Reinsurance News
Wide ranges and divergent hurricane loss estimates 2017’s biggest surprise: Karen Clark
11th June 2018
After years without a major U.S. landfalling hurricane, Harvey, Maria, and Irma devastated parts of the region and the Caribbean in the second-half of 2017. But perhaps the biggest surprise of the 2017 storm season was the wide ranges and divergent modelled loss estimates for the events, according to Karen ... Read the full article
Zurich invests in Insurtech startup Coverwallet
11th June 2018
Zurich has acquired a minority stake in U.S. based Insurtech startup Coverwallet, an online platform founded in 2015 that simplifies the purchase and management of insurance for businesses. This announcement builds upon an agreement between the two companies in February that saw the launch of Zurich, Powered by Coverwallet (ZPC) - ... Read the full article
XL Catlin appoints Andrew Coutts as Global Practice Leader for Cargo
11th June 2018
XL Catlin has announced the appointment of Andrew Coutts to the position of Global Practice Leader for Cargo. The London-based role will see him responsible for managing its global underwriting team, providing clients and brokers with underwriting and claims service. Coutts joins from Brit Global Specialty, where he served as Cargo ... Read the full article
Qatar Re suspends facultative underwriting at Dubai practice
11th June 2018
Qatar Re, the Bermuda-based reinsurer and subsidiary of Qatar Insurance Company (QIC) Group, has suspended the writing of all new and renewing facultative business from its branch office in the Dubai International Financial Centre. Facultative reinsurance will continue to be distributed throughout the Middle East & North Africa (MENA) region by ... Read the full article
Chubb names Furby to lead Europe, as Kendrick set to retire
11th June 2018
Chubb, the world’s largest publicly traded property and casualty (P&C) insurer, has named David Furby as Senior Vice President (VP), Chubb Group and Regional President, European Group. Additionally, Andrew Kendrick has announced his retirement, having led the company’s European operations as Regional President for 14 years. Furby currently serves as VP, ... Read the full article
Aviation risks now trading on London Market’s PPL
11th June 2018
The Board of the London Market Group’s Placing Platform Limited (PPL) - an electronic placing platform created in July 2016 with the aim of increasing market efficiencies - has announced that Aviation classes of business have gone live. This follows Lloyd’s of London’s recent mandate for electronic placement, requiring syndicates ... Read the full article
RTG’s Limehouse acquires Corporate Underwriting agency
11th June 2018
Limehouse Agencies, the MGA subsidiary of RFIB’s Risk Transfer Group Limited (RTG), has announced the acquisition of Corporate Underwriting Ltd (CUL), a specialist marine underwriting agency and Lloyd’s coverholder. The acquisition of the Dublin-based CUL forms part of RTG’s (formerly CCP TopCo) new corporate strategy, which was outlined in May ... Read the full article
Integro finalises acquisition of Lloyd’s broker Tysers & Co
11th June 2018
Integro Group Holdings, an international insurance brokerage and specialty risk management firm, has announced that its affiliate has successfully completed the acquisition of Hawkes Bay Holdings (HBH), the principal parent company of specialty Lloyd’s broker Tyser & Co. The parties will now begin the process of merging their UK wholesale and ... Read the full article
Moody’s upgrades China’s life sector outlook from negative to stable
11th June 2018
Moody’s Investors Service has upgraded its outlook on the life re/insurance industry in China from negative to stable as the sector improves its product mix and stabilises its asset risks. A recent report by the rating agency found that risks are subsiding for Chinese life insurers’ product and investment portfolios, and ... Read the full article
R&Q announces completion of dual captive transactions
11th June 2018
Randall & Quilter Investment Holdings (R&Q) has completed a transaction to provide full finality to a California-based self-insurer by its subsidiary Accredited Surety and Casualty (Accredited). The announcement marks R&Q's first transaction with a self-insurer in California and the fourth in the U.S. over the past two years. Chairman and Chief Executive ... Read the full article
Peak Re appoints Satoshi Ichihara as Chief Representative in Japan
11th June 2018
Peak Reinsurance Company Limited, the Hong Kong-based global reinsurer, has announced the appointment of Satoshi Ichihara as Chief Representative of Peak Re in Japan. Ichihara will now be responsible for supporting Peak Re’s business growth and development in Japan, and the company claims his appointment demonstrates its commitment to serving this ... Read the full article
Markel approved to underwrite reinsurance through Lloyd’s India platform
11th June 2018
Specialist re/insurer Markel International has received regulatory approval from the Insurance Regulatory and Development Authority of India to write reinsurance business in the country through the Lloyd’s India platform, with capacity provided by Markel’s Syndicate 3000 at Lloyd’s. Markel India will provide local Indian insurers with both treaty and facultative insurance ... Read the full article
Re/insurers must better prepare for unforeseen hurricane risks: Lloyd’s
11th June 2018
Lloyd’s has proposed several measures for re/insurers to better prepare themselves to respond to unforeseen natural catastrophe risks following 2017’s record-breaking hurricane season. Lloyd's 'After the Storms' report observed that 2017 was the costliest year on record for U.S natural catastrophes, and exposed several oversights in the way re/insurers model and ... Read the full article
U.S. life insurers to continue shedding legacy business throughout 2018, Moody’s
11th June 2018
A new report by Moody’s Investors Service has shown that legacy blocks of annuity, life, and employee benefits business are set to be further divested by life insurers in the U.S. with a desire to focus on value optimisation amid modestly favourable economic and market fundamentals. Moody's Vice President Laura Bazer ... Read the full article
High rate of M&A to continue fuelling insurance deals: A.M. Best
8th June 2018
A.M. Best has found that a prevailing reliance on Mergers and Acquisitions (M&A) to fulfil a perceived need for increased scale and relevance - particularly in the reinsurance sector, which remains under pressure from alternative capital - as well as meeting difficult target returns in an intensely competitive environment, is ... Read the full article
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