Reinsurance News
IUA urges scope of EU Motor Insurance Directive to not be extended
9th November 2017
In response to a recent review of the European Motor Insurance Directive (MID), the International Underwriting Association (IUA) has called for the MID to not be extended to include liability for accidents on private property. Commenting on a review of the MID, the IUA states that protection provided via the legislation can ... Read the full article
JLT Re and CXIS announce P&C policy growth programme partnership
9th November 2017
Reinsurance broker JLT Re and CXIS have announced a new partnership for the launch of CXIS's Property & Casualty Retention and Policy Growth Programme. CXIS Joseph Serrano said; "We're thrilled to partner with JLT Re in bringing the benefits of the CXIS Retention programme to their clients. "Beyond JLT Re's deep market ... Read the full article
Preservation Capital acquires stake in cyber MGA Ascent
9th November 2017
Cyber and specialty lines Managing General Agent, Ascent Underwriting, has agreed that Preservation Capital Partners will take a substantial stake in the business subject to regulatory approval, providing significant capital to support Ascent’s growth ambitions. The Ascent managing team will retain a significant shareholding in Ascent and will continue to manage the ... Read the full article
Competitive pressures set to build for UK non-life market
9th November 2017
After the UK non-life market reported an overall underwriting deficit last year in 2017, A.M. Best said the industry will likely continue to reflect ongoing competitive market conditions, although most companies remain buoyed up by robust risk-adjusted capitalisation. The impact of economic uncertainty associated with Brexit and a further increase in insurance ... Read the full article
Lloyd’s insurers’ results reporting – a $26mn missed opportunity
9th November 2017
The processes of Lloyd's insurers' capital-model governance validation testing and results reporting are overly congested and driven by regulatory feedback rather than standards of measurement that could add genuine value to firms, according to recent research by the Lloyd's Market Association (LMA). A survey of managing agencies’ chief risk officers and ... Read the full article
Prudential, PIC enter into $1.2 billion longevity reinsurance agreement
9th November 2017
A unit of Prudential Financial, Prudential Retirement, (PRU) and Pension Insurance Corporation (PIC), have entered into their fifth longevity reinsurance transaction which will see PRU assume the longevity risk for $1.2 billion in pension liabilities. This transaction is Prudential Retirement's fourth major transaction of 2017; the pension liabilities assumed in the agreement cover ... Read the full article
Third Point Re announces Board changes as John Berger steps down
9th November 2017
Hedge fund backed reinsurer, Third Point Re, has announced a number of changes to its Board of Directors, including that John Berger will step down as Chairman of the Board, effective December 22nd, 2017. Berger's departure comes at the end of the term of his Chairman's agreement, and he will be ... Read the full article
Beazley says wildfires take Q3 loss estimate up to $300m max
9th November 2017
Specialist and Lloyd’s focused re/insurer Beazley plc has added $25 million to the top-end of its estimated range of third-quarter natural catastrophe losses, which it now expects to be between $200 million and $300 million. The increased estimate adds in the California wildfire losses to an already estimated $175 million ... Read the full article
Munich Re falls to -€1.4bn Q3 loss, expects small full-year profit
9th November 2017
Reinsurance giant Munich Re has reported a third-quarter 2017 loss of -€1.4bn, reflecting the impact of high natural catastrophe losses that contributed over 70% to the reinsurers combined ratio. Munich Re said that the impacts of hurricanes Harvey, Irma and Maria would total €2.7 billion of losses, while its total major ... Read the full article
Multinational insurers face growing market access issues: A.M. Best
8th November 2017
Multinational insurers are facing increasing blockages to open market access as governments across the globe shift towards a protectionist stance that seeks to favour national business. Where protectionism was once typically confined to emerging markets, recent geopolitical developments have meant that the otherwise open markets of the West could now veer ... Read the full article
Singapore announces initiatives to further develop its risk transfer market
8th November 2017
As Singapore continues to strive to become Asia's global capital for re/insurance and risk transfer, Minister and Deputy Chairman of the Monetary Authority of Singapore (MAS), Lim Hng Kiang, has announced a new infrastructure consortium for initiatives under China's One Belt One Road (OBOR) project, as well as further steps ... Read the full article
David Putz named as head of Zurich North America Alternative Markets
8th November 2017
Zurich North America has named David Putz as head of Alternative Markets with effect from January 1, 2018, set to succeed Kathleen Savio who will transition lead the firm as Zurich North America Chief Executive Officer. The promotion comes after Putz held leadership positions throughout Zurich North America for over than ... Read the full article
Buyers market at a tipping point: Lockton
8th November 2017
The buyers market conditions in insurance and reinsurance may come to an end, as it faces a tipping point in the wake of recent major catastrophe loss activity, according to broking group Lockton. The impacts of hurricanes Harvey, Irma and Maria, as well as earthquakes and wildfires, all point towards the ... Read the full article
Low ROE levels in 2017 could turn market: RBC Capital Markets
8th November 2017
At 3.2% above the 5 year risk free average European reinsurers' low Return On Equity levels could lead to a market turn, according to RBC Capital Markets. The biggest uncertainty surrounding the market in coming months is how wide the pricing uptick will be and whether or not it'll include prices ... Read the full article
Zurich to transfer $450mn medical malpractice book to Catalina
8th November 2017
Zurich Insurance Group subsidiary, Zurich Insurance, has entered into an agreement with Catalina Insurance Ireland DAC to transfer its German legacy medical malpractice book to Catalina. The portfolio carries reserves of about $450 million as of December 31st, 2016. Zurich said the transfer comes as part of a continued risk management effort ... Read the full article
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