Reinsurance News
Federated National completes acquisition of Monarch
23rd February 2018
Federated National Holding Company has completed its acquisition of 100% of Monarch National Insurance Company, the primary operating subsidiary of Monarch Delaware Holdings LLC (MDH), held by the Company’s joint venture partners and repayment of the related debt. The firm's subsidiary, Federated National Insurance Company (FNIC), purchased for about US $12 ... Read the full article
Swiss Re suffers $4.7bn catastrophe losses, profits with $331m of income for 2017
23rd February 2018
Reinsurance major Swiss Re has reported net income of $331 million across the group business in 2017 this morning, despite the catastrophes of the last year hitting the firm for $4.7 billion of losses. Swiss Re's ability to turn a profit even after such large levels of losses is testament to ... Read the full article
Steamship Mutual applies for Netherlands subsidiary in light of Brexit: Reuters
22nd February 2018
Steamship Mutual, a British ship insurance company, is reportedly planning to establish a new Netherlands subsidiary in response to the UK's vote to leave the European Union (EU), according to Reuters. Widespread uncertainty still surrounds the Brexit process, and in response a number of insurers and reinsurers have announced plans to ... Read the full article
Generali to underwrite more sustainable business and commit to green investments
22nd February 2018
Assicurazioni Generali S.p.A. has announced an underwriting commitment to increase the percentage of their premium portfolio related to the renewable energy sector, as well as invest €3.5 billion in ‘green’ sectors by 2020 and gradually divest away from coal-related companies. Generali intends to underwrite more business it classifies as sustainable by expanding ... Read the full article
MarketScout launches MGA to target health & social services industry
22nd February 2018
National electronic insurance exchange and MGA incubator MarketScout, has announced the launch of a new MGA set to write on behalf of Lloyd’s of London syndicates with a focus on the health care and social services industry. Michele Vincent, the lead underwriter for the MarketScout facility, said; “We have thoroughly researched ... Read the full article
Munich Re and Bosch partner for Industry 4.0 and IoT
22nd February 2018
Global reinsurance giant Munich Re has signed a cooperation agreement with international technology and service company Bosch, in an effort to develop new solutions for connected manufacturing in Industry 4.0. The agreement was signed on February 22nd, 2018 at the Bosch ConnectedWorld conference, and is the first Internet of Things (IoT) ... Read the full article
Cologne offered as post-Brexit home for re/insurers
22nd February 2018
Henriette Reker, who's served as the Mayor of Cologne since 2015, made the case for Cologne as a suitable home to EU-servicing re/insurers seeking post-Brexit refuge, offering UK and international re/insurers a post-Brexit home in a meeting this week with industry representatives. As one of Germany's leading insurance centres, Cologne already ... Read the full article
Establishing a Lloyd’s Syndicate one strategy Greenlight Re is considering
22nd February 2018
Hedge fund backed reinsurer Greenlight Capital Re, Ltd. (Greenlight Re) is looking into the establishment of a Lloyd's of London Syndicate as it expands its business strategy and enters the specialty market. Speaking during the company's fourth-quarter 2017 earnings call, Chief Executive Officer (CEO), Simon Burton discussed continued portfolio repositioning at ... Read the full article
Rate rises not sufficient for TransRe to grow its book significantly
22nd February 2018
Reinsurer Transatlantic Holdings (TransRe), part of the Alleghany Corporation, did not find the rate rises at the January renewals sufficient for it to greatly increase its risk appetite and expand its underwriting book. TransRe saw pricing in both the property and casualty reinsurance markets as improved in the fourth-quarter of 2017, ... Read the full article
Atlas General Insurance expands property capacity after “milestone” growth
22nd February 2018
Atlas General Insurance Services has announced the expansion of its property capabilities with increased limits and additional market capacity following a successful 2017 underwriting year, in which it achieved milestone growth of over $50 million of Primary Limit and $30 million of Excess Limit in DIC, and $20 million of ... Read the full article
Pacific Catastrophe facility pays out a record $3.5mn to Tonga for Cyclone Gita
22nd February 2018
The Pacific Catastrophe Risk Insurance Company (PCRIC) has paid out a record $3.5 million to the government of Tonga based on its insurance cover against tropical cyclones in the wake of Cyclone Gita. The funds were transferred after seven days after the cyclone event, providing the government with rapid-response financing to support ... Read the full article
SCOR continued expansion in 2017, but catastrophes eroded profit
22nd February 2018
Global reinsurance firm SCOR reported positive results for 2017, although dented by the impacts of severe catastrophes, a year in which the reinsurer continued the expansion of its underwriting book. SCOR reported that for the full-year 2017 its group net income came in at €286 million, down from €603 million in ... Read the full article
PartnerRe grows book at 1/1 after delivering positive 2017 returns
22nd February 2018
Reinsurance firm PartnerRe saw double-digit growth in its non-life book at the January 2018 renewals in the wake of a year characterised by catastrophe losses, but one in which the company delivered a positive return to its shareholders. The EXOR owned reinsurer from Bermuda, PartnerRe reported net income of $72 million ... Read the full article
Cryptocurrencies need regulation before they could materially impact reinsurers: S&P
21st February 2018
As cryptocurrencies gain traction within financial markets, bringing the potential to infiltrate the traditional financial systems and expose re/insurers to the possibility of a bubble burst, S&P stated in a report that cryptocurrencies would need some regulation before they could have a major impact on the financial markets. Analysts believe the ... Read the full article
V3 Insurance Partners appoints Janitschke to Chief Operating Officer
21st February 2018
Specialty insurance program administrator, V3 Insurance Partners, has named Brian Janitschke as Chief Operating Officer (COO), who is returning to the MGA space from recent roles as the Chief Actuary of Capital Insurance Group and the leader of Business Intelligence at Western National Insurance. Susan Rivera, President and Chief Executive Officer ... Read the full article
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