Reinsurance News
Singapore Reinsurers’ Association re-elects Validus’ Haushofer to Chair
3rd June 2019
The Singapore Reinsurers’ Association (SRA) has announced the line-up of its Executive Committee (EXCO) for the 2019/2020 term of office, with Marc Haushofer, Chief Executive Officer, Asia Pacific & Executive Vice President of Validus Reinsurance re-confirmed as Chairman. The full-line up, which remains largely unchanged from the previous year, includes Deputy ... Read the full article
A.M. Best upgrades credit ratings of IRB Brasil Re
31st May 2019
Rating agency A.M. Best has upgraded the financial strength rating of Brazilian reinsurance firm IRB Brasil Resseguros S.A. to A (Excellent) from A- (Excellent), due to the company’s improved financial strength. The reinsurer’s long-term issuer credit rating was also upgraded from “a-“ to “a”, and the outlook of its credit ratings ... Read the full article
The Hartford partners with Mimecast on cyber awareness training course
31st May 2019
Property and casualty (P&C) insurer The Hartford has partnered with email and data security firm Mimecast in order to bolster knowledge and foresight around the inherent risks of cyber. The service, named Mimecast Awareness Training, is designed to help its customers reduce the risk of a cyber incident before it occurs. The ... Read the full article
Aureum Re partners with analytics firm Clearwater
31st May 2019
Cayman Island-based reinsurer Aureum Re has selected Clearwater Analytics’ web-based solution and services for investment data aggregation, reconciliation, accounting, reporting, and other daily processing. The company, which was established in 2016 and focuses on the reinsurance of fixed and indexed annuities issued by US-domiciled insurers, says that leveraging the technology and ... Read the full article
Universal’s P&C units secure largest cat reinsurance programs to date
31st May 2019
Universal Insurance Holdings, Inc. has announced that its subsidiaries, Universal Property & Casualty Insurance Company (UPCIC) and American Platinum Property and Casualty Insurance Company (APPCIC), have completed their 2019-20 reinsurance programs, effective June 1. The units secured more catastrophe coverage than at any other point in Universal’s history, with the top ... Read the full article
Analysts expect mid-teen reinsurance rate increases at mid-year renewals
31st May 2019
Analysts at KBW expect average June 1st catastrophe reinsurance rate increases in the mid-teens, but warns that Florida cat rates remain far below previous peaks. Anticipation of average rate increases in the mid-teens at the upcoming mid-year renewals follows analysts' meetings with Bermudian insurers, reinsurers and brokers. KBW notes that expectations ... Read the full article
Moody’s remains stable on Korean life sector despite slip in demand
31st May 2019
Moody’s Investors Services has maintained its stable outlook on the Korean life insurance sector, citing an improved product mix and stable capitalisation. These factors are balanced against a decline in demand, driven by the product shift together with subdued economic growth. Upcoming changes to the local risk-based capital (RBC) system are also ... Read the full article
WTW adds Augusto Hidalgo as Head of CSP in South East Asia
31st May 2019
Global re/insurance brokerage Willis Towers Watson has announced the appointment Augusto Hidalgo as Head of the Capital, Science and Policy (CSP) in South East Asia. He joins from the National Reinsurance Corporation of the Philippines, where he served for five years as Chief Executive Officer. During his time there Hidalgo built specialist ... Read the full article
Severe weather continues in U.S with further $1bn+ of damage expected: Aon
31st May 2019
Aon expects economic losses to once again exceed $1 billion, after severe thunderstorms and flooding continued to impact Central and Eastern areas of the U.S through the week of May 24-30. The broker anticipates that insurers and reinsurers will cover the majority of wind and hail-related damage during this period. Losses will ... Read the full article
Allianz expands UK presence with dual acquisitions worth £820m
31st May 2019
Global insurer Allianz is to acquire Legal & General Insurance Limited, the general insurance business of Legal & General Group, in a deal worth £242 million. In addition, Allianz UK has also announced a deal to buy out the remaining 51% stake in LV General Insurance Group for up to £578 ... Read the full article
NFIP extended by two-weeks
31st May 2019
The House of Representatives recently passed a two-week extension of the National Flood Insurance Program (NFIP), which was set to expire on May 31st, 2019. The two-week extension enables the NFIP to continue issuing flood insurance policies at the start of the Atlantic hurricane season, which officially starts on Saturday June ... Read the full article
Aon invests in CoverWallet, announces SME partnership
31st May 2019
Global re/insurance brokerage Aon and US-based insurtech CoverWallet have entered into a partnership that will see the two companies work together in the SME-space in Australia. In conjunction with this agreement, CoverWallet has received a strategic investment from Aon. Moving forward, Aon will partner with CoverWallet on furthering technological advancements and client ... Read the full article
20% increase in cyber security spending, finds Hiscox report
31st May 2019
Results from Hiscox’s 2019 Cyber Readiness report show cyber security spending across 5,400 organisations increased significantly from the previous year, with total expenditure reaching $7.9 billion. After adjusting for the increased size of the study group in this year’s report, the total spend represents a rise of just under 20% on ... Read the full article
Labuan leads captive market in Asia, with six new formations in 2018
31st May 2019
Labuan IBFC remained the leading jurisdiction in Asia for captive formations in 2018, with six new formations over the year bringing its total number of captives to 48. Farah Jaafar-Crossby, CEO of Labuan IBFC Inc., noted that the jurisdiction’s captive market growth outpaced other Asian hubs such as Singapore and Hong ... Read the full article
Munich Re views cyber as an opportunity for “sustainable new business”: Jurgen Reinhart
30th May 2019
Munich Re wants to help the re/insurance industry approach the cyber challenge as an opportunity for “sustainable new business,” rather than as an insurmountable obstacle to be overcome. This is according to Jurgen Reinhart, Munich Re’s Chief Underwriter for Cyber, who told Reinsurance News that the company was “ready to accept ... Read the full article
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