Reinsurance News
Crosswinds’ Monarch joint venture reveals expected Irma impact
13th September 2017
Crosswinds Holdings Inc. has revealed that its joint venture investment in Monarch National Insurance Company (Monarch) expects the impact of hurricane Irma to not exceed its first-event pre-tax retention of $3.4 million, net of reinsurance. Crosswinds is the latest firm to announce the expected impact from hurricane Irma, which tore through ... Read the full article
Reinsurance use “at an absolute inflexion point” – Rowan Douglas at RVS
13th September 2017
Speaking at the Insurance Development Forum panel debate on confronting global underinsurance amid heightened global risks, at the 2017 Rendezvous de Septembre (RVS), Rowan Douglas, CEO of Capital Science and Policy, Willis Towers Watson, said the industry is at a turning point that could revolutionise the use of re/insurance in the ... Read the full article
Christina Tom joins AXIS Insurance from Aspen as a Vice President
13th September 2017
AXIS Capital Holdings subsidiary, AXIS Insurance, has named Christina Tom Vice President, Renewable Energy Underwriter, based in San Francisco. Tom joins the firm from Aspen Insurance, and brings experience and expertise in the wind, solar and energy storage risk sector. In her new role she will be responsible for AXIS Insurance's ... Read the full article
Generali to sell Dutch operations to ASR Nederland
13th September 2017
The Generali Group has announced an agreement to sell its entire 98.56% stake in Generali Nederland N.V.(Generali Nederland) and its subsidiaries, to insurance group ASR Nederland. As part of ... Read the full article
Market conditions suggest increased flow of legacy run-off transactions: GC
13th September 2017
In light of intense competition in the marketplace and the continued influx of capital, the number of transactions in the run-off market will continue to expand, according to Guy Carpenter's (GC) Head of M&A Advisory, Andrew Beecroft. Increasingly active capital management combined with challenging markets across the risk transfer industry is ... Read the full article
Peak Re selects TigerEye for underwriting optimisation
13th September 2017
Hong Kong domiciled reinsurance company, Peak Re, has chosen Applied Insurance Technologies' platform, TigerEye to support its underwriting strategy. The selection of TigerEye will support the reinsurer's management of catastrophe exposures and also support the optimisation of Peak Re's reinsurance portfolio, says the firm. "At Peak Re, we pride ourselves on our ... Read the full article
Everest Re appoints Jonathan Zaffino to Executive Vice President
13th September 2017
Everest Re has announced that Jonathan Zaffino, President of the North America Insurance Division and Senior Vice President of Everest Re, has been appointed Executive Vice President, Everest Re Group, Ltd. Dominic Addesso, President and Chief Executive Officer (CEO) of Everest Re Group, commented on the appointment; “Jon continues to be ... Read the full article
Chubb selects France as post-Brexit EU headquarters
13th September 2017
Should the UK leave the European Union (EU) in March 2019, following the Brexit vote, Chubb Limited plans to locate its EU headquarters in France, subject to receiving the necessary regulatory and other governmental approvals. Chubb has said that it will continue to have a significant presence in London post-Brexit, as well ... Read the full article
The Lloyd’s capital base can be relied upon post-event: Inga Beale, CEO
12th September 2017
We spoke with Inga Beale, Chief Executive of Lloyd's of London at the Monte-Carlo Reinsurance Rendezvous this week, to discuss the current events affecting the market as well as her views on a number of key market issues. We began by asking what the Lloyd's CEO thinks about the impacts of ... Read the full article
Surplus lines market remains “solid” despite 2016 underwriting loss: A.M. Best
12th September 2017
U.S. domiciled surplus lines insurance companies recorded modest premium growth in 2016 combined with an underwriting loss for the second consecutive year, although solid investment income helped the sector record net income of $2.2 billion, according to A.M. Best. Sluggish growth in certain industries and the increasingly competitive landscape, saw underwriters ... Read the full article
Assurant sees up to $140mn Harvey loss, Irma to stay within reinsurance program
12th September 2017
Assurant has announced that it expects hurricane Harvey to result in an estimated pre-tax catastrophe loss of between $134 million to $140 million within its third-quarter results, net of reinsurance. Following the devastating impact of hurricane Harvey in the U.S., companies and the global insurance and reinsurance industry will start to ... Read the full article
“Cyber probably not insurable,” Swiss Re CEO
12th September 2017
While cyber cover has often been heralded as one of the biggest re/insurance opportunities of the future, the Chief Executive Officer (CEO) of reinsurer Swiss Re, has a very different take on the realities of the emerging risk, saying that despite the hype he remains "extremely skeptical about cyber.” Speaking at ... Read the full article
DARAG completes Israeli reinsurance transaction
12th September 2017
Legacy acquirer DARAG has completed an Israeli reinsurance transaction and has received regulatory approval for the acquisition of Ikano Försäkring AB. DARAG finalised the transaction in cooperation with brokers Guy Carpenter and Resolutions Reinsurance Broker DARAG, a leading European legacy acquirer, today announces completion of a pioneering Israeli reinsurance transaction and, both ... Read the full article
Re/insurers’ ignoring certain exposures & soft market creates “perfect storm”, warns XL Catlin
12th September 2017
The absence of a major landfalling hurricane in the state of Florida and across the U.S. has seen some insurers and reinsurers turn a blind eye to certain exposures, which, combined with the ongoing soft market conditions creates "a perfect storm of its own," according to Wade Stier, Underwriter, U.S. ... Read the full article
Harvey to be one of costliest disasters to hit the U.S. on record: Aon Benfield
12th September 2017
Reinsurance broker Aon Benfield's catastrophe risk modelling unit, Impact Forecasting, has said that hurricane Harvey is most likely to be one of the costliest natural catastrophe events on record in the U.S. As part of the unit's latest catastrophe recap report, which looks at the month of August, 2017, hurricane Harvey ... Read the full article
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