Reinsurance News
Cost of UK motor reinsurance to rise on back of Ogden costs: RBC
20th June 2017
Analysts at RBC Capital Markets say that motor insurers operating in the UK are likely to face higher reinsurance renewal costs in January 2018, as the cost of the Ogden Rate change is factored in. The Ogden Rate change is estimated to have cost insurers and reinsurers £3.5 billion in ... Read the full article
B.P. Marsh invests in Ruggieri backed distribution startup XPT
20th June 2017
B.P. Marsh & Partners has invested $6 million into a New York based specialty lines insurance distribution company, XPT Group LLC (XPT). The investment represents a 35% shareholder gain in insurance distributor XPT, described as "a newly established operation which is in active discussions with a number of parties over potential minority or majority investments ... Read the full article
Ed makes five appointments as it expands professional and executive risks business
20th June 2017
Reinsurance broker Ed has made five new appointments as it looks to expand its professional & executive risk operations, which will be led by Paul Richards as Managing Director. The broker has named James Baird as Director, Neal Hughes as Divisional Director, Rupert Alabaster as Divisional Director, and James Faith as Producer/Broker. Chris ... Read the full article
R&Q assumes $43m in liabilities from California insurer in reinsurance contract
20th June 2017
Randall & Quilter Investment Holdings (R&Q) has written a loss portfolio transfer reinsurance contract to cover a California-based insurance group's livery, trucking, and contractors’ liability programme issued from 2007 to 2015. The deal includes R&Q assuming about $43 million in undiscounted liabilities as well as the carrier's claims handling. Ken Randall, Chairman ... Read the full article
Florida insurers propped up by reinsurance capacity at all-time high: KBRA
20th June 2017
Abundant reinsurance capacity at ever-decreasing pricing has been a lifeboat for Florida insurers at the 2017 second quarter renewals, after their profitability has been shaken by rising water-loss and fraudulent AOB claims, the Kroll Bond Rating Agency (KBRA) highlighted in its Floridian market report. Floridian primary insurers were given a much-needed boost by ... Read the full article
CATRisk launches Lloyd’s sponsored Middle East earthquake risk model
20th June 2017
CATRisk Solutions has released a new Lloyd's sponsored earthquake risk model, which offers bespoke solutions for risk assessment in the Middle Eastern region - where according to the model, nearly one fifth of the population live in areas at risk of earthquakes. The new risk tool, which has been released on the Oasis ... Read the full article
AIR Worldwide releases updated U.S. earthquake model
19th June 2017
Catastrophe risk modeling firm AIR Worldwide today announced the release of an updated U.S. earthquake model that includes additional subperils of tsunami and landslide and an enhanced seismicity module to capture impact of human activity on earthquake frequency. AIR said the new model has updated its existing sub-perils; fire following, liquefaction, ... Read the full article
Novae appoints Sarah Cracroft to Marine Trades Underwriting Manager
19th June 2017
Specialist listed Lloyd’s insurer, Novae Group (Novae), has appointed Sarah Cracroft - who joins from Everards Insurance Brokers - to Marine Trades Underwriting Manager. Cracoft brings nearly three decades of insurance industry experience to her new role, having held senior broking positions at a number of organisations. At Novae she will report to Paul Hartley, Marine ... Read the full article
Brown & Brown acquires TriCoast Insurance Services
19th June 2017
Brown & Brown has expanded its product offerings in the earthquake and hurricane insurance market through the acquisition of TriCoast Insurance Services by one of its subsidairies. Arrowhead General Insurance Agency acquired agent TriCoast Insurance - which offers agents and insureds access to earthquake and hurricane insurance products and boasts an annual net revenue ... Read the full article
AXIS appoints Meghan Anzelc to Vice President of Data & Analytics
19th June 2017
AXIS Insurance, the primary unit of global insurance and reinsurance player AXIS Capital Holdings, has appointed Meghan Anzelc, Ph.D. a trained physicist and data scientist to lead a new Data and Analytics Unit as Vice President. In her new role, Dr. Anzelc will be responsible for devising and implementing a strategy and roadmap ... Read the full article
Start-up raises £180m to develop InsurTech focused “insurance challenger”
19th June 2017
Gryphon Group Holdings Limited, an InsurTech start-up, has raised £180 million (US$229 million) in funding as it looks to develop an insurance challenger designed to capitalise on substantial growth potential in the UK insurance market. The new company will have a focus on life, critical illness, and income protection insurance, and ... Read the full article
Ian Carson & Karen Payne appointed to Australian Reinsurance Pool Corporation
19th June 2017
Ian Carson and Karen Payne have been appointed to the Australian Reinsurance Pool Corporation (ARPC) - a government scheme providing terrorism insurance coverage for commercial property, high value residential property from 1st July, and associated business interruption. Carson will take up a role as part-time Chair for a three-year period from 1 July 2017 ... Read the full article
Blue Capital nearly doubles indemnity reinsurance in June renewals
19th June 2017
In the June 1st renewals Blue Capital updated its portfolio to nearly double its indemnity reinsurance contracts to an expected total annual premium of $4.7 million, up by $2 million from the same period last year. The firm said it expects to underwrite business to produce a net rate on-line for the portfolio ... Read the full article
R&Q completes reinsurance loss portfolio transfer with Fortune 500 Insurance Group
19th June 2017
Randall & Quilter Investment Holdings (R&Q), the legacy and run-off acquisition and management specialist, has underwritten a loss portfolio transfer reinsurance contract to assume a bonds portfolio issued by a Fortune 500 Insurance Group. The undiscounted liabilities assumed in the deal are estimated at $46.5 million. Ken Randall, Chairman and Chief Executive ... Read the full article
Munich Re sets up protected cell company in Malta, report
19th June 2017
German and global reinsurance player Munich Re has registered a protected cell insurance vehicle on the island domicile of Malta. The Times of Malta first reported that the reinsurer registered a protected cell company a few weeks ago, which would be able to underwrite re/insurance business, and that this could provide ... 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.
