Reinsurance News
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
Reinvestment yield increases could boost reinsurers: Morgan Stanley
30th November 2017
According to Morgan Stanley analysts, a 100bps increase in reinvestment yield drives a Return On Equity (ROE) increase of 5% for reinsurers, meaning global players could see wins on ROE over the next two years with an overall 1-2% premium increase forecast due to broad-based reinsurance rate increases. "For every 100bps increase ... Read the full article
Justice Committee calls for greater clarity and evidence from Gov on Ogden reforms
30th November 2017
The House of Commons Justice Committee has called for greater clarity and evidence from the UK Government in response to intended amendments to the Ogden discount rate. The personal injury discount rate in the UK, also known as the Ogden rate, was cut from 2.5% to -0.75% at the start of ... Read the full article
Aon expands Switzerland presence with Unidelta AG acquisition
30th November 2017
Aon Switzerland, a division of global insurance and reinsurance broker Aon, has announced plans to acquire Unidelta AG, an insurance broker based in Rapperswil, St. Gallen, Switzerland. Following the acquisition, Chief Executive Officer (CEO) and founder of Unidelta AG, Peter Merkli, will remain as Managing Director, and will also form part of ... Read the full article
UK government extends compulsory insurance bill to autonomous vehicles
30th November 2017
The UK government has shown support for fully autonomous vehicles to be in use by 2021, extending the Automated and Electric Vehicles Bill from compulsory motor insurance to include autonomous vehicles. The Bill maintains a single insurer model in which a motor insurer covers both the driver’s use of the vehicle ... Read the full article
London Market welcomes approval of ILS regulations
30th November 2017
The London Market has welcomed the news that the proposed UK legislation to reform its regulatory and tax regime for Insurance Linked Securities has received parliamentary approval. William Hogarth at Clyde & Co called the new legislation a "great step forward" for the London market. The final formalities allowing it to pass into ... Read the full article
Munich Re CEO says profits to remain stable, but lower than previous years
30th November 2017
Munich Re CEO Joachim Wenning told journalists at an informal meeting yesterday that the reinsurance firm aims to keep profits stable at EUR 2 billion or more, but that it is unlikely to return to levels seen in prior years. For 2017 Munich Re is only forecasting a small profit, following ... Read the full article
Pension Insurance Corporation concludes $975mn UK pension fund buy-in
30th November 2017
Pension Insurance Corporation has concluded a £725 million ($975mn) full buy-in with the Trustee of the Former Registered Dock Workers Pension Fund. The buy-in fully removes the Fund's pension liabilities risk along with its existing insurance policies. The Former Registered Dock Workers Pension Fund is a multi employer pension scheme covering dock ... Read the full article
Guy Carpenter Chairman Britt Newhouse to retire at the end of 2017
30th November 2017
The Chairman of reinsurance broker Guy Carpenter, Britt Newhouse, is to retire from his position at the end of 2017, according to ratings agency A.M. Best. Britt Newhouse's retirement was confirmed to A.M. Best's News Service by Guy Carpenter's Assistant Vice President (AVP), Marketing and Communications, Gray Newhouse. Britt Newhouse has been ... Read the full article
Lloyd’s welcomes UK government drones’ legislation
30th November 2017
The Lloyd's Market Association (LMA) has welcomed the UK government's proposal for drone legislation which will place new responsibilities on owners of drones weighing more than 250g, such as mandatory registration and the requirement to take a safety awareness test. Paul Maguire, Chair of the LMA Aviation Committee and Head of ... Read the full article
Chubb puts Q4 cat losses, including CA wildfires, at $320m net of reinsurance
30th November 2017
Global insurance and reinsurance firm Chubb has estimated its fourth-quarter 2017 catastrophe losses at $320 million before tax, with $280 million of the loss attributable to the recent California wildfires. After tax the total Q4 catastrophe loss comes down to $249 million, $215 million of which is from the ... Read the full article
Markel CATCo raises over $2.3bn of fresh capital for 1/1
29th November 2017
Collateralized reinsurance and retrocessional investment fund manager, Markel CATCo Investment Management Ltd., has raised a huge $2.343 billion of new capital across its private and listed funds, placing the manager in a good position to meet demand at the key January 1st, 2018 renewals. Markel CATCo announced at the end ... Read the full article
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