Reinsurance News
Amazon reported on verge of insurtech investment in India
2nd January 2018
Online retail and e-commerce giant Amazon is reportedly on the verge of making its first investment in an insurtech start-up, with the company said close to finalising an investment in online-only insurance start-up Acko. Acko wants to disrupt India's insurance industry through a digital-only platform, having raised $30 million and recently ... Read the full article
Headwinds limit significant pricing corrections for reinsurers: Willis Re
2nd January 2018
On the back of one of the worst loss years on record for the global insurance and reinsurance market, pricing corrections have not been as significant as many in the market had hoped for, driven by a number of factors, according to Willis Re's 1st View renewals report. Recent catastrophe ... Read the full article
Pioneer announces leader of new Ocean Marine division
2nd January 2018
Pioneer Underwriters has launched a new Ocean Marine underwriting division that will be led by Zach McAbee as Head of Ocean Marine. McAbee is based in Seattle and reports to Gene Hinman, Chief Executive Officer (CEO) of Pioneer’s U.S. operation. He brings over 20 years of ocean marine industry experience to the role, and was most ... Read the full article
Athene finalises deconsolidation of European operations AGER Bermuda
2nd January 2018
Athene Holding Ltd. has announced that it has completed the deconsolidation of AGER Bermuda Holding Ltd., which is the former holding company of Athene's European operations. As part of the deconsolidation of AGER from Athene, the former will change its name to Athora Holding Ltd., which will be launched sometime in mid-January, 2018. In ... Read the full article
Attune makes appointments to leadership team
2nd January 2018
Attune has announced key appointments to its leadership team naming Martha Dreiling as Head of Analytics and Corporate Operations and Richard Stamets as Head of Underwriting Strategy. In her new role, Dreiling will oversee Attune’s analytics, people, and corporate functions; Stamets will be responsible for building Attune’s underwriting strategies and managing ... Read the full article
R&Q acquires Constantia Insurance Company for £1.5mn
2nd January 2018
Randall & Quilter Investment Holdings Ltd. (R&Q) has announced the acquisition of Constantia Insurance Company (Guernsey) Limited, from Old Mutual plc for £1.5 million (US$2mn). R&Q has received regulatory approval to acquire the company, which is now in run-off, and Constantia will be amalgamated into Capstan Insurance Company Limited, R&Q's consolidation vehicle domiciled ... Read the full article
Enstar completes sale of Pavonia Life business
2nd January 2018
Enstar Group Limited has announced that it has now completed the sale of its subsidiary, Pavonia Holdings (US), Inc., to an affiliate of Global Bankers Insurance Group, LLC. Enstar has completed the previously announced transaction for a total purchase price of $120 million, and is a good example of Enstar capitalising on its ability ... Read the full article
Allianz files tender offer for Euler Hermes shares
2nd January 2018
Allianz has filed a tender offer for outstanding shares in trade credit insurer Euler Hermes in a EUR122-per-share bid with French markets regulator AMF. On approval, Allianz’s simplified cash tender offer is to open in early 2018, offering shareholders a 20.7% premium to the pre-announcement closing price on November 24, 2017 ... Read the full article
Marine and transport re/insurance to be transformed by blockchain and IoT: LMA
2nd January 2018
In coming years the marine and transport re/insurance sector stands to be rapidly transformed by blockchain and IoT technology, both in terms of the risks they underwrite and how they do so, creating new opportunities for re/insurers. "IoT could also give insurers access to new data, such as station-keeping data for ... Read the full article
Swiss Re CEO not convinced on reinsurers acting as venture capital
2nd January 2018
Reinsurance firm Swiss Re's Chief Executive Officer Christian Mumenthaler is not convinced that insurers and reinsurers acting as venture capital funds are doing that right thing by investing in insurtech start-ups. Speaking to the Financial Times in an interview this week, Mumenthaler is said to be sceptical of ... Read the full article
Rate rises underwhelm at January 2018 reinsurance renewals
2nd January 2018
Rate rises on loss affected contracts have been underwhelming at the key January 1st reinsurance renewals, with reports suggesting price increases failed to meet reinsurers expectations. In the run up to the renewals it was largely expected that price increases would not live up to the earlier expectations of the ... Read the full article
Sagicor plans to establish Bermuda based reinsurer
29th December 2017
Financial services firm Sagicor plans to set up a Bermuda-domiciled reinsurer as a next step after the firm relocated its holding company from Barbados to Bermuda last year, according to an International Monetary Fund (IMF) report. The Barbados-based Sagicor Life is the largest operating entity of the Sagicor group and is ... Read the full article
Enstar to reinsure $100 million of Allianz legacy business
29th December 2017
An Enstar Group subsidiary has entered into an agreement to reinsure about $100 million, or 50%, of Allianz SE's legacy business portfolio with effect from December 31, 2017. The subsidiary will assume net reinsurance reserves of approximately $0.1 billion in order to reinsure 50% of certain U.S. workers' compensation and asbestos, ... Read the full article
P&C sector losses could be eroding reserves: Credit Suisse
29th December 2017
In a report on the Property & Casualty sector, Credit Suisse analysts said the disconnect between casualty prices bottoming while returns remain resilient suggests reserves are being eroded as they're used to maintain past levels of profitability and warned of results deteriorating in future years. Many publicly traded re/insurers are still ... Read the full article
Allianz completes 49% acquisition of UK General Insurer LV
29th December 2017
Allianz has completed its acquisition of a 49% stake in Liverpool Victoria Friendly Society's (LV) UK General Insurance business (LV= GI), and confirmed plans to purchase a further 20.9% stake in the firm in 2019. The Allianz and LV partnership creates the third-largest personal insurer in the UK market, with a ... Read the full article
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