Reinsurance News
U.S. insurers need to quickly adapt to new U.S. tax regime: S&P
4th January 2018
S&P Global Ratings has advised U.S. insurers to quickly adapt to the new tax regime to optimise its benefits, but doesn't expect any immediate impact on ratings from the new taxation legislation. S&P Global Ratings highlighted the potential impact of this legislation on rated U.S. insurers in a recent report, credit analyst ... Read the full article
2017 insured losses from nat cats almost 3x above average: Munich Re
4th January 2018
At $135 billion, insured losses from global natural catastrophe events in 2017 were nearly triple the ten-year, inflation-adjusted average of $49 billion, driven by the costliest hurricane season on record, according to reinsurance giant Munich Re. Economic losses from natural catastrophes totalled a huge $330 billion in 2017, making it the ... Read the full article
XL Catlin eyes sustainable & profitable growth in India
4th January 2018
According to industry reports, reinsurer XL Catlin is eager to expand its India operations but will not grow for the sake of having a large balance-sheet, as it eyes profitable and sustainable growth in the region. An article on Business Standard citing a discussion between Charles Cooper, Chief Executive Officer (CEO) ... Read the full article
Lincoln Financial hires new lead for Life Insurance Product Management
4th January 2018
Insurance and reinsurance industry veteran, Stafford Thompson, Jr., has been appointed Senior Vice President (SVP), Life Product Management, for the individual Life insurance business of Lincoln Financial Group. Thompson joins the firm from SCOR Global Life Americas, and brings over 23 years of industry experience to the role, which includes experience in ... Read the full article
Neon launches UK’s first ILS vehicle & transaction
4th January 2018
Neon has announced the launch of the first ILS vehicle in the UK, NCM Re (UK PCC), after having raised third-party capital to support the UK's first ILS transaction which was finalised on January 1st. Neon’s first ILS transaction is a $72 million collateralised quota share reinsurance transaction that will underwrite a ... Read the full article
Sompo International to acquire Lexon Surety Group
4th January 2018
Bermuda domiciled property and casualty reinsurer, Sompo International, has revealed that its U.S. platform has reached an agreement to acquire the operating subsidiaries of Lexon Surety Group LLC. The staff of Lexon and its office locations will be retained under the acquisition, and David Campbell will remain as President of Lexon, and ... Read the full article
XL appoints Norton as Group Chief Enterprise Risk Officer, succeeding Rosengarten
4th January 2018
XL Group Ltd., the parent company to the XL Catlin insurance and reinsurance brand, has promoted Fielding Norton to the role of Group Chief Enterprise Risk Officer, to succeed Jacob Rosengarten who retired at the end of December. Fielding Norton was previously in the role of Deputy Chief Enterprise Risk Officer and subject ... Read the full article
Korean Re to establish Zurich office as hub for European expansion
4th January 2018
The only reinsurance company from South Korea, Korean Re, is reportedly looking to open a branch in Switzerland, as the company looks to grow into the European market. Korean Re already has a base at Lloyd's of London, but the new Swiss hub, which is expected to be established in Zurich, ... Read the full article
MS Amlin names Simon Beale as CEO successor to Charles Philipps
4th January 2018
London headquartered specialty insurance and reinsurance group MS Amlin has named Simon Beale as its new Chief Executive Officer (CEO), to succeed outgoing CEO Charles Phillips from April 1st 2018. Philipps is stepping down from the role to retire, it had previously been reported, but MS Amlin has been able to ... Read the full article
SCOR completes acquisition of mutual life/health reinsurer MutRé
3rd January 2018
French reinsurance firm SCOR has said today it has successfully completed its 100% acquisition of MutRé S.A., a reinsurer that SCOR has held a 33% stake in since 1998. SCOR has now acquired 100% of the outstanding shares in MutRé S.A., a mutual reinsurer, established to serve the social economy in ... Read the full article
Milliman launches InsurTech solution for re/insurers loss reserving
3rd January 2018
International consulting and actuarial firm, Milliman, Inc., has announced the release of advanced analytics software for loss reserving for the insurance and reinsurance sector, called Arius® Enterprise. The new cloud-based InsurTech solution enables processes to be streamlined and improves the efficiency for actuarial reserving departments. The new solution is part of the company's Arius ... Read the full article
LICAT framework could see Canadian life insurers reduce reinsurance levels: Fitch
3rd January 2018
Fitch Ratings doesn't expect the final Life Insurance Capital Adequacy Test (LICAT) guideline for Canadian life insurers to negatively impact the sector's capital strength, but warns it could result in firms reducing their reinsurance utilisation. Issued by Read the full article
Despite hindrances, overall, insurers will benefit from lower corporate tax rate: A.M. Best
3rd January 2018
A.M. Best expects that overall, the insurance industry will see benefits from the reduction in corporate tax rate as a result of The Tax Cuts and Jobs Act, although certain enhancements are likely to mitigate the benefits. The new U.S. tax reform legislation is still awaiting the signature of President Donald ... Read the full article
Armour reveals $500mn investment to fund further P&C run-off growth
3rd January 2018
P&C run-off insurer Armour has announced that it has raised up to $500 million in equity commitments in partnership with an investor group that is led by Aquiline Capital Partners, to fund a new reinsurer, Armour Group Ltd. The new reinsurance group will co-invest in global P&C run-off transactions in parallel ... Read the full article
P&C insurance sector could see pricing impacted by U.S. tax bill: KBW
3rd January 2018
Keefe Bruyette & Woods (KBW) expects the U.S. tax bill to impact the Property & Casualty insurance industry with lower pricing, due to the sector's longstanding track record of price competitiveness. KBW analysts forecast that personal lines will likely respond quicker to the lower tax rates than commercial, especially in specialty ... Read the full article
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