Reinsurance News
MIS Satellite Imagery enhances Lloyd’s post-hurricane response
3rd January 2018
After choosing to adopt the McKenzie Intelligence Services (MIS) satellite imagery earlier this year, the Lloyd's London Market deployed the service for the first time to support claims handling in the aftermath of hurricanes Harvey, Irma and Maria. The MIS satellite imagery service provides Lloyd’s underwriters and claims professionals with satellite ... Read the full article
CEO of Deutsche Rück and Association of German Public Insurers resigns
3rd January 2018
Arno Junke, the Chief Executive Officer (CEO) of German reinsurer Deutsche Rückversicherung AG and the Association of German Public Insurers (VöV), has retired from his positions, effective December 31st, 2017. An announcement reveals that Junke and the companies' supervisory bodies have reached an agreement to terminate their collaboration after almost ten ... Read the full article
IAG signs $8bn 2018 reinsurance, reduces retention with quota-shares
3rd January 2018
Australian primary insurance giant Insurance Australia Group Limited (IAG) has successfully placed its 2018 reinsurance program, lowering its retentions thanks to its new quota-share arrangement and only experiencing modest rate pressure. For 2018 IAG has secured an $8 billion catastrophe reinsurance program, but where as last year the program was 80% ... Read the full article
Qatar Re to acquire UK motor specialist Markerstudy Group Insurance
3rd January 2018
Qatar Reinsurance Company Limited (Qatar Re) said that it has reached and signed an agreement to acquire the Gibraltar-domiciled insurance companies of Markerstudy Group Insurance, a UK motor insurance specialist. The acquisition includes Markerstudy Insurance Company Limited, Zenith Insurance PLC, St Julians Insurance Company Limited and Ultimate Insurance Company Limited, all ... Read the full article
Rate movements varied at 1/1 but retro and D&F saw highest increases: JLT Re
2nd January 2018
After years of falling rates, global property catastrophe reinsurance lines saw upwards pricing movements at the January 1st, 2018 renewals, although the level of rate increases varied significantly across regions, according to reinsurance broker JLT Re. After the huge level of global catastrophe losses in the third-quarter of 2017 reinsurers were ... Read the full article
Local insurers keep Ethiopian Reinsurance afloat
2nd January 2018
According to reports, insurance companies in Ethiopia kept the country's first domestic reinsurer, Ethiopian Reinsurance S.C afloat during its first year of operations after it reported a loss of 61 million Br (US$2.2mn). The reinsurance company's latest report shows that insurers paid 332 million Br (US$12.1mn), which amounts to 5% of their ... Read the full article
Amazon reported on verge of insurtech investment in India
2nd January 2018
Online retail and e-commerce giant Amazon is reportedly on the verge of making its first investment in an insurtech start-up, with the company said close to finalising an investment in online-only insurance start-up Acko. Acko wants to disrupt India's insurance industry through a digital-only platform, having raised $30 million and recently ... Read the full article
Headwinds limit significant pricing corrections for reinsurers: Willis Re
2nd January 2018
On the back of one of the worst loss years on record for the global insurance and reinsurance market, pricing corrections have not been as significant as many in the market had hoped for, driven by a number of factors, according to Willis Re's 1st View renewals report. Recent catastrophe ... Read the full article
Pioneer announces leader of new Ocean Marine division
2nd January 2018
Pioneer Underwriters has launched a new Ocean Marine underwriting division that will be led by Zach McAbee as Head of Ocean Marine. McAbee is based in Seattle and reports to Gene Hinman, Chief Executive Officer (CEO) of Pioneer’s U.S. operation. He brings over 20 years of ocean marine industry experience to the role, and was most ... Read the full article
Athene finalises deconsolidation of European operations AGER Bermuda
2nd January 2018
Athene Holding Ltd. has announced that it has completed the deconsolidation of AGER Bermuda Holding Ltd., which is the former holding company of Athene's European operations. As part of the deconsolidation of AGER from Athene, the former will change its name to Athora Holding Ltd., which will be launched sometime in mid-January, 2018. In ... Read the full article
Attune makes appointments to leadership team
2nd January 2018
Attune has announced key appointments to its leadership team naming Martha Dreiling as Head of Analytics and Corporate Operations and Richard Stamets as Head of Underwriting Strategy. In her new role, Dreiling will oversee Attune’s analytics, people, and corporate functions; Stamets will be responsible for building Attune’s underwriting strategies and managing ... Read the full article
R&Q acquires Constantia Insurance Company for £1.5mn
2nd January 2018
Randall & Quilter Investment Holdings Ltd. (R&Q) has announced the acquisition of Constantia Insurance Company (Guernsey) Limited, from Old Mutual plc for £1.5 million (US$2mn). R&Q has received regulatory approval to acquire the company, which is now in run-off, and Constantia will be amalgamated into Capstan Insurance Company Limited, R&Q's consolidation vehicle domiciled ... Read the full article
Enstar completes sale of Pavonia Life business
2nd January 2018
Enstar Group Limited has announced that it has now completed the sale of its subsidiary, Pavonia Holdings (US), Inc., to an affiliate of Global Bankers Insurance Group, LLC. Enstar has completed the previously announced transaction for a total purchase price of $120 million, and is a good example of Enstar capitalising on its ability ... Read the full article
Allianz files tender offer for Euler Hermes shares
2nd January 2018
Allianz has filed a tender offer for outstanding shares in trade credit insurer Euler Hermes in a EUR122-per-share bid with French markets regulator AMF. On approval, Allianz’s simplified cash tender offer is to open in early 2018, offering shareholders a 20.7% premium to the pre-announcement closing price on November 24, 2017 ... Read the full article
Marine and transport re/insurance to be transformed by blockchain and IoT: LMA
2nd January 2018
In coming years the marine and transport re/insurance sector stands to be rapidly transformed by blockchain and IoT technology, both in terms of the risks they underwrite and how they do so, creating new opportunities for re/insurers. "IoT could also give insurers access to new data, such as station-keeping data for ... Read the full article
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