Reinsurance News
XL Catlin expands aviation insurance product to Mexico
25th June 2018
XL Catlin has expanded its aviation insurance offerings to Mexico and is to initially focus on general aviation hull and liability risks. Having established a presence in Latin America, Brazil, the U.S. and Canada, XL considers this expansion as the next step in aiding general aviation clients manage risk in the ... Read the full article
Fidelis rebrands Firestone MGA to Oakside
25th June 2018
Fidelis Insurance, the privately owned Bermuda-based holding company, has announced that it has rebranded its Managing General Agent (MGA), Firestone Surety Limited, to Oakside Surety Limited. Following the rebrand, Oakside will continue to focus on the small and medium-sized enterprises (SMEs) sector of the surety market. The MGA's original name was only intended ... Read the full article
Advent Underwriting launches political violence rating tool for MENA
25th June 2018
Advent Underwriting, the Lloyd’s specialty re/insurer, has launched a new online pricing and placing tool for low-ticket political violence (PV) business in the Middle East & North Africa (MENA) region. The new rating tool, called PVPlus, was developed in partnership with independent MGA CFC Underwriting, and aims to provide SMEs in ... Read the full article
JBA updates UK Flood Model for nationwide analysis at building level
25th June 2018
Insurers are now able to analyse floods at individual property level across the whole of the United Kingdom (UK) thanks to JBA Risk Management’s newly updated Flood Model. The model is underpinned by JBA’s widely-used 5m UK Flood Map and enables the re/insurance industry to more effectively manage flood risk by ... Read the full article
Munich Re CEO points to partnerships, not sale, for asset management
25th June 2018
Munich Re's CEO Joachim Wenning told employees that it would "make no sense" for the firm to pull out of investment activities, but that a partnership with an asset manager could be positive, according to a report. Last week it was widely reported, including by us, that Munich Re was ... Read the full article
Uptake of London market’s PPL on the rise, but more to do
25th June 2018
Figures for the month of May 2018 show a steady increase in firms adopting the London Market Group's Placing Platform Limited (PPL) but there is more to do in getting companies to use the system, according to the PPL Board. PPL is a core component of the London Market Target Operating ... Read the full article
Neutral outlook for European reinsurers, pricing momentum to firm: Deutsche Bank
22nd June 2018
Hannover Re, Swiss Re, Munich Re and SCOR all experienced weaker-than-expected January/April renewals despite an impact of more than $100 billion from natural catastrophes in 2017, according to Deutsche Bank. Deutsche Bank's outlook has subsequently turned more cautious towards European reinsurance, taking a neutral stance from its previous positive view in ... Read the full article
Cape Analytics raises $17mn in Series B round of funding
22nd June 2018
A swell of new investors has helped Cape Analytics raise $17 million in its Series B round of funding. The start-up was founded in 2014 and utilises geospatial imagery, computer vision, and machine learning to provide accurate and up-to-date property data for re/insurers. The new round of financing was led by ... Read the full article
Oxbridge Re’s reinsurance sidecar licensed for business, issues first notes
22nd June 2018
Collateralised reinsurer Oxbridge Re Ltd has had its reinsurance sidecar subsidiary, Oxbridge Re NS Ltd., licensed for business in the Cayman Islands and has issued its first tranche of notes. The idea behind forming the sidecar was to “facilitate potential future hedging and investment activities with respect to our reinsurance risks,” ... Read the full article
Legacy long-term care blocks remain top concern for life insurers: Moodys
22nd June 2018
Life insurers’ exposure to older legacy blocks of long-term care (LTC) insurance remains a top credit concern for the industry, particularly as LTC actuarial assumption reviews approach, Moody’s Investors Service says in a new report. Actuarial assumption reviews for LTC insurance, which provides financial support for individuals unable to care for ... Read the full article
Crosswinds Re to be dissolved
22nd June 2018
Crosswinds Holdings Inc. has announced that it is to distribute all of its available capital to shareholders and dissolve the company, which would also result in its reinsurance subsidiary, Crosswinds Re, being dissolved. Via an update on its previously disclosed assessment of strategic alternatives, Crosswinds has announced that its Board has unanimously ... Read the full article
LMA Personal Accident Commitee appoints Stephan Ranzetta & Paul De Vido
22nd June 2018
Lloyd’s Market Association (LMA) has announced that Stephen Ranzetta and Paul De Vido have been elected to its Personal Accident Commitee, following a recent ballot at Lloyd’s. Da Vido is a senior class underwriter, A&H at XL Catlin while Ranzetta serves as class underwriter, A&H at Vibe Syndicate Management. The pair ... Read the full article
UK and China consider cooperating on Belt and Road insurance projects
22nd June 2018
UK and Chinese re/insurance companies are anticipating further cooperation as the countries look set to deepen their coordination on projects under the Belt and Road Initiative (BRI), according to Xinhua Net. Proposed by Chinese President Xi Jinping in 2013, the BRI aims to build a new platform for international cooperation by ... Read the full article
Everest Insurance unifies contingency business and expands offering
22nd June 2018
Everest Insurance, the specialty insurance division of Everest Re Group, has announced the expansion of its global contingency business under one consolidated framework. Through its Specialty Insurance Group (SIG), Everest Insurance offers a variety of contingency solutions for event cancellation, non-appearance, and several other customised insurance coverages. Everest Insurance says it will ... Read the full article
Blackstone announces two senior hires for Insurance Solutions business
22nd June 2018
Investment firm Blackstone has appointed Erich Schram as Senior Managing Director, Head of Credit Origination and Trading and Kevin Relihan as Managing Director, Head of Relationship Management at its recently established Blackstone Insurance Solutions (BIS) group. BIS delivers Blackstone’s private credit and alternative investment management expertise to insurers, helping firms meet ... Read the full article
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