Reinsurance News
Underwriting pressure drives negative 2018 outlook for London market: Fitch
6th April 2018
Fitch Ratings has reported a negative sector outlook for London market re/insurance in 2018, citing underwriting pressure from the high cost of business as a driving factor. High acquisition and administration costs have affected underwriting performance, and although expense ratios remain high at 40%, the trend is now broadly flat year-on-year ... Read the full article
UIB opens new retail broking business in Colombia
6th April 2018
UIB, an independent international re/insurance broker, has announced the launch of a new retail broking business in Colombia, called UIB Seguros. Yolanda Guerra has been appointed head of the new company, and will report directly to Tony Dilley, Chief Executive Officer (CEO) of UIB International. Dilley commented: “Colombia is a stable country ... Read the full article
Rising interest rates “excellent news for SCOR”: Francois de Varenne
6th April 2018
Commenting on the hike in interest rates since the start of 2018, Chief Executive Officer of SCOR global investments, Francois de Varenne, said it would be "excellent news" for SCOR if the current cycle of increasing interest rates continues. In SCOR's 2017 activity report Varenne noted that at 2.9% at the ... Read the full article
Adverse weather in March drives $3bn economic loss in the U.S: Aon Benfield
6th April 2018
According to reinsurance broker Aon Benfield's catastrophe risk modelling unit, Impact Forecasting, active weather events in March are expected to cost the U.S. economy $3 billion, with approximately $2 billion of this being assumed by insurers and reinsurers. Impact Forecasting has released its March 2018 Global Catastrophe Recap report, which states ... Read the full article
Third Point Re to shift focus from generating float to underwriting: CEO
5th April 2018
President and CEO of Third Point Re J. Robert Bredahl highlighted a shift in strategy from a focus on generating investment float to a focus on underwriting, as the reinsurer aims to increase profit share brought in through taking on more risk. He explained in the firm's 2017 Annual Report; "Our ... Read the full article
Hurricanes Harvey, Irma, and Maria cost re/insurers $80bn: Impact Forecasting
5th April 2018
Impact Forecasting, Aon Benfield’s catastrophe risk modeller, has collated the damage of Hurricanes Harvey, Irma, and Maria from the 2017 Atlantic Hurricane Season, and estimated that they caused a total of US $220 billion in economic damage, $80 billion of which was covered by public and private re/insurance entities. Hurricane Harvey ... Read the full article
Lloyd’s expands North African presence with Casablanca office
5th April 2018
Lloyd’s has established a new office in Morocco’s Casablanca Finance City (CFC), a North African economic and financial hub. The office will allow Lloyd’s to better provide tailored risk solutions to the North African market, and was officially inaugurated on 3 April 2018, with Salah El-Kadiri as its General Representative. Speaking at ... Read the full article
Florida Specialty rated after loss portfolio transfer and reinsurance with Sirius
5th April 2018
Florida Specialty Insurance Company has been assigned a Financial Stability Rating (FSR) of A, Exceptional, following the implementation of a new action plan that includes a loss portfolio transfer and reinsurance programme with Sirius America Insurance Company. The loss portfolio transfer applies to Florida Specialty’s net losses, while the reinsurance relates ... Read the full article
Dramatic shift in reinsurance M&A trends, says Willis Re CEO Kent
5th April 2018
In the company’s latest reinsurance renewals report, Willis Re’s Chief Executive Officer (CEO), James Kent, observed a dynamic change in reinsurance mergers and acquisitions (M&A) activity as large primary carriers re-enter the reinsurance market. He suggested that new distribution models are causing the greatest disruption to major non-life primary companies with ... Read the full article
Downstream energy sector suffers worst loss in ten years: Willis Towers Watson
5th April 2018
In its Energy Market Review 2018, Willis Towers Watson reported that last year the downstream energy sector suffered its worst loss record for almost a decade, although it maintains the broader energy insurance market remains stable due to the abundant availability of re/insurance capital. The Downstream energy sector suffered losses of ... Read the full article
TMK promotes Dugand to Managing Director for Asia
5th April 2018
Tokio Marine Kiln (TMK) has announced that Alex Dugand has been promoted to Regional Managing Director of TMK’s Asian operations in Hong Kong, Singapore, and China. He will now oversee TMK’s business in these regions, and Kin Lau and Susanna Quek, country heads of Hong Kong and Singapore, will report to ... Read the full article
Investment gains help U.S. life & health sector offset income deterioration: A.M. Best
5th April 2018
The U.S. life and health (L&H) industry saw its income result declined by 2.8% in 2017 from the prior year, however, a $7.9 billion improvement in net investment income served to offset much of the decline, according to A.M. Best. A.M. Best detailed the sector's preliminary financial results in a recent report, ... Read the full article
Cunningham Lindsey launches EFI Global consulting services in the UK
5th April 2018
International claims management and loss adjusting company, Cunningham Lindsey, has announced the launch of its Environmental, Engineering, Fire and Specialty (EFI Global) consulting services in the UK, which will operate as a standalone consultancy. The new EFI Global consulting services offers full-service environmental, engineering, fire investigation and failure analysis to both ... Read the full article
Kuvare finalises purchase of United Life Insurance
5th April 2018
Kuvare U.S Holdings, Inc. has announced the completion of its acquisition of United Life Insurance Company, a prominent U.S life re/insurer and subsidiary of United Fire Group (UFG). The acquisition brings the value of Kuvare’s consolidated assets to $3.7 billion, and the company will also benefit from United Life’s complete line ... Read the full article
Specialty re/insurers explore avenues into energy sector cyber cover
5th April 2018
Growing cyber threats to the U.S. power grid have led specialty re/insurers in the energy/utility sector to explore avenues to leverage their industry knowledge into areas of profitable - but conservative and controlled - growth in cyber, according to A.M. Best. For the utility sector the threat of cyber attacks has ... Read the full article
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