Reinsurance News
Legal & General enters £4.6bn bulk annuity deal with Rolls Royce
6th June 2019
Legal and General Assurance Society Limited has entered into a partial buy-in to buyout bulk annuity transaction with the Rolls-Royce UK Pension Fund (RRPF) worth £4.6 billion. The deal, which Legal & General claims is the largest UK bulk annuity transaction to date, will secure the benefits of around 33,000 in-payment ... Read the full article
Validus Re CEO, Kean Driscoll joins AIG CUO office
6th June 2019
Insurer and reinsurer AIG has appointed Validus Re Chief Executive Officer (CEO), Kean Driscoll, Global Chief Underwriting Officer (CUO) for Property and Agriculture, General Insurance. At the same time, Alexander Baugh has been named Global CUO for Casualty and Financial Lines, General Insurance. Both appointments are effective immediately, and in these ... Read the full article
Norsk Hydro expecting $69m hit from cyber attack
6th June 2019
The cyber attack that hit aluminium manufacturing giant Norsk Hydro in March could cost the company as much as $69 million over the first two quarters of 2019. Norsk Hydro had previously disclosed that it expected to lose between NOK400 million and NOK450 million (US$46 million and $52 million). According to ... Read the full article
Kansai Airport recovers over 75% of Typhoon Jebi loss from insurance
6th June 2019
Japan’s Kansai Airport has reported that it has recovered from its insurance program more than 75% of the losses it incurred as a result of Typhoon Jebi. Jebi is thought to have caused a profit decrease and disaster losses totalling 8.1 billion yen (US $75 million) in fiscal 2018 alone, but ... Read the full article
BMS takes investments from major institutions at $636mn valuation
5th June 2019
UK headquartered brokerage BMS Group has announced that it's secured a significant investment from British Columbia Investment Management Corporation (BCI) and Preservation Capital Partners (PCP). The investment values BMS at £500 million (USD 636 million) and is expected to close in the third-quarter of 2019, subject to regulatory approvals. The BMS management ... Read the full article
AXA Climate to offer parametric insurance for hail storms
5th June 2019
AXA Climate, the specialist parametric risk transfer division of AXA, has announced the launch of a new parametric coverage that aims to protect businesses from hail losses. The product, called Hail Protection, is reportedly the first of its kind and has already been rolled out as a pilot product in Colorado, ... Read the full article
WTW launches new venture capital, growth board initiatives
5th June 2019
Global re/insurance brokerage Willis Towers Watson has announced the launch of two initiatives designed to spur organic and inorganic growth. WTW Strategic Ventures, the first of the two initiatives, will look to make early-stage investments in innovative companies. It’s hoped these kinds of investments will unlock new growth possibilities in relevant businesses ... Read the full article
Fathom launches updated US flood model via ModEx platform
5th June 2019
Flood risk modeller Fathom has announced the launch of its updated US flood model, Fathom-US, via multi-vendor catastrophe risk modelling platform ModEx. Fathom-US incorporates the latest datasets available in order to model flood risk across river channels of all sizes, and for both fluvial and pluvial perils. The model has also been ... Read the full article
New tech allowing more captives to profit from third-party risks: Marsh report
5th June 2019
The number of captive insurers writing third-party business is rising as new technologies expand the ways in which organisations can deliver insurance solutions, says re/insurance brokerage Marsh in a new report. By underwriting third-party risks in a captive, parent companies can bring in additional premium and generate profits should the captive ... Read the full article
Aon partners with CyberCube to improve risk aggregation management
5th June 2019
Global re/insurance broker Aon has selected CyberCube’s analytics platform to help improve its cyber aggregation risk modelling capabilities and deliver better solutions to its insurance carrier clients. CyberCube’s cyber risk-modeling platform will enable Aon to support its clients on accumulation risk management and exposure management at a time when carriers are ... Read the full article
UK Gov consults industry on insurance premium tax avoidance
5th June 2019
The UK Government is consulting with re/insurers in a push to address potential issues regarding the avoidance of insurance premium tax (IPT), as well as the artificial manipulation of fees. HM Revenues & Customs (HMRC) explained that IPT is under review due to some significant changes in the way the insurance ... Read the full article
Generali Belgium re-named following €540m Athora acquisition
5th June 2019
With its €540 million acquisition having been completed in January, Generali Belgium S.A. has officially been re-named Athora Belgium S.A. The name change represents the final stage in the purchase of Generali Belgium by Athora Holding, first announced in April 2018. Officially, Generali Belgium has been part of Athora since 2 January ... Read the full article
AXA further reduces stake in U.S. life business
5th June 2019
Global re/insurer AXA has further reduced its stake in its US life insurance business, AXA Equitable Holdings (EQH), with the sale of 40 million shares to Morgan Stanley and Barclays. AXA has also granted the underwriters a 30-day option to purchase up to an additional 6,000,000 shares of EQH’s common stock. Read the full article
Tom Stoddard to step down as CFO of Aviva
5th June 2019
UK insurer Aviva plc has announced that Tom Stoddard will step down from his role as Chief Financial Officer (CFO) and as a Director of the company from June 30, 2019. Stoddard is due to remain with Aviva until December 31, 2019 to support an orderly transition, while Jason Windsor will ... Read the full article
Global reinsurance pricing not hard, but firming: S&P Global
5th June 2019
After a two year period where it seemed unlikely that catastrophe losses would be enough to harden the overall market, S&P Global Ratings says reinsurers saw some green shoots during the 2019 April and June renewals, with property catastrophe rate increases in the 15% to 25% range on loss affected ... Read the full article
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