Reinsurance News
First Light Programme Managers to acquire MGA Piedmont
28th September 2017
First Light Programme Managers has entered into an agreement to acquire all the assets of Managing General Agency (MGA) Piedmont Transportation Underwriters. Piedmont specialises in the trucking insurance industry, offering commercial auto liability, auto physical damage and motor truck cargo coverage on a wholesale basis in the U.S. Mid-Atlantic region. President of ... Read the full article
Chubb puts combined Harvey & Irma loss at up to $1.6 billion
28th September 2017
Global insurer Chubb has said that it expects to experience losses of up to $1.6 billion pre-tax ($1.28bn after tax) in the third-quarter of 2017 as a result of the impacts of hurricanes Harvey and Irma. A number of insurers and reinsurers have now started to announce preliminary loss estimates for ... Read the full article
PERILS ups Cyclone Debbie insured losses to AUD1.66 billion
28th September 2017
PERILS has released a third Cyclone Debbie loss estimate, using more detailed data available at postcode level for the first time, of AUD1.66 billion (US$1.3 billion), a figure up from its June loss estimate by AUD247 million. PERILS' latest loss estimate represents the first time collated insurance loss data from a ... Read the full article
Lloyd’s puts hurricane Harvey & Irma loss at around $4.5 billion
28th September 2017
The specialist Lloyd's of London insurance and reinsurance marketplace expects to experience net claims, after reinsurance, of roughly $4.5 billion (£3.37bn) as a result of the impacts of hurricanes Harvey and Irma. Hurricanes Harvey and Irma battered parts of the U.S. and the Caribbean in late August and early September, bringing ... Read the full article
AGCS & Cyence partner to boost insurer’s cyber capabilities & develop new model
28th September 2017
Allianz Global Corporate & Specialty (AGCS), a division of global insurer Allianz, has teamed up with Cyence in order to bolster its international cyber risk analysis capabilities. Under the new partnership, Cyence, a cyber risk analytics and modelling company, will combine its cyber analytics platform with AGCS' underwriting processes, ultimately enabling ... Read the full article
Lloyd’s volumes up, but profits continue to shrink in first-half 2017
28th September 2017
The Lloyd's of London insurance and reinsurance market reported first-half 2017 profit of £1.22 billion ($1.58 billion) this morning, a decline on the prior year period. However the market also reported higher volumes of business, as new product lines start to help it to grow. Profits at Lloyd's are down almost ... Read the full article
UK life insurers report strong business volumes: PwC
27th September 2017
UK life insurers reported an optimistic outlook with strong volumes of business in the last three months - a contrast to insurance brokers who saw their market position stagnate as growth stalled for the first time in four years, according to the latest CBI/PwC financial services survey. The thriving life insurance is ... Read the full article
Signing of covered agreement levels the reinsurance playing field: Insurance Europe
27th September 2017
With the news that the ‘covered agreement’ between the U.S. and the European Union (EU) on prudential reinsurance measures was signed on Friday, the playing field has been levelled in reinsurance, according to Insurance Europe. The European insurance and reinsurance federation said that it welcomed the signing of the agreement, ... Read the full article
Boost Insurance raises $3m for InsurTech Development Platform
27th September 2017
Boost Insurance has raised $3 million led by Norwest Venture Partners to set up an InsurTech Development Platform that aims to streamline the go-to-market process for startups. In addition to Norwest, industry investors include program fronting specialist State National Companies, ILS fund manager Nephila Capital, and other VC's IA Capital Group, ... Read the full article
Bermudian reinsurers payout almost $73 billion to EU customers in 20 years
27th September 2017
Demonstrating the vital role played by Bermuda in helping to ensure global insurance and reinsurance market stability, the local market's reinsurers have paid out almost $73 billion to cedents from the European Union over the last 20 years. The Bermuda Monetary Authority (BMA) has collected and analysed commercial market claims data ... Read the full article
Chinese insurers to settle over $1.5 billion Tianjin blast claims
27th September 2017
According to China's insurance regulator, the countries insurance firms will settle more than 10 billion yuan of claims related to damage caused by the Tianjin port explosion. The Tianjin Bureau of the China Insurance Regulatory Commission (CIRC) said on Tuesday that 8.1 billion yuan (US $1.22 billion) of claims had already ... Read the full article
Neon continues to expand marine division with two new hires
27th September 2017
Neon Underwriting has announced the addition of Brian James as Class Underwriter for Cargo and Richard Mander as Class Underwriter for Marine Liability, as the firm continues to expand its marine division. James brings more than 30 years of industry experience to the role, and joins Neon from Talbot Underwriting, where ... Read the full article
Munich Re, HDI, Everest Re, Lloyd’s most exposed to Puerto Rico hurricane loss: KBW
27th September 2017
Analysts at Keefe, Bruyette & Woods (KBW) have provided an updated list of the reinsurers they deem likely to take the biggest share of the losses from hurricane Maria's devastating impact on Puerto Rico. Top of the list of those assuming risk from insurers operating in Puerto Rico is global reinsurance ... Read the full article
Coverys gets Lloyd’s approval to set up syndicate
27th September 2017
Medical professional liability insurer, Coverys, has received 'in principle' approval from the Lloyd's Franchise Board to establish Coverys Syndicate 1975. The new syndicate will be managed by Lloyd's managing agency R&Q Managing Agency Ltd (RQMA), and will function with Coverys as its sole capital provider. Gregg Hanson, Chief Executive Officer and president ... Read the full article
Fitch warns re/insurers of growing risk of rating downgrades
27th September 2017
Fitch has warned of potential rating downgrades ahead as global 2017 insured losses for re/insurers reach $100 billion and could rise to $190 billion pretax. If insured claims reach the upper end of estimates, this year would become the highest on record for single year insured losses. Hurricane Maria’s devastating impacts in ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
