Reinsurance News
Brokers relying on more granular data in challenging property market: AmWINS
3rd July 2018
Property market brokers are increasingly relying on more granular data and risk models to obtain better results as 2018's underwhelming pricing environment looks set to extend into the second half of the year, according to specialty insurer AmWINS. A report by the company observed that advanced risk modelling was leading to greater ... Read the full article
Re/insurers step up Brexit plans as uncertainty remains
2nd July 2018
Analysis by Ernst & Young (EY) via its Financial Services Brexit Tracker reveals that re/insurers continue to step up their Brexit contingency plans despite the transition agreement, as widespread uncertainty remains. Despite the importance of the financial services sector to London and the wider UK, it appears that insurers and reinsurers, ... Read the full article
Windward secures $16.5mn in fresh funding, backed by XL Innovate
2nd July 2018
Windward, a maritime risk analytics start-up, has raised $16.5 million in a Series C round of funding that was led by XL Group's venture capital InsurTech fund, XL Innovate, bringing its total funding to $38.9 million. Existing investors such as Horizons Ventures and Aleph also participated in the latest round of ... Read the full article
PIC concludes £850m full buyout of the PA Pension Scheme
2nd July 2018
Pension Insurance Corporation plc (PIC) has announced the completion of a full buyout of all members of the PA Consulting Pension Scheme, covering £850 million of liabilities and roughly 2,400 members. PIC, a specialist insurer of defined benefit pension funds, wrote a total £3.2 billion of new business in the first ... Read the full article
Athene resolves investigation with New York State regulator
2nd July 2018
Athene Holding Ltd. has announced that Athene Life Insurance Company of New York (ALICNY) and First Allmerica Financial Life Insurance Company (FAFLIC), a subsidiary of Global Atlantic Financial Group, have agreed to a $55 million consent order with the New York State Department of Financial Services (NYSDFS). The agreement resolves the ... Read the full article
Matthew Hardy named EVP of Global Energy, Chubb Overseas General
2nd July 2018
Chubb has announced the appointment of Matthew Hardy as Executive Vice President, Global Energy, Chubb Overseas General, effective July 1st, 2018. Hardy will report to Timothy O'Donnell, the newly-appointed Division President, Commercial Property & Casualty, Chubb Overseas General. Hardy has been active for over two decades and was previously Product Head, Energy ... Read the full article
Reinsurers unlikely to earn back 2017 catastrophe losses: Deutsche Bank
2nd July 2018
Deutsche Bank equity analysts have suggested that global reinsurance companies are unlikely to earn back 2017 catastrophe losses as a result of insufficient rate increases at the January, April and June renewals, with further disappointment expected through July. Deutsche Bank analysts recently met with management of global reinsurance giant Munich Re, ... Read the full article
Ageas obtains regulatory approval to begin reinsurance activities
2nd July 2018
Brussels-headquartered multinational insurer Ageas has received regulatory approval from the National Bank of Belgium (NBB) to begin organising and operating reinsurance activities. Ageas said that operating as a reinsurer would increase the fungibility of capital within the Group, providing it with higher flexibility and agility to implement its strategy. The announcement follows ... Read the full article
DARAG appoints new group CEO
2nd July 2018
European legacy acquirer DARAG has announced the appointment of Tom Booth as group Chief Executive Officer (CEO), effective July 23rd, 2018. Stuart Davis remains Executive Chairman until the transition is complete, after which he is to become Non-Executive Chairman and work with Booth on a “significant” planned expansion of DARAG. Booth joins ... Read the full article
Swiss Re pulls back on re/insuring thermal coal exposures
2nd July 2018
Swiss Re is to begin implementing its thermal coal policy first announced in June 2017, no longer providing re/insurance to businesses with more than 30% exposure to thermal coal across all lines of business. The move further expands Swiss Re’s divestment from the energy source, having stopped investing in companies that ... Read the full article
Neon expands marine offering in Nordic markets
2nd July 2018
London-headquartered Neon Underwriting has announced the launch of Orca Insurance Agency, a business aimed at providing marine solutions to the Nordic Markets. The Lloyd's of London approved coverholder, which will underwrite on behalf of Neon Syndicate 2468, is to offer marine risk solutions - including insurance products, consultancy and engineering services ... Read the full article
Florida leads price declines in disappointing mid-year renewals: Willis Re
2nd July 2018
Excess capital, the stabilisation of 2017 catastrophe loss estimates and benign loss activity so far in 2018 are driving a 'new normal' in property catastrophe reinsurance pricing, underlined by disappointing June/July property catastrophe renewals, according to Willis Re. The global reinsurance broker has released its latest 1st View renewals report, which ... Read the full article
Fidelis appoints Lancashire’s Creagh-Coen as Head of Strategic Relationships
2nd July 2018
Fidelis Insurance has announced the appointment of Jonathan Creagh-Coen, former Head of Investor Relations and Marketing at Lancashire, to the position of Head of Strategic Relations, effective immediately. Creagh-Coen will be tasked with developing strategic relationships with Fidelis’ key stakeholders, as well as leading and managing the investor relations function. He has ... Read the full article
Further disappointment for Jan 2019 renewal possible, says Morgan Stanley
2nd July 2018
After meetings with seven re/insurers (Arch, Axis, Hiscox, Nephila, PartnerRe, RenRe, and Third Point Re), Morgan Stanley has indicated that, in absence of large, unexpected losses or significant industry reserve issues, there's potential for further pressure at the key January 2019 renewals. Morgan Stanley points to an abundant supply of alternative and ... Read the full article
Lockton appoints Jerry Ridge as Global Head of Marine & Energy Reinsurance
2nd July 2018
Insurance broker Lockton has announced the appointment of Jerry Ridge as Global Head of Marine and Energy Reinsurance. Ridge brings 37 years’ reinsurance industry experience to his new role at Lockton, which will see him manage the company’s fast-growing international Marine and Energy business group. Most recently, Ridge served as Chairman of ... Read the full article
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