Reinsurance News
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
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
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