Reinsurance News
Catastrophe bond & ILS market is going from “strength to strength”
10th July 2018
Catastrophe bond and insurance-linked securities (ILS) issuance was at the second highest level ever recorded during the second-quarter of 2018, with $5.16 billion generated from 26 deals and 46 tranches of notes, according to Artemis' Q2 2018 Catastrophe Bond & ILS Market Report. When combined with the record-breaking level ... Read the full article
Liberty Specialty continues European expansion with Ironshore move
10th July 2018
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance (LMI), is to take on Ironshore’s European non-M&A business and staff as the firm continues its expansion efforts on the continent. LMI had previously acquired the global specialty insurer in 2017 for a reported $2.935 billion. The move will see Ironshore’s locally ... Read the full article
U.S. cyber market continues to grow, remains profitable: Aon
10th July 2018
The latest market update from Aon indicates U.S. cyber insurance is growing increasingly sophisticated while the market expands and becomes less concentrated, resulting in continued profitability and shrinking claims. Following an ‘unprecedented year’ for ransomware attacks a total of 170 U.S. insurers were reportedly writing cyber insurance in 2017, up from ... Read the full article
Marsh names Kevin Richards as Global Head of Cyber Risk Consulting
10th July 2018
Global insurance and reinsurance broker Marsh has appointed Kevin Richards to the newly-created position of Global Head of Cyber Risk Consulting. Richards will be tasked with leading the strategic development and delivery of Marsh’s cyber risk consulting business worldwide, and will work closely with the company's regional and local cyber risk ... Read the full article
AXA Liabilities Managers acquires Gothaer Re run-off portfolio
10th July 2018
AXA Liabilities Managers has acquired the reinsurance portfolio of Gothaer Group, which has been in run-off since Gothaer Re ceased trading in 2004. The deal was confirmed following approval by the German Federal Financial Supervisory Authority on June 26, with Guy Carpenter having supported Gothaer at all stages in the transaction process. Guy ... Read the full article
Current market landscape has challenged long-term reinsurance business model: Analysts
10th July 2018
Morgan Stanley analysts have warned that the current reinsurance market landscape has challenged the long-term business model of reinsurance companies, in light of disappointing rate increases on the back of 2017's catastrophe losses and five years of pricing reductions. In spite of the record-level of global catastrophe losses experienced in 2017, ... Read the full article
Chris Donlan to lead Everest Insurance’s Marketing & Distribution, Southeast region
10th July 2018
Everest Insurance, a division of global reinsurer Everest Re Group, has appointed Chris Donlan to lead its Marketing & Distribution efforts for the Southeast region, based in Atlanta, Georgia. Donlan joined the firm in 2016 from insurer AIG, and had most recently been based in the firm's New York City office. He ... Read the full article
Clear risk strategies more vital than ever for re/insurers: Canopius’ Andy Gladwin
9th July 2018
Underwhelming market corrections following the record-breaking 2017 losses is proof that insurers and reinsurers must have a clearly defined strategy when undertaking risks, according to Canopius’ Global Head of Marine Treaty, Andy Gladwin. In the event of a U.S. catastrophe, Gladwin said there can be an accumulation with property risks both ... Read the full article
Monument Re acquires Dutch closed life insurer, Robein Leven
9th July 2018
Reinsurer Monument Re has announced the acquisition of Robein Leven N.V. and its subsidiaries from Amerborgh Financial Services B.V. The Bermuda domiciled reinsurance company's acquisition of the Netherlands-based closed life insurer, Robein Leven, will follow satisfaction of customary closing conditions, which includes the receipt of regulatory approvals. Chief Executive Officer (CEO) of Monument ... Read the full article
Iranian regulator announces latest risk retentions and reinsurance caps
9th July 2018
The Central Insurance of Iran (CII), the Iranian re/insurance industry regulator and reinsurer, has revealed the latest risk retentions and inward reinsurance capacity allowed for insurance companies in Iran, according to the Financial Tribune. In addition to the CII, only six insurers out of a total of 30 in Iran are ... Read the full article
Kingstone renews reinsurance treaties under increased coverage
9th July 2018
Kingstone Companies, a multi-line regional property and casualty (P&C) insurance holding company, has announced that its wholly-owned subsidiary, Kingstone Insurance Company (KICO), has renewed its reinsurance coverage for the treaty year beginning July 1, 2018. KICO has entered into various reinsurance agreements with multiple reinsurers, which include increased coverage, improved terms, ... Read the full article
Tim Plant named CEO of General Insurance, Australia & New Zealand, Zurich
9th July 2018
Zurich Australian Insurance Limited, a division of global insurer Zurich, has appointed Tim Plant as Chief Executive Officer (CEO) of General Insurance, Australia & New Zealand, effective August 7th, 2018. Plant joins the firm from icare, where he was most recently Group Executive of Insurance for NSW, which is the largest public ... Read the full article
SCOR consolidates London Market specialty insurance platform, names head
9th July 2018
SCOR Global P&C has revealed plans to consolidate its specialty insurance operations in the London Market into a single business platform, led by Stuart McMurdo, current Chief Executive Officer (CEO) of SCOR UK. SCOR says the new specialty insurance platform will offer either company or Lloyd’s paper or a combination of ... Read the full article
ACORD, Aon, and Beazley release new Cyber Data Breach Standard
9th July 2018
ACORD, the insurance and reinsurance industry data standards body, has collaborated with Aon and Beazley on the development of the ACORD Cyber Data Breach Standard, a new standard that aims to increase operational efficiency across the global re/insurance value chain. According to a 2017 ACORD survey, nearly 60% of re/insurers consider ... Read the full article
Reinsurance increasingly used for earnings protection and volatility reduction: Willis
9th July 2018
According to a survey by global insurance and reinsurance broker, Willis Towers Watson, insurers are increasingly leveraging reinsurance for earnings protection and volatility reduction. Driven by pressure from investors, the survey indicates that insurers are becoming less tolerant of missed earnings targets. Subsequently, they are moving to more sophisticated metrics, such ... Read the full article
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