Reinsurance News
Swiss Re & Wellthy Therapeutics partner to improve access to diabetes insurance
10th August 2017
Reinsurance giant Swiss Re is to partner with Indian digital therapeutics firm, Wellthy Therapeutics, in order to develop more accessible, affordable and effective insurance solutions for people with Type 2 Diabetes. Based in Mumbai, India, Wellthy Therapeutics is one of five companies selected as part of Swiss Re's InsurTech Accelerator programme ... Read the full article
Hannover Re results ahead of consensus, on lower losses, higher investments
10th August 2017
German reinsurance firm Hannover Re has beaten consensus as its second-quarter 2017 net income came in ahead of expectations, largely assisted by a quarter lacking in large losses and higher investment income. Half-year net income rose 9.6% to EUR 535 million, up from EUR 488 million in the prior year, putting ... Read the full article
Willis Towers Watson appoints Fabien Conderanne to Asia Pacific Financial Solutions Deputy Head
9th August 2017
Willis Towers Watson has named Fabien Conderanne as new Deputy Head of Asia-Pacific Financial Solutions, as the firm continues to strengthen its financial services capabilities across the region. Fabien will begin his Singapore based role, which was created as a new position, on 1 August 2017, and will report to Stuart ... Read the full article
Blackstone, GIC & MassMutual acquire Goldman Sach’s entire Rothesay Life shares
9th August 2017
Blackstone, GIC and MassMutual have reach an agreement to acquire Goldman Sachs’ entire shareholding in Rothesay Life. GIC, the largest Singapore sovereign wealth fund, and investment manager Blackstone will hold equal largest stakes, while insurer MassMutual will significantly increase its stake share. Goldman Sachs said it plans to retain a close relationship ... Read the full article
Heritage to acquire NBIC Holdings for $250 million
9th August 2017
Heritage Insurance Holdings, Inc. is to acquire NBIC Holdings, Inc., the parent company of Narragansett Bay Insurance Company, for $250 million in a deal that is expected to close in the fourth-quarter of 2017. The acquisition price will be financed with $210 million in cash and $40 million of the firm's common stock, ... Read the full article
Flooding in Asia drives $10 billion economic loss in July: Aon
9th August 2017
During the month of July severe flooding in Asia contributed to economic losses of $10 billion in the region, according to the July 2017 Global Catastrophe Recap report from Impact Forecasting, the catastrophe risk modelling arm of reinsurance broker Aon Benfield. Across numerous parts of Asia throughout the second-half of June ... Read the full article
2017 H1 catastrophe losses in U.S. reach six year peak: PCS
9th August 2017
At $15 billion U.S. catastrophe losses for the first half of the year were at their highest since 2011 - the trend of natural catastrophe events increasing in frequency continued with H1 seeing the highest number of severe weather events since 1980, according to PCS' H1 2017 Catastrophe Review. Four of ... Read the full article
CoreLogic adds property underwriting offering with addition of Myriad platform
9th August 2017
Analytics and data-enabled solutions provider CoreLogic has announced the addition of Myriad Development's automated underwriting platform which will be combined with CoreLogic property data to create an enhanced tool for speedy and cost-efficient underwriting. CoreLogic said Myriad platform users have experienced between four-to-seven times return-on-investment due to cost savings from fewer physical ... Read the full article
Third Point Re announces senior executive team changes
9th August 2017
Third Point Reinsurance, the hedge fund strategy reinsurer backed by Daniel Loeb's Third Point LLC, has announced a series of changes to its executive team, subject to Bermuda Department of Immigration and regulatory approval. Daniel Malloy was promoted from Chief Underwriting Officer to Chief Executive Officer (CEO) of Third Point Reinsurance Company ... Read the full article
Investment in automation helping insurance margins stay resilient: J.P. Morgan
9th August 2017
The increasing trend among insurance companies to invest in automation, particularly around the claims handling process, has disrupted the insurance cycle and is the main reason margins are higher than some would have expected at this point in the cycle, according to analysts at J.P. Morgan. Margins in the non-life insurance ... Read the full article
Munich Re beats expectations, although reinsurance clearly pressured
9th August 2017
Reinsurance giant Munich Re reported a decline in its second-quarter profits this morning, as lower reinsurance profitability eclipsed improved performance in its Ergo primary division. However the reinsurer beat analyst expectations and remains on track for its 2017 targets. Pressures in the reinsurance market continue to be evident in the largest ... Read the full article
Argo expands in reinsurance thanks to Ariel Re acquisition
8th August 2017
Argo Group International Holdings, Ltd. has expanded its reinsurance portfolio with the help of the scale and reach added following the acquisition of Ariel Re. Overall Argo has increased its gross written premiums by almost 23% to $687.2 million in Q2 2017, but in its international business the reinsurance growth ... Read the full article
Hedge fund reinsurers’ performance lags behind traditional players: S&P
8th August 2017
Despite increasing numbers of hedge fund reinsurance (HFRs) start-ups entering the soft P&C reinsurance marketplace, their performance lags behind that of traditional Bermudian reinsurers with many yet to generate an underwriting profit, Standard & Poor's (S&P) said in a recent report. This calls into question how sustainable the HFR strategy will be ... Read the full article
London market data capture solution launched by the LMG
8th August 2017
The London Market Group (LMG) has announced that one of the core solutions within the London Market Target Operating Model (LM TOM), called Structured Data Capture (SDC), is now live for terrorism, financial lines, marine, and property and casualty. SDC is an online service that converts the policy wordings of a ... Read the full article
Fitch expects Asian reinsurers to increase use of debt capital
8th August 2017
Fitch Ratings expects the Asian bond market to gain traction in the near to medium term as the persistent low-interest rate environment fuels reinsurers in the region to look at debt capital over equity funding. The majority of reinsurance companies across Asia are equity-funded, but in a low-interest rate environment, which ... Read the full article
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