Reinsurance News
Enstar completes reinsurance of QBE’s legacy business
12th January 2017
Bermuda-based legacy and run-off insurance and reinsurance specialist Enstar Group has closed on its previously announced transaction that sees it reinsure a legacy book for QBE Insurance Group Limited. The deal saw Enstar reinsure the legacy multi-line property and casualty business of QBE, enabling the insurer to achieve finality on those ... Read the full article
Business Interruption remains top on list of threats; Allianz
11th January 2017
Business Interruption (BI), exacerbated by the growing threat from supplier failure, cyber incidents and terrorist events, remains the top perceived global insurance risk, according to a survey by Allianz Global Corporate & Specialty (AGCS). After a year of shocks and political perils, companies greatly fear the rising protectionism and anti-globalisation trend, ... Read the full article
Rating agency & regulatory changes to increase reinsurance demand: Aon
11th January 2017
Recent developments with rating agency criteria, and regulatory changes across the world has resulted in a narrowing of the gap between differing capital requirements for reinsurers, which is expected to increase demand for reinsurance protection in the near future, according to Aon Benfield. Reinsurance brokerage Aon Benfield, in a recent Reinsurance Market ... Read the full article
CCR Re launches with portfolio transfer from parent
11th January 2017
French state-backed reinsurer Caisse Centrale de Reassurance (CCR) has opened the new year with a portfolio transfer from CCR to new reinsurance subsidiary CCR RE, a move expected to contribute a material amount of premium to CCR, says ratings agency A.M. Best. A.M. Best said the highly strategic portfolio transfer will ... Read the full article
PwC names Bichard as new UK insurance leader
11th January 2017
Global insurance, reinsurance, advisory and tax consultancy PwC has named Jim Bichard as its new UK insurance leader, taking charge of a 1,000 strong UK-based practice focused on insurance and reinsurance clients. Bichard has been in charge of PwC’s London Market and Broking team since April 2013 and has been with ... Read the full article
Operating landscape a new reality for reinsurers: A.M. Best
11th January 2017
Global reinsurance companies are faced with a new market reality of lower returns and increased dependency on underwriting for profits, explains ratings agency A.M. Best. The softened reinsurance landscape has persisted for some time now, and reinsurers are finding it increasingly difficult to achieve the kind of returns on their underwriting ... Read the full article
Reinsurance News – Wednesday 11th January 2017
11th January 2017
Here’s your daily Reinsurance News for Wednesday 11th January 2017: Intense market competition pushes reinsurers towards M&A: A.M. Best International ratings agency A.M. Best has said that continued intense competition in the reinsurance industry is pushing companies closer to M&A activity. Hurricane Matthew claims up 10% to ... Read the full article
Hannover Re backs insurtech start-up
11th January 2017
Hannover Re US is backing life insurance technology (insurtech) start-up Ladder, another example of the growing trend of insurtech start-ups partnering directly with reinsurance capital. This alignment with the biggest reinsurance game-players means start-ups have direct access to the capacity needed to help them scale. In turn, reinsurers benefit from a more direct ... Read the full article
Peak Reinsurance gets technological makeover
10th January 2017
Peak Reinsurance Company (Peak Re) has upgraded its underwriting and claims management system with Appion - a new "low-code" platform. The Global Top-50 reinsurance firm has long been an avid-user of the latest digital technologies, ensuring its systems are open, transparent and responsive. "Peak Re is committed to investing in technology," said ... Read the full article
Intense market competition pushes reinsurers towards M&A: A.M. Best
10th January 2017
Ratings agency A.M. Best said in a recent report that intense market competition in reinsurance is ramping up the need for merger and acquisition (M&A) activity. Market conditions appear to be stabilising, in terms of reinsurance pricing as seen at the recent January renewals, but quality of earnings are under ... Read the full article
XL Group reveals $245mn preliminary loss estimate for 2016 fourth quarter
10th January 2017
Insurance and reinsurance firm XL Group reported a preliminary $245 million of natural catastrophes loss estimate for 2016’s fourth quarter. These estimated losses are split at about $125 million in insurance and $120 million in reinsurance. The XL Group said the biggest losses came from Hurricane Matthew - with $130 million split ... Read the full article
Convergence growth takes overall reinsurance capacity to $420bn: A.M. Best
10th January 2017
International ratings agency A.M. Best has said that total, dedicated reinsurance capacity is estimated to reach $420 billion for 2016, growth of 5% from the previous year, and helped by the continued expansion of the convergence space. According to a recent A.M. Best reinsurance market briefing overall, dedicated reinsurance capacity will likely see growth ... Read the full article
Austrian terrorism reinsurance pool signs up to IFTRIP
10th January 2017
The Austrian terrorism reinsurance pool, Österreichischer Versicherungspool zur Deckung von Terrorrisiken (VV0), has signed up to support the charter of the International Forum of Terrorism Risk Reinsurance Pools (IFTRIP). The Austrian terror risk reinsurance pool is the seventh sovereign risk pool to sign up to the IFTRIP charter since its inception ... Read the full article
Reinsurance News – Tuesday 10th January 2017
10th January 2017
Here’s your daily Reinsurance News for Tuesday 10th January 2017: $510m run-off startup Premia launches with Arch & Kelso backing New Bermudian property & casualty insurance and reinsurance run-off group, Premia Holdings Ltd., has now launched with a $150 million initial capital raise, with backing from Arch Capital and Kelso & Company. ... Read the full article
$510m run-off startup Premia launches with Arch & Kelso backing
9th January 2017
Premia Holdings Ltd., a new Bermuda-based property & casualty insurance and reinsurance run-off group, has launched today after a $510 million initial capital raise and with backing from Arch Capital and Kelso & Company. Premia Re has been founded by industry veteran and former ACE / Chubb chief reinsurance officer Bill ... Read the full article
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