Reinsurance News
Blenheim adds specialty reinsurance division with hire of Cutts from Talbot
7th August 2017
Blenheim Syndicate 5886 at Lloyd's of London has announced the launch of a specialty reinsurance division, with the hiring of John Cutts from Talbot. Blenheim was launched by ex-Cathedral syndicate founders Peter Scales and John Lynch, and has an underwriting team largely hailing from that syndicate, which was bought by Lancashire ... Read the full article
Berkshire Hathaway falls to underwriting loss on AIG, Ogden, reserves & cats
7th August 2017
Warren Buffett's Berkshire Hathaway reported its second-quarter and half-year results on Friday, revealing an underwriting loss as a number of factors impacted profits at Buffett's insurance and reinsurance divisions. Overall insurance underwriting fell to a -$22 million loss at Berkshire Hathaway, down from an underwriting profit of $337 million in the ... Read the full article
Liberty Specialty enters Netherlands Fine Art & Specie market with underwriting hire
4th August 2017
Subsidiary of Liberty Mutual Insurance Group, Liberty Specialty Markets (LSM), has announced the appointment of Paul Seip as Senior Underwriter, Fine Art & Specie, signalling the firm's entry into the business line in the Netherlands. Seip will undertake his new role from August 1st, 2017 and will be based in the ... Read the full article
Mexico secures $360 million of catastrophe cover with World Bank cat bond
4th August 2017
Mexico has secured $360 million of protection against earthquake and tropical cyclone risks via a catastrophe bond transaction from the World Bank, which has now completed. The deal is structured into three tranches, with one providing protection against Mexico earthquakes, one against Atlantic tropical cyclones, and one providing coverage against Pacific ... Read the full article
Chubb UK & Ireland promotes Savvas to Head of PI
4th August 2017
Chubb UK and Ireland has announced the promotion of Chris Savvas to Head of PI as it looks to develop and improve its capabilities in financial lines and the professional indemnity sector. The appointment is effective immediately and is a promotion from Savvas' previous position of Senior PI Underwriter. He will be ... Read the full article
Beazley Ireland prepares to expand cyber lines as demand grows
4th August 2017
Increasing demand for high quality cyber insurance is opening up attractive growth opportunities across Beazley Ireland's specialty lines portfolio. This comes against a backdrop of stifled demand for the more traditional catastrophe exposed risk lines, Beazley said in its H1 2017 results report. Data breach handling regulations tightening and increased awareness among ... Read the full article
More positives than negatives in life reinsurance: S&P
4th August 2017
The outlook for the global life reinsurance sector is "promising" through 2019 as opportunities in the space outweigh a string of persistent market challenges, especially when compared with the property and casualty (P&C) space, according to Standard & Poor's (S&P). "Despite prevailing low interest rates, fierce competition in the sector's ... Read the full article
Allianz & LV= announce joint venture in deal valued at over £1 billion
4th August 2017
After recent media speculation it has now been announced that insurer Allianz and Liverpool Victoria Friendly Society (LV=) are to launch a joint venture under the LV= brand, which will create the third largest personal insurance company in the UK. Earlier this week media reports had claimed a deal was close ... Read the full article
Flames engulf Dubai’s Torch Tower, again
4th August 2017
Dubai's Torch Tower, which at 1,105ft is one of the tallest residential buildings in the world, has again caught fire, with reports claiming that a fire broke out on the ninth floor and spread to upper levels, although the blaze is now believed to be under control. This is the same ... Read the full article
M&A in Asia driven by incentives for foreign diversification & local capacity growth
4th August 2017
Soft market conditions provide the backdrop for reinsurance industry Merger & Acquisitions (M&As) throughout Asia, although the highly varied local industry dynamics and levels of market maturity create a mixed bag of motives, with some reinsurers driven to acquire by foreign diversification needs while others merge to grow their own ... Read the full article
Swiss Re results miss forecasts as it navigates challenging market
4th August 2017
Global reinsurance firm Swiss Re missed analyst forecasts in its half-year results reported today, with the challenging market environment becoming very clear as its performance, earnings and return to investors continues to decline. The effects of a more competitive reinsurance market awash with capacity and the resulting consecutive years of price ... Read the full article
Athene Holding and Lincoln Financial enter into flow reinsurance treaty
3rd August 2017
Athene Holding has finalised a flow reinsurance treaty with Lincoln Financial Group, under which Athene insurance subsidiaries will reinsure Lincoln's traditional fixed and fixed indexed annuities, with effect from August 1st, 2017. Jim Belardi, Chief Executive Officer (CEO) of Athene, said; “Athene is pleased to begin this new partnership with Lincoln ... Read the full article
RenRe adds two to Board of Directors
3rd August 2017
RenaissanceRe Holdings Ltd. has announced the addition of Duncan P. Hennes and Dr. Valerie Rahmani to its Board of Directors, as independent directors, effective August 2nd, 2017. Hennes is the Co-Founder and Partner of Atrevida Partners, LLC, and Dr. Rahmani recently served as Chief Executive Officer (CEO) of Damballa, Inc., a cyber-security firm. Commenting on the appointments, James L. Gibbons, non-Executive ... Read the full article
C-ROSS is causing Chinese insurers to adapt reinsurance arrangements
3rd August 2017
China’s implementation of the China Risk Oriented Solvency System (C-ROSS) in 2016 reshaped the domestic reinsurance space, leading to insurers choosing reinsurance arrangements with greater risk-based capital efficiency and becoming more wary of offshore cedance due to increased risk charges, said Fitch Ratings in a report. C-ROSS caused insurers throughout the country ... Read the full article
Beechwood sold after reputation loss from Platinum Partners scandal
3rd August 2017
Beechwood, a group of reinsurance and asset management companies, has been sold in a last ditch attempt to salvage the firm instead of shutting it down after it suffered reputation loss when hedge fund Platinum Partners collapsed after a federal investigation, Reuters reported. Platinum's top executives and founder were arrested ... Read the full article
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