Reinsurance News
UK non-life market thrives despite Ogden rate volatility
8th November 2017
Despite UK motor insurers taking a hit to reserves after the stark reduction in the personal injury discount rate and this negatively impacting 2016 results, the UK non-life market remains well capitalised, according to A.M. Best's latest market report. Many insurers had been preparing for a lower rate in their reserving strategies, ... Read the full article
Reinsurers funding big insurtech bets for their future: Wightman, PwC
8th November 2017
Global reinsurance firms are increasingly investing in insurtech start-ups, ranging from internet-first distribution channels, to advanced data and analytics start-ups, internet-of-things product manufacturers, and even drone operators. The range of technology investment opportunities being pursued by firms in the insurance and reinsurance world is broad, as insurtech and now reinsurtech waves ... Read the full article
Hannover Re posts slim Q3 net income, as retro helps reinsurer pay losses
8th November 2017
Reinsurance giant Hannover Re saw its net income decline to €14 million in the third-quarter of 2017, as net catastrophe losses of €894.3 million exceeded its large loss budget for the first nine months of the year by roughly €270 million. The Germany-based reinsurer recorded gross catastrophe losses of €1.625 billion ... Read the full article
Reinsurance and retrocession protection cost to increase: RBC Capital Markets
8th November 2017
Carriers could soon be ceding less risks as the cost of reinsurance and retrocession protection is predicted to increase for most market participants, following Q3 global market losses of an estimated $95 billion. Far higher pricing increases are predicted for retrocession than the reinsurance segment, although recent industry losses will be ... Read the full article
PartnerRe hires Chief Risk and Actuarial Officer Turab Hussain from The Hartford
8th November 2017
Reinsurer PartnerRe has announced the hiring of a new Chief Risk and Actuarial Officer, appointing Turab Hussain to the role effective December 4th 2017. Hussain joins PartnerRe from The Hartford Financial Services Group, where he has served as Chief Insurance Risk Officer since 2014. He will replace Marvin Pestcoe when he ... Read the full article
U.S. tax plan could act as mini Border Adjustment Tax
7th November 2017
The lower corporate tax rate and its application to underwriting profits ceded to foreign affiliates, as proposed in the House Republicans' tax plan, could act as a mini Border Adjustment Tax. Offshore reinsurers and higher-margin U.S. lines of business that are ceded to foreign affiliates such as P&C are expected to ... Read the full article
Beazley launches financial lines product sets for Asian market
7th November 2017
Specialist London-based insurer and reinsurer, Beazley, has launched both financial institutions and management liability solutions for the Asian marketplace. The financial institutions suite of products offers a seamless set of policies, including directors and officers (D&O) liability, professional indemnity protection for crime, and also tailored protection for investment management firms and ... Read the full article
AIG appoints new CEO for North America General Insurance; and new Lexington CEO
7th November 2017
Insurance giant American International Group, Inc. (AIG) has announced the appointment of Lex Baugh as Chief Executive Officer (CEO), North America General Insurance, reporting to Peter Zaffino, CEO, General Insurance. The appointment is effective immediately, and sees Baugh take responsibility for the oversight of AIG's U.S. and Canada General Insurance operations. Baugh ... Read the full article
Allianz’s captive insurance blockchain prototype shows efficiency potential
7th November 2017
Allianz Risk Transfer (ART), a division of Allianz Global Corporate & Specialty (AGCS), which is part of global insurer Allianz, has created and successfully implemented a blockchain prototype solution for a global captive insurance program of an existing ART client. ART collaborated with Ernst & Young (EY) as blockchain advisory service ... Read the full article
Mapfre acquires stake in responsible investment asset manager
7th November 2017
Spain domiciled insurer Mapfre has acquired a 25% stake in French responsible investment manager, La Financiere Responsable (LFR), a strategic agreement that provides the latter with access to Mapfre's global network while enhancing the insurer's responsible investing. The agreement combines Mapfre's long-term commitment to corporate social responsibility with LFR's proprietary tools ... Read the full article
MGA Nexus Group appoints Charles Penruddocke to Deputy Chairman
7th November 2017
Specialty Managing General Agent (MGA) Nexus Group has appointed Charles Penruddocke to Non-Executive Deputy Chairman of Nexus CIFS and Equinox Global. He joins from a role wih MS Amlin Bermuda as Head of Specialty Lines and Global Product Lead. The appointment comes off the back of Nexus’ continued expansion in the Trade ... Read the full article
Kewsong Lee to resign from Arch Capital
7th November 2017
Kewsong Lee has resigned from Arch Capital Group's Board of Directors following his promotion at Carlyle Group LP to co-CEO, with effect from January 1st, 2018. Constantine (Dinos) Iordanou, Chairman and CEO of ACGL, said; “we thank Kewsong for his outstanding service to the Company. "He has been a director since our ... Read the full article
Asia Capital Re sale to Chinese investors called off
7th November 2017
ACR Capital Holdings Pte. Ltd., the parent company to Asia Capital Re, said today that it has called off its sale to Chinese investors Shenzhen Qianhai Financial Holdings Co. Ltd. and Shenzhen Investment Holdings Co. Ltd. has been called off. ACR said that its existing investors "remain committed to firmly supporting ... Read the full article
Hiscox sees rate increases of up to 50%; lowers HIM loss estimate
7th November 2017
Global insurer and reinsurer, Hiscox, has lowered its loss estimate for hurricanes Harvey, Irma, and Maria, and says the events have led to rate increases of between 10% and 50%, and sometimes more, in loss-affected and loss-exposed U.S. property lines. With third-quarter catastrophe events estimated to have cost the industry $100 ... Read the full article
Premature to forecast post-catastrophe rate rises: JLT
7th November 2017
Insurance and reinsurance broker JLT Group said this morning that it is "premature to draw conclusions" as to how much re/insurance rates may rise following the spate of recent catastrophe losses. The brokerage said that due to the timing of both insurance and reinsurance renewals, the impacts of catastrophes including hurricanes ... Read the full article
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