Reinsurance News
The Hartford enters $200m renewal rights agreement with Farmers Exchanges
20th February 2018
The Hartford has entered into a renewal rights agreement with the Farmers Exchanges to acquire its Foremost Insurance commercial independent agent business, gaining access to nearly $200 million in commercial lines premium. Stephanie Bush, The Hartford’s head of Small Commercial and Personal Lines, said; “this renewal rights agreement further strengthens The ... Read the full article
Aspen taking steps to improve U.S. property insurance results
20th February 2018
Aspen Insurance Holdings Limited, the Bermudian insurance and reinsurance group, is taking steps to improve the performance of its property insurance book, beginning with the shuttering of its Bermuda-based U.S. property underwriting unit. Aspen's 2017 results were deeply disappointing, according to CEO Chris O’Kane, who said that the company was taking ... Read the full article
UK life insurers seen as resilient, even under Brexit pressures: S&P
20th February 2018
Rating agency S&P has marked the U.K. life insurance sector as being one of the few major markets with a low risk assessment, forecast for growth, and spurred on by the expansion to all employers of the automatic enrolment of staff into company pensions this year, but Brexit could challenge the ... Read the full article
AI can deliver more efficient client value: Dan Glaser, MMC
19th February 2018
Marsh & McLennan (MMC) President and Chief Executive Officer (CEO) Dan Glaser discussed the role of Artificial Intelligence (AI) in both disrupting and advancing the re/insurance industry, noting its potential to improve data use and drive more efficient value to customers, in a recent interview with A.M. BestTV. Commenting on how ... Read the full article
Swiss Re completes CHF 1 billion share buy back programme
19th February 2018
Swiss Re has completed the November 2017 launched public share buy-back programme of up to CHF 1 billion purchase value as of 16th February. Since November 2017 Swiss Re has repurchased nearly eleven million of its shares for a total purchase value of close to CHF 1 billion at an average purchase ... Read the full article
Lloyd’s market oversight shifts towards a principles based approach
19th February 2018
Lloyd's of London's Performance Management Director, Jon Hancock, highlighted the increasing shift towards a principles based approach in the management of Lloyd's market oversight in a recent speech to the Insurance Institute of London. "I believe in a principles based approach, where individuals are left to run their businesses as they ... Read the full article
It’s not a hard market, just a better one, says Lancashire Holdings
19th February 2018
Despite 2017 catastrophe losses driving rate increases at the January 1st, 2018 renewals season, the shift in demand and supply remains insufficient to push the sector into a hard market, according to Paul Gregory, Lancashire Holdings Group Chief Underwriting Officer (CUO) and Chief Executive Officer (CEO) of Lancashire Insurance Company ... Read the full article
UK life and non-life insurance sector “stable” in 2018: S&P
19th February 2018
The S&P outlook for both life and the non-life sector for UK insurers is stable in 2018, with expansion forecast for life insurance, but regulatory risk could pose a challenge to the industry. The expectation is that economics in the UK will remain in line with historical standards for the most ... Read the full article
InsurTech success lies in “identifying scalable niches & looking beyond insurance”: IBM
19th February 2018
Re/insurers should look for opportunities to harness new technologies that increase customer interaction value, improve agility and add flexibility in product development through InsurTechs, IBM advised in a recent study. The banking and transport sectors have already undergone a widespread shift with the ecosystem model smashing traditional paradigms, and whilst being ... Read the full article
Randall & Quilter completes reinsurance-to-close of Hamilton legacy book
19th February 2018
Randall & Quilter (R&Q) has announced the completion of its previously announced agreement to provide capital in conjunction with AXA DBIO to support the Reinsurance to Close (RITC) of Hamilton Underwriting's Syndicate 3334’s 2014 and prior years of account. The RITC consists of net reserves of about £30 million and ... Read the full article
Enstar finalises reinsurance-to-close of Neon legacy liabilities
19th February 2018
Bermuda based insurance, reinsurance and run-off specialist Enstar Group has announced the completion of a previously disclosed reinsurance-to-close transaction between its Lloyd's managing agency, StarStone Underwriting, and Neon Underwriting for Enstar’s Syndicate 2008. The transaction will see Enstar assume the liabilities of Neon’s Syndicate 2468, amounting to net reinsurance reserves ... Read the full article
“Unfavourable trends” push A.M. Best to go negative on AXIS Capital
19th February 2018
Rating agency A.M. Best has turned negative on the ratings of Bermudian insurance and reinsurance firm AXIS Capital Holdings Limited, citing "unfavorable trends in the group’s operating performance." Specifically, A.M. Best said that AXIS' insurance segment is the main source of its concern, saying that, "Historically AXIS’ operating performance ranks among ... Read the full article
SoftBank seeking board seats at Swiss Re: Report
19th February 2018
According to the FT, the ongoing discussions between Japanese technology, telecommunications and investment giant SoftBank and its target investment reinsurance firm Swiss Re, include the former taking "multiple" board seats in the latter. Just over ten days ago the news emerged that Swiss Re is in what were termed advanced ... Read the full article
Influx of alternative capital provides fresh opportunities for innovative reinsurers
16th February 2018
The latest A.M Best review of the U.S. property/casualty industry has highlighted how reinsurers are responding to disruptive innovation by shifting strategies to look for opportunities to benefit from, and collaborate with the influx of alternative capital into the market. Part of what has pressured this market so significantly is the ... Read the full article
Willis appoints Dominique Lebel to head up Americas ICT Life unit
16th February 2018
Willis Towers Watson has announced the appointment of Dominique Lebel to lead its Insurance Consulting and Technology (ICT) Life business for the Americas, effective from March 1st, 2018. In his new role, Lebel will head up the company’s consulting services and software solutions for life insurers in the Americas and will ... Read the full article
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