Reinsurance News
TowerBrook Capital acquires Orchid Underwriters Agency
24th December 2018
International investment management firm TowerBrook Capital Partners has announced the acquisition of Orchid Underwriters Agency, a specialty underwriter of catastrophe-exposed property insurance, from private equity firm Gryphon Investors. Orchid provides proprietary insurance solutions for “hard-to-place” risks to a growing, national network of retail agents and other strategic distribution partners. Orchid President and ... Read the full article
Reinsurers speculate over nature of Marriott cyber loss: Johansmeyer, PCS
24th December 2018
Following the major cyber attack and resulting data breach of one of the Marriott hotel chain’s reservation systems, Reinsurance News spoke with the Co-Head of Property Claim Services (PCS), Tom Johansmeyer, about the nature of the event and expected industry loss. The breach, announced on November 30th, led the insurance ... Read the full article
Swiss Re to provide KFH Takaful with reinsurance
24th December 2018
Swiss Re has signed an agreement to provide reinsurance throughout 2019 to KFH Takaful, a global provider of Islamic banking services. The takaful market, which is the Islamic alternative to insurance, attracted gross premium contributions of $14.9 billion in 2015, and is estimated to have attracted over $20 billion in 2017. KFH ... Read the full article
Sun Life invests in Hong Kong’s first virtual insurer
24th December 2018
Sun Life Hong Kong, part of the Canadian financial services and life insurance company Sun Life Financial, has announced an investment in Bowtie Life Insurance Company, the first virtual insurer approved under the Fast Track of the Insurance Authority in Hong Kong. Sun Life says the investment will further solidify its’ ... Read the full article
Bermuda dominates global alternative capital market with 58% share: BMA
24th December 2018
With alternative capital showing sustained steady growth within the global reinsurance market, Bermuda’s share of total capacity was $51.9 billion, or approximately 58%, according to a report by The Bermuda Monetary Authority. As a whole, industry estimates placed alternative capital at approximately $89 billion, or about 15% of overall global reinsurance ... Read the full article
Hardening rates expected as industry losses exceed 20 year average: Barclays
24th December 2018
Reinsurers look set to shoulder another quarter of “extraordinary” natural catastrophe losses following increases in industry estimates for the California wildfires and hurricane Michael, leading to hardening rates in 2019, according to analysts at Barclays. They expect a 1-3% increase for large players and believe this year’s industry losses may reach ... Read the full article
Take part in our 2019 renewal and outlook survey
21st December 2018
Following the success of our global reinsurance market survey published in September, which received hundreds of responses from identifiable market participants, Reinsurance News along with our sister site Artemis is seeking views on the reinsurance market as we move into 2019. With this survey, we are aiming ... Read the full article
Cyber risk biggest threat to European business as attacks surge: WEF
21st December 2018
The World Economic Forum (WEF) has identified cyber risk as the biggest threat to doing business in Europe following a survey that revealed a surge in cyber attacks over the first half of 2018. Estimates suggest that the number of cyber attacks across Europe increased by around a third in 2018. The ... Read the full article
London re/insurance broker Miller completes Alston Gayler and Co acquisition
21st December 2018
Miller Insurance Services LLP, a London wholesale and specialist re/insurance broker, has completed the acquisition of Alston Gayler and Co. When first announced in October, Miller stated that the acquisition of AG - an independent London market insurance and reinsurance broker specialising in multiple business lines - bolsters its offering to ... Read the full article
Asbestos and environmental claims continue to rise: A.M. Best
21st December 2018
Asbestos and environmental claims currently cost the property and casualty (P&C) re/insurance industry around $1.9 billion and $800 million in additional losses per year, respectively, and show no signs of slowing down, according to A.M. Best. The rating agency has raised its estimate of the ultimate net environmental losses for the ... Read the full article
Iain Ferguson takes up regional director role for Lloyd’s in Asia Pacific
21st December 2018
The President and Chief Operating Officer for Lloyd’s Japan, Iain Ferguson, is to take on additional responsibilities as Regional Director across the Asia Pacific (APAC) region. Having first joined Lloyd’s in 2007, Ferguson has more than 20 years’ experience working in Japan and across Asia. Lloyd's says its’ organisational structure in Asia ... Read the full article
Neon Underwriting promotes Theo Butt to CEO role
21st December 2018
Neon’s Lloyd’s Managing Agency, Neon Underwriting Limited (NUL), has promoted Theo Butt to the role of Chief Executive Officer as well as Matthew Washington to the Managing Director position, with immediate effect. Butt, who will continue reporting to Group CEO Martin Reith, has been given the role after joining the Neon ... Read the full article
Sydney pummelled by hail, leaving Suncorp & IAG to claim on reinsurance
21st December 2018
A widespread and destructive hail storm has swept through Sydney resulting in over 25,000 filed claims and pushing insured losses high enough for two of Australia’s largest insurers to trigger their reinsurance. The hail, which caused extensive damage to property and motor vehicles across Sydney and the Central Coast on Thursday ... Read the full article
Everest Insurance appoints Rob Diziki as VP of Professional Liability team
21st December 2018
Everest Insurance, a division of global reinsurer Everest Re Group, has announced the appointment of Rob Diziki as Vice President of its Professional Liability team. He will be responsible for the development and expansion of Everest’s lawyers, accountants, and miscellaneous professional liability offerings. Reporting to Keith Lavigne, Head of Management and Professional ... Read the full article
Mexico’s insurance industry outlook stable, some volatility ahead: A.M. Best
21st December 2018
Mexico’s insurance industry is benefiting from strong capitalisation levels and operating performances of its companies, which in turn supports A.M. Best’s stable market segment outlook on the industry. However, the firm states that despite this stable outlook some volatility is to be expected across the industry’s operating performance in the last quarter ... Read the full article
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