Reinsurance News
Munich Re, HDI, Everest Re, Lloyd’s most exposed to Puerto Rico hurricane loss: KBW
27th September 2017
Analysts at Keefe, Bruyette & Woods (KBW) have provided an updated list of the reinsurers they deem likely to take the biggest share of the losses from hurricane Maria's devastating impact on Puerto Rico. Top of the list of those assuming risk from insurers operating in Puerto Rico is global reinsurance ... Read the full article
Coverys gets Lloyd’s approval to set up syndicate
27th September 2017
Medical professional liability insurer, Coverys, has received 'in principle' approval from the Lloyd's Franchise Board to establish Coverys Syndicate 1975. The new syndicate will be managed by Lloyd's managing agency R&Q Managing Agency Ltd (RQMA), and will function with Coverys as its sole capital provider. Gregg Hanson, Chief Executive Officer and president ... Read the full article
Fitch warns re/insurers of growing risk of rating downgrades
27th September 2017
Fitch has warned of potential rating downgrades ahead as global 2017 insured losses for re/insurers reach $100 billion and could rise to $190 billion pretax. If insured claims reach the upper end of estimates, this year would become the highest on record for single year insured losses. Hurricane Maria’s devastating impacts in ... Read the full article
Liberty Specialty announces four senior appointments
27th September 2017
Liberty Mutual Insurance subsidiary, Liberty Specialty Markets, has announced four new senior additions, subject to regulatory approval. Phil Hobbs has been named Deputy Managing Director, and Dieter Winkel has been appointed President Liberty Mutual Reinsurance (assumed reinsurance). Furthermore, Chris Short has been named Chief Actuary, while Peter Smith has been appointed Executive ... Read the full article
Munich Re reported close to selling some run-off ERGO life units
27th September 2017
Global reinsurance player Munich Re has been reported to be on the verge of offloading some of its primary life insurance units that are in run-off, with a legacy disposal or reinsurance to close transaction the most likely outcome. It's been reported in the German media and by Reuters that the ... Read the full article
Data & knowledge is the re/insurance sector’s opportunity: SCOR’s Peignet
27th September 2017
During the annual meeting of the reinsurance industry in Monte-Carlo, Reinsurance News met with the Chief Executive Officer (CEO) of SCOR Global P&C, Victor Peignet, to discuss some burning industry topics. Regarding the potential but very uncertain impact of hurricane Irma, Peignet underlined how a fragmented market made it difficult to ... Read the full article
R&Q finalises assignment of large deductible liabilities transaction
26th September 2017
Randall & Quilter Investment Holdings Ltd. (R&Q) has successfully completed the assignment of insurance liabilities under deductible policies, in relation to workers' compensation policies that were issued between 1988 and 2012. The underlying liabilities relate to policies issued to a U.S. corporate via a large U.S. carrier, explains R&Q, with the ... Read the full article
United to retain $83m of Q3 cat losses, reinsurers to take the rest
26th September 2017
United Insurance Holdings Corp (UPC) announced estimated Q3 catastrophe losses of about $83 million before income taxes, net of expected reinsurance recoveries. Before reinsurance recoveries and income taxes, insured losses from Hurricanes Harvey and Irma reach $300 - $600 million, however, the firm's catastrophe excess of loss reinsurance limits mean retained losses ... Read the full article
MAPFRE expects $150-200m blow due to recent catastrophes
26th September 2017
The aggregation of losses from recent natural catastrophe events will blow an estimated $150 to 200 million hole on MAPFRE’s 2017 net result and have caused the firm to re-examine whether it can reach its annual target profit. MAPFRE had set its average Return On Equity at an average 11% and ... Read the full article
SCOR maintains targets despite recent catastrophe events
26th September 2017
In spite of hurricanes Harvey, Irma, and Maria, global French reinsurer, SCOR, remains on track to meet its "Vision in Action" targets, and the company doesn't expect to experience any financial ratings impact. The impacts of hurricanes Harvey and Irma is expected to be an earnings event for the global reinsurer, ... Read the full article
UK motor reinsurance renewal prices could stabilise on Ogden revision
26th September 2017
According to rating agency A.M. Best, revisions to the reform of the law governing the personal injury discount rate, or Ogden Rate as it is known, in England and Wales are likely to result in more stable motor reinsurance renewal pricing in January. It had been expected that January 2018 renewals ... Read the full article
Ironshore expands Bermuda underwriting model to U.S. & UK
26th September 2017
Ironshore has expanded its Bermuda underwriting agency business model, Iron-Starr Excess, with the introduction of an agency that will service the U.S. and London insurance markets. “We have had a lot of success given the quality and experience of our team in Bermuda,” said Mitch Blaser, Ironshore’s Chief Operating Officer and ... Read the full article
AXIS’ takeover of Novae expected to be completed by October 18th, 2017
26th September 2017
AXIS Capital Holdings Limited will complete its previously announced acquisition of Novae group in two phases, the deal is expected to be finalised no later than October 18th, 2017. AXIS Capital announced in July this year that it would acquire Novae for $604 million, before increasing the offer in Read the full article
Joe Mellen joins Antares from Sompo Canopius as Marine Cargo Underwriter
26th September 2017
Lloyd's of London independent managing general agent (MGA) and member of QIC Group, Antares, has named Joe Mellen Marine Cargo Underwriter, effective immediately. Mellen brings over 35 years of industry experience to Antares and joins from Sompo Canopius and, in his new role will report to Henry Maughan, Class Underwriter, Marine ... Read the full article
Reinsurer capital return could halt if Maria loss as big as estimated: Morgan Stanley
26th September 2017
The reinsurer capital return train could halt in its tracks following the impacts of the 2017 hurricane season, according to analysts at Morgan Stanley. Following the insurance and reinsurance industry loss estimate of hurricane Maria losses from AIR Worldwide, which at up to $85 billion is considerably higher than anyone ... Read the full article
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