Reinsurance News
Beazley to offer new event cancellation product for charities
10th May 2018
Specialist insurer and reinsurer Beazley has developed a new event cancellation insurance product for registered charities to protect them against costs and loss of revenue related to the events they stage. The coverage has been tailored to charities by recognising income derived from donations made at events, which contribute significantly to ... Read the full article
Chubb appoints Manufacturing Industry Practice Leader for North America
10th May 2018
Chubb has appointed Mike Williams as Executive Vice President and Manufacturing Industry Practice Leader for its North American mid-market segment. Williams will now be responsible for leading Chubb's strategic efforts to drive results for its mid-market business in North America by leveraging the company's portfolio of underwriting, claims and risk engineering ... Read the full article
Pen Underwriting consolidates portfolios in £550mn deal with Legal & General
10th May 2018
Pen Underwriting, a multi-territory managing general agent (MGA), has consolidated 15 UK household and SME portfolios into a five-year, £550 million, single quota share arrangement led by Legal & General. The creation of a single ‘master’ binder for Pen’s UK household and SME business will benefit both its customers and distribution ... Read the full article
Boost secures reinsurance capacity for InsurTech development platform
10th May 2018
Boost Insurance has secured a dedicated reinsurance facility to support its B2B InsurTech development platform, led by re/insurance investment manager Nephila Capital with participation from Markel Digital and RenaissanceRe Holdings. Boost plans to manage a program that supports multiple InsurTech start-ups as they enter the property and casualty (P&C) industry across ... Read the full article
U.S. withdrawal from Iran deal has potential implications for re/insurers
10th May 2018
Following the decision by U.S. President Donald Trump to withdraw from the Iran nuclear deal, industry observers and experts have warned of increased compliance risks for insurers and reinsurers and the potential for significant implications for certain trade coverage. President Trump declared on Tuesday May 8th that he was withdrawing the ... Read the full article
Sedgwick announces UK leadership appointments
10th May 2018
Sedgwick has announced a number of leadership appointments for its UK business as it looks to move forward after completing its strategic acquisition of Cunningham Lindsey, and which follow the appointment of Stewart Steel as Chief Executive Officer (CEO) for the UK. Paul White, former Chief Operating Officer (COO) of Cunningham ... Read the full article
Allianz enters Portugese insurance distribution agreement with CaixaBank
10th May 2018
Allianz Group has entered an agreement with CaixaBank to sell its 8.4% stake in Portugese investment bank Banco BPI in return for a reorganisation of the terms of insurance distribution cooperation in Portugal. The total purchase price of the share transaction is €178 million, or €1.45 per Banco BPI share, and ... Read the full article
Positive 2017 market results for U.S Individual Disability, reports Gen Re
10th May 2018
Gen Re has reported overall positive 2017 results trends for the U.S Individual Disability market, with total in-force premium up 2.3% on average, and total sales premiums increasing by 9.1%. The company’s annual U.S. Individual Disability Market Survey looks at results from 15 participating companies and offers insight and analysis on ... Read the full article
Solvency ratios for Chinese re/insurers remain strong at 200%: Moody’s
10th May 2018
Moody’s Investors Service has reported that the Chinese re/insurance sector continues to be well capitalised relative to risks taken, with most property and casualty (P&C) and life re/insurers maintaining comprehensive solvency ratios above 200% at the end of 2017. Results were found to vary considerably across segments, but in all cases ... Read the full article
Indian agriculture schemes require global reinsurance industry integration
10th May 2018
Lloyd’s and catastrophe risk modeller RMS have released a report that claims the global reinsurance industry needs to more fully integrated into current Indian agricultural re/insurance schemes. India is the world’s second largest agricultural economy after China with an Agriculture Gross Domestic Product of US $392 billion, but remains largely uninsured ... Read the full article
April storms drive $2.3 billion economic loss in the U.S.
10th May 2018
Impact Forecasting, the catastrophe risk modelling unit of reinsurance broker Aon Benfield, has reported that severe April storms resulted in combined economic losses of $2.3 billion in the U.S., with approximately $1.5 billion of this covered by re/insurance. According to the firm's April Global Catastrophe Recap, five separate storm systems caused ... Read the full article
Weak pricing outlook for mid-year renewals, says Arch CEO
9th May 2018
Marc Grandisson, President and Chief Executive Officer (CEO) of Arch Capital Group, has predicted that pricing trends at the mid-year renewals are likely to remain flat or even decrease, largely due to industry posturing. Speaking during the company's Q1 2018 earnings call, Grandisson explained that at the recent April 1 renewals ... Read the full article
African re/insurers confident following economic recovery, reports AIO
9th May 2018
The African Insurance Organisation (AIO) has reported that insurers and reinsurers are confident about the current outlook for their industry as the continent’s gradual economic recovery looks set to positively impact rates and earnings, and to ease the pressure of excess capacity and competition. The AIO’s 3rd African Insurance Barometer, which ... Read the full article
XL Catlin expands North America Construction team
9th May 2018
Global insurer and reinsurer XL Catlin's North America Construction insurance unit has announced the launch of a new underwriting hub in San Francisco, as it looks to position resources closer to brokers and construction sector clients. As well as the expansion, the firm has announced the appointment of Charles Marmolejo as ... Read the full article
Prudential & PIC in sixth longevity reinsurance transaction
9th May 2018
As demand for pension de-risking continues to surge, Prudential Retirement, a division of Prudential Financial, Inc., has entered into its sixth longevity reinsurance agreement with Pension Insurance Corporation plc (PIC). The latest deal between the pair sees the Prudential Insurance Company of America (PICA) assume the longevity risk for £900 million ... Read the full article
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