Reinsurance News
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
AIR puts hurricane Irma industry loss at $32bn – $50bn
18th September 2017
AIR Worldwide has updated its estimate of insurance and reinsurance industry losses caused by hurricane Irma in the U.S. and Caribbean to between $32 billion and $50 billion. The United States is expected to see $25 billion to $35 billion of insured losses, while the Caribbean is expected to see $7 ... Read the full article
Hiscox estimates net hurricane Harvey loss of approx $150 million
18th September 2017
Specialist insurance and reinsurance firm Hiscox Ltd. has estimated its net loss from hurricane Harvey's impacts at around $150 million. Hiscox has based its hurricane Harvey loss estimate on an industry wide loss of $25 billion excluding the NFIP. The company said that this fell within its modelled range of claims ... Read the full article
Lack of capacity and demand hindering terror market expansion: GC
15th September 2017
The changing terror risk landscape, underlined by an increased focus on "mass casualty and fear-inducing" events, suggests a need for greater capacity and a different approach to the peril, according to Guy Carpenter Managing Director, Charles Gibbs, and Vice President, Jamie Russell. "There has been a major shift in the focus ... Read the full article
ASEAN disaster management centre to open Indonesia branch
15th September 2017
The Association of Southeast Asian Nations (ASEAN) has announced plans to expand the role of the disaster management centre, the AHA Centre, with the addition of a Coordinating Centre for Humanitarian Assistance in Indonesia to respond to disasters within and outside of Southeast Asia, the Asia Insurance Review reported. The AHA Centre ... Read the full article
R Street Institute warns of higher premiums in light of cross-border reinsurance tax
15th September 2017
A study on the impact on the New Madrid zone in light of a potential cross-border reinsurance taxation, by R Street Institute, claims that such a tax would increase property & casualty (P&C) premiums in the region by $740 million over the next decade. A recent paper by R Street Institute's Lars ... Read the full article
Chubb launches innovative Flight Delay cover with App in the Air
15th September 2017
Flight Delay Insurance, a new innovative insurance solution for airline travellers has been launched by global insurer Chubb and App in the Air. The solution was underwritten by Chubb's European group in collaboration with reinsurance giant Swiss Re and FlightStats, and will be made available to UK App in the ... 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.
