Reinsurance News
Swiss Re CEO calls for government support on cyber risks
28th December 2017
Christian Mumenthaler, the Chief Executive Officer of reinsurance giant Swiss Re, has called for governments to step up and support the industry on cyber risks, a class of business where the reinsurer wants to be "underweight." Speaking to the Financial Times in a recent interview, Mumenthaler explained that ... Read the full article
SCOR to reinsure block of Aegon’s life reinsurance business
28th December 2017
Aegon has announced an agreement to divest a block of life reinsurance business to French reinsurer SCOR, and also revealed that it is to dissolve a related captive insurance firm. Under the agreement, Aegon's Transamerica life subsidiaries will reinsure $750 million of liabilities to SCOR, which covers roughly 50% of the ... Read the full article
Prime approved to write specialty insurance cover in New York state
28th December 2017
Prime Insurance Company (Prime), a subsidiary of Prime Holdings Insurance Services, Inc., has received approval to underwrite specialty lines insurance coverage in the state of New York. Prime is a provider of excess and surplus (E&S) lines property and casualty (P&C) insurance options for a range of business lines, including specialty, ... Read the full article
Focus on fee-based products drives stable 2018 life insurance sector outlook: Moody’s
28th December 2017
Despite the prolonged low-interest environment, Moody's Investors Service has revised its global life insurance industry outlook for 2018 to stable from negative, driven mainly by a transition toward fee-based solutions. The financial services rating agency explains that a shift towards fee-based solutions mitigates earnings pressure from low-interest rates, but does warn ... Read the full article
Re/insurers in Europe to focus on selling run-off business in 2018: Clyde & Co
27th December 2017
A wave of run-off activity is expected in 2018 as re/insurers in Europe adjust to Solvency II and seek to minimise capital requirements through optimising management of legacy business or selling books of business in run-off, according to Clyde & Co. The arrival of Solvency II was expected to bring a greater ... Read the full article
IFRS 17 unlikely to directly impact insurers’ ratings, says Fitch
27th December 2017
Global financial services ratings agency, Fitch Ratings, has said that the overhaul of insurance accounting as a result of the latest International Financial Reporting Standards, IFRS 17, is unlikely to have a direct impact on insurers' ratings. Fitch says that insurers' ratings most likely won't be affected by the implementation of ... Read the full article
Chubb expects a $250mn benefit from new U.S. tax law
27th December 2017
Chubb has announced an expected benefit from the new U.S. corporate tax law in excess of $250 million in the fourth quarter of 2017. This preliminary estimate reflects the one-time impact of the reduced U.S. corporate income tax rate from 35% to 20%, and the deemed repatriation of foreign subsidiary earnings ... Read the full article
Lloyd’s to focus on adopting new technologies in 2018
27th December 2017
Lloyd’s Chairman, Bruce Carnegie-Brown and Chief Executive, Inga Beale’s annual email to the market reinforced Lloyd's commitment to reducing bureaucracy, driving cost-efficiencies and modernising services as the over 100-year-old insurer strives to remain competitive in a fast-changing market. Jon Hancock the Performance Management Director at Lloyd’s of London, recently explained ... Read the full article
European insurers remain well capitalised despite heavy loss year: EIOPA
27th December 2017
The insurance sector remains well capitalised with a Solvency Capital Requirement (SCR) ratio for the median company above 200% despite the above average 2017 hurricane season having dealt a blow to firms' profitability, according to the European Insurance and Occupational Pensions Authority's (EIOPA) December 2017 Financial Stability Report. The report found that in ... Read the full article
California wildfires could trigger higher reinsurance rates: A.M. Best
22nd December 2017
Lines of business impacted by the California wildfires may see an uptick in pricing which could trigger higher reinsurance costs as pricing for perils such as smoke, ash, and brush fire may have to be re-evaluated along will terms and conditions for replacement cost values and living expenses, according to ... Read the full article
Berkshire appoints Jared McGrath to head of New Zealand Accident & Health
22nd December 2017
Berkshire Hathaway Specialty Insurance (BHSI) has appointed Jared McGrath, who joins from a role with Chubb as New Zealand Corporate Manager for Accident & Health, to head of its new line of Accident & Health products in New Zealand. In his new role he'll assume responsibility for the management of Corporate Travel, Group ... Read the full article
Travelers to realign reporting structure after retirement of President and COO
22nd December 2017
The Travelers Companies, Inc. has announced that it is realigning the reporting structure of its business leaders, in response to the retirement of President and Chief Operating Officer (COO), Brian MacLean. MacLean, who has been with the firm for three decades, is to retire on March 31st, 2018, a move that ... Read the full article
Life Company Consolidation Group to acquire Generali PanEurope
22nd December 2017
Generali has entered into a share purchase agreement to sell its entire shareholding in Generali PanEurope with Life Company Consolidation Group (LCCG) for an initial consideration of EUR 230 million. Frédéric de Courtois, Group Chief Executive Officer, (CEO) Global Business Lines & International, said; “this transaction underscores our ongoing efforts to rationalize ... Read the full article
Starr Companies names Steve Blakey & Jose Cuisia Jr as new key executives
22nd December 2017
Starr Companies, which is established and licensed to write general insurance in Hong Kong, has appointed Steve Blakey as President and Chief Executive Officer (CEO) of Starr Insurance and named Ambassador Jose Cuisia Jr as Chairman of Starr International Insurance Asia's Philippines Branch. Maurice Greenberg, Chairman, Starr Companies, said; “We are pleased ... Read the full article
RenaissanceRe estimates $40mn reduction to net income from Tax Bill
22nd December 2017
RenaissanceRe said in a preliminary assessment of the Tax Cuts and Jobs Act of 2017 that it expects to be able to write down a portion of its deferred tax asset, reducing its net income by about $40 million in the period the Tax Bill is enacted. The Tax Bill to ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
