Reinsurance News
Former BMS head launches reinsurance MGA Aurous Risk Partners
16th October 2018
Carl Beardmore, former head of BMS Group, has launched a new managing general agency (MGA) called Aurous Risk Partners that aims to improve the way reinsurance transactions are captured, delivered and processed. Aurous Risk Partners is a joint venture between OneAdvent and Aurous’ management team that will focus initially on international ... Read the full article
Progressive anticipating $120mn hit from Hurricane Michael
16th October 2018
Insurance group The Progressive Corporation has said that it currently expects to incur losses of approximately $120 million from Hurricane Michael, which hit Florida last week as a Category 4 hurricane. This estimate consists of $60 million in losses for Progressive’s vehicle business and $60 million for its property business, ... Read the full article
Underwriting losses continue for U.S Medical Professional Liability: Fitch
16th October 2018
The U.S Medical Professional Liability Insurance (MPLI) sector has experienced underwriting losses for a second consecutive year, posting a combined ratio of 102% in both 2016 and 2017, according to a new report by Fitch Ratings. Calendar-year results in MPLI continue to benefit from favourable loss reserve development, which averaged 20% ... Read the full article
Stonybrook creates new Ventures Division, led by Sandra Familet
16th October 2018
Stonybrook Capital, an insurance sector-focused merchant and investment banking firm, has established a new Ventures Division and appointed Sandra Familet to lead it. The division will aim to combine Stonybrook’s various investment fund initiatives under a single umbrella, bringing a more focused and coordinated approach to this area, the company said. Familet ... Read the full article
Smaller Q3 catastrophes will add up to “sizeable” losses: KBW
16th October 2018
Catastrophe losses for property and casualty (P&C) re/insurers over the third quarter of 2018 will drop dramatically year-on-year, but the large number of smaller events over this period will still produce sizeable losses, according to analysts at Keefe, Bruyette & Woods (KBW). KBW estimates that global insured catastrophe losses for Q3 ... Read the full article
Softbank still targeting reinsurance tie-ups
16th October 2018
Japanese technology & telecoms investor & conglomerate SoftBank will continue to target tie-ups with unspecified reinsurance players in order to accelerate digital upheaval in the re/insurance industry, David Thevenon, a dealmaker at SoftBank’s Vision Fund, has told Reuters. In May, SoftBank’s efforts to take as much as a 25% stake ... Read the full article
Allianz subsidiary in contingent BI agreement with Just Energy Group
16th October 2018
Interstate Fire & Casualty Company (IFCC), a subsidiary of Allianz Global Corporate & Specialty SE (AGCS), has entered into a multi-year contingent business interruption insurance agreement with Just Energy Group Inc. Just Energy Group, a consumer company that specialises in electricity and natural gas commodities, energy efficient solutions and renewable energy options, ... Read the full article
P&C net income more than doubles to $34bn: ISO
16th October 2018
U.S property and casualty insurers have seen their post-tax net income more than double to $34 billion in first half 2018, thanks in part to lower catastrophe losses, growing premiums, and an increase in investment income, according to a report from ISO, a Verisk Analytics business. Meanwhile, losses and loss adjustment ... Read the full article
Liberty adds cyber underwriter to Zurich office
16th October 2018
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has appointed Roland Heinesch to serve in a newly-created cyber underwriter role in its Zurich office. Reporting to Felix Böni, Switzerland General Manager, Heinesch will be responsible for the development of LSM’s cyber book in the region. Prior to joining Liberty in ... Read the full article
Michael will not meaningfully impact reinsurance pricing: J.P. Morgan
16th October 2018
Analysts at J.P. Morgan have claimed that even a loss towards the upper end of the range of initial insured loss estimates for Hurricane Michael would be manageable for the property and casualty (P&C) industry and unlikely to meaningfully affect reinsurance prices. Catastrophe modellers currently put the range of insured losses ... Read the full article
Victor appoints Eric Solash as Head of Capital Markets
16th October 2018
Victor Insurance Holdings, the managing general underwriter previously known as The Schinnerer Group, has announced the appointment of Eric Solash to the newly created position of Global Head of Capital Markets. In this role, Solash will be responsible for developing Victor’s capital markets strategies globally across all classes of property ... Read the full article
José Manuel Fonseca appointed Chairman of Brokerslink
16th October 2018
Global broking business Brokerslink has appointed José Manuel Fonseca to replace Grégory Allard as chairman, who steps down after a two-year tenure. One of Brokerslink's original founders, Fonseca has overseen the successful transformation of the business from global network to international broker. He is also the Chief Executive Officer of MDS Group and ... Read the full article
Satellite imagery hastening Florence and Michael claims payments
16th October 2018
Aided by the London Market Association's satellite imagery and intelligence service, Lloyd’s managing agents have started the process of assessing and paying claims to policyholders affected by hurricanes Florence and Michael. The service, which was introduced last year and is now used by all Lloyd’s managing agents, utilises detailed satellite imagery ... Read the full article
Cincinnati Financial announces $120m Q3 cat losses
16th October 2018
Cincinnati Financial Corporation has today announced that its property and casualty business expects its Q3 results to include pre-tax catastrophe losses of approximately $120 million, representing an impact on the Q3 2018 combined ratio of approximately 9.5% to 10%, based on estimated P&C earned premiums. The company's 10‑year historical average contribution ... Read the full article
Talanx warns of profit hit from industrial property claims
16th October 2018
Large and frequency losses across its industrial property insurance portfolio are set to drive Hannover Re's parent Talanx Group to a negative third-quarter in that division, the company said yesterday. Talanx has pre-warned of these losses ahead of its November results statement, in order to alert the market to the negative ... Read the full article
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