Reinsurance News
Berkshire Hathaway Specialty may expand product offerings from Dubai office
27th December 2018
The insurance arm of Warren Buffett’s global insurance and reinsurance company, Berkshire Hathaway Specialty Insurance Company (BHSI), is sizing up an expansion of products on offer from its Dubai office, as confidence continues on the growth of the surrounding regions, according to a company official. The company announced earlier this year ... Read the full article
Nexus completes acquisition of Hiscox Global Flying
27th December 2018
Specialty Managing General Agent (MGA) Nexus Group has completed the acquisition of Hiscox Global Flying (HGF) via an asset purchase into Millstream Underwriting Limited, a Nexus Group company that specialises in Accident & Health and Travel insurance. HGF, which was bought by Hiscox in 2006, has provided insurance for aviation professionals ... Read the full article
Marsh establishes China office in Dubai: reports
27th December 2018
Global re/insurance broker Marsh has established a China desk in Dubai in order to benefit from the growing commercial links between China, the Middle East and Africa, according to reports by Reuters. Marsh is the latest multinational to make such a move in Dubai, which is benefiting from a regional business ... Read the full article
Insurance claims may reach $1.1bn following Indonesia tsunami
27th December 2018
Insurers may have to pay out as much as $1.1 billion in claims following the devastating tsunami which hit the Lampung and Banten provinces of Indonesia last week, according to insurance firms PT Maskapai Reasuransi Indonesia (REI) and PT Asuransi Maipark Indonesia. The two companies have estimated a minimum of 191 ... Read the full article
Ongoing competition to impact profits in London non-life sector: Fitch
27th December 2018
The profitability of companies in the London, UK non-life re/insurance sector will continue to come under pressure throughout 2019 as intense competition erodes margins, according to Fitch Ratings. Fitch said its outlook for the sector would remain negative in light of a number of ongoing challenges, including regulatory scrutiny, high expense ... Read the full article
Pension reinsurance market growing at fastest pace in years: Prudential’s Kessler
27th December 2018
The pension de-risking market is growing at its fastest pace in years, in part because such activity has become more affordable than at any point in the last decade, according to the Head of Longevity Risk Transfer at Prudential Financial Amy Kessler. Providing an outlook for the longevity reinsurance market over ... Read the full article
U.S Congress extends NFIP funding by five months
24th December 2018
U.S Congress has approved a short-term extension for the government-backed National Flood Insurance Program (NFIP) for the tenth time in 15 months, authorising it until 31 May 2019. It’s been a busy 2018 for the NFIP; hurricane Michael, which tore into the Florida Panhandle with high-end category four wind speeds ... Read the full article
TowerBrook Capital acquires Orchid Underwriters Agency
24th December 2018
International investment management firm TowerBrook Capital Partners has announced the acquisition of Orchid Underwriters Agency, a specialty underwriter of catastrophe-exposed property insurance, from private equity firm Gryphon Investors. Orchid provides proprietary insurance solutions for “hard-to-place” risks to a growing, national network of retail agents and other strategic distribution partners. Orchid President and ... Read the full article
Reinsurers speculate over nature of Marriott cyber loss: Johansmeyer, PCS
24th December 2018
Following the major cyber attack and resulting data breach of one of the Marriott hotel chain’s reservation systems, Reinsurance News spoke with the Co-Head of Property Claim Services (PCS), Tom Johansmeyer, about the nature of the event and expected industry loss. The breach, announced on November 30th, led the insurance ... Read the full article
Swiss Re to provide KFH Takaful with reinsurance
24th December 2018
Swiss Re has signed an agreement to provide reinsurance throughout 2019 to KFH Takaful, a global provider of Islamic banking services. The takaful market, which is the Islamic alternative to insurance, attracted gross premium contributions of $14.9 billion in 2015, and is estimated to have attracted over $20 billion in 2017. KFH ... Read the full article
Sun Life invests in Hong Kong’s first virtual insurer
24th December 2018
Sun Life Hong Kong, part of the Canadian financial services and life insurance company Sun Life Financial, has announced an investment in Bowtie Life Insurance Company, the first virtual insurer approved under the Fast Track of the Insurance Authority in Hong Kong. Sun Life says the investment will further solidify its’ ... Read the full article
Bermuda dominates global alternative capital market with 58% share: BMA
24th December 2018
With alternative capital showing sustained steady growth within the global reinsurance market, Bermuda’s share of total capacity was $51.9 billion, or approximately 58%, according to a report by The Bermuda Monetary Authority. As a whole, industry estimates placed alternative capital at approximately $89 billion, or about 15% of overall global reinsurance ... Read the full article
Hardening rates expected as industry losses exceed 20 year average: Barclays
24th December 2018
Reinsurers look set to shoulder another quarter of “extraordinary” natural catastrophe losses following increases in industry estimates for the California wildfires and hurricane Michael, leading to hardening rates in 2019, according to analysts at Barclays. They expect a 1-3% increase for large players and believe this year’s industry losses may reach ... Read the full article
Take part in our 2019 renewal and outlook survey
21st December 2018
Following the success of our global reinsurance market survey published in September, which received hundreds of responses from identifiable market participants, Reinsurance News along with our sister site Artemis is seeking views on the reinsurance market as we move into 2019. With this survey, we are aiming ... Read the full article
Cyber risk biggest threat to European business as attacks surge: WEF
21st December 2018
The World Economic Forum (WEF) has identified cyber risk as the biggest threat to doing business in Europe following a survey that revealed a surge in cyber attacks over the first half of 2018. Estimates suggest that the number of cyber attacks across Europe increased by around a third in 2018. The ... 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.
