Reinsurance News
Langhorne Re launched by RGA and RenRe as in-force life & annuity reinsurer
11th January 2018
Two major global reinsurance firms, Reinsurance Group of America and RenaissanceRe, have launched a new start-up named Langhorne Re, which will target in-force life and annuity business and leverage third-party capital as part of its backing. Langhorne Re will be a global reinsurer targeting large in-force life and annuity blocks, the ... Read the full article
Zurich backs FCA sandbox tested insurtech Laka
11th January 2018
Global insurer Zurich is financially backing an insurance technology (insurtech) start-up named Laka that has tested its product in the UK's Financial Conduct Authority’s (FCA) Regulatory Sandbox. Formerly known as Insure a Thing and now renamed Laka, the start-up offers a new model for insurance, only earning fees when acting in ... Read the full article
CNA Hardy hires Middleton from EXIN as new Luxembourg CEO
11th January 2018
Lloyd's and London headquartered specialist commercial insurer CNA Hardy has named Stuart Middleton as CEO of its Luxembourg subsidiary. Middleton joins CNA Hardy from his most recent role at specialist insurer EXIN, where he was one of the leaders of the firms wholesale operations. Before that he had senior underwriting roles ... Read the full article
InsurTech Hippo partners with Spinnaker to expand U.S. smart home cover
11th January 2018
California-based InsurTech firm Hippo announced a strategic partnership with Spinnaker Insurance Company, with the ambitious aim to expand its U.S. presence and smart home cover to over 60% of the population by the end of the year. The partnership - Spinnaker's first with an InsurTech - enables Hippo to leverage Spinnaker's ... Read the full article
XL Group raises Q4 catastrophe loss to $315mn, adds $98mn tax charge
11th January 2018
XL Group has released preliminary loss estimates for the Southern California Wildfires of $45 million and $20 million for other severe weather events, with losses split at about even between the firm's insurance and reinsurance segments. XL also announced an expected one-time tax charge of about $98 million to impact 2017 ... Read the full article
Allianz Global Corporate & Specialty SE appoints Lars Vissing to Regional Head of Claims
11th January 2018
Allianz Global Corporate & Specialty SE (AGCS) has appointed Lars Vissing as Regional Head of Claims set to succeed Martin Henson who will retire from the position in February 2018 after nearly 20 years with Allianz. Based in London and Copenhagen, Vissing will lead AGCS’ claims team in the UK, Ireland, ... Read the full article
Subsidiaries could help Bermudian reinsurers mitigate new tax changes: Analysts
11th January 2018
The Buckingham Research Group (BRG) has said that Bermudian reinsurers could mitigate payments under the Base Erosion and Anti-Abuse Tax (BEAT), which is part of the newly approved tax bill, by establishing a new subsidiary. BRG recently held a conference call during which it discussed the potential impacts of the newly ... Read the full article
Qatar Re approved to open new London branch office
11th January 2018
Qatar Reinsurance Company Limited (Qatar Re), the Bermuda based reinsurer of the QIC Group, has received its approvals to open a branch office in London, as it seeks expansion into the UK market. Both the Qatar Central Bank and the UK's Prudential Regulation Authority (PRA) have authorised Qatar Re to carry ... Read the full article
Casualty market calms after HIM but reinsurers push for improved T&Cs: Willis Re
10th January 2018
The global casualty market remains orderly and has calmed down somewhat from the initial impacts of third-quarter hurricanes, however, the trend of improved terms and conditions (T&C) for reinsurance buyers is now slowing, and even reversing in some instances, according to Willis Re. In its recent 1st View report, reinsurance broker ... Read the full article
The Hartford reveals $850mn tax, $180mn cat impacts in Q4
10th January 2018
The Hartford has revealed an expected $850 million charge on Q417 financial results from the impact of lower U.S. corporate tax rates on the company's net deferred tax assets. The company anticipates a further pre-tax $180 million in Q4 losses for the most part due to California wildfires. These factors would reduce ... Read the full article
XL Catlin appoints Simon Price to Head of M&As for EMEA
10th January 2018
XL Catlin has appointed Simon Price, who joins from Marsh’s Private Equity and M&A practice, to Head of Mergers and Acquisitions Insurance for Europe, the Middle East and Africa (EMEA). In his London-based role, Price will oversee XL Catlin's EMEA business and all international business placed through the London market. Commenting, Brian Benjamin, ... Read the full article
Stone Point Capital & the Karfunkel-Zyskind Family propose AmTrust acquisition
10th January 2018
Private equity funds managed by Stone Point Capital, Barry Zyskind Chairman and Chief Executive Officer of AmTrust Financial Services, George Karfunkel and Leah Karfunkel (the Karfunkel-Zyskind Family), have jointly proposed to acquire all outstanding shares of AmTrust common stock. The Karfunkel-Zyskind Family currently owns or controls approximately 43% of the outstanding ... Read the full article
Arch Capital reveals $60-75mn Q4 catastrophe loss impact
10th January 2018
Arch Capital Group has released an estimated $60 to $75 million impact from the California wildfires and other catastrophes to Q4 results and an additional estimated $15 to $20 million charge on net deferred tax assets related to the impact of lower U.S. corporate tax rates beginning in 2018. The estimated losses ... Read the full article
Ajit Jain named to Berkshire Hathaway board as Vice-Chair Insurance
10th January 2018
Changes are afoot at Warren Buffett's conglomerate Berkshire Hathaway today, with two new board director positions being created, one of which sees long-time reinsurance chief Ajit Jain becoming Vice Chairman of Insurance Operations. Ajit Jain has led the reinsurance business at Berkshire Hathaway for some years now, having joined the Berkshire ... Read the full article
Beach & Associates acquired by Acrisure
10th January 2018
Reinsurance brokerage Beach & Associates is to be acquired by U.S. retail consulting and insurance broking group Acrisure, LLC, who will acquire 100% of Beach’s equity from existing shareholders, including private equity specialists Aquiline Capital Partners. Beach will retain its name, identity and approach under the new ownership, operating as an ... Read the full article
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