Reinsurance News
ClimateWise calls for proactive response as 2017 climate risk losses soar
28th November 2017
A global network of 28 insurance industry organisations, ClimateWise, has called for firms to step up proactive efforts to close the insurance protection gap as climate risk exposure continues to grow, with 2017 on track to become one of the most expensive years to date for climate-related natural disasters. ClimateWise ... Read the full article
Chubb partners with Chinese insurance giant PICC
28th November 2017
Chubb has entered into a strategic cooperation agreement with China's largest property and casualty insurer, PICC Property & Casualty Company. The agreement enables PICC to leverage Chubb's global capabilities and is in line with the Chinese government's drive to promote international expansion and cooperation to support its "One Belt Road" initiative. "For ... Read the full article
Price improvements may not relieve pressure on London market: Fitch
27th November 2017
Fitch Ratings maintains an overall negative outlook for the London Market Insurance sector in 2018, although a pricing upswing in loss-affected lines is on the cards. Any increase in pricing isn’t expected to be significant enough to outweigh market pressures, with high expenses and lower reserve releases weighing on London Market ... Read the full article
If cyber insurance were bigger, 2017 would really hurt
27th November 2017
As the market for cyber insurance grows the amount of exposure in the re/insurance industry is increasing, so reinsurance companies are also finding their portfolios more exposed making the ability to hedge that exposure vital, according to Tom Johansmeyer, Assistant Vice President, PCS Strategy & Development at ISO. While you were ... Read the full article
Heritage approved for Narragansett Bay Insurance acquisition
27th November 2017
Heritage Insurance Holdings, Inc. said today that it has received regulatory approval to proceed with its acquisition of NBIC Holdings, Inc., the parent company of Narragansett Bay Insurance Company. Heritage announced its intention to acquire the parent of Narragansett Bay Insurance in August 2017, saying that it had offered $250 ... Read the full article
Very interesting year ahead after industry “wake up call” says Kurt Karl, Swiss Re
27th November 2017
The recent, devastating impacts of third-quarter catastrophe events and the California wildfires serve as a wake up call to the insurance and reinsurance industry, with 2018 expected to be a very interesting year for the marketplace, according to Swiss Re's Chief Economist, Kurt Karl. In an interview with Reinsurance News, Karl ... Read the full article
Ascot Group launches Ascot Re with $1 billion seed capital
27th November 2017
Ascot Group has launched reinsurance division Ascot Re, with a $1 billion seed capital injection, after receiving approval from the Bermuda Monetary Authority (BMA). The reinsurer has an "A" rating by A.M. Best reflecting the strength of its $1 billion capital base, Ascot's performance, and its access to long-term funding through ... Read the full article
UK & Ireland Hurricane Ophelia insured property market losses at EUR 60mn
27th November 2017
PERILS has released a EUR 60 million loss estimate for the UK and Ireland insured property market from the remnants of Hurricane Ophelia, which struck mid-October after trailing the U.S. East Coast. Ireland was hardest hit by the storm, incurring a market loss of EUR 49 million, while this figure came ... Read the full article
Fitch sets negative 2018 outlook for UK non-life company market insurance
27th November 2017
Fitch's outlook for UK non-life company market insurance in 2018 is negative as competition heats up with the growing use of price comparison websites, or "aggregators" pressurising insurers' motor and household insurance earnings. This is combined with the impact of new renewal transparency rules which could "add further pressure on margins ... Read the full article
Brit launches specialty platform Scion, hires Scott Brock as President
27th November 2017
Brit Group has named Scott Brock, who joins from Advocate Reinsurance Partners, as President of newly formed specialty platform Scion Underwriting Managers. Brock will be responsible for managing the specialty platform - which will partner with Brit, other markets, and third party capital to support the insurance needs of select industries. Matthew ... Read the full article
Allianz seeks 100% ownership of Euler Hermes
27th November 2017
Insurance giant Allianz has made an offer to acquire the remaining shares of trade-credit insurer Euler Hermes, as it seeks to take control of the company. Allianz has already secured the purchase of an additional 11.34% of Euler Hermes share capital, taking its ownership to 74.34% of Euler Hermes share capital ... Read the full article
Slovene reinsurer Sava Re reveals ambitious growth-plan
27th November 2017
One of Southeast Europe's largest insurance groups, Sava Re, has revealed ambitious plans to strengthen its position in the Western Balkan markets and expand internationally while transforming its internal processes with digitalisation throughout 2017-2019. The carrier said it would increase its allocation to investment property and infrastructure projects in the near-term ... Read the full article
Munich Re’s Ergo to launch industrial insurance unit
24th November 2017
German insurer Ergo, a division of global reinsurer Munich Re, has revealed plans to launch a new industrial insurance unit as part of its restructuring and has also announced changes to management. Mathias Scheuber will become head of the group’s subsidiary Ergo Versicherung AG, replacing Markus Hoffmann who will remain in ... Read the full article
Epsilon appoints Tim Curling to head up accident & health division
24th November 2017
Epsilon Underwriting Agency has created a new accident and health division to be led by former Beazley Australia accident and health underwriter Tim Curling, who joins with immediate effect. Curling is an industry veteran with over 16 years in accident and health business in Australia, including senior underwriting roles at SRS Underwriting ... Read the full article
SMEs remain underprepared as cyber threat grows
24th November 2017
Small-medium sized enterprises (SMEs) remain particularly vulnerable to cyber attacks, with just half of SMEs surveyed by Argo Group having purchased protection despite the drastically rising threat of cyber crime. Nearly two-thirds of SMEs surveyed have already been victims of a cyber incident, but the majority of firms remain underprepared with ... Read the full article
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