Reinsurance News
Combined Harvey & Irma losses could strain some reinsurers: Fitch
19th September 2017
The combined losses caused by hurricane Harvey and hurricane Irma could be sufficient to strain some reinsurers capital and perhaps even pressure their ratings, according to Fitch Ratings. The rating agency believes that given the complexity of Harvey losses and the breadth of the impact of Irma, it cannot be ruled ... Read the full article
Equifax to catalyse cyber insurance development: Lloyd’s CEO Inga Beale
19th September 2017
Consumer credit reporting agency Equifax has become one of the latest victims of large-scale cyber hacking after the firm reported a data breach had exposed personal information of 143 million Americans and up to 400,000 UK customers earlier this month. The firm is undergoing a Federal Trade Commission investigation of the ... Read the full article
Ed names Minesh Jani named CEO of MENA & India
19th September 2017
Global reinsurance brokerage, Ed, has named Minesh Jani as its new Chief Executive Officer (CEO) of MENA, India and Indian sub-continent. He joins the broker from Aashvaasanam Analytics Limited in Mumbai, a company which he founded in order to support the development of a global reinsurance operation. Before founding Aashvaasanam Analytics, Jani ... Read the full article
Hiscox’s Harvey loss could read-through to others on E&S & flood
19th September 2017
The size of the hurricane Harvey loss estimate that Hiscox pre-announced yesterday could have a negative read-through for the commercial excess & surplus lines insurance underwriters, according to analysts at Credit Suisse. Hiscox pre-announced a loss of around $150 million from hurricane Harvey's impacts on Texas, with the company saying ... Read the full article
AIG places first Shariah-compliant M&A insurance policy in MENA
19th September 2017
American International Group, (AIG), has placed the first Shariah-compliant insurance policy in the Middle East and North Africa region (MENA) for merger and acquisitions activity, advised by global law firm Norton Rose Fulbright. In partnership with Shariah-compliant managing general agent, Cobalt Underwriting, AIG offers a range of Islamic insurance solutions for ... Read the full article
Customer satisfaction – an opportunity for small commercial insurers
19th September 2017
Despite being the fastest growing area for the casualty and property re/insurance segment, micro to small carriers have seen their customer satisfaction rates decline sharply, contrasting with larger re/insurers whose rates have shown year on year improvement, according to J.D. Power 2017 U.S. Small Commercial Insurance Study. Greg Hoeg, vice president of ... Read the full article
Monument Re in acquisition of Belgian life run-off vehicle of ABN AMRO
19th September 2017
Monument Re Limited, a Bermuda Class E reinsurer that specialises in acquisitions of run-off, closed and asset-intensive insurers, has acquired a Belgian life insurance focused run-off vehicle featuring the ABN AMRO portfolio of business. Monument Re has acquired Benelux Life Run-Off SCS, which includes the run-off vehicles acquisition of ABN AMRO ... Read the full article
Willis appoints Martin Hiller to Head of International Construction
18th September 2017
Willis Towers Watson has named Martin Hiller, who joins from JLT, as Head of International Construction of its Corporate Risk and Broking unit. Hiller will lead client management, technical, placement and risk management specialists to support Willis Towers Watson construction clients in risk mitigation, reporting to Alex Clayton, CEO of Construction. Alastair Swift, ... Read the full article
Ascent Underwriting expands cyber cover offer for SMEs
18th September 2017
Specialist niche-product Managing General Agent, (MGA) Ascent Underwriting, is targeting Small-Medium Enterprises (SMEs) with a global offer on all cyber insurance policies for nil deductible/ zero excess options. Ascent said the cyber cover will be available to all new and renewal SME clients that opt to use the firm's panel of ... Read the full article
Reinsurance to pick up HCI’s $100-300m hurricane Irma tab
18th September 2017
As one of the leading providers of homeowners insurance in Florida, HCI said its expecting Hurricane Irma related losses in the U.S. $100 - 300 million range, most of which will be covered by the carriers' reinsurance and retrospective provisions. With a retention level set at $16 million, the insured losses will ... Read the full article
Irma to test new players ability & their reinsurance programs: A.M. Best
18th September 2017
The devastating impact of hurricane Irma is expected to be a real test of Florida concentrated insurers' catastrophe reinsurance programs, although it's still too early to understand the full extent of the loss to the risk transfer industry, according to A.M. Best. As national U.S. carriers began pulling back from the ... Read the full article
Kaikoura earthquake claims costs over NZ $2 billion
18th September 2017
The total value of insurance claims for the November Kaikōura earthquake as at 31 August 2017 is over $2 billion; the majority of losses are from $1.48 billion in commercial claims, while residential claims amount to nearly $0.55 billion, according the Insurance Council of New Zealand. Private insurers have received nearly ... Read the full article
Hurricane hit to reinsurers won’t stop the capital return: Deutsche Bank analysts
18th September 2017
The industry losses from hurricanes Harvey and Irma are not expected to be sufficiently high to drain capital from the major four reinsurance firms and stop them buying back shares or paying dividends, analysts at Deutsche Bank said. The analysts estimate that the pre-tax losses for the big four will stack ... Read the full article
ICT estimates Hurricane Harvey insured losses at $19 billion
18th September 2017
The Insurance Council of Texas (ICT) has placed Hurricane Harvey insured losses at $19 billion, $11 billion of which is expected to be paid out by the NFIP flood insurance, making the hurricane the second highest on record for flood damage after hurricane Katrina. “The number of uninsured homeowners who felt ... Read the full article
Canadian P&C re/insurers’ stable but feeling the heat
18th September 2017
Despite the low interest rate environment and growing threat to Canadian re/insurers from severe weather events, A.M. Best's outlook for the country's property/casualty and life sectors remains stable as these well-capitalised firms show pricing discipline and solid earnings. Possible earthquakes, economic volatility and regulatory changes are variables ahead of the industry ... Read the full article
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