Reinsurance News
London Market Group names claims transformation as key 2018 TOM priority
26th February 2018
The London Market Group has revealed plans to make claims transformation a top priority for its Target Operating Model (TOM) in 2018 while continuing to focus on Brexit, electronic placing, and further development of the LMA Academy in Lloyd’s overseas hubs. Shirine Khoury Haq, Chief Operating Officer of Lloyd's and sponsor of ... Read the full article
Skuld reveals 9.4% growth in 2018 P&I renewals
26th February 2018
Marine insurer Skuld has revealed a 9.4% net increase in mutual P&I gross tonnage from 2017 to 2018 following January renewals which completed on 20th February. Skuld's continued growth in the January renewals brings its mutual P&I tonnage to 92 million gross tonnes (GT), and includes committed tonnage for delivery throughout 2018. Ståle Hansen, ... Read the full article
Phoenix to acquire £3.24bn insurance business from Standard Life Aberdeen
26th February 2018
The UK’s Phoenix Group has unveiled its plans to acquire the majority of Standard Life Assurance Limited and employee benefits arm Vebnet Limited for a total consideration of £3.24 billion, and to enhance their long-standing strategic partnership with current owners Standard Life Aberdeen (SLA). This transaction sees SLA complete their transformation ... Read the full article
QBE to sell Latin American operations to Zurich
26th February 2018
QBE Insurance Group Limited has announced plans to sell its Latin American operations to Zurich Insurance Group for a total aggregate price of US $409 million. The transaction includes operations in Argentina, Brazil, Columbia, Ecuador and Mexico, and will see Zurich become the leading insurer in Argentina and the third largest ... Read the full article
Hiscox expects continued rate momentum, eyes growth in 2018
26th February 2018
In what was a challenging year for the global reinsurance industry, re/insurer Hiscox saw its Hiscox Re & ILS segment remain profitable in 2017, with management anticipating further rate increases in 2018, as well as growth across all parts of the business. Hiscox saw its overall, pre-tax profit fall to £30.8 ... Read the full article
UK insurers seek to improve portfolio quality following challenging renewals
26th February 2018
Although the UK insurance market place remains strongly capitalised, insurers are seeking to improve the overall quality and risk-adequacy of their portfolio in an environment where rate increases following record losses in 2017 often failed to materialise as expected beyond loss-affected lines, according to Willis' 2018 market place realities report. Clyde ... Read the full article
Berkshire Hathaway falls to underwriting loss, AIG contract outlook worsens
26th February 2018
Warren Buffett's Berkshire Hathaway fell to an underwriting loss due to the impact of 2017 catastrophe events drove $3 billion of losses, while at the same time the firm increased its liability estimates for the AIG adverse development coverage (ADC) contract. Hurricanes Harvey, Irma and Maria alone drove $3 billion of ... Read the full article
Navigators sees firmer reinsurance as a growth area
23rd February 2018
Navigators Group Inc. sees the improved pricing conditions in reinsurance markets as an opportunity for growth, with CEO Stan Galanski saying that he expects the Navigators Re division to benefit from "modest firming" of property reinsurance rates. President and CEO of Navigators Group Stan Galanski said that the "extraordinary" level of ... Read the full article
XL Catlin hires new Director Emerging Markets Development
23rd February 2018
Bemuda based re/insurance giant XL Catlin continue to drive its emerging market strategies forward by appointing Claudia Thyme to the role of Director Emerging Markets Development. Thyme will work closely with business leaders across XL Catlin to explore opportunities for profitable growth, and her contribution will focus particularly on Latin America. ... Read the full article
Allianz to buy remaining 5% of Euler Hermes shares in squeeze-out
23rd February 2018
Allianz has revealed plans to initiate a squeeze-out and delisting of Euler Hermes' remaining 5% of market float share capital and voting rights, in a move that will see the insurer complete plans for 100% ownership of the global trade credit insurer. Allianz intends to file a tender offer in coming ... Read the full article
James River Group sets up Carolina Re in response to tax reforms
23rd February 2018
James River Group Holdings, Ltd. has announced that effective January 1st, 2018, the firm will restructure its internal quota share to be ceded to Carolina Re Ltd., a newly established Bermuda Class 3A re/insurer. The restructuring steps taken by James River Group is in response to the introduction of the Tax Cuts ... Read the full article
UK annuity market presents a “significant” opportunity for re/insurers
23rd February 2018
With a total addressable defined benefit (DB) market size of GBP2.3 trillion, the UK annuity market presents a significant opportunity for insurers and reinsurers as more pension schemes de-risk liabilities, driving demand for longevity reinsurance, according to Fitch's UK Annuity Market report. BPA market deals nearly doubled in 1H17 compared with ... Read the full article
Asia to be a driver of InsurTech and re/insurance growth: Willis Towers Watson
23rd February 2018
As one of the largest underdeveloped re/insurance markets globally Asia remains a key growth region with demand forecast to grow as natural catastrophes become more frequent and intense. Willis Towers Watson’s second annual Asia Insurance Market report highlighted the potential for Asia to become an InsurTech hub and drive global re/insurance ... Read the full article
Enstar to reinsure $350m third-party motor portfolio for Zurich Australia
23rd February 2018
Enstar Group Limited has announced an agreement to reinsure Zurich Insurance Group’s New South Wales Motor Vehicle Compulsory Third Party (CTP) insurance business. A wholly-owned subsidiary of the Bermuda insurance group will assume AUD$350 million of gross reinsurance reserves relating to the CTP insurance business as of January 1, 2018. Enstar’s Chief ... Read the full article
Swiss Re says “no certainty” SoftBank deal will be consumated
23rd February 2018
Swiss Re said this morning that while it's board is carefully assessing a potential transaction with Japanese tech and telecoms giant SoftBank, there is "no certainty" a common ground will be found and a deal proceed. Swiss Re confirmed recently that it has been in talks with SoftBank about the ... Read the full article
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