Reinsurance News
Pacific Catastrophe Risk Insurance Company increases reinsurance by 19%
22nd November 2017
The Pacific Catastrophe Risk Insurance Company (PCRIC) secured increased reinsurance coverage of $45 million for the 2017-2018 cyclone season, providing five participating Pacific Island Countries (PICs) with parametric insurance protection for climate and seismic risks. In its sixth season, the PCRIC has secured protection of $45 million for the Cook Islands, ... Read the full article
AGCS expands in China & Indonesia
22nd November 2017
Allianz Global Corporate & Specialty (AGCS), a division of global insurer and reinsurer Allianz, has expanded its presence in China and Indonesia as it looks to take advantage of opportunities from growing regional insurance markets. AGCS has announced that it's started operations in Beijing, China, as a division of Allianz China's ... Read the full article
Initial loss estimates for Iran earthquake at $641 million
22nd November 2017
Early estimations for economic losses from the 7.3 magnitude Iran earthquake that killed over 500 people and injured thousands put total losses at $641 million, according to the Kermanshah Province vice governor, Mojtaba Nik-Kerdar. The financial tribune quoted Mojtaba Nik-Kerdar's estimate of $197 million of losses attributed to ... Read the full article
Starr Companies enters into aviation insurance agreement with SMARTT MGA
22nd November 2017
Starr Companies has announced a new partnership with SMARTT MGA, that sees the latter act as Agent for Starr International (Europe) Limited, providing both automated quotes and policy documentation for light general aviation business. Jim Herbert, Chief Underwriting Officer (CUO), Aviation, said; "We have built a close and fruitful relationship with ... Read the full article
As re/insurers search for yield, risk to credit quality rises: Moody’s
22nd November 2017
Rating agency Moody's Investors Service has commented on regulator EIOPA's findings that insurers and reinsurers are searching for yield in their investment portfolios, but notes that this increases the risk to credit quality. A survey by the European Insurance and Occupational Pensions Authority (EIOPA) found that in recent years re/insurers have ... Read the full article
Claes Lindh to step down from Skuld’s exec management team
22nd November 2017
Provider of marine insurance solutions, Skuld, has announced that Claes Lindh will stand down from the company after ten years of service, effective January 1st, 2018. Lindh, a member of the firm's executive management team, formally steps down at the beginning of January, 2018, but will continue to work on a ... Read the full article
Brexit uncertainty sees North P&I & Sunderland Marine launch Irish insurer
22nd November 2017
North P&I Club and its subsidiary Sunderland Marine have announced plans to establish a subsidiary insurance company in Ireland to ensure passporting rights following the UK's vote to leave the European Union (EU). In a statement, North P&I and Sunderland Marine underlined their reliance on EU passporting rights to insure risks ... Read the full article
State National to provide admitted paper for Canopius
22nd November 2017
Global specialty insurance and reinsurance firm Canopius has signed up with program fronting specialist and Markel subsidiary State National Group, so that it can underwrite specified lines of insurance on admitted paper across the United States. With State National fronting for Canopius, the re/insurer will now be able to offer clients ... Read the full article
Bermuda reinsurers pay out $209bn to U.S. customers since 1997
22nd November 2017
Reinsurers in Bermuda have paid out a stunning $209 billion in losses to U.S. customers since 1997, including around $31 billion for losses from the recent hurricanes, according to data collected by the Bermuda Monetary Authority (BMA). The figure of $208.7 billion paid out to U.S. policyholders and cedants for losses ... Read the full article
Ogden rate Whiplash reforms will reverse UK insurers’ losses
22nd November 2017
After profitability for UK motor insurers was hard hit by the sudden drop in the Ogden discount rate for personal injury claims, the industry is expected to make a recovery with profits moving to break even before strengthening to a strong increase in 2018 following the Whiplash reforms, according to ... Read the full article
Emerging markets to drive re/insurance premium growth over next two years: Swiss Re
22nd November 2017
Global reinsurer Swiss Re is expecting non-life premiums to grow by at least 3% annually over the next two years and life premiums to grow by 4%, with the majority being driven by emerging markets. The reinsurance giant has said that an improved economic outlook is expected to fuel demand for ... Read the full article
Reinsurers should prepare for flood risk market without NFIP in its current form
22nd November 2017
The tens of thousands of homes in the U.S.'s fourth-largest city of Houston that were semi-submerged by Harvey floods highlighted the lack of take-up for flood risk and with the NFIP on shaky grounds with no viable reauthorization bill ready for bipartisan support, industry experts believe its time for the global ... Read the full article
Jerome Jean Haegeli to replace Kurt Karl as Swiss Re’s Chief Economist
21st November 2017
Global reinsurance giant Swiss Re has announced that Jerome Jean Haegeli will replace Kurt Karl as Group Chief Economist at the Swiss Re Institute, effective January 1st, 2018. Karl is retiring at the end of 2017 after 17 years with Swiss Re, which includes six years as Group Chief Economist. Karl discussed ... Read the full article
No new global systemically important insurers (G-SIIs) for 2017: FSB
21st November 2017
The Financial Stability Board (FSB) has decided not to publish a new list of globally systemically important insurers (G-SIIs) for 2017, saying that it welcomes work being undertaken to develop an Activities-Based Approach to systemic risk. The decision not to publish any update to the G-SII list has been taken ... Read the full article
Michael Crowley to retire from Markel Corporation
21st November 2017
Markel Corporation has announced that long-standing Vice Chairman, Michael Crowley, is set to retire on December 31st, 2017 and is to transition to a role as company advisor. Throughout 2018 Crowley will transfer responsibilities and key relationships before moving to company consultant in 2019. Alan Kirshner, the Company's Executive Chairman and Chairman ... Read the full article
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