Reinsurance News
Reinsurance renewals defy expectations of post-loss firming: JLT Re
2nd January 2019
The January reinsurance renewals "broadly defied early expectations of post-loss firming for the second consecutive year," according to broker JLT Re. Reinsurers' desire and ability to underwrite risks remained healthy overall, the broker said this morning, and as a result pricing was seen as broadly stable across reinsurance markets at the ... Read the full article
Reinsurance rates flat to slightly down at January 2019 renewal
2nd January 2019
Reinsurance rates at the key January renewal season are largely seen to have been flat or a little down, according to the first report on the key contract signings. Broker Willis Re told the FT that hoped for reinsurance rate increases did not appear at the renewal, resulting in an overall ... Read the full article
KBW moderately optimistic about 2019 reinsurance pricing
31st December 2018
Analysts at Keefe, Bruyette & Woods remain moderately optimistic about 2019 reinsurance pricing following meetings with numerous underwriters and brokers. Virtually everyone KBW met expected steadily rising reinsurance pricing over the course of 2019, reflecting declining supply and rising demand, which could extend into other lines, particularly the retro-dependent Lloyd’s market. Participants ... Read the full article
Stackhouse Poland, Aston Lark up for sale with £600m joint value: reports
31st December 2018
Two of the UK’s largest independent insurance brokers, Stackhouse Poland and Aston Lark, are reportedly up for sale with a joint value of £600 million, according to online news outlet This is Money. The private equity owners of Stackhouse Poland have reportedly hired individuals from global independent investment banking advisory firm ... Read the full article
RFIB enters into partnership with VIPR
31st December 2018
International re/insurance broker RFIB has entered into a partnership with VIPR, an insurance industry IT solutions provider, in order to utilise the firm’s bordereaux management solution 'Intrali'. VIPR states that an impressive bid matching RFIB’s brief was submitted, highlighting evidence of how Intrali has helped the industry, as well as emphasising ... Read the full article
Carlyle and GIC to take 10% stake in India’s SBI Life for $742mn
31st December 2018
U.S private equity firm Carlyle Group and Singapore’s sovereign wealth fund GIC plan to team up on a Rs 5,200 crore (US $742 million) deal that will see the companies take a 10% stake in Indian insurer SBI Life Insurance Co. SBI Life Insurance was formed in 2001 as a joint ... Read the full article
NWS Holdings to acquire Hong Kong insurer FTLife for $2.75bn
31st December 2018
New World Development Company Limited (NWD) has announced that its subsidiary, NWS Holdings Limited, plans to acquire the entire issued share capital of Hong Kong insurer FTLife Insurance Company Limited for HK $21.5 billion (US $2.75 billion) in cash. NWD explained that the transaction would enhance the diversified business portfolio of ... Read the full article
Aflac enters reinsurance agreement with Singapore Life
31st December 2018
U.S insurer Aflac Incorporated has announced that it plans to enter into a reinsurance agreement on certain protection products as part of a $20 million minority equity investment in Singapore Life Pte. Ltd. American Family Life Assurance Company of Columbus, an operating subsidiary of Aflac, will enter into the arrangement with ... Read the full article
Unicorn Underwriting adds Argo’s Neil Russell
31st December 2018
Unicorn Underwriting, a London-based managing general agent and part of U.S-headquartered global broker AmWINS Group, has announced the addition of Neil Russell starting 1 January 2019. The company says he will be working on the development of new facilities and capacity for the firm with plans to join the Property Underwriting ... Read the full article
China Re completes acquisition of Chaucer
31st December 2018
China Re has successfully completed its previously announced acquisition of the holding company of Chaucer, the London-based and Lloyd's focused specialty re/insurance business of The Hanover. The transaction was valued at around $950 million, made up of a cash consideration of $865 million paid by Hong Kong listed China Re, ... Read the full article
Shanghai inks strategic cooperation agreement with China Taiping Life Insurance
28th December 2018
A strategic cooperation agreement has been signed between the Shanghai Municipal government and China Taiping Life Insurance alongside the unveiling of a new Asia-Pacific Reinsurance Research Centre. Shanghai Party Secretary Li Qiang and Mayor Ying Yong met Taiping’s Chairman Luo Xi and his delegation to ink an agreement that will see ... Read the full article
Converge RE II secures A- KBRA rating
28th December 2018
Converge RE II, a Puerto Rico-domiciled Class 5 Life and Annuity reinsurer, has been assigned an insurance financial strength rating of A- by Kroll Bond Rating Agency (KBRA), having launched in August of 2017. Owned by David Lichtenstein, Chairman and Chief Executive Officer (CEO) of the Lightstone Group, a commercial real ... Read the full article
New York regulators fine Lloyd’s insurers $5m for NRA dealings
28th December 2018
Ten insurers that did business with the National Rifle Association (NRA) through the Lloyd’s of London marketplace have been fined a total of $5 million by New York regulators. The fines are related to NRA self-defense insurance programs and have been deemed in violation of state law. Initially, an investigation by New ... Read the full article
Swiss Re Corporate Solutions enters MGA agreement with EF Marine
28th December 2018
Swiss Re Corporate Solutions, a division of global reinsurer Swiss Re, has entered into a Managing General Agent (MGA) agreement with EF Marine, effective January 1st, 2019. The firm states that the new partnership provides it with entry into a niche and expanding marketplace that requires a high level of specialisation ... Read the full article
Enstar completes purchase of Maiden Re North America
28th December 2018
Bermuda based re/insurance, run-off and legacy transaction specialist Enstar Group Limited has announced that it has completed its acquisition of Maiden Re North America from a subsidiary of Maiden Holdings. The net consideration paid in the transactions was $272.4 million, which represents the adjusted purchase price less the ceding commission. Domiciled in ... Read the full article
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