Reinsurance News
Tryg to acquire Danish P&C insurer Alka for $1.3bn
4th December 2017
Scandinavian insurer Tryg has agreed to acquire Danish P&C insurer Alka Forsikring (Alka) for a total consideration of about $1.3 billion, in a move that brings its Danish market share up to 22%. The deal values the operations of Alka, the 8th largest Danish P&C insurance business, at about $908 million ... Read the full article
Aetna to be acquired by CVS Health in $77bn deal
4th December 2017
Health insurance giant Aetna is to be acquired by pharmacy and healthcare service provider CVS Health, in an M&A transaction estimated to be worth around $77 billion. CVS Health will acquire all of Aetna's outstanding shares using a combination of cash and stock. Aetna shareholders will receive $145.00 per share in ... Read the full article
Insurance lobby group calls for transitional UK & EU re/insurance deal
4th December 2017
An insurance lobby group has called for transitional agreements between Britain and the European Union and a "mutual market access" deal to preserve London's global reinsurance hub post-Brexit and ensure stability in the short-term. Malcolm Newman, leader of the London Market Group’s Brexit task force, told Reuters that with the ... Read the full article
Coverys purchases R&Q Managing Agency at $22 million
4th December 2017
R&Q has sold its Lloyd's managing agency, R&Q Managing Agency (RQMA) to Coverys, a leading provider of medical professional liability insurance based in Boston, Massachusetts, after receipt of regulatory approval. Coverys purchased RQMA for $22.6 million; after costs and related incentive and other payments, R&Q will get net proceeds of £13.1 ... Read the full article
Blue Capital Reinsurance Holdings optimistic on 2018 returns
1st December 2017
Blue Capital Reinsurance Holdings (BCRH) has released an optimistic projected return for 2018 based on the view that upcoming renewals will see catastrophe risk prices rise after the record-level of industry losses in Q3. The company's projected growth in fully converted book value per common share for 2018 is set at ... Read the full article
President of U.S. field operations, Joseph Boren retires from Ironshore
1st December 2017
Joseph Boren is set to retire from his role as Ironshore President of U.S. field Operations after serving in the role for 6 years. His successor, David Frediani, has been promoted from a role as President of Ironshore International and Head of Regional Distribution. Boren is credited with having elevated industry awareness ... Read the full article
Helios increases capacity for 2018 on expectance of higher rates
1st December 2017
Helios Underwriting plc has increased its capacity for the 2018 year of account by 26% to £41 million (US$55.2mn), improving the quality of its portfolio as it looks to take advantage of expected price increases at the January 1st, 2018 renewals. The Helios Board has said that it expects to record ... Read the full article
MAPFRE announces cat losses and restructuring plans
1st December 2017
MAPRE has revealed plans to reorganise its global business structure, and has also reported a net income impact of €176 million (US$209mn) from a total of €1.1 billion (US$1.3bn) in payouts from claims from third-quarter hurricanes in the U.S. and Caribbean, and the Mexico earthquakes. Speaking at MAPFRE’s second Investor Day, MAPFRE Chairman ... Read the full article
AGCS boosts UK cyber division with two appointments
1st December 2017
Allianz Global Corporate & Specialty (AGCS), a division of global insurer Allianz, has announced the promotion of Yogesh Virji to lead its UK Cyber division and the appointment of Hui Yu as a Senior Underwriter, within the UK Cyber team. Virji was previously Underwriting Manager for Financial Lines at AGCS, and ... Read the full article
Beazley announces launch of U.S. marine insurance platform
1st December 2017
Specialist insurer Beazley has expanded into the U.S. marine sector with a new platform that offers hull, protection indemnity (P&I) and liability cover for the marine and marine construction sectors. These products will be offered on both an admitted and non-admitted basis and have been designed to complement large-scale risk coverage ... Read the full article
Aon’s Impact Forecasting cat model joins ModEx platform
1st December 2017
Impact Forecasting, Aon Benfield’s catastrophe risk model development centre, has become the fourth model vendor to offer its cat risk model solutions on the integrated ModEx platform. Impact has announced a deal on model provision with Simplitium enabling it to add its models to the ecosystem of cat risk modelling services ... Read the full article
Chinese captive insurer and Guernsey’s ARM launch joint venture
1st December 2017
The only captive insurance consulting group in China, Beijing Airport Captive Management Consulting (BACM), has announced a joint venture with Guernsey-based independent insurance manager, Alternative Risk Management (ARM). In the partnership, ARM will assist BACM with the setting up of captive structures and captive management services for Chinese firms. BACM is backed ... Read the full article
Markel International completes takeover of EC Insurance Co.
1st December 2017
After receiving approval from the Prudential Regulation Authority (PRA), Markel International has completed its acquisition of EC Insurance Co. Ltd (ECIC). ECIC offers a wide range of insurance solutions for both contractors and affinity groups across the UK building services industry, and will become part of specialist re/insurer Markel's UK national markets business. Markel's ... Read the full article
DASK sets up nuclear insurance pool for Turkey
1st December 2017
The Turkish Natural Catastrophe Insurance Pool, DASK, is setting up an insurance pool to cover Turkey's soon to be built nuclear power plants in Akkuyu and Sinop, according to the Middle East Insurance Review. The pool aims to provide EUR 700 million for each nuclear power plant. The first nuclear ... Read the full article
Citizens retains $6.4bn surplus despite Hurricane Irma damages
1st December 2017
Citizens Property Insurance Corporation will remain financially stable with a $6.4 billion capital surplus and substantial reinsurance coverage despite being hit with an expected total of $1.2 billion from 70,000 Hurricane-Irma related claims. The state-managed property insurer has so far closed nearly two-thirds of the 62,000 Irma-related claims, including more than ... Read the full article
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