Reinsurance News
MS&AD Insurance buys stake in Australian life & annuities firm Challenger
16th August 2017
Japanese insurance group MS&AD Insurance Holdings, the parent of the Mitsui Sumitomo insurance entities, has bought a stake in an Australian life and annuities specialist as it looks for further diversification. Japanese insurance groups have been investing in operations around the globe as they look to diversify their businesses away from ... Read the full article
European reinsurers resist temptation to compete on price: Fitch
16th August 2017
The big four European reinsurance firms are successfully resisting the temptation to compete on price alone, according to rating agency Fitch, which is providing them with a competitive advantage in the marketplace. Pricing discipline displayed by the four largest reinsurance firms in Europe, Munich Re, Swiss Re, Hannover Re and SCOR, ... Read the full article
AIG seeks buyer for $2 billion life portfolio
16th August 2017
Sources told Reuters that American International Group has plans to sell a $2 billion life portfolio, with private equity giant Apollo Global Management being among prospective buyers. Investment bankers at Goldman Sachs Group are allegedly helping AIG unload the life settlement assets, which trigger when sick or elderly customers ... Read the full article
Global commercial rates continue to decline, pressuring combined ratios: Marsh
16th August 2017
Commercial insurance rates declined, on average, for the seventeenth consecutive quarter in Q2 2017, driven by excess capacity and intense competition, according to the latest Marsh Insurance Market Index. Moderating renewal rate declines in the global commercial insurance market occurred in Q2 for the sixth consecutive quarter, declining, on average, across ... Read the full article
Sompo Canopius adds credit & political risk underwriter
16th August 2017
Sompo Canopius AG has continued to strengthen its credit & political risk team with the appointment of Stephen Pike as credit & political risk underwriter. Pike joins global specialty insurance and reinsurance firm Sompo Canopius in October and will report to Bernie de Haldevang, global head of specialty at the re/insurer. He ... Read the full article
JLT Re hires Aon Benfield broker Jakob Hansen for Credit & Political Risk team
16th August 2017
JLT Re, the global provider of reinsurance broking and consultancy, is pleased to announce that Jakob Hansen will be joining JLT Re’s expanding Credit & Political Risk team, once he has completed his contractual obligations with his current employer. JLT Re has announced the addition of Jakob Hansen, joining from Aon ... Read the full article
Indian government economic survey signals need for climate insurance
16th August 2017
Insurance against climate risks in India has lagged far behind other sectors despite India being one of the world's most vulnerable nations to the changing climate; severe weather events challenge India's economy with a set back of $9-10 billion of mostly uninsured losses every year, according to the Indian government's Ministry of ... Read the full article
Philippines kicks off World Bank supported Parametric Insurance Pilot
15th August 2017
With the support of the World Bank the Philippines has kicked off a Parametric Insurance Pilot project that provides up to $19.5 million for typhoon and earthquake cover to 25 local government units (LGUs) in disaster prone provinces, the Department of Finance (DOF) announced. The year long pilot project was launched on ... Read the full article
Political uncertainty can influence casualty catastrophe reinsurance treaties
15th August 2017
Reinsurers should revisit U.S. casualty catastrophe reinsurance products in response to government administration changes that are expected to influence the legal, social, and economic conditions impacting treaties policies, Willis Towers Watson reinsurance risk management specialist Pete Thomas advised. "History tells us that every time there is change from a democrat to ... Read the full article
Entire value chain must be on the same page to close protection gap: AIR Worldwide
15th August 2017
If the risk transfer sector is serious about closing the global protection gap (disparity between economic and insured losses post-event) it requires the efforts of the entire insurance value chain and, must be tackled on both a macro and micro level, according to the Vice President of AIR Worldwide's Marketing ... Read the full article
Pioneer Special Risk adds Incidental Contractors Pollution to product offer
15th August 2017
Pioneer Special Risk has launched a new product for specialty contractors which offers optional expansion of cover to include Incidental Contractors Pollution, a niche segment the firm says is currently underserved within the specialty market. Specialty contractors are traditionally required to provide this as part of the contractual terms of their ... Read the full article
Reinsurers’ earnings increasingly volatile due to catastrophe risk
15th August 2017
Exposure to natural catastrophe risk has raised reinsurers' earnings volatility as firms are now twice as likely to report a natural catastrophe related underwriting loss than in 2012 and profit margins are challenged by soft market prices, said S&P. While reinsurers' balance sheet exposure to extreme natural events remains largely unchanged, ... Read the full article
The Central Bank of Liberia on track with insurance regulation enforcement
15th August 2017
The Central Bank of Liberia (CBL) said in a statement that it's on track with enforcing the updated capital requirements for insurers which came into force in September last year. CBL previously announced plans to implement the regulatory amendments in stages on a quarterly basis over a three-year period. Under the regulation, insurers ... Read the full article
Greenlight Re maintains short position on Tesla
15th August 2017
Hedge fund style reinsurance company, Greenlight Capital Re (Greenlight Re), is to maintain its short position on Tesla despite this contributing to an almost $40 million net loss in Q2 2017, according to reports. In little over a year Tesla, which is led by Chief Executive Officer (CEO) Elon Musk, has seen ... Read the full article
S&P predicts continued profits in life reinsurance driven by market concentration
15th August 2017
The concentration of the global life reinsurance market and high barriers to entry for new players will contribute to the continued profitability of the sector, according to analysis from rating agency Standard & Poor's (S&P). In its latest global life reinsurance market report, S&P noted the impressive profitability of the sector in ... Read the full article
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