Reinsurance News
Insurers to payout £30 million following UK construction giant Carillion collapse
25th January 2018
The collapse of UK Construction giant Carillion will cost insurers about 30 million pounds in payouts to suppliers of firms with trade credit claims. Carillion collapsed on January 15th, claiming insolvency with at least 2.2 billion pounds in debt and pension liabilities, and leaving an estimated 1.2 billion in unpaid bills ... Read the full article
Volante Global names Chief Actuarial Officer & Head of Operations
25th January 2018
Multi-class international managing general agent (MGA) platform, Volante Global Limited, has announced the appointment of Chris Drew, most recently at QBE in Europe, as its Chief Actuarial Officer. The company has also announced the appointment of Paul Rich, most recently at Barbican Insurance Group, as the firms new Head of Operations. The ... Read the full article
Credit risk’s high re/insurance growth potential: XL Catlin
25th January 2018
An XL Catlin survey has highlighted the growth potential for re/insurers' credit risk lines, if carriers innovate and adapt products to match growing demand for more flexible and tailored cover. Peter Schmidt, Chief Executive Asia Pacific, Latin America & Global Credit and Surety, XL Catlin, noted the current disconnect between firms' ... Read the full article
2018 poised to become most active year ever for bulk annuity transactions: Mercer
24th January 2018
Mercer advises sponsors of defined benefit plans to start preparing for any potential de-risking transactions as soon as possible, with 2018 expected to be a very active year for the bulk annuity and longevity swap market. According to consultancy Mercer, 2018 is poised to become the most active year ever for ... Read the full article
Regulatory development a top priority for London Insurance Market: IUA
24th January 2018
With Brexit looming the International Underwriting Association (IUA) has named regulatory development as a top priority for the London Insurance Market in 2018, if the re/insurance hub is to retain its global relevance in coming years. Firms operating in the London market have been tasked with the challenge of adapting to ... Read the full article
Swiss Re & India’s NIA sign MoU to develop country’s re/insurance industry expertise
24th January 2018
Reinsurance giant Swiss Re's Global Business Solutions division in India has signed a memorandum of understanding (MoU) with National Insurance Academy (NIA), under which the pair will collaborate to develop insurance and reinsurance industry skills and expertise among professionals and students across India. Under the new partnership, Swiss Re will use its ... Read the full article
Munich Re establishes tech-based intelligent insurance centre in Beijing
24th January 2018
Global reinsurance giant Munich Re has announced the establishment of a new technology-based insurance centre in Beijing, China, called Smart Thinking Consulting (Beijing) Company Limited, designed to provide intelligent solutions to its new and existing Chinese business partners. The new centre is based in Beijing's Guomao region, and is home to ... Read the full article
AIG seeks more strategic acquisitions, to offset Validus profits against deferred tax: Report
24th January 2018
Insurer American International Group (AIG) has not finished looking for other potential acquisitions, following the announcement of its $5.56 billion acquisition of Validus, according to a report. The FT spoke with AIG CEO Brian Duperreault who told the newspaper that he would continue to look at opportunities. "To ... Read the full article
PCS launches Global Terror loss aggregation service
24th January 2018
In response to significant and growing demand from the global insurance and reinsurance market for a third-party view of industry loss estimates for terror events, Property Claim Services (PCS) has launched its latest solution outside of the property catastrophe space, PCS Global Terror. The new loss aggregation service for worldwide terror events ... Read the full article
Ascent Underwriting launches liability cover for healthcare professionals
24th January 2018
Managing general agent Ascent Underwriting has announced the launch of a professional liability product for allied health practitioners and facilities in the U.S. Ascent’s Allied Health product combines comprehensive cyber cover, Regulatory Billings coverage and medical liability insurance for healthcare professionals under a single policy. Gareth Tungatt, Chief Underwriting officer at Ascent, ... Read the full article
Global insured losses from natural disasters hit $134bn in 2017: Aon Benfield
24th January 2018
Impact Forecasting, the catastrophe risk modelling unit of reinsurance broker Aon Benfield, has said that total natural disaster losses in 2017 reached $353 billion, while insured losses reached $134 billion. Of the $353 billion, a huge 97%, or $344 billion was due to weather-related events, which includes the impacts of hurricanes ... Read the full article
Talanx to acquire Liberty Mutual’s Turkish non-life insurer
24th January 2018
The parent company of reinsurance giant Hannover Re, Talanx Group, has agreed to acquire 99.4% of the shares in Liberty Sigorta A.S., Liberty Mutual Group's Turkish non-life subsidiary. The transaction enables Talanx to strengthen its presence in the Turkish marketplace, which is one of its core markets, and is expected to close ... Read the full article
Argo Group announces Q4 cat losses of up to $38 million
24th January 2018
Argo Group International Holdings, Ltd. has announced a preliminary pre-tax catastrophe loss estimate of between $34 million and $38 million for the fourth-quarter of 2017, driven primarily by the California wildfires. The $34 million to $38 million range is net of ceded reinsurance recoverables, reinstatement premiums and expected profit commissions, and ... Read the full article
MS&AD injects £505m into Swiss Re’s closed life consolidator ReAssure
24th January 2018
Japanese insurance holding company MS&AD Insurance Group Holdings Inc (MS&AD) has made its first investment commitments to buy in global reinsurance firm Swiss Re's UK closed life book consolidator ReAssure. A deal was announced in October that would see MS&AD making investments into the equity of ReAssure, across up to a ... Read the full article
Re/insurance industry has important role to play in rebuilding trust: Beale, Lloyd’s
24th January 2018
Speaking in advance of a trip to attend the World Economic Forum's Annual Meeting in Davos, Switzerland this week, Inga Beale, the CEO of Lloyd's of London, stressed the important role insurance and reinsurance can play. Beale said that the actions of global politicians and business leaders was the best way ... Read the full article
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