Reinsurance News
Cyber risk influence on re/insurer ratings mostly gradual: Fitch
15th November 2017
Despite the fact that the cyber insurance and reinsurance market is forecast to grow rapidly, rating agency Fitch believes that the influence of cyber risks on the ratings it gives will be mostly gradual. The reason is that, so far, cyber risks only make up a relatively small proportion of re/insurers ... Read the full article
London market could become more competitive as FCA investigates broking practices
15th November 2017
Heavy operating costs mean the London market has been losing business to foreign re/insurance hubs in recent years, but according to Fitch Ratings, an upcoming review of broker practices by the Financial Conduct Authority (FCA) could help to reverse this trend. Rising broking commissions have added to pressure on insurers' underwriting ... Read the full article
JP Morgan says pricing turn “inevitable”
15th November 2017
JP Morgan analysts expect upcoming price rises to be most acute in loss-hit contracts and capital-intensive businesses, but rate increases could also filter down to other specialty and commercial insurance markets after one of the most costly periods for natural catastrophes on record became a capital event for the global reinsurance industry. JP ... Read the full article
Everest Re sets up Private Company/ Not-for-Profit business segment
15th November 2017
Everest Re has set up a Private Company/ Not-for-Profit business segment (Private/NFP) in the Everest Specialty Underwriters unit of Everest Insurance, to compliment its expanding Financial Lines division. The Private/NFP team will target small, middle and large Private/Not-for-Profit firms and organisations on a primary and excess basis, delivering innovative solutions across ... Read the full article
Earnings outlook to improve for Lloyd’s companies
15th November 2017
After Lloyd's companies were hit with incurring material losses in 2017, the earnings outlook for coming years has turned optimistic with price increases expected to benefit existing books of business and new opportunities arising from increased exposure. This will come as encouraging news to Lloyd's firms' after earnings have been hard hit ... Read the full article
Rate increases could be higher than in 2011: Munich Re
15th November 2017
According to reinsurance giant Munich Re, the post-loss rate increases coming at the January 2018 and future reinsurance renewals could be higher than those witnessed after the 2011 earthquake industry losses. While overall industry losses to insurance and reinsurance interests may be less than seen in 2011, the way 2017's loss ... Read the full article
Reinsurers believe loss gap will build to match $80-100bn estimates
14th November 2017
Amidst speculation over whether the sizable gap between re/insurers' reported losses and industry estimated losses will be filled, half of conference attendees polled at the 2017 Bermuda Reinsurance Conference said they expect total insured losses to continue to grow to match industry estimates of U.S. $80-100 billion. Q3 re/insurance losses could ... Read the full article
Global financial regulators to assess re/insurers based on activities not size
14th November 2017
Global financial regulators have decided to move away from gauging the riskiness of insurers based on their size, to assessing firms based on their activities, when deciding whether to subject them to increased regulatory scrutiny, a source told Reuters. Companies selected for additional scrutiny are required to hold extra capital to ... Read the full article
Till Capital looking for buyer for Canadian subsidiary Omega Insurance
14th November 2017
Bermuda-domiciled Till Capital Ltd., which operates through wholly owned subsidiaries Omega Insurance Holdings Inc. and Resource Re Ltd., is looking to sell of the former and is seeking a buyer for Canadian subsidiary Omega. The company, which follows an investment-oriented reinsurance approach having been launched by investor Bill Lupien with the ... Read the full article
Reinsurance execs optimistic about upcoming rate increases
14th November 2017
Amidst industry-wide speculation on the impact the heavy Q3 losses will have on global reinsurance pricing, 46% of 2017 Bermuda Reinsurance Conference attendees believe a pricing upturn will be solely reflected in U.S. markets, while 30% said they expect to see some spill-over into other parts of the world. In light ... Read the full article
Xceedance invests in blockchain specialist start-up ChainThat
14th November 2017
Insurance consulting, technology and data sciences provider Xceedance has made a multi-million dollar equity investment in a re/insurance blockchain specialist start-up, ChainThat. As a pioneering InsurTech startup in blockchain and distributed ledger technologies, the ChainThat team provides secure online transactional services tailored for re/insurance processes and develops products for the commercial, ... Read the full article
Lloyd’s partners with Advent Claims for claims management hub
14th November 2017
The LMA Claims Committee (LMACC) has selected Advent Claims as a partner and vendor for its Claims Expert Management Hub for Lloyd’s carriers. Using the MATS platform provided by MatsSoft, Advent Claims will develop the platform at the Hub’s core - enabling managing agents to record, track and control budget and spend ... Read the full article
Building block approach highlights EMEA insurers’ robust balance-sheets: A.M. Best
14th November 2017
Analysis of the European Middle East and Africa (EMEA) insurance market using A.M. Best's new building block rating methodology approach, has shown firms' as overall having very robust balance-sheets, adequate and strong operating performance, neutral business profiles, and ... Read the full article
Longevity risk transfer activity to grow in the UK and beyond: Prudential’s Kessler
14th November 2017
The longevity reinsurance and risk transfer market in the UK is expected to be active in 2018 after a period of uncertainty following the Brexit vote, and markets around the world are expected to adopt the UK's de-risking techniques, and take advantage of the efficient cost of transferring longevity risks, ... Read the full article
Newbridge secures $20mn Lloyd’s capacity deal for political violence & terrorism market
14th November 2017
To support the growth of its political violence and terrorism insurance and reinsurance business, Newbridge Risk Partners, an underwriting cell on the Castel MGA formation platform, has secured a deal with Lloyd’s and London company market capacity. The new capacity will enable Newbridge to offer up to $20 million for operational ... Read the full article
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