Reinsurance News
Zurich finalises $1bn reinsurance commission in takeover of ANZ’s OnePath Life
8th May 2018
Zurich has finalised its reinsurance arrangements with ANZ, paying $1 billion of upfront reinsurance commission as the first step in its acquisition of ANZ’s Australian life insurance business, OnePath Life. The sale of OnePath Life was announced in December 2017 and was arranged to consist of two transactions totalling $2.85 billion. The ... Read the full article
Aspen seeing mid-year rate increases of up to 7.5%: CEO, O’Kane
8th May 2018
Aspen Re, the reinsurance segment of Bermudian re/insurance group Aspen Insurance Holdings Limited, saw rate increases of 5.3% in the first-quarter of 2018, and while rates moderated at the April renewals, the firm's already seeing increases of up to 7.5% for loss-affected accounts incepting in June. Aspen's first-quarter results commentary is ... Read the full article
Tokio Marine Group receives approval for post-Brexit Luxembourg subsidiary
8th May 2018
Tokio Marine Group has received regulatory approval to establish a new re/insurance subsidiary, Tokio Marine Europe S.A., in Luxembourg as part of its plans to ensure a smooth transition following the UK's departure from the European Union (EU). The new company, which has been authorised by the Commissariat aux Assurances (CAA) ... Read the full article
RGA to invest in Getsurance via its innovation accelerator, RGAx
8th May 2018
U.S. domiciled life reinsurer, Reinsurance Group of America (RGA) is investing in InsurTech Getsurance through its innovation accelerator subsidiary, RGAx. RGA announced in 2017 that it had entered into a partnership with Getsurance, backing its digital life insurance solution designed to protect individuals with long-term disabilities against the loss of income due to illness ... Read the full article
Sompo International integrates SJNKE in preparation for Brexit
8th May 2018
Sompo International Holdings has reached a milestone in its Brexit preparation plans with the integration of Sompo Japan Nipponkoa Insurance Company of Europe Limited (SJNKE), which is now a wholly-owned subsidiary of Sompo International. In March 2018, Sompo International received regulatory approval to establish its new subsidiary, SI Insurance (Europe), ... Read the full article
THB expands UK Motor Fleet team with ex-Wrightsure brokers
8th May 2018
THB UK Risk Solutions, the UK broking subsidiary of specialist re/insurance broker THB, has expanded its Motor Fleet team with the appointments of two ex-Wrightsure brokers, Kevin Searle and Andrew Hines. Both Searle and Hines have previously worked at THB, Searle having since served as a broker in Wrightsure’s Motor Fleet team, ... Read the full article
BMS Group announces new Australia CEO & COO
8th May 2018
Specialist insurance and reinsurance brokerage, BMS Group Limited, has announced the appointment of Andrew Godden as Chief Executive Officer (CEO) of Australia, and Dylan Wilkinson as Chief Operating Officer (COO), BMS Australia. Based in Sydney, Godden will report to Nick Cook, CEO of BMS Group, and brings over 30 years of ... Read the full article
Fitch stays negative on reinsurance but expects improved profitability in 2018
8th May 2018
Fitch Ratings has maintained its negative outlook for the global reinsurance sector in light of ongoing competition, low interest rates and the influx of alternative capital, but does state that profitability is likely to improve for the industry in 2018. The ratings agency expects reinsurer profitability to improve in 2018, driven ... Read the full article
Little prospect of rate improvement at mid-year renewals: Hiscox
8th May 2018
Having said before that it expected rate momentum to continue through 2018, global insurance and reinsurance firm Hiscox has now changed its tune, saying that it sees "little prospect of rate improvement" for the rest of this year. In February, the Hiscox management suggested that they were anticipating further rate ... Read the full article
Munich Re first-quarter profit rises, expands premiums in April
8th May 2018
Global reinsurance player Munich Re has reported an improved first-quarter result for 2018, with profits rising almost 50% to €827 million, thanks to lower losses. Munich Re's Q1 2018 profit is reported as €827 million, up significantly from the €557 million the reinsurer reported in the prior year, thanks both to ... Read the full article
Softbank’s interest in Swiss Re deal reported to be waning
7th May 2018
According to media reports this weekend, Japanese technology & telecoms investor & conglomerate SoftBank's interest in securing a deal with global reinsurer Swiss Re is waning, as talks drag on. As we reported last week, it's been said that Swiss Re’s talks with SoftBank had stalled, which led the CFO ... Read the full article
Berkshire Hathaway underwriting & investment profit both up in Q1
7th May 2018
Warren Buffett's insurance and reinsurance businesses at Berkshire Hathaway recorded positive performance for the first-quarter of 2018, with both underwriting and investment sides of the business delivering higher profits. Berkshire Hathaway reported $407 million of underwriting profit for Q1 2018, up from a loss of -$267 million in the prior year. On ... Read the full article
Hannover Re starts 2018 with solid premium growth
7th May 2018
German reinsurance firm Hannover Re has begun 2018 with solid growth in premiums underwritten, as the firm took advantage of better market conditions to create a much larger portfolio for the year ahead. Across the business, Hannover Re reported a 17.6% increased in premiums underwritten for the quarter, a figure which ... Read the full article
Berkshire Hathaway won’t be a pioneer in cyber insurance: Warren Buffett
5th May 2018
Speaking at the annual shareholders meeting of his conglomerate Berkshire Hathaway Inc. today, Warren Buffett said that he doesn't believe anyone understands cyber risk well enough today, so his firm will not seek to be a pioneer in underwriting cyber insurance. Cyber risks are seen as an enormous opportunity by many ... Read the full article
SCOR “looking forward” to mid-year, expects confirmation of positive trends
4th May 2018
French insurer and reinsurer SCOR remains on track to deliver growth in 2018, and with the insights of the January and April renewals, is looking forward to mid-year when it expects further confirmation of positive trends. For the first-quarter of 2018 SCOR recorded net income of €166 million, up almost 17% ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
