Reinsurance News
Zurich Assurance adopts the RMS Longevity Model to improve view of risk
4th October 2017
Global catastrophe risk modeller RMS' Longevity Model has been adopted by UK life insurer, Zurich Assurance Ltd., as the firm seeks to better understand its view of longevity risk. Zurich Assurance is a division of global insurer Zurich Insurance Group, and, according to a recent announcement has licensed the RMS Longevity ... Read the full article
European re/insurance sector M&A activity to diminish: A.M. Best
4th October 2017
Global ratings agency, A.M. Best, expects to see less consolidation in the European insurance and reinsurance sector in the coming months as opportunities decline alongside appetite. In recent times, merger and acquisition (M&A) activity has been fairly strong and consistent across the European insurance and reinsurance sector, as companies look to ... Read the full article
Munich Re & Swiss Re eager to penetrate Philippines crop market: Reports
4th October 2017
Global reinsurance giants Munich Re and Swiss Re are reportedly interested in investing in the Philippines crop programme, but changes are required to the charter of the Philippines Crop Insurance Corporation (PCIC) before this can happen, according to reports. According to industry reports, Bohol Rep. and former agriculture secretary, Arthur Yap, ... Read the full article
TigerRisk & Cape Analytics partner to assist Hurricane Irma claims processing
3rd October 2017
TigerRisk Partners, the reinsurance and capital advisory, and Cape Analytics, a property data and analytics company, have partnered to provide proprietary before-and-after aerial imagery to speed up the processing of insurer's Hurricane Irma Claims. Hurricanes Harvey and Irma left many U.S. insurers with limited access to the claims adjustment resources needed ... Read the full article
Reinsurers to cover majority of Farmers Insurance’s hurricane losses
3rd October 2017
Reinsurers will cover the brunt of Farmers Insurance's Hurricane Harvey and Irma losses, with a total of about $500 million in claims recoverable under the firm's reinsurance programme. The carrier said it expects Hurricane Irma claims to reach about $140 million - which is fully recoverable by reinsurance - Farmers Insurance ... Read the full article
Hannover Re US provides aggregate excess of loss cover for Next Generation ACO
3rd October 2017
Global reinsurance player Hannover Re said today that its U.S. arm Hannover Life Reassurance Company of America (Hannover Re US) has closed on an aggregate excess of loss protection for UT Southwestern, a Texas-based Accountable Care Organization (ACO). UT Southwestern participates in the so-called Next Generation ACO Model, a healthcare system ... Read the full article
AIG hires Charles Fry to head reinsurance & operations in General Insurance
3rd October 2017
Global insurance player American International Group (AIG) has named Charles Fry (most recently of Novae) to the role of Head of Reinsurance, Operations and Transformation, General Insurance, effective immediately. Fry, who was most recently Group Chief Financial Officer at Novae Group plc, will oversee AIG's Global Reinsurance, Shared Services, Transformation and ... Read the full article
RMS announces release of Location Intelligence API solution
3rd October 2017
RMS has released a new product offering, dubbed Location Intelligence API, which provides location-based hazard, risk and loss metrics to offer re/insurers a consistent view of risk from underwriting to portfolio management. The risk solution compiles big data simulations of catastrophic events into loss costs, with optional additional details on key ... Read the full article
Reinsurers urged to investigate cedants financial profile
3rd October 2017
Reinsurers could place lines of business at risk by failing to properly investigate the financial profile of cedants before taking on their risks, Litmus Analysis warned. Proper investigation into ceding companies' financial position is an integral but often overlooked part of the reinsurance underwriting process. "There’s a general consensus among reinsurers that ... Read the full article
Sompo International Holdings reorganises global business, reveals new online platform
3rd October 2017
As part of Sompo International Holdings' (SIH) reorganisation of the firm's post-merger businesses, the firm is updating and standardising procedures with a new worldwide SI Group platform that includes a global clearance system (GCS) to integrate business procedures and customer reach. The first step in the platform's creation was the transfer ... Read the full article
VIG Re expands German presence with new Frankfurt office
3rd October 2017
Prague, Czech Republic domiciled reinsurer, VIG Re, the reinsurance arm of Vienna Insurance Group (VIG), opened a new office in Frankfurt, Germany at the end of September, 2017. The new unit will be led by Fabian Christoph, who joined the company in 2016 with a view to taking on this role. The ... Read the full article
Lloyd’s uncertain on Maria losses, suspends release of profits
3rd October 2017
The specialist Lloyd's of London insurance and reinsurance marketplace has suspended the release of profits to the market in light of the uncertainty surrounding potential losses from hurricane Maria, on the back of hurricanes Harvey and Irma. Lloyd's announced recently, as part of its first-half 2017 results, that it expects ... Read the full article
Conifer Holdings & Swiss Re enter into reserve development reinsurance agreement
3rd October 2017
Conifer Holdings, Inc. has signed a new adverse reserve development reinsurance agreement with global reinsurer Swiss Re, as well as implementing some other strategic initiatives in an effort to boost its financial position. The agreement with Swiss Re is effective September 28th, 2017, and provides Conifer with up to $17.5 million ... Read the full article
Reinsurance lines bring in more profits than primary
3rd October 2017
The initial response of reinsurers to the soft market was to move further into primary lines, however, A.M. best highlighted that for most firms, results for primary business are around break even and lag far behind the reinsurance side, which still brings in the majority of profits. With a return on ... Read the full article
Markus Heizmann joins Everest Re from AXIS Re
3rd October 2017
Global reinsurer Everest Re has announced the appointment of Markus Heizmann from AXIS Re, as Head of Everest Reinsurance (Ireland), dac's Zurich-based Credit & Surety Operations. Heizmann joins the firm from AXIS Re, where he was most recently Senior Underwriter for Credit & Surety. He brings more than 30 years of experience ... Read the full article
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