Reinsurance News
Robust reinsurance use to support profitable 2018 for Australian P&C insurers: S&P
24th April 2018
Australian property and casualty (P&C) insurers are expected to record solid returns in 2018, aided by a combination of prudent risk management and comprehensive reinsurance utilisation, both of which offset the impacts of 2017 catastrophe events, according to Standard & Poor's (S&P). Despite the impacts of 2017 catastrophe events driving higher ... Read the full article
Munich Re forecasts €800m profit for first-quarter 2018
24th April 2018
Global reinsurance player Munich Re has said it forecasts a profitable first quarter in 2018, with a consolidated result of more than €800 million anticipated. Munich Re had recently lifted its profit guidance for 2018 slightly over the prior year, forecasting better results thanks to improved reinsurance pricing conditions, along ... Read the full article
Munich Re backs InsurTech start-up on AI-driven online sales security
23rd April 2018
Munich Re has tested and re/insured the security algorithm of German-Israeli InsurTech start-up Fraugster, which uses artificial intelligence (AI) technology to instantaneously check whether online payment transactions are fraudulent. Fraugster’s self-learning algorithm allows online sellers to approve transactions faster and more reliably, which reduces costs and boosts profits by limiting the ... Read the full article
Meteo Protect develops parametric solution following French floods
23rd April 2018
Parametric and weather index insurer, Meteo Protect has launched a new weather insurance product designed for river cruise boats and riverside businesses, which were adversely affected by the extreme precipitation and flooding in France in recent months. From December 2017 to February 2018, France experienced record-breaking levels of precipitation, which led ... Read the full article
Sompo International gains approval for post-Brexit European P&C subsidiary
23rd April 2018
Bermudian property and casualty (P&C) re/insurer Sompo International Holdings (SI) has received the necessary regulatory approvals for the establishment of its new subsidiary, SI Insurance (Europe) (SIIE) in Luxembourg, in preparation for the UK’s departure from the European Union (EU) in 2019. Sompo International Insurance Europe (SIIE) will become operational later ... Read the full article
Australia’s Tathra and Victoria bushfire losses reach $45mn as clean-up begins
23rd April 2018
The Insurance Council of Australia (ICA) has reported that re/insured losses from the Tathra and Victoria bushfires, which struck south-eastern Australia over the 17th and 18th of March 2018, have reached AUD $45 million (USD $35 million), with 1050 claims lodged as the clean-up begins. 65 homes were destroyed by the ... Read the full article
Clyde & Co reveals six insurance team partner promotions
23rd April 2018
Global law firm Clyde & Co has strengthened its insurance division with six partner promotions focused on varied lines of business across its international network. Two of the firm's UK insurance sector partner promotions were in its expanding national casualty insurance unit, and includes the promotion of Tony Cawley in the ... Read the full article
Lloyd’s collaborates with consulting and InsurTech specialists on Innovation Lab
23rd April 2018
Lloyd’s of London, the specialist insurance and reinsurance marketplace, is to collaborate with The Boston Consulting Group (BCG) and innovation and InsurTech specialist, L Marks on the development and operation of its planned technology Innovation Lab. Announced in February, the Lab is set to launch in September 2018 and will ... Read the full article
Alesco appoints Martin Hiller as Chairman of UK Construction team
23rd April 2018
Alesco Risk Management Services has announced the appointment of Martin Hiller as Chairman of its UK Construction team. Hiller joins Alesco from Willis Towers Watson, where he was most recently Head of International Construction within its corporate risk and broking unit. Before this, he spent 10 years at JLT, first as Managing ... Read the full article
Munich Re open to offer from anchor investor: CEO Wenning
23rd April 2018
At a time when reinsurers have been increasingly under pressure, it seems having major financial backers is becoming increasingly attractive and now reinsurance giant Munich Re is said to be open to having an anchor investor on-board. In an interview with Reuters, Munich Re CEO Joachim Wenning said that he would ... Read the full article
XL Catlin binds first political risk policy on London market’s PPL
23rd April 2018
Bermuda-based XL Catlin has become the first insurer to bind a political risk policy on the London Market Group's (LMG) electronic placing platform, PPL, the company has announced. PPL, the London market’s electronic placing platform, went live in July 2016, and recently announced the addition of Accident & Health (A&H) ... Read the full article
Swiss Re shareholders approve new board members, buy-back & dividend plans
23rd April 2018
At the company’s Annual General Meeting (AGM) in Zurich, Swiss Re’s shareholders approved all proposals put forward by the Board of Directors, which included the election of three new board members, a public share buy-back plan, and a 3.1% increase in regular dividend to CHF 5.00 per share. Shareholders authorised a ... Read the full article
More reinsurance capital to deploy in spite of losses, reports Willis Re
23rd April 2018
Willis Re, the reinsurance arm of international broker Willis Towers Watson, has reported that shareholders' equity in 34 reinsurance firms tracked via the Willis Reinsurance Index increased to $371 billion at the end of 2017, with alternative capital increasing also, to $88 billion. The year-on-year growth in shareholders' equity of 7.8% ... Read the full article
Insurance distribution M&A’s increased in 2017 in drive for scale & efficiency: Conning
23rd April 2018
2017 was a trail-blazing year for insurance distribution and services mergers & acquisitions (M&A) with the distribution space leading the way driven by the search for greater scale and efficiency, according to a recent Conning report. Matt Sternat, Vice President, Insurance Research at Conning, said; “2017 global insurance distribution merger and ... Read the full article
Hayward quake scenario warns of $170bn damages to San Francisco area
23rd April 2018
Property analytics company CoreLogic has assessed the financial implications of the HayWired earthquake scenario, a study that modelled the impact of a hypothetical magnitude 7.0 earthquake along the Hayward fault, finding that property damage could total US $170 billion – most of which would be uninsured. The Haywired scenario calculated the ... Read the full article
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