Reinsurance News
UN partners with 16 global re/insurers to develop climate risk assessment tools
16th November 2018
The UN Environment's Finance Initiative (UNEP FI) has announced a partnership with a group of 16 large, global insurers and reinsurers, to develop a new generation of risk assessment tools that enable the risk transfer industry to better understand the impacts of climate change on their business. The 16 companies represent ... Read the full article
Allianz Life forms start-up accelerator with Securian Financial and gener8tor
16th November 2018
Allianz Life Ventures, part of Allianz Life Insurance Company of North America, has partnered with Securian Financial and start-up accelerator gener8tor to form the OnRamp Insurance Accelerator program, which will invest in new tech start-ups in the re/insurance industry. Based in Minneapolis, the initiative will provide a cash investment of $100,000, ... Read the full article
Chubb management highlights adverse large loss trend in homeowners
16th November 2018
Management at global insurer and reinsurer Chubb have highlighted an adverse large loss trend in homeowners business, and the firm is taking underwriting actions and rate increases to offset the impacts. Chubb recently announced its financial results for the third-quarter of 2018, which revealed catastrophe losses of $450 million and ... Read the full article
Helios to acquire Advantage DCP for up to £1.9mn
16th November 2018
Helios Underwriting plc has revealed plans to acquire Advantage DCP Limited, a limited liability member of Lloyd’s, for a consideration of up to £1.91 million. This consideration could be reduced to £1.66 million dependent on the deterioration of the current 2017 midpoint forecast for Advantage and the final result of that ... Read the full article
Current M&A trends benefit mid-sized players like CCR Re, says CEO Labilloy
15th November 2018
Current mergers and acquisitions (M&A) trends in the re/insurance industry are creating more space for pure reinsurers and medium players like CCR Re to offer improved services to clients, according to Bertrand Labilloy, Chief Executive Officer (CEO) of CCR, the state-back French reinsurer. Speaking in an interview with Reinsurance News, Labilloy ... Read the full article
Willis Towers Watson welcomes IFRS 17 delay
15th November 2018
Global insurance and reinsurance broker Willis Towers Watson welcomes this week’s decision by the International Accounting Standards Board (IASB) to introduce a one-year deferral of the mandatory effective date for the International Financial Reporting Standards (IFRS17) to 1 January 2022. The new accounting standard had originally been planned for 1 ... Read the full article
Gallagher Bassett appoints Gordon Vater as Business Development Director
15th November 2018
Gallagher Bassett UK has appointed Gordon Vater Business Development Director and a member of the executive board. Vater joins from RiiG Ltd with immediate effect and in his new role will be responsible for enhancing and delivering claims consultancy, insource and training capabilities to corporate and carrier markets. He will be supported ... Read the full article
PartnerRe hit by Q3 cats, but non-life segment on track year-to-date
15th November 2018
Bermuda-based reinsurer PartnerRe Ltd. has reported a net loss of $106 million for the third-quarter of 2018, driven by pre-tax catastrophe losses of $120 million. At the same time, the company's non-life segment fell to an underwriting loss in the quarter, although, for the first nine months of the year, ... Read the full article
Hiscox strengthens reinsurance & ILS division with new appointments
15th November 2018
Specialist re/insurance firm Hiscox has announced the appointments of three new individuals within Hiscox Re & ILS. Mike Schindel, who has been with Hiscox since 2009, has been appointed Head of North America. He succeeds Ross Nottingham, who was promoted to Chair of North America in August. Schindel will commence his new ... Read the full article
Allstate takes $202mn cat losses in October, $136mn driven by Michael
15th November 2018
Allstate Corporation, one of the largest primary insurers in the U.S, has estimated that it will incur $202 million of catastrophe losses for the month of October 2018, $136 million of which were caused by Hurricane Michael. This estimate follows catastrophe losses of $177 million for the month of September ... Read the full article
Swiss Re backs 35MW Solar Revenue Put by kWh Analytics
15th November 2018
Swiss Re Corporate Solutions, the commercial insurance arm of global reinsurer Swiss Re, is to provide risk capacity for a 35MW Solar Revenue Put structured by solar risk management provider kWh Analytics. The deal relates to a portfolio of 4,000 projects located in the Northeast U.S. that are being developed and ... Read the full article
Everest Insurance expands Private Company unit with new hires
15th November 2018
Everest Insurance, a division of global reinsurer Everest Re Group, has appointed four new members to the Everest Specialty Underwriters Private Company/Not-for-Profit group, which focuses on providing management liability insurance solutions to private companies and not-for-profit organisations. The appointments include Meredith Dyak, who joins Everest from OneBeacon Insurance Group, where she ... Read the full article
Theresa May’s Brexit plan draws mixed reaction, market access still a concern
15th November 2018
Theresa May’s draft EU withdrawal agreement has drawn a mixed reaction from players in the broking and insurance sectors, with the matter of equivalence continuing to stir uncertainty and perpetuate passporting concerns for intermediaries. Christopher Croft, Chief Executive Officer of LIIBA said today in a statement that, while it is encouraging ... Read the full article
China Re Life approved to issue capital bonds up to $720mn
15th November 2018
China Re has announced that its subsidiary, China Life Reinsurance Company Ltd. (China Re Life), has been approved to publicly issue 10-year redeemable capital supplementary bonds with a size of up to RMB 5 billion (US $720 million). The life reinsurer will be able to issue the bonds in the National ... Read the full article
Sompo to consider applying BitPesa’s tech in the insurance industry
15th November 2018
Sompo Holdings Corporation has announced a new partnership with pan-African digital payment platform BTC Africa (BitPesa), a move that will extend Sompo's presence in the global remittance services market, with a view to potentially using BitPesa's technology within the insurance sector. BitPesa is an African bitcoin start-up firm that was established ... Read the full article
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