Reinsurance News
Essent secures over $424mn of mortgage reinsurance protection from capital markets
15th March 2018
Mortgage insurance firm Essent Group is likely to secure over $424 million of reinsurance protection from the capital markets, via three tranches of 10-year mortgage insurance-linked notes issued by a newly established Bermuda special purpose insurer, Radnor Re 2018-1 Ltd. Under the transaction, Essent Guaranty, an Essent Group subsidiary, will receive ... Read the full article
BMS launches new Innovation Labs platform
15th March 2018
Specialist insurance and reinsurance broker BMS Group Limited has announced the launch of a new platform to support both the company and the wider risk transfer industry, called BMS Innovation Labs. The platform will focus on driving innovation by using new technologies and business approaches to deliver optimal outcomes for clients, ... Read the full article
Marsh becomes first re/insurance broker to join the Enterprise Ethereum Alliance
15th March 2018
Re/insurance broker and risk management firm Marsh, LLC has announced that it has joined the Enterprise Ethereum Alliance (EEA). Now with over 400 member companies, the EEA is the world’s largest blockchain initiative, although Marsh represents the first re/insurance broker to join its ranks. The EEA’s objective is to establish industry standards ... Read the full article
Prosperity sells majority stake to Elliot investment partnership
15th March 2018
Prosperity Life Insurance Group, LLC has announced the sale of the majority of its shares to an investment partnership consisting of Elliott Management Corporation, operating principals of investment firm Wand Partners, Inc., and Anurag Chandra, the current Chief Executive Officer (CEO) of Prosperity. The U.S. life re/insurer will maintain its current ... Read the full article
French mutual insurers face losses as new rules erode market monopolies: Fitch
15th March 2018
French mutual insurance companies will continue to lose market share, disadvantaged by their small size as rising regulatory costs threaten their ability to compete with traditional insurers and bancassurers, Fitch Ratings said. Meanwhile, competition from traditional insurers which have been eyeing the health and protection segments, the mainstay of mutuals, as strategic ... Read the full article
Verisk study finds strong links between extreme U.S. winters and Arctic warmth
15th March 2018
A recent study by Verisk Analytics’ Atmospheric and Environmental Research (AER) business and Rutgers University, has claimed that the frequency and severity of extreme winter weather in the U.S. is related to fluctuations in Arctic temperatures. Published in Nature Communications, the study observed that extreme winter conditions in the eastern U.S., ... Read the full article
Insurance Europe welcomes European Commission’s Fintech Action Plan
15th March 2018
Insurance Europe has welcomed the European Commission’s latest FinTech Action Plan which sets out how the Commission plans to assist Europe in becoming a global hub for FinTech, with EU businesses and investors able to take advantage of the single market, while protecting customers' interests. The plan includes a pan-European label for platforms that will ... Read the full article
Hiscox launches cyber industry loss warranty (ILW) product
15th March 2018
Global insurer and reinsurer Hiscox has announced the launch of a first-of-its-kind cyber industry loss warranty (ILW) product within its Hiscox Re & ILS division, designed to improve re/insurers understanding of cyber tail risk. The new solution responds to an accumulation of cyber losses throughout the year, and can act as ... Read the full article
Swiss Re directors propose higher dividend and CHF 1bn share buy-back plan
15th March 2018
Swiss Re’s Board of Directors is to propose an increase in the company’s regular dividend to CHF 5.00 per share at the Annual General Meeting (AGM) of shareholders next month, and intends to acquire approval for a new CHF 1.0 billion public share buy-back programme. The buy-back programme is requested in ... Read the full article
AFL Insurance Brokers appoints Alex Mott to lead new marine division
15th March 2018
Independent Lloyd’s broker AFL Insurance Brokers (AFL) has appointed Alex Mott to head up its newly launched commercial Marine division, as Director of Marine. Mott previously managed the Ed / CGNB Marine broking team as Head Broker. His career as a Lloyd’s broker and broking team manager has seen him specialise ... Read the full article
Big data, cyber security, and AI top InsurTech trends: Survey
15th March 2018
Top insurance trends where InsurTech is expected to make its mark in the next three years were identified in an Infosys market survey as big data for customer insight and wallet share, cyber security for data protection and compliance, artificial intelligence (AI) for underwriting and automation, and technology for business ... Read the full article
Munich Re expects to shed 900 jobs, 90% of which in reinsurance
15th March 2018
Global reinsurance player Munich Re expects to shed roughly 900 personnel over the coming months, as the company seeks to save EUR 200 million, with the majority of the staff to be lost from the reinsurance business. Speaking this morning during the reinsurers press briefing in Munich, CEO Joachim Wenning said ... Read the full article
ArgoGlobal strengthens casualty division with two key hires
15th March 2018
ArgoGlobal has strengthened its casualty division with two key hires, naming Geoffrey Bull as casualty treaty underwriter and Jaime Garcia-Anton Lopez as professional indemnity (PI) underwriter, effective immediately. Bull will report to Stuart Dale, international casualty treaty class underwriter, and Garcia-Anton Lopez will report to James McPartland, PI class underwriter. Ryan Barnes, ... Read the full article
Munich Re forecasts rising profits through to 2020 and beyond
15th March 2018
Reinsurance giant Munich Re has lifted its guidance for 2018 slightly over the prior year, as it anticipates higher profits on the back of improved pricing conditions, along with continued progress from its primary arm ERGO over the coming year. Munich Re forecasts profits of between €2.1 billion and €2.5 billion ... Read the full article
Markel names Julia Chu as Chief Global Ceded Reinsurance Officer
14th March 2018
Markel Corporation has appointed Julia Chu to Chief Global Ceded Reinsurance Officer with immediate effect. In this newly created position, Chu is set to head up Ceded Re functions across Markel's product lines and international insurance operations across 71 offices in 21 countries, working with executive management to deploy ceded reinsurance. Robin ... Read the full article
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