Reinsurance News
ISO’s new commercial flood program offers coverage that’s excess of the NFIP
11th August 2017
ISO, a Verisk Analytics business, has announced a new commercial flood insurance program that provides insurers with the ability to set their own limits and offer additional protection for risks not covered by the National Flood Insurance Program (NFIP). ISO has announced that the new insurance program enables insurers to provide additional ... Read the full article
A 1992 Hurricane Andrew would leave $50-60 billion insured losses if it struck today
11th August 2017
25 years after the devastating Hurricane Andrew struck South Florida, Swiss Re calculated what the loss levels would be today if the same hurricane hit the region, revealing insured losses would double to reach $50-60 billion, and economic damage would exceed $80 to $100 billion. This is due to stark development ... Read the full article
QBE appoints Chris Kurinksy to CEO of Malaysia insurance
11th August 2017
QBE has appointed Chris Kurinsky, prior Head of Sales and Direct Marketing for Chubb, to Chief Executive Officer (CEO) of QBE Insurance, Malaysia, Berhad. Kurinsky will lead QBE's Malaysia expansion efforts, and work to build strategic partnerships and initiatives to grow the firm's specialty, commercial, SME, and personal lines. Mark Lingafelter, Managing ... Read the full article
Alesco hires energy broker Bob Choppen from Willis
11th August 2017
Specialist broker Alesco Risk Management Services (Alesco) has hired Bob Choppen, previously the Deputy Managing Director of Energy at insurance and reinsurance broker Willis Towers Watson, to join its growing energy broking division. Choppen joins Alesco as an Executive Partner in October 2017, responsible for new business development in the energy ... Read the full article
Schinnerer Group enters agreement to acquire ICAT
11th August 2017
The Schinnerer Group has entered an agreement to acquire International Catastrophe Insurance Managers, LLC (ICAT), a managing general agent for property catastrophe insurance, from the Paraline Group. ICAT is headquartered in Colorado and operates in all U.S. States through agents and wholesale brokers with a focus on the property catastrophe market. The ... Read the full article
Athene enters pension risk transfer market with $320m deal
11th August 2017
Athene Holding Ltd., the life, retirement, annuity insurance and reinsurance group that is majority owned by investment giant Apollo, has entered the pension risk transfer space in the second-quarter of 2017. Athene entered into its first pension buy-out transaction during the quarter, with its Iowa life insurance subsidiary now set to ... Read the full article
Sompo grows top-line, boosts profits with Endurance contribution
11th August 2017
Following its acquisition of Bermudian insurance and reinsurance player Endurance Specialty Holdings, Sompo Holdings has reported a significant increase to both its top-line and profitability thanks to the consolidation of this new business. Sompo Holdings reported that its newly named Sompo International unit, which is the Endurance re/insurance business, has ... Read the full article
GIC Re plans ambitious international growth including Lloyd’s syndicate
10th August 2017
Indian state-owned General Insurance Corporation (GIC Re) has announced ambitious plans to diversify its revenue base into the life segment and expand business lines throughout the global market, in a red herring prospectus. The firm recently filed an Initial Public Offering (IPO) constituting 14.22% of the firm’s post-offer paid-up equity share ... Read the full article
Asia needs innovative parametric and index-based solutions to close protection gap
10th August 2017
The managing director of the Monetary Authority of Singapore (MAS), Ravi Menon, called for a renewed focus on building innovative index-based and parametric solutions for effective transfer of disaster risk throughout Asia to step up efforts to close the region's protection gap, in a speech at the Institute of Catastrophe Risk ... Read the full article
UK pension risk transfer to re/insurers to reach £700 billion by 2032
10th August 2017
Demand for bulk annuity buy-ins is expected to quadruple over the next 15 years as £700 billion worth of defined benefit pension scheme liabilities are expected to be passed to insurers by 2032, according to a Hymans Robertson report. Around one-third of current defined benefit (DB) pension risk schemes are expected ... Read the full article
LatAm reinsurers challenged by shrinking profits but ratings remain stable: Fitch
10th August 2017
Latin American reinsurers appear set to see their profitability challenged over the next 1-2 years, the global soft market, contracting local economies, high interest rates, risk-based capital solvency regulations and sovereign-constrained ratings, are among many factors making conditions increasingly difficult for regional carriers. Despite these challenges, Fitch’s rating for LatAm reinsurers ... Read the full article
CatIQ adds Canadian flood event footprints from Aon to platform
10th August 2017
Catastrophe Indices and Quantification Inc. (CatIQ) has entered into an arrangement with insurance and reinsurance broker Aon's Impact Forecasting division to add flood footprints for recent Canada flooding events to its platform. Impact Forecasting’s Cat Event Response flood footprints for Canada will be made available as a layer on CatIQ’s CatHUB ... Read the full article
Athene’s AGER continues European growth with Aegon Ireland acquisition
10th August 2017
AGER Bermuda Holding Ltd. has announced that it's to acquire Aegon Ireland plc for roughly 81% of the own funds of Aegon Ireland as of closing, which, as of June 30th 2017 were approximately £200 million ($260 million). AGER Bermuda is the holding company of Athene Holdings Ltd.'s European group companies, and ... Read the full article
Novae hires new COO Adam Cragg from Beazley
10th August 2017
Lloyd's of London focused diversified specialty re/insurer player Novae Group plc has hired Adam Cragg from competitor Beazley to become its new Group Chief Operating Officer. Cragg will report to Matthew Fosh, Chief Executive Officer of Novae and joins the firm at an important time, being in the process of Read the full article
AMP expands reinsurance agreements in a move to release capital
10th August 2017
AMP has announced a series of new reinsurance agreements to release about AUS$500 million as part of a strategy to reduce capital held by the Australian wealth protection business, and to reduce future earnings volatility. The new reinsurance arrangements include Gen Re and Munich Re increasing their reinsurance cover share, and ... Read the full article
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