Reinsurance News
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
Lloyd’s underwriters to terminate NRA insurance programmes
9th May 2018
The specialist Lloyd's of London insurance and reinsurance marketplace has announced that after careful consideration it has directed underwriters in the market to terminate any existing insurance programmes with the National Rifle Association of America (NRA). Lloyd's Corporation has told underwriters across the marketplace to terminate all insurance offered, marketed, endorsed, ... Read the full article
Geoffrey Leathem to join Aon Benfield Africa’s executive team from Guy Carpenter
9th May 2018
Reinsurance broker Aon Benfield's Africa unit has revealed that Geoffrey Leathem will join its executive team with a focus on South African business, effective November 1st, 2018, reports BusinessTech. As well as having a focus on South African operations, Leathem's role will target strategic consulting on business development and broking ... Read the full article
Allianz expands climate strategy with long-term carbon reduction goals
9th May 2018
Allianz Group has significantly expanded its climate strategy with plans to immediately withdraw from re/insuring coal-based power plants and mines, and long-term goals to phase out its investments in coal-based business and re/insurance coverage of related risks by 2040. The Group also plans to support the long-term development of a low-carbon ... Read the full article
North P&I Club expands Cargo Claims team with new Deputy Director
9th May 2018
North P&I Club, the UK-based marine mutual liability re/insurer, has expanded its specialist Cargo Claims team with the appointment of David Richards as Deputy Director, Cargo. Richards joins North from commercial law firm Ince & Co, where he has worked since 2007, most recently as a partner. He is a specialist in ... Read the full article
World Bank Group’s MIGA to share risk with Japan’s NEXI through reinsurance
9th May 2018
MIGA (Multilateral Investment Guarantee Agency), the political risk insurance arm of the World Bank Group, and NEXI, Japan's state-owned export credit agency, have entered an official agreement to share risk, through reinsurance, on investments made by Japanese firms in developing countries. The arrangement will see MIGA and NEXI purchase reinsurance policies ... Read the full article
Asia ripe for self-insurance sector growth
9th May 2018
The use of self-insurance techniques through captives and protected cell companies is expected to expand in Asia, but education for potential corporate risk transfer sponsors needs to increase, according to the Labuan International Business and Financial Centre (Labuan IBFC). Farah Jaafar-Crossby, CEO of Labuan IBFC Inc., explained, "The self-insurance sector is ... Read the full article
Promising rate momentum for Bermudian reinsurers at Q1: Peel Hunt
9th May 2018
Peel Hunt, a specialist in corporate broking, advisory, research, sales and trading, has reported that first quarter results for Bermudian reinsurers suggest that rates are continuing to firm across a broad line of underwriting classes, but that it remains unclear whether this trend will continue. Whilst rate firming across both reinsurance ... Read the full article
QBE invests in machine learning tech firm Hyperscience
9th May 2018
QBE Insurance Group has announced that its venture capital arm, QBE Ventures, has closed an investment into machine learning tech firm Hyperscience, and has entered into an agreement to roll out its solutions across QBE globally. Hyperscience uses artificial intelligence (AI) to develop solutions for automating office work across verticals like ... Read the full article
Hannover Re expecting to surpass P&C Re strategic growth target
8th May 2018
Germany-based reinsurer Hannover Re expects to surpass its strategic growth target for its overall property and casualty (P&C) reinsurance business, driven in part by increased demand in structured reinsurance. The reinsurer recently announced its first-quarter 2018 results, which revealed solid premium growth enabled by taking advantage of improved reinsurance market conditions ... Read the full article
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