Reinsurance News
Challenges and opportunities for insurtech start-ups: A.M. Best
20th January 2017
After witnessing the fintech revolution transform the finance world, re/insurers are moving quickly to invest in insurtech start-ups - a technological revolution pushed by tough market conditions and pulled forwards by massive possibilities. The huge influx of capital means carriers are coming under increasing pressure to find more ... Read the full article
Cayman captive insurer registrations almost double in 2016
20th January 2017
Growth figures for captive insurance, reinsurance, life and annuity company formations in the Cayman Islands nearly doubled in 2016. The Cayman Islands insurance management industry has reported figures rising from 22 new formations in 2015 to 39 in 2016. Total premiums written for the sector were at $14.6 billion, up from U.S. ... Read the full article
AIG gets adverse development reinsurance from Berkshire Hathaway
20th January 2017
American International Group, Inc. (AIG) has entered into a $9.8 billion adverse development reinsurance agreement with Berkshire Hathaway subsidiary, National Indemnity Company (NICO), effective January 1st, 2016. The $9.8 billion transaction covers 80% of substantially all of AIG's U.S. commercial long-tail exposures for accident years 2015 and prior, and this includes the ... Read the full article
Soft re/insurance market conditions now main obstacle to MGA growth
20th January 2017
Soft re/insurance market conditions have replaced regulation and compliance as the main factor impacting growth of managing general agents (MGAs), according to a survey released yesterday by MGA start-up specialists, Castel Underwriting Agencies Limited (Castel). The Managing General Agents’ Association (MGAA), a Castel research-based partnership, surveyed its members to identify factors ... Read the full article
Brexit uncertainty to challenge UK re/insurers: A.M. Best
20th January 2017
International rating agency A.M. Best has again discussed the UK's vote to leave the EU following British Prime Minister, Theresa May's 12-point Brexit speech. A.M. Best said that while it doesn't anticipate any rating actions, broad uncertainty makes it challenging for the London and broader UK insurance and reinsurance marketplace. Despite ... Read the full article
Reinsurance News – Friday 20th January 2017
20th January 2017
Here’s your daily Reinsurance News for Friday 20th January 2017: Lloyd's get final approval, to launch in India before April renewals The Lloyd's of London insurance and reinsurance marketplace has received final approval from the IRDAI to establish a branch in India, and plans to launch before the April reinsurance ... Read the full article
SCOR provides reinsurance for streamlined longevity hedge
20th January 2017
French reinsurance firm SCOR has participated in a UK£300 million longevity swap transaction, providing reinsurance capital to back 80% of the transaction, while insurer Zurich retained the remaining longevity risk. It's the first so-called streamlined longevity swap deal that SCOR has participated in, with the transaction having been facilitated through a ... Read the full article
EU, U.S. reinsurance deal could boost business, but hinder profits: Fitch
20th January 2017
International financial services rating agency, Fitch Ratings, has commented on the recently announced EU/U.S. transatlantic reinsurance agreement. Fitch says that while the proposed deal could boost the attractiveness of transatlantic reinsurance business, it could also result in some additional pricing pressure in the space. At the end of last week ... Read the full article
GIC Re doubles growth due to government crop insurance scheme
19th January 2017
Indian state backed reinsurance firm General Insurance Corporation of India (GIC Re) has been able to double its growth thanks to the roll-out of a government backed crop and weather-index insurance scheme. As the state-backed reinsurer, GIC Re has priority on re/insurance schemes such as the Pradhan Mantri Fasal Bima Yojana, ... Read the full article
W. R. Berkley announces executive hires
19th January 2017
Insurance and reinsurance holding company W. R. Berkley Corporation has announced a number of executive appointments, including Melissa M. Emmendorfer as Senior Vice President (SVP), Underwriting. Prior to her appointment Emmendorfer served as Vice President (VP), insurance risk management at the firm, after joining its reinsurance unit, Berkley Re America as a SVP ... Read the full article
RFIB launches Limehouse Agencies MGA
19th January 2017
Independent insurance and reinsurance broker RFIB Group Limited (RFIB) has announced that its holding company, TopCo, has established a new MGA, called Limehouse Agencies (Limehouse). In addition to the launch RFIB has revealed that Jack Gressier has been named as a Non-Executive Independent Director of TopCo, and also appointed as the founding ... Read the full article
White Mountains said to explore One Beacon sale
19th January 2017
Bermudian insurance, reinsurance and financial services holding company White Mountains Insurance Group, Ltd. is reportedly seeking a sale of its specialty insurance arm One Beacon. Bloomberg said yesterday that people familiar with the matter say that One Beacon is being shopped to potential acquirers, and that the re/insurer has charged Credit ... Read the full article
Jardine & Clementi added to Lloyd’s Market Association board
19th January 2017
The Lloyd's Market Association (LMA) has appointed Paul Jardine and Tom Clementi to the LMA Board with immediate effect, replacing Andrew McMellin and Andrew McKee, who both stepped down towards the end of 2016. Paul Jardine is the Chief Executive Officer (CEO) of Syndicate 2003 and Catlin Insurance Company Ltd, and ... Read the full article
Aon appoints executives to risk and consulting divisions
19th January 2017
Aon today announced the appointment of two executives to its risk and consulting divisions; James Platt will take on the role of Chief Operating Officer (COO) of Aon Risk Solutions and Michael Moran as Chief Executive Officer (CEO) of Aon Inpoint. Platt will work with Mike O’Connor, CEO of Aon ... Read the full article
Lloyd’s gets final approval, will launch in India before April reinsurance renewals
19th January 2017
The specialist Lloyd's of London insurance and reinsurance marketplace has received final approval from the Insurance Regulatory Development Authority of India (IRDAI) to establish a regional branch, and the market has said that it will open its new, Indian office in time for the April 2017 reinsurance renewals. After receiving R3 approval ... Read the full article
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