Reinsurance News
Flood Re to reduce premiums from beginning of 2019
29th June 2018
Flood Re is to lower the premiums it charges insurers for the first time starting in 2019, according to the company’s annual report. “After two years of operations, we are pleased that the Scheme’s objective, of ensuring the availability of affordable home insurance for people in flood-prone parts of the UK, ... Read the full article
Inga Beale to depart Lloyd’s in 2019
29th June 2018
Inga Beale, the Chief Executive Officer (CEO) of the specialist Lloyd's of London insurance and reinsurance marketplace, is to step down from her position in 2019. Beale joined Lloyd's in 2014, and during the last five years showed a commitment to the transformation of the marketplace, which includes significant cultural change ... Read the full article
$1.2 billion of risk offloaded by Freddie Mac in 2018
29th June 2018
Reinsurers have helped Virginia-headquartered Federal Home Loan Mortgage Corporation (Freddie Mac) offload $1.2 billion of risk this year, via its Agency Credit Insurance Structure (ACIS) program. ACIS 2018-SAP1, the Company’s fourth stand-alone ACIS credit-risk transfer (CRT), provides a maximum limit of up to approximately $300 million of losses on single-family loans. Gina ... Read the full article
Guernsey’s alternative capital sector builds on 2017 performance
29th June 2018
Guernsey has seen a positive start to the year in the insurance-linked securities (ILS) market, building on the solid growth it experienced in 2017, according to Guernsey Finance, the promotional agency for the island’s financial services sector. Statistics for new cells of protected cell companies (PCCs), the main method of writing ... Read the full article
Swiss Re confident about transition to autonomous vehicles, reports Deutsche Bank
29th June 2018
As the largest global motor reinsurer, Swiss Re sees itself as well placed to benefit from anticipated structural changes to the market as the industry prepares to transition to autonomous vehicles, according to Deutsche Bank. Speaking at Deutsche Bank’s third dbAccess AutoTech day in London, representatives from Swiss Re explained that ... Read the full article
Liberty Mutual in new $278mn Limestone Re collateralised reinsurance deal
29th June 2018
U.S primary insurer Liberty Mutual has secured $278 million of collateralised reinsurance for its U.S property catastrophe program through a new transaction with Limestone Re, a Bermuda domiciled segregated account company. Acting as a sidecar vehicle for Liberty Mutual, Limestone Re issued a series of participating notes to investors in a ... Read the full article
Hannover Re joins new Chinese reinsurance blockchain initiative
29th June 2018
Hannover Re, China Re, Germany General Re (Gen Re), and Zhong An Technology have launched a new intercompany trading platform to support the implementation of blockchain technology in the Chinese reinsurance market, according to China Insurance News Network. The parties recently released the Reinsurance Blockchain (BIC) White Paper in Shanghai, a ... Read the full article
Assurant secures $1.3bn property catastrophe reinsurance program
29th June 2018
New York-headquartered Assurant Inc. has secured a $1.3 billion 2018 catastrophe reinsurance program that protects nearly 3 million homeowners and renters policyholders against severe weather events. The main reinsurance program provides the firm with $985 million of coverage in excess of a $120 million retention. The 2018 U.S. program includes U.S. per-occurrence ... Read the full article
Allianz says major M&A deals are not on the horizon
29th June 2018
Insurance giant Allianz has denied that it has ambitions to complete a major merger or acquisition (M&A) deal, saying that no deals are on the horizon. Allianz also said at a day for investors and analysts held this week that they are not in discussion with any of the companies Read the full article
Sompo International develops weather risk products for real estate and hospitality
29th June 2018
Sompo International Holdings, the Bermuda-based specialty provider of property and casualty (P&C) re/insurance, has developed a new suite of weather-driven risk management products for the real estate and hospitality sectors. The products will provide coverage for loss of revenue from variations in weather variables, and are customised for each client’s risk ... Read the full article
Chubb becomes first business to integrate TOM Structured Data Capture service
29th June 2018
Chubb has become the first business to go live with an integrated Structured Data Capture (SDC) service from the London Market’s Target Operating Model (TOM), according to the London Market Group (LMA). SDC enables the contents of documents such as Market Reform Contracts and binding authorities to be converted into consistent, ... Read the full article
Favourable 2017 reinsurance market insulated homeowners insurers: A.M. Best
29th June 2018
Homeowners insurers were able to absorb 2017’s devastating catastrophe losses with relative ease due to the favourable reinsurance environment that has prevailed in recent years, according to A.M. Best. The rating agency found that the reported combined ratio for homeowners insurers in 2017 was 107.1, which was only marginally higher than ... Read the full article
Validus Specialty appoints new Chief Operating Officer
29th June 2018
Validus Specialty Underwriting Services has announced the appointment of Bob Eells as Senior Vice President and Chief Operating Officer (COO) of Validus Specialty, Western World and Crop Risk Services. A 30 year veteran of commercial insurance, Eells joins from XL Catlin where he served as Vice President, Business Solutions and Innovation. Among ... Read the full article
Flood damages could double if coral reef destruction continues
28th June 2018
Annual expected damages from floods could double without the coastal protection benefits afforded by coral reefs, while annual storm damages could triple, according to a new study by Nature Communications. The study identified coral reefs as a vital component of coastal protection for both people and property, and calculated that, for ... Read the full article
Munich Re partners with digital insurer ONE on development of new product
28th June 2018
Munich Re has partnered with digital insurer ONE in the development of the new ONE Coach feature, a highly-personalised short-term insurance product based on individual lifestyle and location, in what it claims is the biggest joint-venture in Insurtech history. The feature will use encryption technology to utilise factors such as work ... Read the full article
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