Reinsurance News
IRB Brasil Re prices IPO: Report
28th July 2017
Brazilian reinsurance firm IRB Brasil Resseguros S.A. (IRB Brasil Re) has priced its initial public offering, according to a report from Reuters, with the value and volume snapped up falling below expectations. The IPO pricing puts shares at 27.24 reais (US $8.64) a share on Thursday, data from the Brazilian Securities ... Read the full article
UK is at risk of record level rainfall every winter: Met Office
28th July 2017
In the current climate the UK is at risk of seeing record-level monthly rainfall each winter throughout the months of October to March, the Met Office said in a report issued as part of the government's National Flood Resilience Review. For England and Wales there's an over 30% chance of a ... Read the full article
Ascot appoints former AIG executive to Head of Global Strategy
28th July 2017
Ascot has named former AIG executive Greg Wolyniec as new Head of Global Strategy - set to lead strategic and investment initiatives as part of the firm's Executive Committee, the appointment takes effect from 31st July. Andrew Brooks, Chief Executive Officer of Ascot, said; “we are delighted to have Greg join Ascot ... Read the full article
Mutual & Cooperative microinsurers key to re/insurance growth in emerging markets
28th July 2017
With over 422 million lives and properties covered, India leads microinsurance scale in Asia, but despite impressive microinsurance growth rates overall insurance penetration levels remain low at just 3.44% and non-life penetration have been nearly static, rising by just 0.5 -0.8% over the last ten years. The first ever report published on ... Read the full article
Potential for Africa to be a leader in digital insurance: Allianz
28th July 2017
The African risk transfer industry has the potential to transition itself into a global digital insurance leader, driven by customer demand for innovative solutions and favourable rules and regulations, according to Allianz Chief Executive Officer (CEO), Oliver Bäte. Speaking at the 44th annual Insurance Conference in Sun City, South Africa, the Allianz CEO ... Read the full article
FM Global reshuffles EMEA/Asia-Pacific leadership
27th July 2017
Commercial property insurer, FM Global, has announced some changes to its management team, including the appointment of Stefano Tranquillo to Senior Vice President (SVP), Division Manager, EMEA/Asia-Pacific. Previously, Tranquillo was SVP, Division Manager for just the Asia-Pacific, based in Singapore, but the addition of the EMEA region sees Tranquillo move to the firm's Luxembourg office. Tranquillo ... Read the full article
Re/insurance favourable reserve development to decline: Fitch
27th July 2017
Fitch Ratings expects Bermuda insurance and reinsurance market favourable reserve development to decline over the next couple of years, warning that any decrease could be accelerated by the speed and extent at which the reinsurance sector's favourable reserve development reduces. Recent analysis by global financial services rating agency, Fitch Ratings, explores the ... Read the full article
Growth elusive in 2017, but Beazley makes a win on specialty lines
27th July 2017
Beazley revealed a winning start to the year at the 2017 mid-way point, reporting an overall 6% pre-tax profit increase due to pockets of growth in specialty lines despite market conditions for traditional large-scale risks becoming more competitive. The insurer's pre-tax profits rose by over $8 million to $159 million on gross ... Read the full article
Lower rates & stagnant reinsurance sector hindering broker growth: MarketLine
27th July 2017
The global insurance broking industry grew at a compound annual growth rate (CAGR) of 7% between 2012 and 2016, however, MarketLine warns that despite impressive growth, lower commissions and the stagnant reinsurance industry are contributing to a slowed growth trend for the sector. Data and analysis from research firm, MarketLine, shows that ... Read the full article
U.S. Risk acquires Strategic Insurance Underwriters
27th July 2017
U.S. domiciled property and casualty wholesaler, U.S. Risk Insurance Group, Inc., has acquired specialist trucking managing general agent (MGA) and broker, Strategic Insurance Underwriters. Strategic Insurance is based in Florida, U.S., and has 34 years worth of experience providing tailored insurance solutions to the trucking and transportation sectors. After the acquisition and ... Read the full article
Will brokers role in value chain be disrupted by digital? Inga Beale
27th July 2017
As market middle men the role of brokers has come under fire with re/insurers moving further on down the value chain to access risk directly as their revenue and profitability is squeezed by the softening reinsurance market environment, and with the digital revolution disrupting all industry players, the brokers role in ... Read the full article
Boat Oasis adds Australian modeller COMBUS to global CAT risk platform
27th July 2017
Boat Oasis has expanded its shared services platform with its first catastrophe simulation models for Australia with the addition of the COMBUS model that assesses risk for Australian Bushfire, Severe Convective Storm, Low Pressure System, Tropical Cyclone and Earthquake. "By integrating with Boat Oasis, COMBUS becomes more easily accessible to re/insurance firms ... Read the full article
Chinese insurer Sinosure backs Iran deal to fund railroad construction
27th July 2017
Chinese insurer Sinosure, China Export and Credit Insurance Corporation, will finance $556 million, or one-third of a $2.56 billion contract with Iran, to fund the electrification of a nearly 1,000 km railroad from Tehran to Mashhad, said the Financial Tribune. The remaining two-thirds of the loan will be financed by the ... Read the full article
Aquiline Capital Partners closes InsurTech investment fund at $190 million
27th July 2017
New York private equity investor, Aquiline Capital Partners has today closed its Technology Growth Fund (ATG) with total capital commitments reaching about $190 million. The final ATG figure raised its original $150 million investment fund target by almost one-quarter. The ATG fund targets investment in InsurTech, asset management technology, benefits and retirement, ... Read the full article
SCOR continues global expansion, announces new share buy-back
27th July 2017
French headquartered global reinsurance firm SCOR has reported another set of results which are largely in-line with or beat analyst expectations, while also showing that the firm continues to expand its footprint globally. At a time when many in the reinsurance market have been pulling-back, or contracting their reinsurance underwriting while ... 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.
