Reinsurance News
U.S single premium pension buy-out sales exceeded $10.4bn at Q4: LIMRA
3rd April 2019
U.S single premium pension buy-out product sales surpassed $10.4 billion in the fourth quarter of 2018, nearly equalling Q417, according to a quarterly survey by the LIMRA Secure Retirement Institute (LIMRA). This is only the third time Q4 sales have surpassed $10 billion, LIMRA says. “Sales tend to be larger in the ... Read the full article
AXA XL promotes Jennifer Minors to SVP in Bermuda Professional Lines unit
3rd April 2019
AXA XL has announced the promotion of Jennifer Minors to Senior Vice President – Product Line Leader in its Bermuda Professional Lines Insurance business. She will now be responsible for managing directors and officers (D&O), professional liability, employment practices liability (EPL), wage & hour (W&H), transactional liability (TL) and cyber liability ... Read the full article
KBRA highlights rising insured losses from U.S tornadoes
3rd April 2019
A recent report from Kroll Bond Rating Agency (KBRA) has highlighted a trend of rising re/insured losses resulting from tornadoes in the U.S. Analysts pointed to recent data from Munich Re showing that the average annual insured losses resulting from tornadoes has more than doubled over the last few decades, with ... Read the full article
ReAssure IPO could generate up to $4bn for Swiss Re, say analysts
3rd April 2019
A ReAssure IPO and subsequent sell down to a level where the remaining stake is treated as a pure equity risk would generate between $3 billion and $4 billion of excess capital for Swiss Re, according to Deutsche Bank analysts. Swiss Re had previously stated intentions to reduce its stake ... Read the full article
Sedgwick appoints new Chief Client Officer, International division
3rd April 2019
Sedgwick, a global provider of technology-enabled risk, benefits and integrated business solutions, has named Eric Malterre as Chief Client Officer for its International unit. Malterre brings more than 15 years of international experience in the insurance, reinsurance and broking sector, having held numerous leadership roles in a number of regions, including Africa, ... Read the full article
Arch completes acquisition of Axiom Underwriting
3rd April 2019
Arch Insurance (UK), part of Arch Insurance International, has completed its acquisition of Axiom Underwriting, having purchased a 60% share in the business in 2015. Axiom, which generated approximately £20 million of gross written premium in 2018, will become part of the recently-formed Arch UK Regional Division. 20 employees will move ... Read the full article
American Family to acquire Auto & Home unit from Ameriprise Financial
3rd April 2019
American Family Insurance Mutual Holding Company, a Wisconsin-based property and casualty (P&C) insurance group, has entered an agreement to acquire Ameriprise Auto & Home (AAH) from its parent, Ameriprise Financial, for $1.05 billion. Based in De Pere, Wisconsin, AAH is a P&C insurance provider that primarily sells its products through a ... Read the full article
Velocity Risk Underwriters expands offering to North Carolina & New York
3rd April 2019
Coastal-focused property insurer, Velocity Risk Underwriters, LLC, recently announced the expansion of its home insurance offerings to provide homeowners policies in both North Carolina and New York. The firm is licenced in 50 states as a general agency and underwrites property programs via A rated carriers. In the aftermath of hurricane Harvey and ... Read the full article
Three additional reinsurers participate in B3i’s current funding round
3rd April 2019
The Blockchain Insurance Industry Initiative (B3i) has announced the addition of three new shareholders, which, alongside existing investors are participating in the current funding round. The new additions are Mapfre Re, Deutsche Rück, and VIG Re, and take the total number of B3i shareholders to 16. It was revealed recently that B3i ... Read the full article
Boeing faces first lawsuit from Ethiopian Airlines crash
3rd April 2019
U.S aircraft manufacturer Boeing is facing its first liability lawsuit from the family of a victim of the March 10 Ethiopian Airlines crash, which resulted in the death of all 157 passengers. The lawsuit was filed in Chicago federal court by the family of Jackson Musoni, a citizen of Rwanda, and ... Read the full article
PIC completes £1.2bn full pension buy-in with Dresdner Kleinwort
3rd April 2019
Pension Insurance Corporation plc (PIC), the specialist insurer of defined benefit pension funds, has concluded a full buy-in deal with the pension plan of investment banking firm Dresdner Kleinwort, covering £1.2 billion of liabilities. The full buy-in covers the whole pension plan but is split across smaller transactions, consisting of a ... Read the full article
A.M. Best stable on UK life sector, expects strong near term growth opportunities
3rd April 2019
International financial services ratings agency, A.M. Best, has a stable outlook on the UK life insurance sector, and is expecting a focus on annuities and defined contribution pensions to drive strong near-to-medium-term growth opportunities. Key products in the UK life insurance industry are experiencing healthy growth and profitability, but A.M. Best ... Read the full article
Nexus acquires Warranty & Indemnity MGA Capital Risks, eyes further deals
3rd April 2019
Specialty Managing General Agent (MGA) Nexus Group has announced its acquisition of Capital Risks (CRML), a London-based Warranty and Indemnity MGA. Founded by Nathan Sewell and Jason Edwards in August 2017, CRML was launched to provide Transaction Liability Insurance for small and medium sized deals. Through its acquisition of CRML, Nexus says ... Read the full article
Beach expands London wholesale operation with two new hires
3rd April 2019
Reinsurance brokerage Beach & Associates has expanded its London wholesale operation with two new hires. Nick Fearon joins from Miller Insurance Services where he led its US Professional Liability team. Beach says his appointment will bring further expertise in the financial and professional lines space. Lee Bonnett joins from Marsh Specialty, where ... Read the full article
Japan renewals were orderly with stable reinsurer capacity: Willis Re
2nd April 2019
The April renewals in Japan were orderly despite the level of catastrophe losses in 2018, with reinsurance capacity remaining stable, according to broker Willis Re, the reinsurance arm of broker Willis Towers Watson. Buyers sought increased capacity, both on an aggregate basis and for earthquake occurrence, analysts observed in Willis Re’s ... Read the full article
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