Reinsurance News
Markel announces series of appointments within trade credit, political risk & surety business
6th April 2018
Specialist insurer and reinsurer Markel International has made a string of appointments and promotions in its trade credit, political risk and surety business, restructuring its teams to better reflect the needs of its broker clients across these lines. Adrian Jones has been appointed Head of Strategic Development for Asia and the ... Read the full article
XL Catlin partners with Praedicat to address evolving casualty risks
6th April 2018
XL Catlin has enlisted Praedicat, an InsurTech analytics company, to help address changing liability insurance and reinsurance needs using its emerging risk models and software for casualty re/insurance. The companies have agreed to work together on a multi-year basis, and will utilise Praedicat’s latency risk model and mass litigation scenarios, its ... Read the full article
LMA announces new and re-elected Board members
6th April 2018
The Lloyd's Market Association (LMA) has elected four candidates to its Board as members, as well as confirming that the Chief Underwriting Officer (CUO) of Beazley, Neil Maidment, will remain as Chairman of the LMA. Following the recent nomination process and effective from the AGM on May 31st, 2018, the LMA ... Read the full article
Peak Re completes sale of 13.1% stake to Prudential Financial
6th April 2018
Peak Reinsurance Company Limited has announced the completion of the sale of a 13.1% stake in Peak Re Holdings to Prudential Financial, Inc. The deal had been planned since February 2018, and was completed via the issuance of new shares to a wholly owned subsidiary of Prudential Financial. Before this transaction, ... Read the full article
Zurich appoints AXA’s Blanc as CEO for Europe, Middle East & Africa
6th April 2018
Zurich Insurance Group has announced that Amanda Blanc, current Chief Executive Officer (CEO) of AXA UK & Ireland, is to join the company and succeed Gary Shaughnessy as CEO for Europe, Middle East & Africa (EMEA). The transition is due to be implemented in the fourth quarter of 2018, and will ... Read the full article
U.S. commercial lines up 2% in Q1 2018: MarketScout
6th April 2018
Analysis by MarketScout reveals that year-on-year, commercial U.S. property and casualty (P&C) rates increased by 2% in the first-quarter of 2018, while personal lines insurers are tweaking pricing by line of coverage. MarketScout's first-quarter 2018 commercial insurance rate barometer shows an overall 2% P&C rate increase, which is in line with ... Read the full article
Underwriting pressure drives negative 2018 outlook for London market: Fitch
6th April 2018
Fitch Ratings has reported a negative sector outlook for London market re/insurance in 2018, citing underwriting pressure from the high cost of business as a driving factor. High acquisition and administration costs have affected underwriting performance, and although expense ratios remain high at 40%, the trend is now broadly flat year-on-year ... Read the full article
UIB opens new retail broking business in Colombia
6th April 2018
UIB, an independent international re/insurance broker, has announced the launch of a new retail broking business in Colombia, called UIB Seguros. Yolanda Guerra has been appointed head of the new company, and will report directly to Tony Dilley, Chief Executive Officer (CEO) of UIB International. Dilley commented: “Colombia is a stable country ... Read the full article
Rising interest rates “excellent news for SCOR”: Francois de Varenne
6th April 2018
Commenting on the hike in interest rates since the start of 2018, Chief Executive Officer of SCOR global investments, Francois de Varenne, said it would be "excellent news" for SCOR if the current cycle of increasing interest rates continues. In SCOR's 2017 activity report Varenne noted that at 2.9% at the ... Read the full article
Adverse weather in March drives $3bn economic loss in the U.S: Aon Benfield
6th April 2018
According to reinsurance broker Aon Benfield's catastrophe risk modelling unit, Impact Forecasting, active weather events in March are expected to cost the U.S. economy $3 billion, with approximately $2 billion of this being assumed by insurers and reinsurers. Impact Forecasting has released its March 2018 Global Catastrophe Recap report, which states ... Read the full article
Third Point Re to shift focus from generating float to underwriting: CEO
5th April 2018
President and CEO of Third Point Re J. Robert Bredahl highlighted a shift in strategy from a focus on generating investment float to a focus on underwriting, as the reinsurer aims to increase profit share brought in through taking on more risk. He explained in the firm's 2017 Annual Report; "Our ... Read the full article
Hurricanes Harvey, Irma, and Maria cost re/insurers $80bn: Impact Forecasting
5th April 2018
Impact Forecasting, Aon Benfield’s catastrophe risk modeller, has collated the damage of Hurricanes Harvey, Irma, and Maria from the 2017 Atlantic Hurricane Season, and estimated that they caused a total of US $220 billion in economic damage, $80 billion of which was covered by public and private re/insurance entities. Hurricane Harvey ... Read the full article
Lloyd’s expands North African presence with Casablanca office
5th April 2018
Lloyd’s has established a new office in Morocco’s Casablanca Finance City (CFC), a North African economic and financial hub. The office will allow Lloyd’s to better provide tailored risk solutions to the North African market, and was officially inaugurated on 3 April 2018, with Salah El-Kadiri as its General Representative. Speaking at ... Read the full article
Florida Specialty rated after loss portfolio transfer and reinsurance with Sirius
5th April 2018
Florida Specialty Insurance Company has been assigned a Financial Stability Rating (FSR) of A, Exceptional, following the implementation of a new action plan that includes a loss portfolio transfer and reinsurance programme with Sirius America Insurance Company. The loss portfolio transfer applies to Florida Specialty’s net losses, while the reinsurance relates ... Read the full article
Dramatic shift in reinsurance M&A trends, says Willis Re CEO Kent
5th April 2018
In the company’s latest reinsurance renewals report, Willis Re’s Chief Executive Officer (CEO), James Kent, observed a dynamic change in reinsurance mergers and acquisitions (M&A) activity as large primary carriers re-enter the reinsurance market. He suggested that new distribution models are causing the greatest disruption to major non-life primary companies with ... Read the full article
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