Reinsurance News
Ogden rate revision to result in huge re/insurer reserve charge: Willis
20th February 2017
Insurance and reinsurance broker Willis Towers Watson (WTW) has warned that should the proposed Ogden discount rate revision to negative 0.5% occur, reinsurers that operate in the UK motor industry would most likely face a £4.9 billion reserve charge, while the annual cost of providing motor insurance would also increase. Analysis ... Read the full article
Ed brokers re/insurance for Iranian gas field projects
20th February 2017
Ed Broking, the London and global insurance and reinsurance brokerage, has completed the first arrangements in Iran that will see London market re/insurance capacity backing energy industry projects in the country since sanctions were in place. Since sanctions were eased in January it has now become possible for London market re/insurers ... Read the full article
Enstar to sell Pavonia Life to Global Bankers Insurance Group for $120m
20th February 2017
Bermuda based insurance, reinsurance and run-off specialist Enstar Group has announced a $120m agreement to sell its Pavonia Holdings (US), Inc. subsidiary to an affiliate of Global Bankers Insurance Group for $120 million. Enstar originally acquired the Pavonia business, which includes Pavonia Life Insurance Company of Michigan, Pavonia Life Insurance Company of ... Read the full article
Reinsurance News – Monday 20th February 2017
20th February 2017
Here’s your daily Reinsurance News for Monday 20th February 2017: Rise in large industrial claims driving reserve surprises, suggests J.P. Morgan Analysts at J.P. Morgan have warned that a rise in large industrial claims, particularly in the U.S., could be the driver of reserve charge surprises, as seen with insurer ... Read the full article
Trump, Brexit, & regulatory risk changes & concerns: A.M. Best
17th February 2017
Reinsurers on either side of the Atlantic have been watching in trepidation as the global political agenda takes an increasingly protectionist stance, A.M. Best highlighted key concerns in a recent report, outlining how these changing regulations have impacted the insurance and reinsurance industry. The rating agency's analysts examined some of the ... Read the full article
Compulsory insurance for robotics unrealistic, suggests Insurance Europe
17th February 2017
An Insurance Europe executive has questioned a proposal put forward by the European Parliament's legal affairs committee, that calls on the European Commission to look at the establishment of a blanket, compulsory insurance scheme for robotics. The European Parliament recently voted to approve a report produced by its legal affairs committee ... Read the full article
Regulations re-examined to boost UAE re/insurance industry
17th February 2017
The United Arab Emirates (UAE) Insurance Authority is seeking to drive insurance and reinsurance growth by adapting regulations in areas such as bancassurance and dispute resolution, according to the organisations Director General. Ebrahim Obaid Al Zaabi, Director General of the UAE Insurance Authority, recently said that new guidelines would be issued ... Read the full article
Rise in large industrial claims driving reserve surprises, suggests J.P. Morgan
17th February 2017
Following AIG's recently announced $2.79 billion Q4 loss as a result of a $5.6 billion reserve charge, analysts at J.P. Morgan have suggested that the negative surprise, which is unlikely to be exclusive to AIG, could be the result of increased large industrial claims, particularly in the U.S. AIG's fourth-quarter 2016 ... Read the full article
Hannover Re & Swiss Re take 90% of Sri Lankan agricultural re/insurance scheme
17th February 2017
Hannover Re and Swiss Re have taken a 90% share in Sri Lanka’s state-owned National Insurance Trust Fund (NITF) agricultural insurance scheme; accepting a respective 50% and 40% of the placement, which was made through reinsurance broker J.B. Boda & Co. Three other global reinsurers, which includes Munich Re, share the ... Read the full article
Major insurers lower retentions, buy more reinsurance
17th February 2017
New reinsurance demand is being seen as some of the world's largest insurance companies lower their retentions on existing layers of reinsurance coverage and expand their programs, buying new layers as well. So far this year it has come to light that insurance giant's Zurich and AIG have both significantly reduced ... Read the full article
Uncertain how Trump admin views EU/U.S. reinsurance deal: Eversheds Sutherland
17th February 2017
Following reports earlier in 2017 that the European Union (EU) and the U.S. had reached an agreement designed to improve the $3 billion transatlantic reinsurance industry, law firm Eversheds Sutherland has warned that it's unclear how the Trump administration views the proposed deal. Under the new Covered Agreement, which was ... Read the full article
Re/insurers cautioned over climate change litigation impact: Clyde & Co
17th February 2017
Reinsurers and insurers have been advised to consider whether their businesses are effectively complying with climate change regulation, to protect their underwriting from the potential impact of lawsuits, lawyers from Clyde & Co advised earlier this week. The warning came at a Clyde & Co seminar on the impact of climate ... Read the full article
Reinsurance News – Friday 17th February 2017
17th February 2017
Here’s your daily Reinsurance News for Friday 17th February 2017: AIG hopes to renew Swiss Re casualty quota share on better terms for 2018: Hancock CEO of insurance giant AIG, Peter Hancock, recently said that he his hopeful the firm will be able to renew its casualty quota share reinsurance arrangement ... Read the full article
Oroville Dam failure cost highlighted, rainfall forecast means risk could rise
16th February 2017
Analysis from CoreLogic reveals that a staggering, estimated $13.3 billion reconstruction cost value (RCV) is at risk covering more than 50,000 homes across six counties, should the stressed Oroville Dam in California fail completely. Reservoir levels for the Oroville Dam in California came extremely close to reaching capacity threshold levels from intense ... Read the full article
Concerns highlighted over Indian non-life market performance
16th February 2017
Rating agency A.M. Best highlights concerns about a stalling of performance in the Indian non-life insurance market, something reinsurance firms active in the region will need to watch out for. As more players enter the reinsurance market in India it is important to be aware of primary insurer performance in the ... Read the full article
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