Reinsurance News
Bascule Underwriting launches multi-territory MGA
8th February 2018
Bascule Underwriting in partnership with Prospect Insurance Brokers has launched a multi-territory international managing general agent (MGA). Ex-jockey William Hill, the founder and chief executive of Bascule, said; “we believe a flexible MGA structure, driven by market leading technology, is well suited to this niche class of business, enabling us to deliver ... Read the full article
XL Group cited as M&A target for large re/insurers: Reports
8th February 2018
According to Bloomberg, XL Group the Bermudian parent company of global insurance and reinsurance brand XL Catlin, is a target for M&A, with Allianz and other major re/insurers said to be showing interest. XL Group is perhaps the largest Bermudian re/insurer and its global diversification makes it an attractive target for ... Read the full article
SCOR grows book at renewals, with focus on U.S. and UK
8th February 2018
French reinsurance company SCOR has increased the size of its underwriting book by 3.7% at the January renewals, with premium growth largely driven by the United States and the United Kingdom, with U.S. catastrophe risk a factor. SCOR grew its P&C reinsurance renewal premiums by 3.7% at the January 2018 renewals, ... Read the full article
Swiss Re in talks with SoftBank Group over investment stake
8th February 2018
Zurich headquartered reinsurance giant Swiss Re is in talks with Japanese tech conglomerate and telecommunications specialists SoftBank Group over a minority investment in the reinsurer, the company confirmed late yesterday. The Wall Street Journal broke the news, saying that Swiss Re is in advanced talks to sell SoftBank what could be ... Read the full article
XL significantly reduces cat exposure with greater use of alternative capital
7th February 2018
The parent company of global insurer and reinsurer XL Catlin, XL Group, has significantly reduced its catastrophe exposure with the help of alternative reinsurance capital, as the company looks to further its strategy with the use of efficient capital. In light of lessons learned and changing reinsurance market conditions, XL Group ... Read the full article
PIC in $140 million pension insurance buy-in with WPP
7th February 2018
Specialist, defined benefit pension fund insurer, Pension Insurance Corporation plc (PIC), has insured five WPP pension schemes in a new $140 million transaction, covering pensioner and deferred liabilities. The agreement covers $140 million of defined benefit pension fund liabilities across five pension schemes sponsored by WPP, the world's largest communications services ... Read the full article
Munich Re reportedly planning efficiency drive, job cuts
7th February 2018
German reinsurance giant Munich Re is reportedly looking to cut its costs, with an internal memo suggesting that an efficiency drive is underway at the reinsurer, including potential reductions in headcount. With reinsurance companies needing to address expense ratios, while at the same time grappling with the promised streamlining of their ... Read the full article
Cyber re/insurance is already rapidly maturing: PCS
7th February 2018
The budding cyber insurance and reinsurance industry is already in the process of rapidly maturing with policy limits currently five times larger than those of just 4-5 years ago, according to loss trends highlighted in a new PCS report. 2017 became the most active year for cyber risk losses in market ... Read the full article
World Bank issues $1.36bn first-ever multi-country earthquake cat bond
7th February 2018
The World Bank has issued a first-of-its kind multi-country earthquake catastrophe bond that provides a total of US$1.36 billion in earthquake protection to Chile, Colombia, Mexico and Peru. The earthquake bond is the second largest in the history of the catastrophe bond market and is the largest ever sovereign risk insurance ... Read the full article
R&Q’s rating for its Malta subsidiary “an important step”
7th February 2018
R&Q Investment Holdings' (R&Q) European subsidiary R&Q Insurance Malta has received an A- (excellent) credit and financial strength rating from A.M. Best, which the CEO called "an important step" in the firms development. In addition, A.M. Best gave the R&Q Group a bbb- rating with a stable outlook for R&Q. R&Q called ... Read the full article
Brit names Christopher Ballantyne as Vice President of Delegated Claim Authority
7th February 2018
Brit has named Christopher Ballantyne as Vice President of Delegated Claim Authority set to head up the oversight and performance management of Brit's North American claims service providers and support Brit’s London-based claims team. In his new role, Ballantyne will report to Mike Barry, Head of Short Tail Claims. Matthew Wilson, Chief Executive ... Read the full article
Insurance Europe raises concerns over EIOPA review of Solvency II
7th February 2018
Insurance Europe has raised concerns over the European Insurance and Occupational Pensions Authority (EIOPA) draft advice to the European Commission on its 2018 review of Solvency II, stating the interest rate risk and proposals on the Loss Absorbing Capacity of Deferred Taxes (LAC DT) may not be feasible economically. The insurance ... Read the full article
Safety National Casualty announces series of changes to executive team
7th February 2018
Safety National Casualty Corporation has announced several organisational changes to executive and upper management set to take effect from April 1, 2018. Gene Maier, Executive Vice President and Chief Underwriting Officer, will retire after a successful 33-year career with Safety National, set to be succeeded by Gus Aivaliotis, current Senior Vice ... Read the full article
Coverys Syndicate 1975 appoints Stephanie Crowther to underwriter
7th February 2018
Coverys Syndicate 1975 has named Stephanie Crowther as underwriter for its specialist medical professional liability account with effect from February 2018. Robin McCoy, Chief Executive Officer, Coverys Managing Agency, commented on the appointment; “we are delighted that Stephanie is joining us to work alongside Keith Bryceland to help build out the ... Read the full article
Hannover Re says renewals give it a “solid platform” for 2018
7th February 2018
After the impacts of major catastrophe loss events in 2017 the January 2018 reinsurance renewals and the associated increase in rates available have allowed German reinsurer Hannover Re to put in place, what the CEO terms, a "solid platform" for achieving its targets in 2018. Hannover Re has reported that it ... Read the full article
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