Reinsurance News
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
MarketScout launching $25m InsurTech venture investment fund
25th September 2017
Texas-based insurance exchange and managing general agent MarketScout is set to launch an InsurTech venture investment fund, capitalised with $25 million to focus on distribution related opportunities. Richard Kerr, Founder and CEO of MarketScout, commented on the organisations InsurTech venture investment thesis; “MarketScout was founded as a web-enabled insurance exchange back ... Read the full article
AIA to acquire CBA’s Australia life & New Zealand L&H business
25th September 2017
AIA Group Limited (AIA) is to acquire the Commonwealth Bank of Australia's (CBA) life insurance business in Australia and life and health (L&H) insurance business in New Zealand, CommInsure Life and Sovereign, subject to regulatory approvals. In addition to the agreement between AIA and the CBA, the former will enter into ... Read the full article
RMS appoints Pete Dailey VP, Global Flood Models team
25th September 2017
International catastrophe risk modeller, RMS, has named Pete Dailey Vice President (VP), to oversee the impending launch of the company's U.S. Inland Flood Model, which is scheduled for spring 2018. Dailey brings more than 15 years of industry experience to the role, and will lead flood model development in RMS' California ... Read the full article
Russian national reinsurer aims for global expansion
25th September 2017
The Russian National Reinsurance Company, (RNRC) which was created to reinsure Russian firms under Western sanctions, plans to diversify and expand into China, the Middle East, India, and Africa, the Chief Executive told Reuters. The firm reported earning premiums of $52 million in the first half of 2017, with a quarter coming ... Read the full article
Total WannaCry losses pegged at $4 billion
25th September 2017
Ransomware attacks have reached a new peak this year, with WannaCry causing estimated global financial and economic losses of up to $4 billion and infecting 300,00 machines around the world, according to Trend Micro's security and threats report. 2017s WannaCry and Petya attacks show that cybercriminals are upping their game ... Read the full article
CCRIF pays $19m to Dominica for Hurricane Maria claims
25th September 2017
Hurricane Maria triggered a U.S. $19 million Caribbean Catastrophe Risk Insurance Facility (CCRIF) SPC payout to Dominica under its tropical cyclone policy. The payout brings the total figure for CCRIF payouts for this Hurricane Season so far to about $50.7 million. The facility enables its 17 member countries, who pay an annual premium ... Read the full article
AIG re-orgs for the future, Schimek to leave
25th September 2017
Insurance giant American International Group (AIG) said today that it is adjusting its organisational structure, in a move seen as part of its strategy for addressing the needs of its customers and responding to future market opportunities. The company is to move away from its commercial/consumer business divide and as a ... Read the full article
U.S. E&S lines to outperform standard lines in 2017, but margin is thinning: Fitch
25th September 2017
Underwriters of U.S. excess & surplus (E&S) lines are expected to continue to outperform standard market underwriters in the coming months, although this is anticipated to be by a smaller degree as market conditions challenge results in 2017, according to Fitch Ratings' U.S. E&S Lines Market Review. Following a small decline ... Read the full article
José Ospina promoted to Liberty SM LatAm Reinsurance Regional Manager
25th September 2017
Liberty Specialty Markets (LSM) has promoted the former LSM General Manager for Columbia José Ernesto Ospina to the newly-created role of LatAm Reinsurance Regional Manager as part of the firm's revamp of its Latin American treaty reinsurance strategy. In his new role, Ospina will report to Kirk Maddern, LSM's Group COO ... Read the full article
ERN International puts Mexico quake insured loss at $4.8 billion, RMS & AIR’s much lower
25th September 2017
Mexico's Evaluacion de Riesgos Naturales (ERN International) has provided an insured loss estimate of up to $4.8 billion for the Magnitude 7.1 earthquake that struck central Mexico on September 19th, 2017, while AIR Worldwide and RMS have both produced a lower insurance industry loss estimate for the event. ERN International is ... Read the full article
Allstate’s Harvey estimate suggests $4.5bn auto & homeowners loss: Credit Suisse
25th September 2017
Following insurer Allstate's announced estimated net $553 million hit from the impacts of hurricane Harvey, Credit Suisse analysts have suggested that the personal lines industry loss could reach $4.5 billion. The combined auto and homeowners' insurance industry loss from hurricane Harvey, based on Allstate's estimates, "implies" a personal lines loss ... Read the full article
Protectionism threatens reinsurers’ need for diversification: Inga Beale, Lloyd’s CEO
25th September 2017
Inga Beale, the Chief Executive Officer (CEO) of the specialist Lloyd's of London insurance and reinsurance marketplace, recently spoke with Reinsurance News about growing protectionist measures around the world, and how this might impact the reinsurance industry. Reinsurance News met with Beale at the 2017 meeting of the reinsurance industry in ... Read the full article
Reinsurers’ demand for U.S. GSEs mortgage risk to increase: A.M. Best
22nd September 2017
The softened reinsurance market landscape and a mandate by the Federal Housing Finance Agency (FHFA) is driving the increased participation of reinsurers in the U.S. mortgage insurance sector, a trend A.M. Best expects to continue. The persistent softening in the property/casualty reinsurance sector, underlined by continued rate declines across most business ... Read the full article
Reinsurer balance-sheets at risk from the next hurricane hit: Analysts
22nd September 2017
Following the impacts of hurricanes Harvey and Irma, in a year that has also seen significant U.S. convective storm activity and events like Cyclone Debbie in Australia, reinsurers are now in a position where one more major hit from a hurricane or other catastrophe could put their balance-sheets at risk. The ... Read the full article
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