Reinsurance News
Beazley expects $40m wildfire hit, net of reinsurance
6th December 2018
Beazley, the specialist re/insurer with a focus on Lloyd's, has announced an estimate of its potential losses from the recent California wildfires, putting them at $40 million, after accounting for reinsurance. The wildfires are set to hit specialty underwriters like Beazley hard, given they could have exposure across a number of ... Read the full article
Brexit concerns may create new market for re/insurers, says GlobalData
6th December 2018
Ongoing concerns among smaller UK businesses about the eventual outcome of Brexit negotiations could create a sizeable short-term market for re/insurers to take advantage of, according to data and analytics firm GlobalData. A recent survey of small and medium-sized enterprises (SMEs) in the UK found that Brexit continues to be the ... Read the full article
Digitalisation is resulting in more customer-centric insurance: GA report
5th December 2018
The increasing digitalisation of the economy is resulting in a shift from insurance that is primarily concerned with loss indemnification to one that provides a broader advisory service for customers on how to prevent, mitigate and manage risks, according to a report by international re/insurance think-tank The Geneva Association (GA). New ... Read the full article
AIG’s aggregate reinsurance at risk on up to $800m Q4 cat loss
5th December 2018
Global insurer and reinsurer American International Group (AIG) has announced estimated catastrophe losses of between $750 million and $800 million for the fourth-quarter of 2018, according to the company's Chief Executive Officer (CEO), Brian Duperreault. Speaking at the Goldman Sachs U.S. Financial Services Conference held recently in New York, insurance and ... Read the full article
Swiss Re Corporate Solutions appoints Head of E&S for North America
5th December 2018
Swiss Re Corporate Solutions, the commercial insurance arm of Swiss Re Group, has appointed Daniel Vetter to the newly created role of Head of Excess & Surplus (E&S) for North America, effective from 1 January 2019. He will now be responsible for the strategy and growth of the company’s E&S Property ... Read the full article
Fintech firm Certua launches Enterprise Insurance platform
5th December 2018
Financial technology firm Certua has announced the launch of its Enterprise Insurance platform, which will allow companies to access its full service platform via API. Certua’s offering allows companies to get new insurance products to market quicker and enables insurers and reinsurers to access new digital markets by removing technological barriers ... Read the full article
Munich Re estimates insured Michael losses at $10bn, Florence at $4bn
5th December 2018
Hurricanes Michael and Florence, which battered the east coast of the U.S earlier this year, are likely to have caused insured losses of $10 billion and $4 billion, respectively, according to new estimates from reinsurance giant Munich Re. Insured losses from Hurricane Michael represent 60% of a total economic loss of ... Read the full article
The Hartford estimates Q4 cat & wildfire losses of up to $365m
5th December 2018
Property and casualty insurer The Hartford is anticipating a post-tax, fourth quarter net catastrophe hit of between $350 million and $365 million, a figure which includes the Camp and Woolsey fires in California as well as hurricane Michael. In reaction to this loss announcement, equity analysts at Credit Suisse ... Read the full article
Richard Milner appointed CEO of VIBE Reinsurance
5th December 2018
Syndicate Holding Corp, the holding company of VIBE Syndicate Management, has announced the appointment of Richard Milner to the newly-created role of Chief Executive Officer, VIBE Reinsurance (VIBE Re). Milner joins from AXIS Re, where he served for the past 12 years; most recently as President & Chief Underwriting Officer of ... Read the full article
Zurich on track to hit 2019 financial targets
5th December 2018
Zurich Insurance Group has announced that it is on track to fully meet its 2017-2019 financial targets and is well positioned to deliver future earnings growth and attractive shareholder returns. Speaking at the Group’s investor day today, Chief Executive Officer (CEO) Mario Greco is to detail how the company has made ... Read the full article
Slowdown of mortality rate improvement crucial to longevity risk takers: Swiss Re
5th December 2018
As it is a risk that cannot be easily diversified or perfectly hedged, governments and private financial institutions exposed to longevity risks should pay close attention to the recent slowdown in life expectancy improvements throughout advanced nations, according to Swiss Re. In its latest Sigma report Swiss Re says that, while ... Read the full article
AIG names Mark Lyons Exec VP & CFO, appoints Sachin Shah CEO of Asia Pacific
5th December 2018
American International Group (AIG) has announced the appointments of Mark D. Lyons as Executive Vice President & Chief Financial Officer (CFO) and Sachin N Shah as Chief Executive Officer of Asia Pacific, AIG General Insurance. Lyons, who succeeds Sid Sankaran, will serve on the AIG Executive Leadership Team and will report ... Read the full article
RSA approved to move European business to Luxembourg branch
5th December 2018
RSA Group, one of the largest UK commercial insurers, has received regulatory approval to transfer the European insurance business of its UK subsidiary, Royal & Sun Alliance Insurance plc (RSAI), to RSA Luxembourg S.A. (RSAL), its recently established post-Brexit hub. The Part VII transfer, which was sanctioned by the High ... Read the full article
ASEAN insurance execs raise protection gap concerns
5th December 2018
The protection gap is a serious concern for senior insurance executives throughout the Association of Southeast Asian Nations (ASEAN) region, as large uninsured losses adversely affect a country’s fiscal position and ability to recover swiftly, according to a report published by Dr. Schanz, Alms & Company and Malaysian Re. A lack ... Read the full article
Consolidation will help re/insurers leverage digital investments: J.P. Morgan
4th December 2018
Further sector consolidation would allow re/insurers in the European market to better leverage investments in digital innovation by sharing the costs across a wider revenue base and creating economies of scale, according to analysts at J.P. Morgan. A recent report by the firm suggested that, while investment in digital is growing ... Read the full article
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