Reinsurance News
AXIS Capital announces two senior executive appointments
13th October 2017
AXIS Capital Holdings has announced two senior appointments within the U.S. Programs, Property & Casualty team of its insurance business unit. Tim McGee has been promoted to Senior Vice President, U.S. Programs Underwriting Officer and Franklin Maccotan has been hired as Vice President, U.S. Programmes. Both appointees report to John Tatum, Executive ... Read the full article
Tokio Marine estimates $580mn loss from Harvey, Irma, Maria, and Mexico quakes
13th October 2017
Tokio Marine Holdings, Inc. has announced that it expects estimated pre-tax catastrophe losses, net of reinsurance, from the Mexico earthquakes, and hurricanes Harvey, Irma, and Maria, to total around 65 billion yen (US$580 million). "We would like to express our sincerest sympathies to all who have been affected by the natural ... Read the full article
Lloyd’s pays out $738 million for Harvey, Irma and Maria claims
13th October 2017
The specialist Lloyd's of London insurance and reinsurance marketplace has now paid out $738 million in response to the impacts of Hurricanes Harvey, Irma, and Maria. Lloyd's announced previously that it expects losses from just hurricanes Harvey and Irma to reach $4.5 billion, as it continues to assess the hit ... Read the full article
3,500+ buildings destroyed by California wildfire
13th October 2017
California is being evacuated in a state of emergency as multiple wildfires that started on Sunday continue to spread across eight counties. The wildfires' death toll has risen to 31, making it the deadliest fire to sweep through California since 1933. Catastrophe risk modeller, AIR Worldwide, said the fires have already consumed ... Read the full article
David Higley joins Argo from The Hartford
13th October 2017
Argo Group International Holdings, Ltd. has announced the hiring of David Higley as Head of U.S. property and inland marine, reporting to Ron Vindivich, President, E&S, Colony Specialty. Higley joins from The Hartford, and in his new role will lead the firm's U.S. property unit, which is made up of Alteris ... Read the full article
Arch estimates Q3 catastrophe losses of up to $345 million
13th October 2017
For the third-quarter of 2017, Arch Capital Group Ltd. has provided an estimated loss of between $285 million and $345 million from catastrophe events, which includes the Mexico earthquakes, and Hurricanes Harvey, Irma, and Maria. The firm's estimate is based on a total re/insurance industry loss for the quarter of between ... Read the full article
Sompo to provide weatherXchange platform with indicative pricing
13th October 2017
The global platform that offers companies access to index-based weather risk protection, weatherXchange, has revealed that Sompo Global Weather, a division of Sompo International Holdings Ltd., is to provide the weatherXchange Instantaneous Indicative Pricing service with indicative pricing. According to an announcement by weatherXchange, the Instantaneous Indicative Pricing service will assist with the ... Read the full article
AXIS Capital reveals $578 million of Q3 catastrophe losses
13th October 2017
AXIS Capital Holdings has revealed a $578 million preliminary impact from third quarter 2017 catastrophe losses, net of tax and estimated recoveries from reinsurance and retrocessional covers, and including reinstatement premiums. Both the insurance and reinsurance segments of the company contributed to these after-tax net losses, which is apportioned between events ... Read the full article
Chubb names Edward Rayfield as Head of Casualty, Singapore
13th October 2017
Chubb has named Edward Rayfield as Head of Casualty in Singapore, moving from a role as Casualty Manager of the Chubb Australia Global Broker Unit NSW & ACT. In his new role, he reports to Liam Burrell, Division Head of Property & Casualty (P&C). Country President for Chubb in Singapore, Adam Clifford, ... Read the full article
Everest Re puts Q3 cat losses at $900 million after tax
13th October 2017
Bermuda domiciled reinsurer, Everest Re, has announced pre-tax catastrophe losses for the third-quarter of 2017, net of reinsurance and reinstatement premiums, of $1.2 billion. After tax the figure falls to $900 million, and includes estimated losses from hurricanes Harvey, Irma, Maria, and the Mexico earthquakes, and is based on an aggregated ... Read the full article
Harvey, Irma, and Maria to drive overall Lloyd’s market loss, says Moody’s
13th October 2017
Analysts at Moody's expect the impacts of hurricanes Harvey, Irma, and Maria to result in an overall loss for the Lloyd's of London specialist insurance and reinsurance marketplace. Combined, Lloyd's announced previously that it expects hurricanes Harvey and Irma to drive losses of around $4.5 billion, net of reinsurance, estimates that ... Read the full article
XL’s parent gets S&P outlook downgraded to stable
12th October 2017
S&P Global Ratings has revised the parent company of XL group, XLIT and its subsidiaries' outlook from positive to stable after the series of recent catastrophes hit the firm’s capitalisation levels. XLIT will retain its ‘A-’ issuer credit rating as well as its subsidiaries ‘A+’ financial strength and issuer credit ratings, ... Read the full article
Barbican makes two senior promotions
12th October 2017
Barbican Insurance Group has made to new promotions, with David Booth being appointed Director of Underwriting for Barbican Managing Agency Ltd (BMAL), and Andy Caldwell taking over from Booth as active underwriter, Syndicate 1955. In his new role, Booth will be responsible for both the oversight and monitoring of the units ... Read the full article
$114mn of cat losses could push Cincinnati to underwriting loss in Q3
12th October 2017
Cincinnati Financial Corporation has revealed that the property casualty group of Cincinnati Insurance Companies expects to experience pre-tax catastrophe losses of up to $114 million in the third-quarter of 2017, which could push its combined ratio above 100% for the period. The firm anticipates pre-tax catastrophe losses of between $102 million ... Read the full article
S&P revises Lloyd’s outlook to negative in light of hurricane losses
12th October 2017
Global ratings agency, Standard & Poor's (S&P), has announced that it's revised its outlook for the Lloyd's of London marketplace to negative from stable, in light of losses experienced from recent hurricanes. Alongside revising its outlook for the Lloyd's market to negative, S&P has also affirmed its 'A+' insurer financial strength ... Read the full article
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