Reinsurance News
Commercial P&C premium prices continue to rise at Q1: CIAB
14th May 2018
The Council of Insurance Agents & Brokers (CIAB) has reported that average premium prices across almost all lines have continued to see improvements in pricing after three years of soft market conditions, with increases of 1.7% recorded across all lines of business, compared to 0.3% in Q4 2017. However, CIAB also ... Read the full article
Insured losses from Canada’s April ice storms reach $190mn, reports CatIQ
14th May 2018
The ice storms which ravaged Canada’s eastern provinces of Ontario and Quebec in mid-April will cost re/insurers around CAD $190 million (USD $149 million), according to Catastrophe Indices and Quantification (CatIQ), a loss index and estimates provider. Strong winds, flooding, heavy snow, and ice build-up affected the provinces’ southern regions over ... Read the full article
U.S P&C re/insurers striving to better harness data: Willis Towers Watson
14th May 2018
Willis Towers Watson has reported that harnessing advanced analytics and emerging data sources is becoming an increasingly vital concern for leading U.S Property and Casualty (P&C) re/insurers. In a recent survey, Willis questioned 51 U.S P&C re/insurers, finding that customer experience, claims management, telematics data for pricing, and customer selection and ... Read the full article
India’s IRDAI appoints new Chairman, approves 16 Cross-Border Reinsurers
14th May 2018
The Insurance Regulatory and Development Authority of India (IRDAI) has appointed Subhash C. Khuntia as its new Chairman, and has granted approval to 16 Cross-Border Reinsurers (CBRs) for the 2018-19 financial year. Khuntia has extensive experience working in administrative sectors of the Indian Central Government, including roles in the Ministries of ... Read the full article
Bermuda reinsurers remain strong despite challenging 2017: Fitch Ratings
11th May 2018
Whilst profitability remains under pressure after a trying 2017, Bermudian reinsurers have proven resistant to losses thanks to strong capitalisation, positive pricing, low exposures, and conservative reserving practices, according to Fitch Ratings’ latest peer review of the sector. 2017 was a year of record-breaking catastrophe losses, with Hurricanes Harvey, Irma, and ... Read the full article
MetLife and FedEx in pension risk transfer deal covering $6bn of liabilities
11th May 2018
Metropolitan Life Insurance Company (MetLife) has entered a risk transfer agreement with FedEx Corporation, which will see it cover approximately $6 billion of FedEx's pension obligations. The deal, which will cover around 41,000 retirees and beneficiaries in the FedEx defined benefit pension plans, is believed to be the largest U.S. pension ... Read the full article
Compre appoints QBE’s Simon Hawkins as COO
11th May 2018
Compre, the independent European re/insurance legacy acquirer, has announced that QBE’s Simon Hawkins is to join the company as Group Chief Operating Officer (COO). Hawkins is currently Group Head of Retrospective Solutions at QBE, and is expected to take up his new position at Compre in the third quarter of 2018, ... Read the full article
XL Catlin names Brent Hoffman as Global Head of Claims
11th May 2018
Global insurer and reinsurer XL Catlin has announced the appointment of Brent Hoffman as Global Head of Claims, effective immediately. Hoffman will be responsible for leading claims teams across XL Catlin, and will report to Paul Jardine, XL Catlin’s Chief Experience Officer. Having joined XL in 2014, Hoffman most recently served the ... Read the full article
Positive reinsurance pricing trends likely unsustainable, warns Fitch
11th May 2018
Fitch Ratings has predicted that the positive reinsurance pricing trends of the January and April renewals are unlikely to be sustainable in the long-term, with price increases expected to level out at upcoming mid-year renewals. Reinsurance pricing finally bottomed out and turned positive in response to the record-breaking catastrophe losses in ... Read the full article
Beazley’s Q1 gross premiums grow 10% amid strong rate increases
11th May 2018
Beazley has reported that its gross premiums written increased by 10% to $631 million at the end of first-quarter 2018, as premium rates increased by 3% on its renewal business. The specialist insurer's reinsurance division saw a particularly strong underwriting performance, with rates increasing 7% across the portfolio and premiums also ... Read the full article
Aon names Richard Schuyler as CEO of Aon Carrier Link
11th May 2018
Global insurance and reinsurance broker, Aon plc, has announced that Richard Schuyler is to become the Chief Executive Officer (CEO) of Aon Carrier Link, the company’s data and analytics distribution channel. Schuyler will now be responsible for helping clients to digitally manage the placement process by leveraging technology to connect Aon’s ... Read the full article
United secures increased frequency & severity cover at reinsurance renewal
11th May 2018
United Insurance Holdings (UPC Insurance) has announced the completion of its 2018 catastrophe reinsurance program, which includes greater frequency and severity protection and an increased, overall program exhaustion point excess of $3.1 billion. The 2018 reinsurance program, that protects UPC Insurance, via subsidiaries American Coastal Insurance Company, United Property and Casualty ... Read the full article
Potential for UK life insurers to broaden services and generate higher profits: Oliver Wyman
11th May 2018
A recent report by international management consultancy, Oliver Wyman, urges life insurers in the UK to broaden their services and reach in order to take advantage of potential market opportunities driven by reforms. The report, The Retirement Franchise Opportunity, states that UK life insurance companies have the potential to add £7.5 ... Read the full article
Insurance Council of Australia declares catastrophe following Hobart storm
11th May 2018
The Insurance Council of Australia (ICA) has declared a catastrophe following severe wind and flood damage from a storm that affected the city of Hobart, Tasmania over May 10-11, 2018. Record overnight rainfall brought flash-flooding to the capital of Australia’s island state, damaging property and sweeping away cars, while wind gusts ... Read the full article
Gallagher acquires UK commercial insurance broker Risk Services (NW)
11th May 2018
Gallagher has announced that it intends to acquire UK regional commercial insurance broker Risk Services (NW) for an undisclosed consideration. Established in 1999, Risk Services is one of the largest independent insurance brokers in Chester, North Wales, and the surrounding area, and delivers cost-effective solutions to both corporate and commercial clients. Risk ... Read the full article
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