Reinsurance News
China Re Life approved to issue capital bonds up to $720mn
15th November 2018
China Re has announced that its subsidiary, China Life Reinsurance Company Ltd. (China Re Life), has been approved to publicly issue 10-year redeemable capital supplementary bonds with a size of up to RMB 5 billion (US $720 million). The life reinsurer will be able to issue the bonds in the National ... Read the full article
Sompo to consider applying BitPesa’s tech in the insurance industry
15th November 2018
Sompo Holdings Corporation has announced a new partnership with pan-African digital payment platform BTC Africa (BitPesa), a move that will extend Sompo's presence in the global remittance services market, with a view to potentially using BitPesa's technology within the insurance sector. BitPesa is an African bitcoin start-up firm that was established ... Read the full article
Japan’s top insurers to pay out over $8.7bn in FY2018
15th November 2018
Japan’s top three insurers look set to pay out over ¥1 trillion ($8.7 billion) in combined claims in fiscal 2018 through March 2019 after a series of powerful weather events including Typhoons Jebi and Trami hit the country, according to reports from Asia-focused publication Nikkei. MS&AD Insurance Group is likely to ... Read the full article
Wildfire losses climb as property destruction continues
15th November 2018
The Camp and Woolsey Wildfires have continued to burn through huge areas of the Butte, Ventura and Los Angeles Counties in California, destroying a combined total of more than 10,800 structures at present count. The Camp Fire has become the deadliest and most destructive wildfire in California’s history, claiming 56 lives ... Read the full article
Markel completes Nephila acquisition
15th November 2018
Markel Corporation has successfully completed its previously-announced its acquisition of Nephila Holdings Limited, the largest manager of catastrophe and weather insurance and reinsurance linked investment funds in the world. Nephila manages $12.2 billion of assets under management (AuM) for a geographically diverse investor base of more than 300 investors. The ... Read the full article
Pool Re outlines new non-damage business interruption cover
15th November 2018
Pool Re, the UK’s government-backed terrorism reinsurer, has outlined plans for its forthcoming non-damage business interruption (NDBI) cover, which is designed to protect businesses from interruption costs in the event of a terror attack even if their premises are not damaged. If approved in Parliament, the new NDBI cover will include ... Read the full article
Paul Jardine joins AkinovA’s Advisory Board
15th November 2018
AkinovA, an electronic marketplace for the transfer and trading of insurance risk, has announced that Paul Jardine, former Executive Vice President and Chief Experience Officer at XL Catlin, has joined it Advisory Board. The company said that Jardine would provide it with a wealth of experience from across the re/insurance industry ... Read the full article
WTW launches claims benchmarking solution
15th November 2018
Global re/insurance broker Willis Towers Watson has announced the launch of Claim Metrics, a bespoke claims benchmarking solution for UK personal lines insurers. WTW says the service provides claims leaders with a tool for identifying performance improvements, as well as offering underwriters, pricing teams, actuaries and senior management vital insights into profitability ... Read the full article
Helios increases syndicates’ capacity value by 28%
15th November 2018
Helios Underwriting plc has announced that it has increased the Weighted Average Prices of the syndicates comprising the Helios Capacity Fund by 28%. Following the conclusion of Lloyd’s Capacity Auctions for 2018, Helios increased the price per £ of capacity from 32p in 2017 to 40p in 2018 and the price ... Read the full article
Swiss Re Corporate Solutions appoints Simon Tardif as Head Aviation Canada
14th November 2018
Swiss Re Corporate Solutions, the commercial insurance arm of the Swiss Re Group, has appointed Simon Tardif as Head Aviation Canada, effective 29 October 2018. Tardif will now be responsible for the growth and strategy of the firm's Aviation team across Canada, overseeing a team of underwriters located in Toronto. Having joined ... Read the full article
AIG launches Fortitude Re in partnership with Carlyle Group
14th November 2018
American International Group (AIG) has created a new run-off reinsurer called Fortitude Re in collaboration with global alternative asset manager The Carlyle Group. The companies announced in August 2018 that they had entered into a partnership to build AIG’s Bermudian legacy reinsurance platform, DSA Re (now Fortitude Re), into a ... Read the full article
Lloyd’s “absolutely” wants to grow into the future: Carnegie-Brown
14th November 2018
Chasing loss making business out of the specialist Lloyd’s of London insurance and reinsurance marketplace might be tough and lead to pain for some, but it is “absolutely right” that the market becomes sustainably competitive for the future, according to Lloyd’s Chairman, Bruce Carnegie-Brown. Addressing an audience today in the Old ... Read the full article
Insured California wildfire losses may reach $10bn, says Credit Suisse
14th November 2018
A preliminary estimate from Credit Suisse has put industry losses related to the recent Camp, Woolsey and Hill Wildfires in California in the range of $5 billion to $10 billion. The three fires sprang up in the Butte and Ventura Counties on November 8 and have since collectively burned through 232,151 ... Read the full article
Zurich expects rates momentum to slow into 2019, says CFO Quinn
14th November 2018
Zurich Insurance Group continues to achieve rate increases across its property and casualty (P&C) lines, but it expects pricing momentum to slow down as it moves into 2019, according to Chief Financial Officer George Quinn. Speaking during a third quarter earnings call, Quinn explained that the overall rate changes experienced over ... Read the full article
IFRS17 delayed by one year amid industry criticisms
14th November 2018
The International Accounting Standards Board (IASB) has voted in favour of delaying the implementation of new International Financial Reporting Standard (IFRS17) for one year to 1 January 2022. The new accounting standard had originally been planned for January 2021 but financial bodies, as well as insurers and reinsurers, have been calling ... Read the full article
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