Reinsurance News
Swiss Re pulls back on re/insuring thermal coal exposures
2nd July 2018
Swiss Re is to begin implementing its thermal coal policy first announced in June 2017, no longer providing re/insurance to businesses with more than 30% exposure to thermal coal across all lines of business. The move further expands Swiss Re’s divestment from the energy source, having stopped investing in companies that ... Read the full article
Neon expands marine offering in Nordic markets
2nd July 2018
London-headquartered Neon Underwriting has announced the launch of Orca Insurance Agency, a business aimed at providing marine solutions to the Nordic Markets. The Lloyd's of London approved coverholder, which will underwrite on behalf of Neon Syndicate 2468, is to offer marine risk solutions - including insurance products, consultancy and engineering services ... Read the full article
Florida leads price declines in disappointing mid-year renewals: Willis Re
2nd July 2018
Excess capital, the stabilisation of 2017 catastrophe loss estimates and benign loss activity so far in 2018 are driving a 'new normal' in property catastrophe reinsurance pricing, underlined by disappointing June/July property catastrophe renewals, according to Willis Re. The global reinsurance broker has released its latest 1st View renewals report, which ... Read the full article
Fidelis appoints Lancashire’s Creagh-Coen as Head of Strategic Relationships
2nd July 2018
Fidelis Insurance has announced the appointment of Jonathan Creagh-Coen, former Head of Investor Relations and Marketing at Lancashire, to the position of Head of Strategic Relations, effective immediately. Creagh-Coen will be tasked with developing strategic relationships with Fidelis’ key stakeholders, as well as leading and managing the investor relations function. He has ... Read the full article
Further disappointment for Jan 2019 renewal possible, says Morgan Stanley
2nd July 2018
After meetings with seven re/insurers (Arch, Axis, Hiscox, Nephila, PartnerRe, RenRe, and Third Point Re), Morgan Stanley has indicated that, in absence of large, unexpected losses or significant industry reserve issues, there's potential for further pressure at the key January 2019 renewals. Morgan Stanley points to an abundant supply of alternative and ... Read the full article
Lockton appoints Jerry Ridge as Global Head of Marine & Energy Reinsurance
2nd July 2018
Insurance broker Lockton has announced the appointment of Jerry Ridge as Global Head of Marine and Energy Reinsurance. Ridge brings 37 years’ reinsurance industry experience to his new role at Lockton, which will see him manage the company’s fast-growing international Marine and Energy business group. Most recently, Ridge served as Chairman of ... Read the full article
Flood Re to reduce premiums from beginning of 2019
29th June 2018
Flood Re is to lower the premiums it charges insurers for the first time starting in 2019, according to the company’s annual report. “After two years of operations, we are pleased that the Scheme’s objective, of ensuring the availability of affordable home insurance for people in flood-prone parts of the UK, ... Read the full article
Inga Beale to depart Lloyd’s in 2019
29th June 2018
Inga Beale, the Chief Executive Officer (CEO) of the specialist Lloyd's of London insurance and reinsurance marketplace, is to step down from her position in 2019. Beale joined Lloyd's in 2014, and during the last five years showed a commitment to the transformation of the marketplace, which includes significant cultural change ... Read the full article
$1.2 billion of risk offloaded by Freddie Mac in 2018
29th June 2018
Reinsurers have helped Virginia-headquartered Federal Home Loan Mortgage Corporation (Freddie Mac) offload $1.2 billion of risk this year, via its Agency Credit Insurance Structure (ACIS) program. ACIS 2018-SAP1, the Company’s fourth stand-alone ACIS credit-risk transfer (CRT), provides a maximum limit of up to approximately $300 million of losses on single-family loans. Gina ... Read the full article
Guernsey’s alternative capital sector builds on 2017 performance
29th June 2018
Guernsey has seen a positive start to the year in the insurance-linked securities (ILS) market, building on the solid growth it experienced in 2017, according to Guernsey Finance, the promotional agency for the island’s financial services sector. Statistics for new cells of protected cell companies (PCCs), the main method of writing ... Read the full article
Swiss Re confident about transition to autonomous vehicles, reports Deutsche Bank
29th June 2018
As the largest global motor reinsurer, Swiss Re sees itself as well placed to benefit from anticipated structural changes to the market as the industry prepares to transition to autonomous vehicles, according to Deutsche Bank. Speaking at Deutsche Bank’s third dbAccess AutoTech day in London, representatives from Swiss Re explained that ... Read the full article
Liberty Mutual in new $278mn Limestone Re collateralised reinsurance deal
29th June 2018
U.S primary insurer Liberty Mutual has secured $278 million of collateralised reinsurance for its U.S property catastrophe program through a new transaction with Limestone Re, a Bermuda domiciled segregated account company. Acting as a sidecar vehicle for Liberty Mutual, Limestone Re issued a series of participating notes to investors in a ... Read the full article
Hannover Re joins new Chinese reinsurance blockchain initiative
29th June 2018
Hannover Re, China Re, Germany General Re (Gen Re), and Zhong An Technology have launched a new intercompany trading platform to support the implementation of blockchain technology in the Chinese reinsurance market, according to China Insurance News Network. The parties recently released the Reinsurance Blockchain (BIC) White Paper in Shanghai, a ... Read the full article
Assurant secures $1.3bn property catastrophe reinsurance program
29th June 2018
New York-headquartered Assurant Inc. has secured a $1.3 billion 2018 catastrophe reinsurance program that protects nearly 3 million homeowners and renters policyholders against severe weather events. The main reinsurance program provides the firm with $985 million of coverage in excess of a $120 million retention. The 2018 U.S. program includes U.S. per-occurrence ... Read the full article
Allianz says major M&A deals are not on the horizon
29th June 2018
Insurance giant Allianz has denied that it has ambitions to complete a major merger or acquisition (M&A) deal, saying that no deals are on the horizon. Allianz also said at a day for investors and analysts held this week that they are not in discussion with any of the companies Read the full article
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