Reinsurance News
Pool Re returns contingency terrorism cover to commercial market
7th January 2019
Sufficient capital within the commercial re/insurance markets has led Pool Re, the UK’s government-backed terrorism reinsurer, to cease reinsuring its members for the contingency cover they provide to their insureds. Pool Re began writing the class after London was awarded the 2012 Olympic Games and the commercial market determined that it ... Read the full article
United Insurance extends quota share, renews catastrophe reinsurance
7th January 2019
United Insurance Holdings (United) has announced the successful extension of its current 20% catastrophe quota share reinsurance agreement until June 2019, whilst also renewing its catastrophe aggregate and other reinsurance agreements. Effective 31 December 2018, through its United Property and Casualty Insurance Company (UPC) subsidiary, United extended its 20% quota share ... Read the full article
R&Q’s Accredited enters program underwriting partnership with Kitsune
7th January 2019
Accredited Insurance (Europe), a wholly owned European subsidiary of Randall & Quilter Investment Holdings (R&Q), has entered into a new program underwriting partnership with Kitsune Limited. Kitsune is a UK-based Managing General Agent (MGA) that provides private motor insurance. Colin Johnson, Chief Executive Officer (CEO) of European Program Management at R&Q, explained ... Read the full article
Retro market disruptions may impact future renewals: Willis Re
7th January 2019
Disruptions and trapped collateral in the retrocession market may have an impact on first-tier reinsurance property catastrophe pricing levels over the upcoming 2019 renewals, according to broker Willis Re. The analysis came as part of the firm's latest 1st View report, which found that reinsurance rates at the 1 January ... Read the full article
Online re/insurance platforms could hurt competition, finds Geneva Association
7th January 2019
While online re/insurance platforms entail many benefits with regard to market transparency, transaction costs and information asymmetries, they may also pose significant challenges to consumer protection and levels of competition, according to the Geneva Association (GA). A recent report by the international think tank, titled 'Virtual Competition: Online Platforms, Consumer Outcomes ... Read the full article
QBE to enhance underwriting decisions using Cytora’s risk rating tech
7th January 2019
Global re/insurer QBE Insurance Group has adopted Risk Engine technology from artificial intelligence (AI) company Cytora to enhance underwriting decisions across its commercial portfolio. QBE explained that its partnership with Cytora will enable UK customers to purchase cover more efficiently, using Cytora’s predictive insights to recommend and tailor products to better ... Read the full article
Big data, price optimisation to face closer scrutiny: Moody’s
4th January 2019
The practice of price optimisation, in which an insurer establishes individual profiles through analysis of data not directly provided by the consumer, may come under scrutiny by the Financial Conduct Authority as it can result in individuals paying widely different prices for the same insurance cover, according to Moody’s investors ... Read the full article
Aurous Risk Partners hires two energy underwriters from Qatar Re
4th January 2019
London headquartered managing general agency (MGA), Aurous Risk Partners, has announced the appointment of two energy underwriters, both of which previously held positions at reinsurer Qatar Re and global insurer Zurich. Both Animesh Majrekar and Robert Little joined the company towards the end of last year, and started underwriting in the ... Read the full article
Rothesay reportedly planning to acquire Swiss Re’s ReAssure
4th January 2019
Specialist insurance firm Rothesay Life is reportedly planning a £3.5 billion acquisition of ReAssure, the UK arm of reinsurance giant Swiss Re, according to Sky News reports. Global reinsurer Swiss Re announced last year that it planned to explore a potential IPO of ReAssure in 2019, with the firm's Chief Executive ... Read the full article
POP Insurance, Allianz launch Fusion Specialty M&A
4th January 2019
Specialist insurance group POP Insurance Holdings Pty Ltd., in partnership with Allianz Global Corporate Specialty (AGCS), a division of Allianz Australia Insurance Limited, has announced the launch of Fusion Specialty M&A MGA (Fusion M&A). The new unit is already writing business, and is offering a full suite of transactional insurance solutions, ... Read the full article
KBRA stable on U.S life as industry approaches slowdown
4th January 2019
Kroll Bond Rating Agency (KBRA) has maintained a stable outlook for the U.S life re/insurance industry despite signs that the market may be approaching a slowdown in profitability. In recent years, KBRA suggested that the macroeconomic environment has generally been supportive of the U.S life industry, while rising rates have offset ... Read the full article
Insurers sue PG&E over California wildfire losses
4th January 2019
Several major insurance companies, including Allstate, State Farm, USAA and their subsidiaries, have filed lawsuits against energy supplier Pacific Gas & Electric Co. (PG&E) over damages related to the Camp Wildfire that devastated California’s Butte County in November. PG&E power lines have come under scrutiny as a potential cause for wildfire, ... Read the full article
DAC Beachcroft opens new Paris office for insurance and industrial risks
4th January 2019
Law firm DAC Beachcroft has opened a new office in Paris that will focus on both the global and domestic insurance and industrial risks sector. The office is DAC Beachcroft's first in France, and continues the expansion of the company's international presence. Partners Vladimir Rostan d'Ancezune and Christophe Wucher North have been appointed ... Read the full article
Freddie Mac closes first multifamily credit deal using new re/insurance pool
4th January 2019
The Federal Home Loan Mortgage Corporation (Freddie Mac) has closed the first deal under its newly-created Multifamily Credit Insurance Pool (MCIP), which provides reinsurance coverage for $915 million of multifamily mortgage loans. The U.S government-sponsored mortgage giant aims to use its new MCIP offering to transfer a percentage of the credit ... Read the full article
Maiden to exit AmTrust quota share agreement, returning $700mn
4th January 2019
Maiden Holdings has agreed to a partial termination amendment to its quota share agreement with AmTrust Financial Services, which will see it return approximately $700 million in gross unearned premium. The amendment enables Maiden to exit specific lines of business in the quota share agreement, including Small Commercial Business and U.S ... Read the full article
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