Reinsurance News
Munich Re reported close to selling some run-off ERGO life units
27th September 2017
Global reinsurance player Munich Re has been reported to be on the verge of offloading some of its primary life insurance units that are in run-off, with a legacy disposal or reinsurance to close transaction the most likely outcome. It's been reported in the German media and by Reuters that the ... Read the full article
Data & knowledge is the re/insurance sector’s opportunity: SCOR’s Peignet
27th September 2017
During the annual meeting of the reinsurance industry in Monte-Carlo, Reinsurance News met with the Chief Executive Officer (CEO) of SCOR Global P&C, Victor Peignet, to discuss some burning industry topics. Regarding the potential but very uncertain impact of hurricane Irma, Peignet underlined how a fragmented market made it difficult to ... Read the full article
R&Q finalises assignment of large deductible liabilities transaction
26th September 2017
Randall & Quilter Investment Holdings Ltd. (R&Q) has successfully completed the assignment of insurance liabilities under deductible policies, in relation to workers' compensation policies that were issued between 1988 and 2012. The underlying liabilities relate to policies issued to a U.S. corporate via a large U.S. carrier, explains R&Q, with the ... Read the full article
United to retain $83m of Q3 cat losses, reinsurers to take the rest
26th September 2017
United Insurance Holdings Corp (UPC) announced estimated Q3 catastrophe losses of about $83 million before income taxes, net of expected reinsurance recoveries. Before reinsurance recoveries and income taxes, insured losses from Hurricanes Harvey and Irma reach $300 - $600 million, however, the firm's catastrophe excess of loss reinsurance limits mean retained losses ... Read the full article
MAPFRE expects $150-200m blow due to recent catastrophes
26th September 2017
The aggregation of losses from recent natural catastrophe events will blow an estimated $150 to 200 million hole on MAPFRE’s 2017 net result and have caused the firm to re-examine whether it can reach its annual target profit. MAPFRE had set its average Return On Equity at an average 11% and ... Read the full article
SCOR maintains targets despite recent catastrophe events
26th September 2017
In spite of hurricanes Harvey, Irma, and Maria, global French reinsurer, SCOR, remains on track to meet its "Vision in Action" targets, and the company doesn't expect to experience any financial ratings impact. The impacts of hurricanes Harvey and Irma is expected to be an earnings event for the global reinsurer, ... Read the full article
UK motor reinsurance renewal prices could stabilise on Ogden revision
26th September 2017
According to rating agency A.M. Best, revisions to the reform of the law governing the personal injury discount rate, or Ogden Rate as it is known, in England and Wales are likely to result in more stable motor reinsurance renewal pricing in January. It had been expected that January 2018 renewals ... Read the full article
Ironshore expands Bermuda underwriting model to U.S. & UK
26th September 2017
Ironshore has expanded its Bermuda underwriting agency business model, Iron-Starr Excess, with the introduction of an agency that will service the U.S. and London insurance markets. “We have had a lot of success given the quality and experience of our team in Bermuda,” said Mitch Blaser, Ironshore’s Chief Operating Officer and ... Read the full article
AXIS’ takeover of Novae expected to be completed by October 18th, 2017
26th September 2017
AXIS Capital Holdings Limited will complete its previously announced acquisition of Novae group in two phases, the deal is expected to be finalised no later than October 18th, 2017. AXIS Capital announced in July this year that it would acquire Novae for $604 million, before increasing the offer in Read the full article
Joe Mellen joins Antares from Sompo Canopius as Marine Cargo Underwriter
26th September 2017
Lloyd's of London independent managing general agent (MGA) and member of QIC Group, Antares, has named Joe Mellen Marine Cargo Underwriter, effective immediately. Mellen brings over 35 years of industry experience to Antares and joins from Sompo Canopius and, in his new role will report to Henry Maughan, Class Underwriter, Marine ... Read the full article
Reinsurer capital return could halt if Maria loss as big as estimated: Morgan Stanley
26th September 2017
The reinsurer capital return train could halt in its tracks following the impacts of the 2017 hurricane season, according to analysts at Morgan Stanley. Following the insurance and reinsurance industry loss estimate of hurricane Maria losses from AIR Worldwide, which at up to $85 billion is considerably higher than anyone ... Read the full article
Dr. Mitchell-Wallace to leave SCOR for Lloyd’s Head of Risk Aggregation role
26th September 2017
The specialist Lloyd's of London insurance and reinsurance marketplace has named Dr. Kirsten Mitchell-Wallace as its new Head of Risk Aggregation, reporting to Jon Hancock, Director of Performance Management. Dr. Mitchell-Wallace will join Lloyd's from global insurer and reinsurer SCOR, where she is currently EMEA Regional Head for Catastrophe Management, based ... Read the full article
Hurricane Maria insured loss up to $85 billion: AIR Worldwide
26th September 2017
Hurricane Maria's devastating impacts in the Caribbean are estimated to have cost the insurance and reinsurance industry between $40 billion and $85 billion, according to AIR Worldwide. Risk modelling firm AIR Worldwide said that it estimates that the island of Puerto Rico will account for as much as 85% of the ... Read the full article
Guy Carpenter enhances capital & hours clause modelling with MetaRisk 10
26th September 2017
Guy Carpenter has advanced its capital modelling capabilities with the addition of an automation enhancing functionality - MetaRisk 10 - that supports firms in one of the most important capital management considerations, the Best Capital Adequacy Ratio (BCAR). The new addition to the firm's platform for building and updating models supports ... Read the full article
RSA says recent catastrophe events fall “well below reinsurance limits”
25th September 2017
UK headquartered insurance firm RSA (Royal Sun Alliance) told investors today that it expects that its losses from recent natural catastrophe events will fall "well below reinsurance limits." The insurer said that it expects recent events in the U.S., Caribbean and Mexico, so hurricanes Harvey, Irma and the Mexican earthquakes, will ... Read the full article
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