Reinsurance News
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
QBE expects $600m profit hit from 2017 catastrophes
3rd October 2017
Australian headquartered global insurance and reinsurance giant QBE Group said this morning that it expects a roughly US $600 million hit to its profits due to the impacts of 2017 catastrophe events. The company said that 2017 catastrophe loss experience for the global insurance and reinsurance industry could be the highest ... Read the full article
S&P warns reinsurers’ earnings based on “luck”
2nd October 2017
S&P analysts have warned that reinsurers earnings are based partly on luck, supported heavily by benign catastrophe experience and significant prior-year reserve releases. Reinsurers have been able to maintain a thin margin of profitability levels in excess of cost of capital, but these are artificial returns buoyed up by reliance on ... Read the full article
Everest becomes latest firm to gain Ireland approval amidst Brexit fallout
2nd October 2017
In response to the UK's vote to leave the European Union (EU) and to support expansion plans, Everest Re Group, Ltd. has announced that its Dublin-based subsidiary has received authorisation in principle to operate as a non-life insurer in Ireland. The new unit will be led by Stephen Cross, who has ... Read the full article
Liberty Specialty to establish specialist renewable energy team
2nd October 2017
Liberty Specialty Markets (LSM), a division of Liberty Mutual Insurance Group, has announced plans to establish a new specialist renewable energy team as it looks to expand its onshore energy capabilities. The new team will offer insurance solutions tailored to meet the demands of brokers and clients, and will be based ... Read the full article
Reinsurers 2017 earnings to fall 80%+ due to catastrophes, say analysts
2nd October 2017
According to some equity analysts that track the insurance and reinsurance sector, reinsurers should anticipate losing 80% or more of their 2017 earnings due to the impacts of the hurricane season and other catastrophe events. Having analysed some of the industry loss estimates, including the one for hurricane Maria from ... Read the full article
Chubb puts hurricane Maria loss at $220m, Mexico quakes at $25m
2nd October 2017
Insurance and reinsurance firm Chubb has estimated that hurricane Maria will cost the company up to $220 million of pre-tax losses, while the two Mexico earthquakes add another $25 million to the third-quarter toll. Chubb has already announced an estimated pre-tax loss of $1.6 billion for hurricanes Harvey and Irma, ... Read the full article
The Hartford puts combined Harvey & Irma loss at up to $350 million
2nd October 2017
The Hartford has announced that it expects catastrophe losses of up to $375 million for the third-quarter of 2017, net of reinsurance, in light of the impacts of hurricanes Harvey and Irma. The company has produced a Q3 2017 catastrophe loss estimate of between $325 million and $375 million, before tax, ... Read the full article
SCOR enters into catastrophe reinsurance agreement for Iran
2nd October 2017
Global reinsurer SCOR has reached an agreement with the Central Insurance of Iran (CII) to provide catastrophe excess of loss reinsurance protection in the country, a move that supports the development of the country's insurance and reinsurance industry. Since the lifting of sanctions in Iran in January, 2016, the CII has ... Read the full article
AXIS acquires shares of Novae as deal nears completion
2nd October 2017
AXIS Capital Holdings Limited has now acquired the shares of Novae Group for 715 pence per share, and expects to secure management of the company no later than October 18th, 2017. AXIS announced in early July that it would acquire Novae Group, before increasing its offer by 2% in ... Read the full article
Capsicum Re bolsters cyber risk team with new appointment
2nd October 2017
Specialist reinsurance brokerage, Capsicum Re, has named Conrad Williams as the newest addition to its cyber risk team, effective immediately. Williams will report to Ian Newman and Samantha Thompson, partners at the firm's London property and specialty unit, and brings extensive cyber risk knowledge to the role. Williams has completed a four-year ... Read the full article
23 new members join B3i market testing phase
2nd October 2017
B3i, the blockchain insurance industry initiative, has announced that 23 new entrants have joined its Market Testing program, following the launch of a working market testing prototype at the meeting of the reinsurance industry in Monte-Carlo. The B3i initiative has attracted global interest, and the testing phase is scheduled to start ... Read the full article
AIG welcomes being taken off SIFI list, will benefit from lower expenses
2nd October 2017
Insurance giant American International Group, Inc. (AIG) has welcomed regulators decision to take the company off the list of financial organisations deemed as a Systemically Important Financial Institution (SIFI). AIG had been deemed an organisation of systemic importance due to the insurers market position during the 2008 financial crisis. Since then the ... Read the full article
Recent hurricanes could spark disputes over reinsurance hours clauses, warns Locke Lord
2nd October 2017
Global law firm, Locke Lord, has underlined the potential for reinsurance contract disputes surrounding hours clauses, in light of the impacts of recent hurricanes in the U.S. and the Caribbean. In a publication on the law firm's website, it raises the concern of disputes between insurers and reinsurers surrounding the hours ... Read the full article
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