Reinsurance News
Extratropical Cyclone Xavier insured loss tops $342 million: PERILS
17th November 2017
Catastrophe data loss aggregation and estimation firm, PERILS AG, has provided an initial insured property market loss estimate of €291 million (roughly US$342mn) for extratropical Cyclone Xavier. Xavier mostly affected Germany on October 5th, 2017, developing very early in the European winter storm season, claiming seven lives in the country as ... Read the full article
Lloyd’s needs to disrupt itself rather than be disrupted: Hancock
17th November 2017
The Lloyd's insurance and reinsurance market faces numerous challenges, from an extremely competitive business environment, to the threat posed by new re/insurance market entrants, but it needs to embrace disruption, according to Jon Hancock. Speaking at an A.M. Best industry event in London this week, Jon Hancock the Performance Management Director ... Read the full article
AIR says California wildfires to cost re/insurers up to $10.5 billion
17th November 2017
Catastrophe risk modelling firm AIR Worldwide has updated its estimate for insurance and reinsurance market losses from the recent California wildfires, saying they are expected to be in a range from $8 billion to $10.5 billion. Having completed a recent damage survey, received new information about policy terms, and re-examined the ... Read the full article
Investment returns highlight divergence in hedge fund reinsurer performance
16th November 2017
The performance of hedge fund backed reinsurers Third Point Re and Greenlight Re continues to diverge, while investment returns remain the driver of profitability for market participants that adopt a total-return strategy. Investment-oriented reinsurance companies, such as Third Point Re and Greenlight Re, seek to bolster poor underwriting returns by optimising ... Read the full article
Compre to acquire assumed non-life reinsurance portfolio from Allianz Versicherungs
16th November 2017
Compre, the insurance and reinsurance legacy specialist, has announced its seventh acquisition of the year, agreeing to purchase a portfolio of assumed non-life reinsurance business from Allianz Versicherungs. Originally, the business was underwritten by Vereinte Versicherung AG and its legal predecessors, and has been discontinued since the late 1990s. The transaction fee ... Read the full article
Re/insurers to shift from products to platforms with cloud technology
16th November 2017
Insurance technology software provider, Majesco, said a new generation of cloud business platforms, Digital Insurance 2.0, are the stage from which re/insurers will achieve the digitisation of internal processes as well as bring new digital insurance solutions into the market, in its latest report on the capabilities of cloud platforms ... Read the full article
Allstate sees pre-tax California wildfire losses of $452 million
16th November 2017
Primary insurance giant, Allstate, has revealed that the five October wildfires that occurred in California accounted for approximately 90% of the firm's monthly catastrophe losses, totalling roughly $452 million. Allstate has announced pre-tax catastrophe losses for the month of October of $516 million, which includes losses from 11 events totalling $502 ... Read the full article
Europe’s big four hit with record Q3 losses but capitalisation remains strong: Fitch
16th November 2017
The capitalisation of Europe's big four reinsurers remains strong, despite a heavy hit to earnings after significant claims from hurricanes Harvey, Irma and Maria (HIM), the Mexico earthquakes and the California wildfires could make Q3 a record year for reinsurers' catastrophe losses. Rating agency Fitch said that while all four reported significant ... Read the full article
National Mortgage Insurance gets new quota share reinsurance for 2018
16th November 2017
NMI Holdings, Inc., the parent of National Mortgage Insurance Corporation, said today that its mortgage insurer subsidiary has already arranged a new quota share reinsurance arrangement for 2018, subject to approvals. National Mortgage Insurance Corporation has entered into an agreement on a new quota share reinsurance treaty with a panel of ... Read the full article
Brand strength to drive re/insurance M&As in digital age: Willis Towers Watson
16th November 2017
Brand strength is expected to be the strongest driver of M&A deals over the next three years, reflecting the re/insurance industry’s transition to digital sales, which require a strong, recognizable brand, according to a survey by Willis Towers Watson and Mergermarket. The survey shows the most powerful motivation for undertaking an ... Read the full article
Milliman to design new flood risk rating plan for NFIP
16th November 2017
The Federal Emergency Management Agency (FEMA) has selected flood risk innovator Milliman to design a new rating plan for National Flood Insurance Programme (NFIP) policies nationwide. The U.S. government programme to provide homeowners with flood insurance, NFIP, has recently been reauthorised and is undergoing reforms after it was hit with an ... Read the full article
Insurers warned they’re becoming less ‘relevant’ to UK power sector
16th November 2017
The UK power sector has warned London insurers they're losing relevance to their customers with overly complex products that fail to provide value for money. In a panel discussion at a recent Onshore Energy Conference in London, Gustavo Penas, Shell Vice President of Risk & Insurance, spoke of how the operating ... Read the full article
InsuResilience Global Partnership launches at 2017 UN Climate Conference
16th November 2017
An international initiative with the goal to provide insurance to 400 more million poor and vulnerable people by 2020, the InsuResilience Global Partnership for Climate and Disaster Risk Finance and Insurance Solutions, was launched today at the 2017 UN Climate Conference in Bonn. Germany launched the Global Partnership with the Ethiopian Chair of ... Read the full article
Reinsurance profits will fall to six-year low on catastrophes: A.M. Best
16th November 2017
Reinsurance company profits are expected to fall to a six-year low on the back of recent catastrophe losses, but while the catastrophes are a drag on earnings, they aren't expected to meaningfully change market dynamics and pricing, A.M. Best says. "In some respects this is a dreaded scenario, where losses are ... Read the full article
Barbican launches U.S. wholesale excess & surplus lines MGA
16th November 2017
Barbican Insurance Group has launched Barbican Specialty US, a new MGA offering wholesale excess & surplus (E&S) lines property insurance for small-to-medium commercial clients on the southeastern coast of the United States. Barbican Specialty US will be based in Atlanta and Kansas City and operates exclusively through wholesale broker. The MGA ... Read the full article
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