Reinsurance News
Liberty Mutual partners with OPIC on $1bn investment program
14th November 2018
Liberty Mutual Insurance has partnered with the Overseas Private Investment Corporation (OPIC), the U.S government’s development finance institution, on the launch of a $1 billion risk-sharing agreement to facilitate private sector investment in developing markets. This partnership represents OPIC’s first agreement with a U.S owned insurance company to share credit risk ... Read the full article
AIG told to improve reinsurance disclosures
14th November 2018
Global insurer American International Group is to provide improved disclosures regarding its use of reinsurance to mitigate losses in its property and casualty unit, following a request to do so by The U.S Securities and Exchange Commission, according to Reuters. SEC staff reportedly asked AIG to add information that includes details ... Read the full article
Assurant makes senior appointments, outlines new operating structure
14th November 2018
Assurant, a global provider of risk management solutions, has made a series of senior management appointments and outlined a new operating structure within both technology and risk, effective 1 January 2019. The company says these changes support its commitment to drive sustainable, profitable growth across the enterprise. Firstly, the company’s Management Committee ... Read the full article
UK in “ideal position” to provide cyber re/insurance: John Glen MP
14th November 2018
With the cyber market set for rapid growth over the coming years, the UK is currently in “an ideal position” to provide this kind of re/insurance, according to John Glen MP, Economic Secretary to the Treasury and City Minister. Glen spoke at a round table hosted by Andrew Horton, Chair of ... Read the full article
Up to $6bn insured loss from devastating Californian wildfires: Moody’s
14th November 2018
The Camp and Woolsey Wildfires, which last Thursday broke out in California’s Butte and Ventura Counties and continue to rage despite containment efforts, are expected to cause an estimated $3 billion to $6 billion in insured losses, according to Moody’s. The financial services company says that, assuming the California Department ... Read the full article
Hiscox Re’s David Roache joins Hamilton Re as SVP, Head of Risk XS
14th November 2018
Hamilton Re, the reinsurance arm of Bermuda-based Hamilton Insurance Group, has announced that David Roache has joined the firm in the newly-created role of Senior Vice President (SVP), Head of Risk XS. He will report to the company's Chief Underwriting Officer (CUO), Tim Duffin, and joins from reinsurer Hiscox Re, where ... Read the full article
California wildfire losses to reach record levels in 2018: A.M. Best
14th November 2018
The Camp and Woolsey Wildfires, which continue to burn through vast areas of the Butte, Ventura and Los Angeles Counties in California, are expected to contribute to what will likely be a record year for insured wildfire losses in the state, according to A.M. Best. The rating agency noted that ... Read the full article
Covéa CEO resigns from SCOR board following takeover attempt
14th November 2018
Thierry Derez, the Chief Executive Officer of French insurer Covéa, has resigned from his position on SCOR’s board following the rejection of an €8.2 billion (US $9.6 billion) takeover attempt in September. SCOR had recently released a statement reaffirming its rejection of Covéa’s “hostile and unfriendly” acquisition offer and called ... Read the full article
2019 set to surpass record year for bulk annuities deals: Hymans Robertson
14th November 2018
2019 is expected to surpass what has been a record-breaking year for bulk annuity transactions, with pension scheme buy-ins and buy-outs likely to pass £20 billion by the end of 2018, according to analysts at Hymans Robertson. Deal volumes in 2018 doubled the previous record set in 2014 and Hymans Robertson ... Read the full article
Canopius bolsters energy team with addition of Beazley’s Rachel Sabbarton
14th November 2018
Global specialty lines re/insurer Canopius has announced the appointment of Rachel Sabbarton as Senior Underwriter within the firm’s energy team. Sabbarton joins from Beazley Group where she was Deputy Head of Energy and will report to Geoff Tin before succeeding him in the role of head of energy in the summer ... Read the full article
JBA partners with Chaucer on new India Crop catastrophe model
14th November 2018
JBA Risk Management, the global flood risk modeller, has partnered with international specialty insurer Chaucer on the development of a new catastrophe model to help re/insurers price and assess their exposure within India’s Crop Insurance scheme, Pradhan Mantri Fasal Bima Yojana (PMFBY). The launch of the India Crop model is intended ... Read the full article
Goldman Sachs anticipates muted 1/1 renewal season
13th November 2018
Goldman Sachs expects a muted 1/1 renewal season with flat pricing across the property and casualty lines. Meanwhile, the firm says the main questions around catastrophe losses in 4Q18 will likely be the scale of insured losses from the wildfires currently raging in California, and loss creep from last year's ... Read the full article
RSA restructures specialty & wholesale business, exits three lines
13th November 2018
RSA Group is to restructure its specialty and wholesale business by exiting three classes of business and reducing exposures in others. The move is part of an ongoing review to streamline the group’s international exposure whilst improving underwriting, pricing accuracy and risk management. RSA has concluded that its international construction, international freight ... Read the full article
Brit’s Mark Allan appointed Chairman of the LMA’s FinComm
13th November 2018
FinComm, the Lloyd's Market Association's Finance Committee, has announced the appointment of Mark Allan as Chairman. FinComm leads on financial issues and requirements that impact Lloyd's of London managing agents and syndicates, and also monitors key financial topics and their expected impact. At the same time, FinComm liaises with Lloyd's senior management ... Read the full article
Saudi Re experiences strong international growth at Q3
13th November 2018
Saudi Re’s results for the nine-month period ending 30 September 2018 show that company has steadily grown its international books, which now account for nearly 60% of its business. Fahad Al-Hesni, Managing Director and Chief Executive Officer (CEO) of Saudi Re, said that the company’s business in more than 40 countries ... Read the full article
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