Reinsurance News
Protectionism threatens reinsurers’ need for diversification: Inga Beale, Lloyd’s CEO
25th September 2017
Inga Beale, the Chief Executive Officer (CEO) of the specialist Lloyd's of London insurance and reinsurance marketplace, recently spoke with Reinsurance News about growing protectionist measures around the world, and how this might impact the reinsurance industry. Reinsurance News met with Beale at the 2017 meeting of the reinsurance industry in ... Read the full article
Reinsurers’ demand for U.S. GSEs mortgage risk to increase: A.M. Best
22nd September 2017
The softened reinsurance market landscape and a mandate by the Federal Housing Finance Agency (FHFA) is driving the increased participation of reinsurers in the U.S. mortgage insurance sector, a trend A.M. Best expects to continue. The persistent softening in the property/casualty reinsurance sector, underlined by continued rate declines across most business ... Read the full article
Reinsurer balance-sheets at risk from the next hurricane hit: Analysts
22nd September 2017
Following the impacts of hurricanes Harvey and Irma, in a year that has also seen significant U.S. convective storm activity and events like Cyclone Debbie in Australia, reinsurers are now in a position where one more major hit from a hurricane or other catastrophe could put their balance-sheets at risk. The ... Read the full article
New Zealand brokers warn of rising premiums as fire & EQC taxes increase
22nd September 2017
Insurance brokers in New Zealand have warned that the cost of insuring some buildings could be about to increase by up to 50% as a result of higher earthquake commission (EQC) and fire service taxes, and the changing marketplace caused by recent earthquakes. According to reports from the country, regions that were hit ... Read the full article
No rating weakening for hurricane Irma exposed firms: Fitch Ratings
22nd September 2017
Hurricane Irma insured losses are estimated to amount to $25 - $50 billion, causing near-term earnings reduction for exposed firms but no expected rating weakening, according to Fitch Ratings. The rating agency said that while carriers remain well-capitalised with sufficient balance sheets to handle claims from Irma and Harvey, capacity could ... Read the full article
Asta granted ‘in principal’ approval to establish Agora syndicate 3628 at Lloyd’s
22nd September 2017
Lloyd's of London third-party managing agent, Asta, has received approval 'in principal' from the Lloyd's Franchise Board to launch and manage Agora syndicate 3628. Asta, alongside Skuld, announced the establishment of Special Purpose Arrangement (SPA) 6126 in 2015 and, following two years of operations the Lloyd's Franchise Board has now given ... Read the full article
Swiss Re backs FlyIcarus’ online platform for drone cover
22nd September 2017
Swiss Re Corporate Solutions, the direct and commercial insurance division of reinsurer Swiss Re, and Flylcarus, a representative of London broking firm, Bannerman Rendell, have signed a cooperation agreement to offer drone insurance to commercial operators and drone enthusiasts through the flyicarus website. Under the agreement, Swiss Re will underwrite and ... Read the full article
US/EU ‘covered agreement’ on reinsurance measures to be signed today
22nd September 2017
The 'covered agreement' between the U.S. and the European Union (EU) on prudential reinsurance measures is to be signed today, according to a joint statement. Early in 2017 both the U.S. and the EU noted intentions to sign the agreement, which has been in discussion for some time. Now, in a ... Read the full article
AGCS launches digital distribution platform for small commercial businesses
22nd September 2017
Allianz Global Corporate & Specialty (AGCS), the corporate insurance arm of Allianz, has launched a new online distribution platform, called AllianzGo for small commercial businesses in the U.S. market. The new, innovative platform provides brokers with the ability to rate, quote, issue and service the accounts for small commercial businesses online, ... Read the full article
ARC looks to expand remit with launch of outbreak & epidemic cover
22nd September 2017
The African Risk Capacity (ARC) has announced the launch of an outbreak & epidemic (O&E) solution for African governments, in an effort to finance the protection against, and control of, diseases. ARC provides parametric sovereign disaster risk insurance and other support to African nations, and is looking to expand its offerings ... Read the full article
Steve Bale joins Aon’s Risk Settlement team from L&G
22nd September 2017
International insurance and reinsurance broker, Aon, has appointed Steve Bale from Legal & General (L&G) as a principal consultant in its Risk Settlement division. Bale has 19 years of experience in the life and pension sector, and was most recently a prudential risk actuary covering large UK and U.S. pension risk ... Read the full article
Bestow partners with Munich Re to develop life insurtech platform
22nd September 2017
Bestow has partnered with the U.S. life and disability reinsurance division of Munich Re, Munich American Reassurance Company, to develop new life solutions for Bestow's on-demand life insurance platform. The partnership aims to leverage insurtech to redefine how the industry markets insurance through offering consumers a new way to research, buy, ... Read the full article
Brexit could gradually disintegrate London reinsurance hub
22nd September 2017
The UK government's attempt to stimulate and protect its ILS and reinsurance market with the introduction of new ILS laws could be too little, too late, as over the long-term Brexit causes a slow disintegration of its well-established reinsurance hub. Speaking at the 2017 Rendezvous de Septembre in Monte Carlo, A.M. ... Read the full article
Allstate reveals $576m Hurricane Harvey loss
21st September 2017
Allstate has reported estimated gross catastrophe losses, excluding homeowners flood, for hurricane Harvey of pretax $576 million, $23 million of which is expected to be recovered from reinsurance agreements. About 55% of the firm's Harvey losses are related to auto cover. $53 million of losses and expenses are expected from commercial insurance, ... Read the full article
Pioneer Underwriters syndicate 1980 at Lloyd’s approved in principle
21st September 2017
Pioneer Underwriters, which operates as a risk carrier and managing agent currently with the backing of Liberty Syndicate 4472, said today that it has received approval “in principle” to establish its own Lloyd's of London syndicate. Working alongside Asta, the third-party managing agent at Lloyd’s, Pioneer is moving forwards to operate ... Read the full article
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