to utilise AI for faster assessment of property site surveys
10th January 2019
AXA XL’s risk management solutions business is attempting to utilise the benefits of Artificial Intelligence (AI) for the assessment of property site surveys. By partnering with Expert System, an Italian software company, AXA XL Risk Consulting is hoping to exploit cognitive computing to drastically improve the rate at which its team ... Read the full article
R&Q completes new deals with self-insurer & Cayman captive
10th January 2019
Randall & Quilter Investment Holdings Ltd., the Bermuda-based specialist non-life insurance and reinsurance investor, has completed two new reinsurance transactions with a Vermont based self-insurer and a Cayman domiciled group captive. R&Q announced that it had assumed the workers’ compensation liabilities of the self-insurer through it’s A- rated U.S carrier Accredited ... Read the full article
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