Reinsurance News
Munich Re’s full-year profit guidance likely conservative, say analysts
3rd May 2018
Following Munich Re's recent announcement that it expects to record over €800 million in profits for the first-quarter of 2018, analysts at J.P. Morgan say this supports their belief the reinsurer will likely beat its full-year profit guidance for 2018, and through to 2020. For the full-year 2018 Munich Re is ... Read the full article
Swiss Re talks on SoftBank investment said stalled
2nd May 2018
Talks between reinsurance firm Swiss Re and Japanese technology conglomerate giant SoftBank over a potential investment stake in the reinsurer are said to have stalled, with price, the size of the stake and level of control said to be sticking points. Bloomberg said its sources told the news ... Read the full article
Growing cyber market presents both opportunities and risks, reports PwC
2nd May 2018
PwC has reported that although cyber re/insurance remains a rapidly growing, fertile sector for re/insurers, there are also significant risks and downside potential to writing this business, such as limitations in historical data and uncertainties in accumulation risk. Companies are becoming increasingly aware of potential cyber threats and associated risk mitigation ... Read the full article
LSM introduces Intellectual Property cover for business contracts
2nd May 2018
Liberty Specialty Markets (LSM), a branch of Liberty Mutual Insurance, has developed a new global product that aims to streamline contract negotiations between businesses by covering Intellectual Property (IP) infringement risks. LSM’s new Intellectual Property Contractual Liability Insurance is designed to provide a solution to IP indemnification issues that could potentially ... Read the full article
ARPC prepares for fifth triennial Terrorism Insurance Act review
2nd May 2018
The Australian Reinsurance Pool Corporation (ARPC), a government-backed terror risk reinsurance venture, is preparing for any changes that may be proposed by the Australian Treasury’s 2018 Triennial Review of its Terrorism Insurance Act 2003 (TI Act). The TI Act requires that a review be conducted at least once every three years ... Read the full article
AXIS CEO notes subdued reinsurance market as primary growth continues
2nd May 2018
Albert Benchimol, the President and Chief Executive Officer (CEO) of Bermuda domiciled insurer and reinsurer, AXIS Capital Holdings Limited, remains cautiously positive on the outlook for the sector and believes the market is "simply too stressed to give up any more pricing." Commenting on both insurance and reinsurance rate movements during ... Read the full article
Changing terror risk landscape pressures re/insurers to broaden appetites: JLT
2nd May 2018
The emergence of new terror-related risks continues to drive an increasingly complex and diverse terror risk landscape, adding pressure to insurers and reinsurers to develop new solutions and adopt new approaches to tackle the threat, according to insurance and reinsurance broker JLT. JLT has launched a new Viewpoint Report, which explores ... Read the full article
Beazley and Weather Decision collaborate to automate claims payment
2nd May 2018
Beazley, a specialist re/insurer and provider of weather-related coverage for event organisers, has partnered with Weather Decision Technologies (WDT) to automate the payment of claims under its Beazley Weather Guard policy. The collaboration will allow Beazley to offer a digitised, personalisable policy that automatically pays policyholders based on the occurrence of ... Read the full article
Protective completes $1.2bn reinsurance deal with Liberty Life
2nd May 2018
Protective Life Corporation, a wholly owned U.S subsidiary of Dai-ichi Life Holdings, Inc., has announced that it has successfully completed the acquisition of all the individual life and annuity business of Liberty Life Assurance Company of Boston (Liberty Life) in a reinsurance deal valued at $1.2 billion. Protective entered the ... Read the full article
Swiss Re expands Africa remit, approved for P&C business
2nd May 2018
Global reinsurer Swiss Re has announced that its reinsurance business unit has received approval from the South African Prudential Authority to expand the license of its existing subsidiary to include property & casualty (P&C) business. The approval enables Swiss Re ... Read the full article
Harsh winter and severe flu outbreak hits life reinsurer RGA in Q1
2nd May 2018
U.S. domiciled life reinsurer, Reinsurance Group of America (RGA) saw its net income fall by 31% to $100.2 million in the first-quarter of 2018, driven in part by fairly adverse mortality experience within its traditional U.S. and Latin America segment as a result of the bad flu season and particularly ... Read the full article
Beazley partners with Risk Cooperative and Bitfury on blockchain registry
2nd May 2018
Beazley has partnered with Lloyd’s coverholder Risk Cooperative and blockchain technology company Bitfury to develop a blockchain-based risk registry for crisis re/insurance and risk management. The blockchain based-system aims to provide a single source of accurate, real-time information on a policy so that re/insurers and service providers can react more quickly ... Read the full article
John Parry to depart Lloyd’s in 2019
1st May 2018
Lloyd's of London has announced today that the re/insurance market's Chief Financial Officer John Parry is set to leave the Corporation, after 17 years. Parry became Chief Financial Officer of Lloyd's in December 2014 and sits on both the Lloyd’s Board and Executive Committee. As CFO, he has been responsible for financial ... Read the full article
U.S Risk launches risk purchasing group for Lawyers Professional Liability
1st May 2018
U.S Risk Underwriters, a member of U.S Risk Insurance Group, has announced the launch of a new risk purchasing group to underwrite Lawyers Professional Liability. The new risk purchasing group, called U.S Risk Lawyers Advantage RPG, was created to provide an underwriting platform for firms of up to 25 lawyers. Randall Goss, ... Read the full article
Zurich’s reinsurance unit advised to use an internal model
1st May 2018
Zurich Reinsurance Company Ltd (ZRe), the reinsurance arm of global insurer Zurich, has been advised by the Swiss Financial Market Supervisory Authority (FINMA) that it must use an internal model over the standard model, prompting the reinsurer to apply for approval. According to a section on the Swiss solvency test (SST) within ... Read the full article
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