Reinsurance News
Berkshire Hathaway to launch three-page insurance product for small businesses
11th February 2019
The Insurance Group of Warren Buffett's conglomerate Berkshire Hathaway has announced the launch of a concise and comprehensive three-page insurance product for small businesses called THREE. The company hopes to cut down the lengthy and time-consuming processes currently required for a small U.S business to secure the necessary cover. THREE provides insurance ... Read the full article
AIG’s Robert Quane joins AXIS as Head of Underwriting & Portfolio Optimization
11th February 2019
AXIS Capital Holdings Limited has appointed Robert Quane to the newly created role of Head of Underwriting and Portfolio Optimization. In his new role, Quane will be responsible for leading the company's Group Underwriting function, while at the same time working in partnership with AXIS' business segments. Quane joins the firm from ... Read the full article
Property reinsurance rates “inexplicably flat” at 1/1, says Markel’s Whitt
11th February 2019
Richard Whitt, Co-Chief Executive Officer (CEO) and Director of Markel Corporation, has said that property reinsurance rates were “inexplicably flat” at the recent January renewals. Speaking during a company earnings call, Whitt noted that reinsurance rates were disappointing at the 1/1 renewals despite two consecutive years of heavy catastrophe losses across ... Read the full article
Beazley CEO identifies growth opportunities for 2019
11th February 2019
Andrew Horton, Chief Executive Officer (CEO) of specialist re/insurer Beazley, has outlined the potential growth opportunities the company considers to be most promising going into 2019. Commenting on Beazley’s 2018 results, which saw profits fall by 55% due to heavy catastrophe losses and low investment yields, the CEO highlighted the ... Read the full article
Munich Re launches wind farm insurance product: reports
11th February 2019
Global reinsurance giant Munich Re has launched a product that provides wind farm operators cover against revenue losses due to fluctuations in wind speeds, according to reports from Reuters. Munich Re hopes to cover one gigawatt (GW) of wind power capacity in 2019 with this new insurance product, which can be ... Read the full article
RMS adds Nieswandt as MD, Continental Europe
11th February 2019
Catastrophe risk modelling and analytics firm RMS has appointed Oliver Nieswandt as Managing Director of Continental Europe. Based at the RMS Zurich office, Nieswandt replaces Christer Pehrson who, after completing an assignment in Europe, is due to move to the company’s office in New York. Nieswandt started out his career at Hannover ... Read the full article
Investor losses drive retro pricing hikes amid flat 1/1 market: A.M. Best
11th February 2019
Large catastrophe losses and ongoing loss creep resulted in pricing hikes of up to 35% for the retrocession segment at the January 2019 renewals, as investors pushed for higher returns amid a predominantly flat rating environment, according to A.M. Best. Analysts said that property catastrophe retrocession was the brightest spot at ... Read the full article
Townsville flooding claims rise again, cost now estimated at AUD 165mn: ICA
11th February 2019
Insurance companies have now received 13,560 claims, amounting to losses of an estimated AUD 165 million (USD 117mn), in relation to the torrential rainfall and flooding in the City of Townsville, Queensland, according to data from the Insurance Council of Australia (ICA). The latest figures are as of 10am local time, and the ... Read the full article
RT Specialty adds insurance lawyer Katz as EVP
11th February 2019
RT Specialty, a subsidiary of Ryan Specialty Group, has announced the appointment of Mark Katz as an Executive Vice President. Katz joins from Mound Cotton Wollan & Greengrass LLP, a law firm in New York City, where he served for 25 years. This new role will see Katz take responsibility for the ... Read the full article
Modest downturn for commercial lines rates in January: IVANS
11th February 2019
Most major U.S commercial product lines experienced a downward trend in premium renewal rates during January 2019, according to the latest monthly results of the IVANS Index, which tracks commercial re/insurance pricing. IVANS, which is a division of Applied Systems, observed a negative change in average premium renewal rates across the ... Read the full article
Cost of rising Townsville insurance claims now estimated at AUD 147mn
8th February 2019
Widespread torrential rainfall and flooding in the City of Townsville, Queensland, Australia, has so far resulted in 11,800 insurance claims, amounting to roughly AUD 147 million in losses, according to local media reports citing the Insurance Council of Australia (ICA). The ICA declared the event a catastrophe earlier this week, after the coastal ... Read the full article
Peter Clarke named Vice President, Chief Operating Officer, Fairfax
8th February 2019
Fairfax Financial Holdings Limited has announced the appointment of Peter Clarke as its new Vice President (VP) and Chief Operating Officer (CFO), reporting to Fairfax President, Paul Rivett. Clarke has been with the Canadian property and casualty (P&C) insurance and reinsurance investment management firm for more than two decades, and most ... Read the full article
Donegal restructures reinsurance program after heavy Q4 losses
8th February 2019
U.S primary holding company Donegal Group Inc. has restructured its reinsurance program following heavy losses in the fourth quarter of 2018 due to natural catastrophes, low investment returns, and underperformance in its personal and commercial auto lines. Donegal’s 2019 reinsurance program, which applies to its insurance subsidiaries and Donegal Mutual Insurance ... Read the full article
Cayman Islands international insurance sector enjoys a solid 2018
8th February 2019
According to figures from the Cayman Islands Monetary Authority (CIMA), the region's international insurance industry enjoyed a solid 2018, with the issuance of 33 new licences. The addition of 33 new licences takes the total number of insurance licences registered in the Cayman Islands to 830. Of the total, 101 relate ... Read the full article
TWIA to seek at least $2.1bn of reinsurance for 2019
8th February 2019
The Texas Windstorm Insurance Association (TWIA) is targeting at least $2.1 billion of reinsurance protection for the 2019 hurricane season from a combination of the traditional and alternative reinsurance markets, following approval from its Board. TWIA, the residual market property insurer for the state of Texas, will work with reinsurance broker ... Read the full article
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