Reinsurance News
Alliant hires William Callahan from Willis Towers Watson
19th December 2018
Alliant Insurance Services, the U.S specialty insurance brokerage firm, has hired Willis Towers Watson’s (WTW) William Callahan as Senior Vice President. Callahan has spent the previous two decades at WTW, where he also served as Senior Vice President in the broker’s New York office. He has more than 30 years’ experience in ... Read the full article
Combining Marsh, JLT talent a chance to deliver greater value to clients: Marsh CEO
19th December 2018
Global re/insurance broker Marsh has revealed a slew of new appointments as the organisation's parent, Marsh & McLennan Companies, prepares for its acquisition of JLT, with Chief Executive Officer John Doyle stating that the combination of Marsh’s and JLT’s capabilities and colleagues is an “exciting opportunity to deliver greater value ... Read the full article
European Commission approves China Re’s acquisition of Chaucer
19th December 2018
The European Commission has approved China Re’s previously announced acquisition of Chaucer, concluding that the deal does not give rise to any competition concerns. The EU governing body explained that the proposed transaction may entail “horizontal overlaps between the companies’ activities,” but would ultimately raise no competition concerns given the ... Read the full article
International Group of P&I Clubs reduces reinsurance costs in 2019 renewal
19th December 2018
The International Group of P&I Clubs (IGP&I), a provider of protection and indemnity (P&I) insurance to the global shipping industry, has renewed its reinsurance program for the 2019/20 year with rate reductions across all of its vessel categories. The $3.1 billion reinsurance program included a number of changes to its structure ... Read the full article
ClimateWise Principles revised to better align with TCFD recommendations
19th December 2018
The ClimateWise Principles, which aim to help re/insurers disclose their response to climate change, have been revised to better align with recommendations set out by the Taskforce for Climate-related Financial Disclosures (TCFD). The alignment has been called an important milestone for enabling the insurance industry to proactively lead and support the ... Read the full article
Pricing set to improve across UK specialty classes in 2019, say analysts
19th December 2018
Consecutive periods of above-average large losses are set to cause a positive reaction in pricing across a range of UK specialty classes in 2019, according to analysts at J.P. Morgan. The firm noted that 2018 saw a higher incidence of man-made losses, putting classes like Marine under additional pressure, while pricing ... Read the full article
InsurTech developers Prima Solutions and Effisoft complete merger deal
19th December 2018
InsurTech software developers Prima Solutions and Effisoft have completed a merger deal as part of a growth strategy to accelerate their development in the property and casualty (P&C), health and personal protection re/insurance markets. Prima Solutions and Effisoft claimed that their consolidation will produce one of the largest and most comprehensive ... Read the full article
Marriott breach cyber industry loss could be up to $600m: AIR
18th December 2018
The insurable loss from the recent major cyber hack and resulting data breach of one of the Marriott hotel chain’s reservation systems could rise to as much as $600 million, according to AIR Worldwide. AIR estimates that the insurable loss from the Marriott breach will be between $200 million and $600 ... Read the full article
Re/insurers to cover more than half of global cat losses in 2018: Swiss Re
18th December 2018
The re/insurance industry is expected to cover more than half of the total economic costs from natural and man-made catastrophes in 2018, which are estimated to be around $155 billion, according to the latest sigma report from Swiss Re. Swiss Re predicts that global re/insured catastrophe losses will reach $79 billion ... Read the full article
Argo Group appoints Matt Harris to lead international insurance operations
18th December 2018
Global specialty re/insurer, Argo Group International Holdings, has appointed Matt Harris as Group Head of International Operations, effective 1 January 2019. Having joined the company in 2017, Harris’ new role will see him lead the company’s international insurance operations. Jose A. Hernandez, who currently serves as International Operations Head, will become responsible ... Read the full article
Russia’s state-backed RNRC cuts brokerage deal with local Aon subsidiary: Reuters
18th December 2018
The Russian National Reinsurance Company (RNRC), which was created to reinsure Russian firms under Western sanctions, has signed a one-year deal with a local subsidiary of Aon that allows the RNRC to reinsure risks of up to $149 million, according to Reuters. RNRC boss Nikolay Galushin has said the deal with ... Read the full article
RenRe creates new property cat reinsurer Vermeer in partnership with PGGM
18th December 2018
Bermudian reinsurer RenaissanceRe (RenRe) has announced the creation of a new property catastrophe reinsurance vehicle, called Vermeer Reinsurance Ltd., which it is launching in collaboration with Dutch pension fund manager PGGM. RenRe said that the launch of Vermeer will allow it to provide capacity focused on risk remote layers in the ... Read the full article
Lloyd’s adds Albert Benchimol, Victoria Carter to Council
18th December 2018
The Lloyd's Council has announced the addition of Albert Benchimol and Victoria Carter as an External member and Working member, respectively, effective from 1 February 2019. Meanwhile, Michael Watson, currently on the council, has been re-elected as an External member. Benchimol is currently President and Chief Executive Officer of AXIS Capital Holdings Limited, ... Read the full article
KBW anticipating modest rate improvements at 1/1 renewals
18th December 2018
Analysts at Keefe, Bruyette & Woods (KBW) are expecting low single-digit increases in reinsurance pricing at the 1 January 2019 renewals due to the significant catastrophe losses experienced this year and some constraint on the supply of alternative capital. KBW acknowledged that the abundance of third-party capital in the property catastrophe ... Read the full article
Fannie Mae transfers $10.9bn of multifamily mortgage risk to re/insurers
18th December 2018
The Federal National Mortgage Association (Fannie Mae) has successfully secured re/insurance cover for $10.9 billion of multifamily loans in its first multi-tranche Credit Insurance Risk Transfer (CIRT) transaction. Fannie Mae said that the transaction transferred $273 million of risk to nine insurance and reinsurance companies. The completion of CIRT 2018-M02 marks Fannie ... Read the full article
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