Reinsurance News
P&C reinsurers hardest hit by 2017 catastrophes: Fitch
27th March 2018
Property & casualty (P&C) reinsurers experienced the largest impact from catastrophes in 2017, reporting $5.5 billion of losses, up from $1.1 billion in the prior year, according to Fitch Ratings. For P&C re/insurers, 2017 brought the first aggregate underwriting loss since 2011. Reinsurers and Florida specialist sub-segments were hard hit, with catastrophe losses ... Read the full article
Ocean Re establishes Mexico office, appoints head
27th March 2018
Ocean International Reinsurance Company Limited (Ocean Re) has announced the establishment of a new representative office in Mexico, and has named Lockton’s Rebecca Peña as its head. Most recently, Peña served as Senior Vice President in the brokers and reinsurance division of Lockton México, and brings over 18 years’ re/insurance industry ... Read the full article
Essent secures $424mn of mortgage reinsurance from capital markets
27th March 2018
Mortgage insurer Essent Guaranty has completed a transaction with Radnor Re 2018-1, a newly formed special purpose insurer, which sees Essent obtain US $424.4 million of fully collateralized excess of loss reinsurance coverage on mortgage insurance policies written by Essent in 2017. Essent Guaranty, which is a wholly owned subsidiary of ... Read the full article
Swiss Re consolidates Western & Southern Europe leadership under Cordioli
27th March 2018
Global reinsurance firm Swiss Re has promoted Claudia Cordioli to a role which will see her taking responsibility for all of Western and Southern Europe at the reinsurer, as Managing Director for the region. As from April 1st, Cordioli will move into the position of CEO for Western and Southern Europe, ... Read the full article
Exin in discussions to acquire Israel’s Clal Insurance: Reports
27th March 2018
Exin Group is reportedly in discussions to acquire Israel domiciled Clal Insurance Enterprise Holdings Ltd., and has made an informal offer to acquire the firm at a valuation of $1.3 billion, according to an article on calcalistech.com. The article states that a person familiar with the matter told Calcalist that ... Read the full article
Ed hires Herman from Lloyd & Partners to Risk Solutions team
27th March 2018
London-based re/insurance broker Ed has announced that it has expanded its Risk Solutions team with the appointment of Dean Herman to the role of Divisional Director. Herman joins Ed from Lloyd & Partners, where, as Head of U.S Property, he was responsible for the placement of global accounts across sectors like ... Read the full article
Climate change offers growth opportunities for re/insurers: Moody’s
27th March 2018
Moody’s has suggested that the effects of climate changes may present many opportunities for re/insurers to expand their operations by introducing new products, expanding existing ones, and by closing the protection gap. A recent report by the company predicts that insurance will likely become a more widespread part of comprehensive risk ... Read the full article
InsurTech inflection point could change the re/insurance model: A.M. Best
27th March 2018
Re/insurers are owning the InsurTech wave with a sustained focus on modernisation as newer technologies drive efficiencies and strategic advantages and the market is said to be heading for an inflection point as a result. Most firms studied in a recent A.M. Best survey revealed plans underway to upgrade legacy underwriting ... Read the full article
Re/insurance M&A trends will accelerate over 2018 and beyond: EY
26th March 2018
Ernst & Young (EY) has predicted that global Merger & Acquisition (M&A) trends for insurers and reinsurers are likely to accelerate over 2018 and beyond as companies look to transform, despite a slump in activity last year. EY notes that, although deal activity has steadily grown in recent years, 2017 saw ... Read the full article
Berkshire Hathaway Specialty hires two from Chubb to lead new Perth office
26th March 2018
Berkshire Hathaway Specialty Insurance (BHSI) has further expanded its presence in Australia with the opening of a new office in Perth, Western Australia, appointing Anthony Prindiville as Head of Casualty Underwriting and Mark Shepard as Head of Property Underwriting, both joining from Chubb. Chris Colahan, President, Australasia, said: “Expanding our footprint ... Read the full article
CyberCube Analytics launches cyber risk modelling platform
26th March 2018
CyberCube Analytics, which is backed by investment from Trident Capital Cybersecurity and technology from Symantec Corporation, recently announced the launch of its first product, a new cyber risk modelling platform. CyberCube has announced the availability of its risk-modelling platform, which processes terabytes of unique data sets and applies multidisciplinary analytic methods. Alberto ... Read the full article
Peter Mullen returns to Artex as CEO-elect
26th March 2018
Artex Risk Solutions has announced that its executive leadership is to welcome founding member Peter Mullen back into the company as Chief Executive Officer (CEO)-elect, taking over from current CEO David McManus in July 2019. Mullen has been CEO at Aon Captive & Insurance Management for the last seven years, and ... Read the full article
European reinsurers to see further rate improvements at mid-year: Deutsche Bank
26th March 2018
European reinsurers are forecast to see further rate improvements at mid-year after seeing price increases of between 1-3% at Jan 1st, although price momentum is expected to stabilise in 2019 as supply demand dynamics rebalance in a normalised loss environment, according to Deutsche Bank analysts. Analysts view for the European reinsurance ... Read the full article
DARAG partners with New Nordic on legacy management cell
26th March 2018
European legacy acquirer DARAG has announced the formation of a strategic partnership with New Nordic Advisors, a London-based investment management company, which will combine the parties’ legacy and asset management expertise in a new jointly owned cell. DARAG and New Nordic expect their joint initiatives to commence imminently, and plan to ... Read the full article
New Zealand’s Cyclone Fehi to result in insured losses of more than $39mn
26th March 2018
The Insurance Council of New Zealand (ICNZ) has revealed that claims from Cyclone Fehi, which hit the country on February 1st, 2018, have already cost re/insurers almost NZ $38.5 million (US $28 million), with additional claims anticipated as more damage emerges. Cyclone Fehi battered New Zealand’s North and South Islands with ... Read the full article
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