Reinsurance News
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
Liberty Specialty announces four senior appointments
27th September 2017
Liberty Mutual Insurance subsidiary, Liberty Specialty Markets, has announced four new senior additions, subject to regulatory approval. Phil Hobbs has been named Deputy Managing Director, and Dieter Winkel has been appointed President Liberty Mutual Reinsurance (assumed reinsurance). Furthermore, Chris Short has been named Chief Actuary, while Peter Smith has been appointed Executive ... Read the full article
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
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