Reinsurance News
Cyber insurance premiums to dominate by 2021, says Aon
8th June 2018
By examining insurance purchased by corporate, public sector and not-for-profit organisations between 2013 and 2017, Aon Inpoint - Aon’s data, analytics, engagement and consulting team - has predicted that by 2021 the most rapid growth of premiums will be seen in cyber insurance products, with a global market worth estimated at ... Read the full article
Onex makes $175mn investment in Ryan Specialty Group
8th June 2018
Onex Corporation, a Toronto-based private equity investment firm and holding company, has made a $175 million investment to form a strategic, long-term relationship with Ryan Specialty Group (RSG). The investment consists of $150 million of preferred equity and $25 million of common equity, and was made directly by Onex, rather than ... Read the full article
Intermediaries can create win-win value chain opportunities: RFIB & RTG CEO
7th June 2018
The Chief Executive Officer (CEO) of insurance and reinsurance broker RFIB and its parent the Risk Transfer Group (RTG), Steven Beard, is confident in the firm's ability to create opportunities throughout the value chain as it looks to expand its presence and capabilities as an intermediary. As part of its strategy to ... Read the full article
PICC receives approval for Shanghai public offering
7th June 2018
State-owned re/insurer the People’s Insurance Company of China (PICC) has received approval from China’s securities regulator regarding an application for an initial public offering (IPO) on the Shanghai Stock Exchange. PICC has applied to issue up to 4.6 billion shares on the Shanghai Stock Exchange, according the prospectus the company filed ... Read the full article
SCOR & Paris School of Economics create Macroeconomic Risk research chair
7th June 2018
SCOR’s Corporate Foundation for Science has worked with the Paris School of Economics (PSE) in the creation of a research chair on Macroeconomic Risk. The SCOR-PSE announcement is a commitment to better understand and develop macroeconomic risk research by the France-headquartered reinsurer. French economist and governmental advisor Gilles Saint-Paul will provide scientific ... Read the full article
Navigators completes takeover of specialty underwriting agency BDM and affiliate
7th June 2018
The Navigators Group, Inc. has completed its acquisition of specialty underwriting agency Bracht, Deckers & Mackelbert NV (BDM) and its affiliated insurer Assurances Continentales (ASCO), which includes ASCO's Luxembourg domiciled reinsurer, Canal Re SA. The acquisition has now completed after the receipt of all necessary regulatory approvals, with Navigators paying €35 million in cash as consideration ... Read the full article
Ryan Specialty announces launch of MGU, RyanRe
7th June 2018
Ryan Specialty Group has announced the launch of a reinsurance managing general underwriter (MGU) called RyanRe Underwriting Managers (RyanRe), which is led by Executive Chairman Michael O'Halleran and Chief Executive Officer (CEO) and President, Brian Boornazian. The launch of RyanRe expands the company's managing underwriting strategy, and working through reinsurance brokers, ... Read the full article
Reinsurance price levels at risk of declining in 2019: Deutsche Bank
7th June 2018
Following meetings with large European reinsurers, analysts at Deutsche Bank have warned that the current pricing dynamics in the industry will result in a muted pricing effect through 2018 with the risk of rates declining in 2019. During Deutsche Bank's 2018 Global Financials Conference, global reinsurers suggested a need to scale ... Read the full article
Stone Point & Karfunkel-Zyskind increase AmTrust merger offer price
7th June 2018
Stone Point Capital, the Karfunkel Family, and Barry Zyskind, Chief Executive Officer (CEO) of AmTrust Financial Services, have increased their bid for the acquisition of AmTrust Financial Services for a second time, now offering $14.75 per share in cash for all outstanding shares. This offer represents an increase of $1.25 per share, or ... Read the full article
Global economic output at risk from man-made events larger than nat cats: Lloyd’s
7th June 2018
A collaborative study by Lloyd’s of London and Cambridge University suggests man-made risks like cyber-crime, interstate conflicts and market crashes are a bigger threat to global economic output than natural disasters such as hurricanes, floods, earthquakes and volcanoes. Lloyd's City Risk Index, mapping 22 threats across 279 cities - the "key ... Read the full article
Arch to expand Irish operations in preparation for Brexit
7th June 2018
Arch Capital Group has revealed that it plans to expand its underwriting operations in Ireland to ensure continuity following the UK’s scheduled departure from the European Union (EU) in March 2019. The group has applied for regulatory approval from the Central Bank of Ireland to allow its UK insurer, Arch Insurance ... Read the full article
Rapid growth of home healthcare market prompts new ISO insurance program
7th June 2018
The Insurance Services Office (ISO) has announced a new home healthcare program that provides insurers with a robust coverage and rating solution in an effort to meet the rapidly growing market. The drivers of this growing market include, but are not limited to, an ageing population. Projections by the U.S. Census ... Read the full article
PartnerRe acquires assets of Claims Analytics
7th June 2018
Bermuda-domiciled reinsurer PartnerRe has acquired the assets of Claim Analytics, a Canadian-headquartered provider of insurance-based analytics solutions founded in 2001. It's expected that Claim Analytics' staff will join an existing PartnerRe analytics team currently working out of its Toronto offices, and will continue to do business as PartnerRe Analytics. PartnerRe hopes the ... Read the full article
P&C industry pricing and profits to remain mixed through 2018: KBW
7th June 2018
The domestic property and casualty (P&C) industry experienced direct written premium growth (DWP) of almost 6% in Q1 2018, while the aggregated industry's loss ratio improved by more than 270bps. However, analysts at Keefe, Bruyette & Woods (KBW) expect pricing and profits to be mixed throughout the year. During the quarter, ... Read the full article
Darin Scanzano named CEO of Everest Insurance, Canada
7th June 2018
Bermudian insurer and reinsurer Everest Re Group, Ltd. has announced that Darin Scanzano has been appointed Chief Executive Officer (CEO) of Everest Insurance Company of Canada, effective later this summer. He will report to David Sandler, Head of the Everest Insurance® Risk Management Group, and will based in the company's Toronto, Canada office. Sandler, commented: ... Read the full article
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