Reinsurance News
IAG expands catastrophe reinsurance to $9 billion of coverage
3rd January 2019
Australian primary insurer Insurance Australia Group Limited (IAG) has successfully renewed its catastrophe reinsurance protection at an expanded size of $9 billion, up from $8 billion in the prior year. The 12.5% increases in catastrophe reinsurance limit has been secured in a similar structure to 2018, to provide IAG with ... Read the full article
ABIR voices support for Bermudian commitment to new international standards
3rd January 2019
Following the introduction of new international requirements for companies to show economic substance in jurisdictions where they have a registered presence, members of the Association of Bermuda Insurers and Reinsurers (ABIR) has expressed support for the island's efforts to facilitate tax transparency and compliance with global standards. The Bermudian government recently ... Read the full article
Global, dedicated reinsurance capital hits $348bn in 2018: JLT Re
2nd January 2019
Estimated global, dedicated reinsurance capital increased by $2 billion in 2018 to $348 billion, driven by growth in the traditional arena as the volume of alternative reinsurance capital remained flat, according to reinsurance broker JLT Re. JLT Re, the reinsurance arm of global brokerage JLT Group, said recently that the Read the full article
Chubb completes move to France ahead of Brexit
2nd January 2019
Chubb European Group has completed its planned move from London to France as part of its preparations for the UK’s departure from the European Union (EU) in March 2019. The redomicile to Paris is effective from 1 January and aims to provide Chubb customers with continuous, uninterrupted service regardless of the ... Read the full article
Travelers to provide claim management services for rideshare firm Lyft
2nd January 2019
The Travelers Companies, Inc. has announced that it has become the exclusive provider of auto insurance claim services for U.S rideshare company Lyft. Launched in 2012, Lyft is an on-demand transportation company that uses a mobile app to provide more than one million rides per day across 300 U.S cities. The firm ... Read the full article
Athora completes purchase of Generali Belgium for €540m
2nd January 2019
Athora Holding, together with its' Athora subsidiaries, has completed the acquisition of Generali’s Belgian business, for a cash consideration of approximately €540 million ($613 million). Primarily focused on the life segment, Generali Belgium is the 11th largest insurer in Belgium and serves around 420,000 customers through a team of 430 members ... Read the full article
Carlyle Group completes $6.7bn Sedgwick acquisition deal
2nd January 2019
Global alternative asset manager The Carlyle Group has completed its previously announced $6.7 billion deal to take a majority stake in Sedgwick, a global provider of technology-enabled risk and business solutions. Sedgwick’s current majority shareholder, KKR, will fully exit its position following the acquisition, while funds managed by Stone Point ... Read the full article
Insured losses from Oman’s cyclone Mekunu reach $403m
2nd January 2019
Insurance claims resulting from cyclone Mekunu, the most intense tropical cyclone to make landfall in the Arabian Peninsula in recorded history, currently stands at $403.7 million, according to new data by Oman’s Capital Market Authority (CMA). Mekunu caused widespread flooding and wind damage as it tracked over Oman in late May, ... Read the full article
AmTrust and Swiss Re enter into quota share on $2.9bn of U.S commercial risk
2nd January 2019
Property and casualty insurer AmTrust Financial Services has entered into a quota share agreement with Swiss Re for 2019 that covers U.S small commercial business totalling an estimated $2.9 billion in projected written premiums, with Swiss Re projected to assume approximately $1.05 billion on an inforce, new and renewal basis. The ... Read the full article
Arch completes acquisition of Ardonagh’s UK commercial lines business
2nd January 2019
Arch Insurance Europe has completed its' acquisition of the UK commercial lines business owned by The Ardonagh Group, and part of its Geo Underwriting operating segment. The acquired business generated more than £150 million of Gross Written Premium in 2017 and will become the newly-formed Arch UK Regional Division, focused on ... Read the full article
January renewals highlight reinsurance “pricing gap”: Willis Re
2nd January 2019
The January 2019 reinsurance renewals have highlighted a "pricing gap" between cedants with peak peril exposure or poor loss records and other accounts, according to a new report from broker Willis Re. The company earlier told the Financial Times that reinsurance rate increases did not materialise at the 1 January renewals, ... Read the full article
Flood Re premiums cut by up to £112 for 2019
2nd January 2019
Flood Re, the UK’s government-backed reinsurance scheme, has cut the reinsurance premiums it charges to insurance companies as of 1 January 2019, which in turn should lower the cost of flood protection for those most at risk of flooding in the UK. Premiums charged by Flood Re to insurers are set ... Read the full article
QBE European Operations’ post-Brexit plans approved by High Court
2nd January 2019
QBE European Operations, part of the QBE Insurance Group, has announced the implementation of its post-Brexit plans after its Part VII transfers came into effect in the New Year. A Part VII transfer is essentially a court-sanctioned legal transfer of some or all of the policies of one company to another QBE ... Read the full article
AIG completes purchase of UK life insurer Ellipse from Munich Re
2nd January 2019
American International Group (AIG) has completed its acquisition of Ellipse, a specialist provider of group life risk protection in the UK, from Munich Re. Funded by an undisclosed cash consideration, the purchase was conducted via AIG Life, a UK subsidiary of AIG Life & Retirement. AIG said that Ellipse’s group protection capabilities, ... Read the full article
Generali completes stake increase in Indian joint ventures
2nd January 2019
Italian insurance giant Generali has finalised its previously announced plans to increase its stakes in Future Generali insurance joint ventures in India from 25.5% to 49%. The completion of the transaction saw Generali commit approximately €120 million to the Future Group, a platform and customer ecosystem that offers digital insurance ... Read the full article
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