Reinsurance News
Horseshoe Re promotes Francis to President
19th October 2017
Horseshoe Re has announced the promotion of Yulanda Francis from Senior Vice President (SVP) to President. As well as serving as President she'll retain her current responsibilities for client serving, with the treasury and underwriting teams reporting to her. Francis will report directly to Andre Perez, Chief Executive Officer (CEO) of Horseshoe Group, ... Read the full article
WEF & re/insurers work to close emerging risks protection gap
19th October 2017
In a new World Economic Forum-led initiative, re/insurers, tech firms, and government representatives will collaborate to develop strategies for the management of emerging risks from fourth industrial revolution innovations. Innovations such as drones and driverless cars have the potential to unleash a new set of uninsured risk on societies in the ... Read the full article
Headwinds continue to challenge U.S. P&C industry’s profitability: Guy Carpenter
19th October 2017
Despite a well capitalised industry, U.S. property & casualty (P&C) insurers continue to face a series of headwinds that will persistently challenge the profitability of the sector, but opportunities do exist, according to reinsurance broker, Guy Carpenter. A report from broker Guy Carpenter, Plotting a Path in a Challenging Market, looks ... Read the full article
Blue Capital reveals $57.5 million of catastrophe losses in Q3
19th October 2017
Blue Capital Reinsurance Holdings has revealed preliminary third-quarter catastrophe losses of $57.5 million, net of reinsurance and reinstatement premiums. The estimated losses include the impacts of hurricanes Harvey, Irma and Maria and the September earthquakes that shook Southern and Central Mexico. Blue Capital expects its September 30th, 2017 book value per share ... Read the full article
German life portfolios in run-off to increase in next 5 years: Fitch
19th October 2017
Fitch said Generali's recently announced plans to put its largest German life entity, Generali Leben, into run-off in the first quarter of 2018, confirms its predictions for a significant increase in German life insurance portfolios in run-off over the next five years. Given the size of the Generali Leben portfolio, Fitch predicts the ... Read the full article
Zurich puts Harvey, Irma and Maria losses at $700 million
19th October 2017
Global insurer Zurich expects hurricanes Harvey, Irma and Maria to result in net claims of $700 million in the third-quarter for the firm's property and casualty (P&C) segment, net of reinsurance and pre-tax. After tax, Zurich estimates the hit to its P&C segment from the three events will be $620 million, ... Read the full article
A J. Gallagher strengthens with addition of mining specialist
19th October 2017
Global brokerage Arthur J. Gallagher has announced the appointment of Stuart Hill, an international mining specialist, as a Director, effective immediately. The appointment strengthens the firm's global mining and property capabilities, and Hill will be based in the firm's London office and will report to Neil Stewart, Managing Director of Global & ... Read the full article
No rating action for Caribbean/Puerto Rico cedants after Irma & Maria: A.M. Best
18th October 2017
Global financial services ratings agency, A.M. Best, does not expect to take any Credit Rating actions against insurers in the Caribbean and Puerto Rico after the devastating impacts of hurricanes Maria and Irma. Despite loss estimates from Maria being large, A.M. Best doesn't expect to take any rating action against insurers ... Read the full article
LatAm’s agricultural markets in need of greater re/insurance penetration: Swiss Re
18th October 2017
The protection gap (disparity between economic and insured losses post-event) for losses from natural disasters in Latin America reached $15 billion in 2016, with widespread impacts to various regions' vital agricultural sectors from numerous perils, but innovative insurance and reinsurance solutions can help to bridge the gap, according to reinsurance ... Read the full article
Elon Musk’s Hyperloop insurable, says Munich Re
18th October 2017
Elon Musk's idea for super-fast transport, Hyperloop Transportation Technologies (HTT), a tube-based transportation system that propels capsules through a tube at high speed using magnetic levitation, has been deemed feasible and insurable by reinsurer Munich Re. HTT has been hailed has the next transportation breakthrough, powered by a combination of alternative ... Read the full article
Reinsurance segment to assume majority of EMC’s record Q3 cat losses
18th October 2017
EMC Insurance Group Inc.'s reinsurance segment will take the majority of the firm's record third-quarter catastrophe losses of $29.4 million, which includes losses from hurricanes Harvey, Irma, and Maria, and the Mexico earthquakes. The $29.4 million sum is net of inter-company reinsurance recoveries, and includes approximately $9.9 million to its property ... Read the full article
U.S. homeowners insurance remains growth engine, says Aon
18th October 2017
U.S. homeowners insurance has remained a growth engine within the otherwise highly saturated U.S. re/insurance markets, with premiums expected to reach $93 billion in 2017, according to Aon’s Homeowner’s ROE Outlook report. This represents a $2 billion growth in premiums from 2016, and shows rate of market growth has been stable ... Read the full article
A.M. Best welcomes signing of US/EU covered reinsurance agreement
18th October 2017
International financial services ratings agency, A.M. Best, has praised the signing of the covered agreement between the U.S. and Europe relating to insurance and reinsurance measures, highlighting benefits for both sides. The negotiations surrounding the agreement took some time to materialise, but in late September it was announced that the agreement ... Read the full article
Saudi Arabia to introduce stricter regulation for insurers: Reports
18th October 2017
Saudi Arabia’s central bank plans to introduce a new supervisory framework for insurers with stricter rules in a move to improve the strength of industry players that have been hit by the Saudi recession, according to Reuters. The new regulation will require insurers to hold more capital and improve internal ... Read the full article
AXIS completes Novae acquisition
18th October 2017
Bermudian insurer and reinsurer, AXIS Capital Holdings Limited, has announced the completion of its acquisition of Novae Group, after receiving all necessary regulatory approval. The deal was initially announced in July, 2017, and after AXIS increased its offer by 2% in August, the firm then completed phase one ... Read the full article
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