Reinsurance News
Premiums up but profits deteriorate for U.S. reinsurers in 2017: RAA
8th March 2018
A group of 18 U.S. property/casualty (P/C) reinsurance companies recorded a combined ratio of 108.2% in 2017, a deterioration from the 95.2% recorded in the previous year as a high level of catastrophe losses pushed up the group's loss ratio and resulted in a net underwriting loss, according to data ... Read the full article
New system promises flexibility for Italian life re/insurers: Fitch Ratings
8th March 2018
Fitch Ratings has predicted that closed-fund consolidation will become prominent in the Italian life re/insurance market following the implementation of a new profit-sharing system set to be launched by the Italian regulator later this year. The new system is expected to gradually reduce Italian life insurers and reinsurers sensitivity to interest ... Read the full article
UK pension scheme liabilities could be reduced by up to 1% with CMI 2017: Aon
8th March 2018
The new Continuous Mortality Investigation (CMI) model, CMI 2017, could reduce a pension scheme’s liabilities by between 0.5% and 1%, compared with the previous version of the model CMI 2016, according to Aon estimates. The 2017 CMI model is adjusted to include lower than expected levels of mortality improvement in England ... Read the full article
MassMutual International sells 85% of Japan operations to Nippon Life
8th March 2018
MassMutual International LLC, the international insurance holding company of Massachusetts Mutual Life Insurance Company, has announced a deal in which it will sell roughly 85.1% of its Japanese life insurance and wealth management affiliate to Nippon Life for US$935 million in cash. The transaction with Nippon Life, Japan’s largest life insurer, ... Read the full article
Willis Towers Watson appoints Belgium Corporate Risk & Broking Head
8th March 2018
Willis Towers Watson has named Edward Bonsel as Head of Corporate Risk & Broking (CRB) in the firm's Belgium branch. In his new role Bonsel will be in charge of all CRB activities in Belgium with a focus on contributing to industry-specific insights that support the CRB Business in Belgium in ... Read the full article
Global Risk Partners appoints Clive Nathan to CEO of MGA division
8th March 2018
Global Risk Partners (GRP) has appointed Clive Nathan as the new Chief Executive Officer (CEO) of the Group’s MGA division. He will join the business in April, 2018. Nathan will succeed Stephen Ross, Chief Operating Officer (COO) who will concentrate on the Group’s M&A activity as GRP expands its UK footprint ... Read the full article
Insurance Europe advocates more risk prevention and public-private cooperation
8th March 2018
Insurance Europe has published its response to the European Commission’s consultation on the European Union’s (EU) strategy for adapting to climate change, and has outlined several recommendations for improvement. Insurance Europe has expressed full support for the aims of the EU’s Adaptation Strategy, which was implemented in 2013 in an effort ... Read the full article
European insurers’ financial leverage levels increase in reversal of 8 year trend: Moody’s
8th March 2018
Favourable refinancing conditions have driven an increase in financial leverage levels of large European insurers to an average 25% in a reversal of the eight year de-leveraging trend that began in 2009, Moody's said in a recent market update. Financial leverage has been in decline from its 2008 peak of 32.8%, ... Read the full article
Hedge fund Re performance shows volatile, but potentially rewarding strategy
7th March 2018
The performance of hedge fund reinsurers continues to be impacted by the low interest rate environment and weak underwriting returns, and, the divergent performance of Third Point Re and Greenlight Re in 2017 underlines the volatility that exists when adopting a total-return strategy. Third Point Re delivered net income of $277.8 ... Read the full article
Langhorne Re appoints first CEO and COO
7th March 2018
Langhorne Holdings LLC, a start-up launched by major reinsurance firms Reinsurance Group of America (RGA) and RenaissanceRe (RenRe), has announced its first senior management appointments. Langhorne is a global reinsurer that targets in-force life and annuity business and leverages third-party capital as part of its backing, launched in January 2018 ... Read the full article
Chris Beazley to step down from role as London Market Group CEO
7th March 2018
The London Market Group (LMG) announced today that Chief Executive Officer (CEO) Chris Beazley will be stepping down this summer to return to MS Amlin as CEO of MS Amlin AG, subject to regulatory approval. Beazley joined the LMG, a market-wide body which speaks for market practitioners on growth and modernisation ... Read the full article
RMS announces launch of re/insurance industry’s first probabilistic cyber risk model
7th March 2018
Global catastrophe risk modeller RMS recently announced the launch of RMS Cyber Solutions Platform v3.0, the re/insurance industry's first probabilistic model for cyber loss. The new platform is RMS' third generation of its cyber model, and has been renamed to Cyber Solutions Platform 3.0 to reflect its expanded functionality. RMS announced the launch ... Read the full article
Metabiota & ARC launch “next frontier” programme for African epidemic cover & mitigation
7th March 2018
Epidemic risk modeller metabiota has started modelling work for an initiative with the African Risk Capacity (ARC) that aims to raise awareness of African countries' epidemic risk, coordinate contingency planning, and give governments financial resources to respond to first signs of a national epidemic. The programme creates an insurance trigger mechanism with ... Read the full article
Aon Benfield names new heads of Capital Advisory and Terrorism Specialty units
7th March 2018
Reinsurance broker Aon Benfield has announced the appointment of Eric Paire and Emma Karhan from Guy Carpenter, with the former set to lead its Capital Advisory unit, and the latter being named Head of Terrorism Specialty and Reinsurer Relationships in London. Reporting to Aon's Nick Frankland, UK Chief Executive Officer (CEO), Eric ... Read the full article
SCOR places $625mn deeply subordinated Tier 1 issuance
7th March 2018
SCOR has placed an innovative perpetual $625 million deeply subordinated Tier 1 notes issue on the Regulation S USD market, and announced plans to use the issuance proceeds for general corporate purposes. The placement was made in "highly favourable conditions", said SCOR, and is the first transaction for a restricted Tier 1 ... Read the full article
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