Reinsurance News
Knighthead Annuity announces new Chief Actuary
2nd November 2017
Brian O'Neill has been appointed as the new Chief Actuary at Knighthead Annuity and Life Assurance Company, a Cayman Islands domiciled primary fixed annuity insurer. As a member of the firm's executive management team, O'Neill will have responsibility for enterprise-wide corporate oversight of Knighthead's actuarial practices. He brings extensive industry experience to the role, ... Read the full article
Reinsurance pricing to return to 2015 levels: Analysts
2nd November 2017
Re/insurance market analysts expect pricing in the reinsurance sector to improve to levels seen in 2015, resulting in higher 2018/2019 profit estimates and improved combined ratios for Europe's big four, on the back of one of the costliest quarters on record for global natural catastrophe losses. Citing recent comments from reinsurer ... Read the full article
CCRIF SPC to payout $7mn for Trinidad & Tobago heavy rainfall
2nd November 2017
The Caribbean Catastrophe Risk Facility, CCRIF SPC, will make a US$7 million payout to Trinidad & Tobago on its Excess Rainfall (XSR) policy for heavy late October rainfall. Local officials and technocrats in Trinidad have referred to the recent rainfall, which caused widespread flooding, as "unprecedented." The Trinidad & Tobago government purchased ... Read the full article
Liberty Specialty hires Jennie Beard as Senior Underwriter
2nd November 2017
Liberty Specialty Markets (LSM), a division of Liberty Mutual Insurance, has appointed Jennie Beard, who joins from Sompo Canopius, to Senior Underwriter of War and Terrorism. Based in LSM’s London headquarters, she will report to Paul Beattie, Underwriting Manager of War & Terrorism. Michael Burle, LSM’s Head of Marine, welcomed Beard to ... Read the full article
Lancashire to take advantage of more positive 2018 as market shifts
2nd November 2017
On the back of a very challenging third-quarter for reinsurers, Lancashire Holdings expects to take advantage of a return to more disciplined underwriting practices and improved pricing that reflects true risks and exposures. Like numerous insurers and reinsurers, Lancashire reported a loss for the third-quarter of 2017, as the combined impacts ... Read the full article
Mexican government backed £14mn grant approved for Caribbean risk facility
2nd November 2017
A Mexican government backed $14 million grant has been approved by the Caribbean Development Bank (CDB) to provide the Caribbean Catastrophe Risk Insurance Facility, (CCRIF SPC) member countries with enhanced insurance cover. The grant provides cover that protects against tropical cyclone, earthquake and excess rainfall risks as well as contributes to ... Read the full article
AIG rebrands freshly acquired Hamilton USA tech-subsidiary
2nd November 2017
American International Group (AIG) has rebranded its newly purchased Hamilton USA technology-focused subsidiary to Blackboard, after having completed its acquisition on October 2nd. The Blackboard vision is to reimagine commercial insurance through digital technology, data analytics, and automation. The name represents a clean slate and alternative solution for those in the industry seeking ... Read the full article
Swiss Re to push for better pricing in wake of nine month loss
2nd November 2017
Reinsurance giant Swiss Re is hoping that pricing conditions will improve in both property & casualty reinsurance and its commercial insurance arm in wake of recent catastrophe losses, which drove the firm to a net loss of $468 million for the first nine months of 2017. Swiss Re suffered most in ... Read the full article
Retro market to drive top-down rate changes at 1/1, says Validus execs
1st November 2017
The re/insurance industry's heavy reliance on retrocessional capacity will drive a top-down market change for rates across affected business lines, with traditional reinsurers and primary players pushing for rate increases as retro pricing jumps sharply at January renewals, according to Validus Holdings' executives. "As we have described to you in the ... Read the full article
Reinsurance helps Heritage to Q3 operating gain despite Irma hit
1st November 2017
Property and casualty (P&C) insurance holding company, Heritage Insurance Holdings, Inc., recorded an operating income in the third-quarter of 2017, with the firm's gross losses from hurricane Irma being passed on to its reinsurers. Heritage recorded an operating income of $1.4 million in Q3, despite hurricane Irma driving gross losses of an ... Read the full article
Blenheim launches A&H and specialty reinsurance divisions
1st November 2017
Blenheim Underwriting Limited launches accident and health (A&H) and specialty reinsurance divisions, and appoints Munich Re's Nick Faux and Tamesis Dual Ltd.'s Stephanie Hunt, respectively. Faux takes up the role effective immediately, and joins from reinsurance giant Munich Re, where he was most recently A&H and contingency underwriter. Hunt's appointment is also effective ... Read the full article
Cedent & Nephila Capital target climate risk transfer
1st November 2017
Cedent Ltd., a global insurance industry-focused investment management firm, has launched a corporate finance advisory entity with a focus on climate risk that's backed with $500 million of capacity from Nephila Capital Ltd., the world's largest insurance-linked securities (ILS) manager. The new corporate finance advisory joint-venture, Resilience Economics Ltd., will use ... Read the full article
California wildfire insured losses at $3.3 billion and climbing
1st November 2017
California's Insurance Commissioner, Dave Jones, has announced that insured losses from the October, 2017 California wildfires now exceeds $3.3 billion, which includes damages to residential and commercial properties, personal and commercial autos, watercraft, and farming equipment. The latest insured loss estimate utilises loss data from 15 insurers, and includes partial losses ... Read the full article
JLT formally joins London Market’s electronic placing platform
1st November 2017
Global insurance and reinsurance brokerage and advisory, JLT Group, has joined the London Market's electronic placing platform, Placing Platform Limited, (PPL). The broker was actively involved in the early developmental stages leading up to the launch of the platform in July 2016, and says it's "encouraged by the progress being made." Following the ... Read the full article
Ironshore appoints three Specialty Casualty risk underwriters
1st November 2017
Ironshore has appointed three executives to underwrite specialty casualty risk in the excess underwriting unit, Iron-Excess, within its U.S. and London markets. Sonny Powers will lead the Iron-Excess Casualty unit in the U.S., while Owen Roddy and Oliver Ross will drive business growth for the Iron-Excess Casualty unit in the London ... Read the full article
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