Reinsurance News
Kemper transfers more than half of Q4 cat losses to reinsurers
14th January 2019
U.S insurer Kemper Corporation has estimated that its fourth quarter 2018 results will include pre-tax catastrophe losses of $25 million to $30 million, net of reinsurance. Kemper's catastrophe aggregate reinsurance program is expected to absorb between $30 million to $35 million of the company's losses for the quarter. 2018 was the first ... Read the full article
World Bank renews Philippines catastrophe cover at $390mn
14th January 2019
The World Bank has announced the renewal of a parametric insurance program that helps the Philippines better respond to losses from natural disasters, at an increased size of $390 million. The renewal is almost double the size of the $206 million of insurance coverage secured under the 2017 policy, and provides ... Read the full article
Marsh has placed more than 15,000 risks through the PPL
14th January 2019
Global insurance and reinsurance broker Marsh has announced that in 2018, it had placed more than 10,000 risks through the London Market Group's (LMG) electronic placement platform, Placing Platform Limited (PPL). In total, Marsh has now placed more than 15,000 risks on the electronic platform, which is used by the Lloyd's ... Read the full article
Reinsurance rates increase by 1.1% at Jan renewals: Guy Carpenter
14th January 2019
Reinsurance brokerage Guy Carpenter has said that the limited movement of rates at the recent January 1, 2019 renewals has raised concerns about pricing adequacy, underwriting strategy and the amount of capital available in the market. The firm’s Global Rate on Line (RoL) Index, which measures the change in catastrophe premium ... Read the full article
AEGIS London announces board additions
14th January 2019
AEGIS London has announced that Tom Busher, previously non-executive chair of the Board's Risk Committee, has succeeded William Dalton as non-executive chair of the Board of the managing agency. At the same time, Christopher Crane, President and Chief Executive Officer (CEO) of U.S. energy supplier, Exelon Corporation, has been named non-executive ... Read the full article
Gard renews P&I reinsurance for 2019 through the International Group
14th January 2019
Gard, a shipowner-controlled protection and indemnity (P&I) marine and energy insurer, has outlined the terms of its 2019 reinsurance program, which it arranged through the International Group of P&I Clubs (IGP&I). The structure of the cover reinsured through the pool includes club retention of $10 million, general excess loss cover of ... Read the full article
Reinsurance rates to improve through mid-year 2019: Goldman Sachs
11th January 2019
While early indications indicate that reinsurance pricing was largely flat at the January 2019 renewals, analysts at Goldman Sachs are confident that rates will improve later in the year at the renewals in April and June. The firm argued that two consecutive years of elevated catastrophe activity should lead to improved ... Read the full article
Swiss Re backs first county-level catastrophe insurance project in China
11th January 2019
Swiss Re has become the exclusive reinsurer to a new catastrophe insurance project in Mao County in China’s Sichuan Province, according to reports from China Financial News. The project, which is the first in China to provide catastrophe insurance at the county-level, provides the government of Mao County with financial protection ... Read the full article
Freddie Mac transfers further $618mn of risk to re/insurers
11th January 2019
The Federal Home Loan Mortgage Corporation (Freddie Mac) has obtained two new re/insurance policies under its Agency Credit Insurance Structure (ACIS) program, providing coverage for approximately $618 million of credit risk. The coverage underlies a $66 billion reference pool of mortgages, bringing ACIS credit risk transfer for 2018 to approximately $3 ... Read the full article
Beazley adds financial lines underwriters to Barcelona team
11th January 2019
Specialist re/insurer Beazley has appointed Francisco Alcaide and Alexander van Nierop as financial lines underwriters at the company’s hub for continental Europe in Barcelona. Alcaide joins Beazley from Hiscox, where he has spent the previous eight years as a senior underwriter in the insurer’s professional risks team in Spain, with responsibility ... Read the full article
P&C capital growth may reflect favourable industry expectations: Guy Carpenter
11th January 2019
Despite subpar underwriting returns, the property and casualty industry increased its capital position by $81 billion between 2014 and 2017, a growth which broker Guy Carpenter believes may be a sign that management teams expect favourable conditions ahead and want capital ready to deploy into new endeavors to grow their businesses. In ... Read the full article
Florida regulator pegs insured Michael losses at $4.9bn
11th January 2019
Total re/insured losses resulting from Hurricane Michael in Florida are estimated to be approximately $4.9 billion, according to data compiled by the Florida Office of Insurance Regulation (FLOIR). The state regulator’s estimate is based on information from claims data filed by insurers, and shows that a total of 136,873 claims have ... Read the full article
Premia Holdings acquires Public Service Insurance Company out of rehabilitation
11th January 2019
Bermuda-based property & casualty re/insurance run-off group Premia Holdings has acquired Public Service Insurance Company (PSIC) and its subsidiary Western Select Insurance Company (WSIC) after the two businesses were placed into rehabilitation by the state of Illinois in 2017. In what the company calls a groundbreaking transaction, Premia has acquired certain ... Read the full article
Arch estimates Q4 2018 cat loss of up to $130m
11th January 2019
Bermuda-based re/insurer Arch Capital Group has revealed pre-tax catastrophe losses for Q4 2018 of between $110 million and $130 million; a figure which takes into consideration the firm’s reinsurance recoveries and reinstatement premiums. However, Arch states there are significant uncertainties surrounding the number of claims and scope of damage for these ... Read the full article
MS Amlin CFO John Worth to depart for Hastings
11th January 2019
The Chief Financial Officer of global re/insurer MS Amlin, John Worth, is to depart the company in favour of a lead role at the insurer Hastings. The move comes just 14 months after replacing the firm’s previous CFO Chris Rash. MS Amlin has stated that Worth will remain in the role until ... Read the full article
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