Reinsurance News
SoftBank said to be getting closer to Swiss Re deal
29th March 2018
Japanese technology conglomerate, telecommunications and investments giant SoftBank Group is said to closing in on the acquisition of a roughly 25% stake in reinsurance firm Swiss Re, according to a report. Bloomberg said that SoftBank founder Masayoshi Son is set to offer between 100 and 105 Swiss francs per share for ... Read the full article
Monument Re completes acquisition of ABN AMRO life run off vehicle
28th March 2018
Monument Re, a Bermuda Class E reinsurer that specialises in acquisitions of run-off, closed and asset-intensive insurers, has completed the acquisition of ABN AMRO Life Capital Belgium (AALCB) following receipt of regulatory approval by the National Bank of Belgium. AALCB has now been renamed Monument Assurance Belgium N.V. Manfred Maske, Group Chief ... Read the full article
Impact Forecasting develops South African hail catastrophe model
28th March 2018
Impact Forecasting, Aon Benfield’s catastrophe model development centre, has launched a new hail model for the South African re/insurance market in response to the growing frequency and severity of hail-related claims in the region. In South Africa, hail is a regular natural peril, and has been the main driver of catastrophe ... Read the full article
Bank of England assures Brexit implementation period will be stable
28th March 2018
The Bank of England (BoE) has welcomed the European Union’s (EU) decision to allow a Brexit implementation period, and has assured the re/insurance industry that it can plan to operate as normal during this time, although companies may need to seek authorisation subsequently. UK and EU governments last month agreed to ... Read the full article
85% of re/insurance CEOs concerned about pace of tech change: PwC
28th March 2018
PwC has reported that 85% of Chief Executive Officers (CEO) in the re/insurance industry have expressed concern over the pace of technological change, a higher proportion than leaders in almost any other industry. 100 re/insurance CEOs participated in PwC’s 21st Global CEO Survey, which revealed a generally positive outlook among industry ... Read the full article
Axa’s Buberl confident of proving XL deal was the right choice
28th March 2018
The Chief Executive Officer (CEO) of insurer Axa, Thomas Buberl, has told the Financial Times that when discussing the firm's takeover of insurer and reinsurer XL it was evident the market wouldn't respond positively, but that he remains confident of convincing investors. It was announced in early March that Axa ... Read the full article
Zurich to acquire Oak Underwriting from RSA Insurance
28th March 2018
Zurich UK has announced plans to acquire Oak Underwriting plc from RSA Insurance for an undisclosed consideration. The agreement is expected to transform Zurich’s scale in the high net-worth sector, providing its existing high net-worth proposition, Zurich Private Clients, with a broader distribution platform and enhanced regional presence. Zurich claims that the ... Read the full article
Sompo International completes A&A agricultural insurer acquisition
28th March 2018
Bermuda-based speciality re/insurer Sompo International has completed the acquisition of Italian agriculture insurer A&A. The acquisition supports the strategic objective of AgriSompo, Sompo International’s global agriculture platform, to deliver coordinated risk management solutions tailored to local needs across the agri-business market. Sompo plans to expand AgriSompo by leveraging the firm's extensive agriculture ... Read the full article
InsurTech may carry consumer protection risks for re/insurance industry
28th March 2018
Emerging technologies and innovative business models are already disrupting the re/insurance industry and bringing many advantages in terms of product design, risk assessment, cost, and efficiency, but InsurTech may also be increasing the risk of cyber-attacks and excluding lower income and higher risk consumers. InsurTech is generally considered to provide greater ... Read the full article
Lloyd’s Managing Agents survey finds worrying trends: Mazars
28th March 2018
In its annual Lloyd’s Coverholder Management Survey, global accounting and advisory firm Mazars has reported that Lloyd’s Managing Agents have increasingly widespread concerns about resources, conduct risk, and tech reliability, despite confidence in the new Lloyd’s Market Coverholder Audit Scope (LMCAS). Mazars’ report found that 55% of Lloyd’s Managing Agents are ... Read the full article
Markel hires Kara Owens from TransRe to lead global cyber
28th March 2018
Markel Corporation has named Kara Owens as Managing Director of its Global Cyber Executive, set to head up the firm's enterprise-wide cyber liability strategy and develop best practices for cyber re/insurance products in all Markel divisions with underwriting teams. In her new role, Owens will be based in New York and ... Read the full article
Brexit uncertainty and stiff market competition drive cautious sentiment: CBI/PwC
28th March 2018
Brexit uncertainty has led to cautious, flat sentiment amongst insurers as the industry braces for volatile trends in business and the broader economic landscape, according to the latest CBI/PwC financial services survey. However, the survey notes a continued emphasis on investment in technology and training of staff to drive innovation as ... Read the full article
Lloyd’s challenge for 2018: the pace of market wide adoption of tech upgrades
27th March 2018
In recognition of the challenges facing Lloyd's with an expense ratio that's been materially higher than that of its competitors, the market has taken seriously the need to adapt to remain relevant and has introduced a dual strategy of cost-cutting and investing in its technological future; the challenge for 2018 ... Read the full article
Head of U.S. mortgage insurers raises concerns over IMAGIN pilot
27th March 2018
The launch of the mortgage credit risk transfer program Integrated Mortgage Insurance, IMAGIN, has provoked a backlash statement from U.S. Mortgage Insurers (USMI) President and Executive Director, Lindsey Johnson, who voiced concerns over the programme's potential to bypass the mortgage insurance industry to purchase credit enhancement from what she calls less ... Read the full article
Investment gains mitigated U.S. life/health sector’s 2017 losses: A.M. Best
27th March 2018
A.M. Best has reported that a $7.9 billion improvement in net investment helped to ease the U.S. life/health industry’s income losses for year-end 2017, which dropped just 2.8% when compared with the previous year. The report’s data, which was collected from companies’ annual statutory statements, showed that investment income helped to ... Read the full article
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