Reinsurance News
Bermudians hit with profit deterioration following 2017 catastrophe season: Fitch
26th January 2018
2017 was a challenging year for global re/insurers and particularly hard-hitting for Bermudians who saw earnings dashed with $6.9 billion of losses causing combined ratios to rise to an average 108-109% with over 20% points from catastrophe losses, according to Fitch Ratings. Underwriting results weakened significantly for the group of 10 ... Read the full article
Sompo International makes senior London market specialty lines appointments
26th January 2018
Bermuda-based specialty insurance and reinsurance carrier Sompo International has announced a number of senior appointments within its London market specialty underwriting business. Paul Ashworth has joined Sompo International from his most recent role at AXIS Capital and will lead London Market Insurance marine business, as Head of Marine Insurance. In the role ... Read the full article
R&Q acquires Connecticut risk retention group auto liabilities
26th January 2018
Randall & Quilter Investment Holdings (R&Q) has announced the acquisition of auto liabilities from a Connecticut domiciled risk retention group (RRG) to R&Q’s wholly owned A- admitted carrier, Accredited Surety and Casualty Company. Ken Randall, Chairman and Chief Executive Officer of R&Q, said; “we are very pleased to announce our first ... Read the full article
Paris flood waters expected to rise after river Seine breaks banks
25th January 2018
Intense rainfall continues to hit Paris with the already swelled river Seine expected to continue rising until Saturday, causing roads, metros and monuments to be closed across the City. Forecasters have predicted that the flooding in Paris is going to worse, with authorities predicting that the river Seine will reach more ... Read the full article
Beazley adds cyber breach advisory services to breach response cover
25th January 2018
Beazley has added post-breach consultation and remediation services to its Beazley Breach Response (BBR) cover for small and mid-sized policyholders in the U.S., in conjunction with its specialist advisory subsidiary Lodestone Security. The expanded cover provides up to 100 hours post-breach consultation services to help policyholders who have suffered unauthorized access or ... Read the full article
AIR puts European windstorm Friederike insured loss at up to €2.6bn
25th January 2018
European windstorm Friederike, which struck parts of Ireland and the United Kingdom before moving towards continental Europe where the impacts from the storm were seen as more severe, is expected to result in an insurance industry loss of between €1.3 billion (US$1.6bn) and €2.6 billion (US$3.3bn), according to catastrophe risk modeller, ... Read the full article
Marine insurer Gard appoints Patrick Michael as New York office Managing Director
25th January 2018
Gard, a shipowner-controlled P&I marine and energy insurer, has named Patrick Michael Leahy as Managing Director of its New York office with effect from 1 August, 2018. He is set to replace Sandra Gluck who will be retiring. Michael re-joined Gard in March 2016 as a Senior Claims Executive in New York, having ... Read the full article
Stéphane Debard appointed Brokerage and Solutions Manager, Cbp Group
25th January 2018
Cbp Group, the Insurance Brokerage Business Unit of Financière CEP Group, has appointed Stéphane Debard to Brokerage and Solutions Manager, to accelerate the European growth of the unit. Stéphane Debard started in his new role on January 2nd 2018 and reports ... Read the full article
Preservation Capital completes Ascent Underwriting acquisition
25th January 2018
Preservation Capital Partners has completed its acquisition of cyber and specialty lines managing general agent (MGA), Ascent Underwriting, having received approval from the Financial Conduct Authority (FCA). Under the transaction, the existing Ascent management team will retain a substantial shareholding in the company, and will continue to manage the business through ... Read the full article
Modest rate increases for loss-affected U.S. lines, small improvements elsewhere: Fitch
25th January 2018
Global reinsurance pricing at the January 1st, 2018 renewals season saw modest rate increases in response to significant catastrophe loss activity in the second-half of 2017, with the biggest improvements occurring in loss-affected U.S. lines, notes Fitch Ratings. Unsurprisingly, property catastrophe rates in the U.S. experienced the biggest rate increases at ... Read the full article
Lloyd’s eyes “terrific” growth prospects in India market
25th January 2018
Speaking to the India Economic Times Lloyd's Chief Executive Officer (CEO) Inga Beale called India "a fantastic opportunity" with "terrific" growth prospects, as Lloyd's looks to expand local syndicates and increase its current $220 million annual India market revenue. "Whether the growth in insurance line is driven by government action or ... Read the full article
QIC expands UK profile with Markerstudy Group acquisition
25th January 2018
Qatar Insurance Company (QIC) has acquired Gibraltar-based insurer Markerstudy Group through its reinsurance arm Qatar Re, subject to regulatory approvals. The acquisition of Markerstudy, which underwrites more than 5% of the U.K. motor insurance market, generating annual premiums of about £750 million, significantly expands the firm's UK profile, in line with ... Read the full article
Philippine Crop Insurance Corp mandate extended to reinsurance
25th January 2018
The Philippine House Committee on Economic Affairs has revised the Philippine Crop Insurance Corporation (PCIC) mandate in a move that aims to expand its crop insurance coverage and encourage use of index-based re/insurance. The revised mandate will allow the agency to provide index-based direct insurance and reinsurance policies to encourage private ... Read the full article
How to play the reinsurance hype cycle: RBC Capital Markets
25th January 2018
After record-setting Q3 losses many re/insurers saw their inflated hopes of price hikes dashed in January renewals, a “hype cycle” that RBC Capital Markets analysts believe can be successfully ridden if re/insurers take a long-term view and play it through to the productivity phase. “For those of you not familiar with ... Read the full article
Reinsurance rate increases to continue throughout 2018: S&P
25th January 2018
Global ratings agency Standard & Poor's (S&P) expects average rate increases of between 0% to 5% across the board in the reinsurance industry throughout 2018, maintaining the momentum seen at the January 1st renewals. S&P notes that following the high level of catastrophe losses in 2017, reinsurance pricing increased, on average, ... Read the full article
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