Reinsurance News
International reinsurers shoulder majority of Typhoon Hato losses: A.M. Best
30th January 2018
The Macau non-life insurance industry's ability to withstand Typhoon Hato shows the market's re/insurance models are robust and well backed up by international reinsurers which shouldered the majority of cedants' losses, according to an A.M. Best briefing. Typhoon Hato struck South China in August 2017 as a strong tropical cyclone, however, the Macau ... Read the full article
Monument Re acquires Aspecta Assurance International Luxembourg
30th January 2018
Monument Re has acquired full ownership of Aspecta Assurance International Luxembourg S.A. (Aspecta), a life insurance undertaking based in Luxembourg with branches in Germany, Italy and Spain. The acquisition also includes Aspecta’s 25% stake in Quality Insurance Services Luxembourg S.à r.l., the principal service provider to Aspecta. Manfred Maske, Group Chief Executive Officer ... Read the full article
Capital efficiency strategies drive alternative capital interest: GC Securities
30th January 2018
The collateralized reinsurance and retrocession markets continue to expand despite the impacts of 2017 catastrophe events, as capital management and capital efficiency strategies drive interest in insurance-linked securities' (ILS) mechanisms, according to GC securities, the capital markets and ILS arm of reinsurance broker Guy Carpenter. In a discussion with Reinsurance News around ... Read the full article
U.S. tax reform creates a more level playing field, says RGA
30th January 2018
Reinsurance Group of America (RGA) saw its fourth-quarter 2017 net income spike to over $1.2 billion, driven largely by a tax benefit as a result of the U.S. tax reform, which the reinsurer says creates a more level playing field. RGA's Q4 net income increased from $190 million in 2016 to ... Read the full article
Ed appoints Henry Warner as Cyber Broker/Producer
30th January 2018
Global reinsurance broker Ed as announced the hiring of Henry Warner as Cyber Broker/Producer, effective immediately, and reporting to Divisional Director, Professional and Executive Risks (ProEx), James Baird. He started his career with Marsh as a client advisor for both cyber and professional indemnity risks, and joins the firm from SafeOnline, ... Read the full article
Reinsurers’ pricing outlook to improve into 2018: J.P. Morgan
30th January 2018
2018 could bring the much-awaited upswing for the reinsurance sector, with prices potentially increasing further into the year improving the pricing outlook after a 1/1 renewal season in which rate increases were broader than expected, according to J.P. Morgan. Analysts are optimistic that pricing appears to have stopped falling in essentially ... Read the full article
Alesco expands energy division with two new partners
30th January 2018
Alesco Risk Management Services (Alesco) has announced the appointment of two further partners within its growing energy division, Alison Schwab and Mark Smith. Schwab, who brings more than a decade of experience in energy casualty and a unique knowledge of the US retail market, began her new role on 22 January ... Read the full article
DAC Beachcroft partners with re/insurance focused Hong Kong law firm
30th January 2018
International law firm DAC Beachcroft has announced a collaboration with Hong Kong practice, Oldham Li and Nie (OLN) to expand its reach and services throughout Asia. Hong Kong based law firm OLN specialises in re/insurance, corporate & commercial, dispute resolution, employment & immigration, IP, tax and private client work. DAC Beachcroft Managing Partner, David ... Read the full article
2018 could see a “brutal battle” between alternative & traditional reinsurance: Willis
29th January 2018
Alternative reinsurance capital continues to expand, with non-life insurance-linked securities (ILS) capital reaching $88 billion at year-end 2017. And with growth expected to continue, there could be a "brutal battle" between ILS and traditional capacity, according to Willis Towers Watson Securities. Data from capital markets and insurance-linked securities (ILS) brokerage unit, ... Read the full article
Munich Re member firm The Hartford Steam Boiler expands cyber offer
29th January 2018
Munich Re member firm The Hartford Steam Boiler, has expanded its cyber offer with the launch of a comprehensive cyber insurance cover designed for mid-sized businesses, HSB Cyber Suite. HSB Cyber Suite combines a range of cyber insurance covers and services for data breach, identity theft and cyber attacks, including malware, viruses, ... Read the full article
Atlas General Insurance Services reveals expansion plans in commercial lines
29th January 2018
Atlas General Insurance Services has revealed continued plans for expansion after seeing a surge in commercial policies in 2017 and expanding its commercial reach to over 50 carrier partners. Atlas currently provides commercial products in all 50 states and is expanding offers to small and medium commercial businesses throughout the U.S.; ... Read the full article
London market’s PPL used to close Aon Client Treaty facility
29th January 2018
The London market electronic placing platform PPL was used to close one of Lloyd's largest transactions, the Aon Client Treaty facility for 2018. The transaction is said to be one of the most complex in the Lloyd's market; at 191 pages long, it covers 20 different underwriting ... Read the full article
Scottish Re announces sale and restructuring plan
29th January 2018
Scottish Re Group Limited has announced that it has started the implementation of a sale and restructuring plan for Scottish Annuity & Life Insurance Company (Cayman) Ltd.(SALIC) and Scottish Holdings, Inc. (SHI), SALIC's U.S. subsidiary. According to an announcement, the sale and restructuring plan is being implemented via the commencement by SALIC and ... Read the full article
Enstar to reinsure £840mn portfolio of Novae Legacy business
29th January 2018
Enstar Group Limited's Lloyd's managing agency, StarStone Underwriting Limited, has completed a reinsurance-to-close deal with AXIS Managing Agency Limited, which sees Enstar's Syndicate 2008 reinsure to close the 2015 and prior underwriting years of account of Novae Syndicate 2007. Under the terms of the reinsurance-to-close transaction, Enstar will assume net reinsurance reserves of roughly £600 million ... Read the full article
Axon Underwriting Services gets Lloyd’s cover-holder approval
29th January 2018
Environmental and Specialty Lines Program Administrator Axon Underwriting Services has been approved as a Lloyd's cover-holder. Axon Underwriting said it will use its Lloyd's status to develop innovative insurance products and market responsive solutions, initially focusing on stock throughput. "We are extremely honored with Lloyd's confidence in Axon. Coverholder status expands our ... Read the full article
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