Reinsurance News
U.S. P/C premium growth offset by higher losses & LAE in 2017: A.M. Best
23rd May 2018
For the first time in four years the U.S. property and casualty (P/C) industry saw net premiums written (NPW) increase in 2017, although this was offset by greater losses and loss adjustment expenses (LAE) as a result of 2017 catastrophe events, ultimately driving profit deterioration, reports A.M. Best. The ratings agency ... Read the full article
Corporate Benefit Audits (CBA) acquired by Risk Strategies
23rd May 2018
The privately held national insurance brokerage and risk management firm Risk Strategies has announced the acquisition of Massachusetts-based Corporate Benefit Audits (CBA). CBA has operated since its founding in 1992 and provides outsourced claim auditing services to clients including stop loss carriers, managing general underwriters, reinsurance companies and self-funded employers. Risk Strategies will ... Read the full article
Silent cyber drives Petya loss to $2.7 billion, says PCS
23rd May 2018
The insurance and reinsurance industry loss from the Petya / NotPetya cyber attack continues to rise as a result of silent cyber exposure, with the loss now viewed as high as $2.7 billion by Property Claim Services (PCS), reports Artemis. According to Tom Johansmeyer, Co-Head, PCS Strategy & Development at ISO, ... Read the full article
Mitsui Sumitomo enters Chinese life market with BoCommLife stake
23rd May 2018
MS&AD Insurance Group Holdings, Inc. subsidiary, Mitsui Sumitomo Insurance Company (MSI), Limited, has signed an agreement to acquire Colonial Mutual Life Assurance Society Limited's (CMLA) 37.5% stake in Chinese life insurer, BoCommLife Insurance Company Limited. CMLA, a subsidiary of the Commonwealth Bank of Australia, is to sell its 37.5% stake in ... Read the full article
InsurTech investment deals reach record high: Willis Towers Watson
23rd May 2018
InsurTech investments have continued to grow, with a record-breaking 66 investment deals worth a total of $724 million recorded during the first quarter of 2018, according to the latest quarterly report from re/insurance broker Willis Towers Watson and CB Insights. Q1 2018 investment volume was only 16% greater than the $624 ... Read the full article
Low tornado activity as central U.S. weather events trend downwards: JLT Re
23rd May 2018
Having recorded their latest first-of-the-year tornado ever on May 1, Oklahoma joins Texas and Kansas in experiencing a particularly quiet tornado season so far in 2018. Nearing the season’s traditional half-way point, reports are running only 54% of normal, placing the first half of the US tornado season at roughly the ... Read the full article
IUA launches reinsurer focused cyber group
23rd May 2018
The International Underwriting Association (IUA) has announced the establishment of the IUA Cyber Reinsurance Committee, a new group focused on the concerns of reinsurers with regards to cyber risk. Building on the activities of the IUA's existing Cyber Underwriting Group, the new committee has been launched to consider the specific concerns ... Read the full article
U.S. life/annuity market growth likely following robust 2017: A.M. Best
23rd May 2018
A.M. Best has announced its expectations for the U.S. life/annuity (L/A) market to build on a generally positive 2017. They see an overall growth in 2018 thanks in part to higher interest rates and continued demand from consumers for both protection and accumulation products. A.M Best also indicated the industry is well ... Read the full article
Lloyd’s approved for Brussels subsidiary, names Vandendael CEO
23rd May 2018
Lloyd’s has received licence approval from the National Bank of Belgium for its new Brussels subsidiary, Lloyd’s Insurance Company S.A. (Lloyd’s Brussels), and has named Vincent Vandendael as its Chief Executive Officer (CEO) ahead of a January 1, 2019 launch date. Lloyd’s Belgium, which was announced in March 2017, ... Read the full article
Neon hires Theo Butt from Ascot as group underwriting director
23rd May 2018
Insurance and reinsurance specialist Neon has announced that it has hired Theo Butt to take on a newly created role of group underwriting director for Neon Holdings Limited, who will join the firm from Ascot. Butt will take up his new role at Neon as of 14th September this year and ... Read the full article
U.S. commercial insurance expects modest underwriting profit for 2018
23rd May 2018
U.S commercial property & casualty (P/C) insurers should expect improved performance this year following a turbulent 2017, according to a new report by Fitch Ratings. Representing approximately 41% of U.S P/C industry net written premiums, commercial lines experienced significantly weaker underwriting performance in 2017, reporting a combined ratio of around 104% ... Read the full article
Third Point Re feeling “pretty good” about moderate positive rate trend in 2018
22nd May 2018
Hedge fund backed reinsurer Third Point Re has noted that the catastrophe events of 2017 have had a positive impact on rates for the type of deals it focuses on, with the company feeling "pretty good" about a moderate positive trend for the remainder of 2018. This is according to the ... Read the full article
No guarantee for EU policyholders that Brexit won’t impact insurance contracts
22nd May 2018
Valdis Dombrovskis, the European Union's (EU) financial services Chief, has warned that there's no guarantee Britain's Brexit vote won't create an issue for millions of insurance and derivatives contracts, calling on firms to take measures to ensure continuity for policyholders, reports Reuters. Following Britain's vote to leave the EU and the ... Read the full article
AXIS Capital appoints Matthew Rohrmann as Head of Investor Relations
22nd May 2018
Bermuda-based, global provider of specialty insurance and treaty reinsurance AXIS Capital has today announced the appointment of Matthew Rohrmann as Head of Investor Relations, replacing Linda Ventresca, who will now focus on her role as Chief Transformation Officer, overseeing the Company’s enterprise-wide transformation program. A Chartered Alternative Investment Analyst, Rohrmann joins ... Read the full article
Florida Hurricane Catastrophe Fund targets $1 billion of reinsurance for 2018
22nd May 2018
After evaluating improved market conditions, the Florida Hurricane Catastrophe Fund (FHCF) is looking to secure $1 billion of reinsurance protection at the mid-year renewals, at a preliminary attachment point of $10.5 billion. Following the impacts of hurricane Irma in 2017, it appears the FHCF is looking to adjust its financing for ... Read the full article
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