Reinsurance News
Lloyd’s welcomes Bank of England post-Brexit supervision approach
20th December 2017
The Chairman of Lloyd’s Bruce Carnegie-Brown has said that the Corporation welcomes the Bank of England's newly published guidance on its approach to the supervision of international insurers, as well as to branch authorisation and supervision in a post-Brexit world. The Bank of England's Prudential Regulation Authority (PRA) unit has provided ... Read the full article
Hamilton completes Reinsurance to Close on legacy syndicate business
20th December 2017
Hamilton Underwriting, the managing agency of Syndicate 3334 and the Lloyd's operations of Hamilton Insurance Group, has reached an agreement with Randall & Quilter (R&Q) in conjunction with AXA DBIO to support the Reinsurance to Close (RITC) of the syndicate's 2014 and prior years of account. The RITC has estimated net reserves ... Read the full article
GIC Re syndicate at Lloyd’s approved to proceed
20th December 2017
General Insurance Corporation of India (GIC Re) has now received its in principal approval to establish a new syndicate to operate in the Lloyd's of London market. The Lloyd's Franchise Board has approved the move to enter the London-based insurance and reinsurance market, which will help GIC Re move closer ... Read the full article
Price increases in non-life reinsurance will be temporary: Berenberg
20th December 2017
Price increases in non-life reinsurance in 2018 are expected to be short-lived despite record-level 2017 catastrophe losses due to strong market competition as third-party capital continues to flow into the re/insurance space, according to Berenberg analysts. Berenberg explained that as third-party capital enters the re/insurance space “organic capital piles up and ... Read the full article
Volante Global to launch in Q1 2018 as global MGA platform
20th December 2017
Volante Global is set to launch in the first quarter of 2018 as a new UK headquartered multi-class and multi-platform global Managing General Agent (MGA) backed by Nephila Capital and subject to Lloyd's Coverholder approvals where appropriate. The group is establishing an international network of underwriting teams located in key territories ... Read the full article
Asia Pacific insurance outlook stable for 2018, set for growth: Moody’s
20th December 2017
Moody's outlook for the Asia Pacific insurance sector for 2018 is stable, with re/insurance growth led by China driving demand and steady economic momentum across the region as a whole. With insurance penetration rates in most Asian economies still low, long-term demand for life insurance will be driven by the region's ... Read the full article
2017 global insured losses third highest on record at $136bn: Swiss Re
20th December 2017
2017 was the third highest global insured loss year on Swiss Re sigma records with preliminary loss estimates of $136 billion in global insured losses and total economic losses rising dramatically from $188 billion in 2016 to $306 billion this year. The $136 billion of global insured losses is well-above the ... Read the full article
Kuvare Life Re in $850mn fixed annuity reinsurance agreement
20th December 2017
Kuvare Holdings has signed a reinsurance agreement to assume $850 million of fixed annuity reserves through its Bermuda subsidiary, Kuvare Life Re (KLR). The reinsurance agreement is in partnership with a leading international insurer and provides financing support for a multi-billion dollar corporate transaction. Kuvare is a re/insurance platform within the U.S. life ... Read the full article
Lloyd’s approves Coverys Syndicate 1975 to begin underwriting from Jan 1st
20th December 2017
Provider of medical professional liability insurance, Coverys, has announced that Coverys Syndicate 1975 has received Lloyd's of London approval to commence underwriting from January 1st, 2018. Syndicate 1975 will have exclusive backing from Coverys, and will be managed by the insurer's own managing agency, Coverys Managing Agency Ltd. Syndicate 1975 will provide a ... Read the full article
U.S. commercial insurance prices remain flat in Q3
20th December 2017
U.S. commercial insurance prices have remained nearly flat during the third quarter - continuing a trend of moderate price increases since 2013, according to Willis Towers Watson’s Commercial Lines Insurance Pricing Survey (CLIPS). Q3 become the ninth consecutive quarter in which the industry has seen price changes at less than 1%, ... Read the full article
Travelers to establish Dublin subsidiary in wake of Brexit
19th December 2017
In response to the UK's vote to leave the European Union (EU), Travelers Europe, a subsidiary of the Travelers Companies, Inc., is to apply to the Central Bank of Ireland for authorisation to establish a new Dublin-based insurance subsidiary. Travelers is the latest to join a long and growing list of ... Read the full article
RGA in £900mn asset and longevity transaction with LV=
19th December 2017
Global, U.S.-based life reinsurance company, Reinsurance Group of America, Incorporated (RGA), has completed a £900 million (US$1.2bn) asset and longevity risk transaction with Liverpool Victoria Friendly Society (LV=). The transaction sees RGA reinsure roughly £900 million in individual annuity business, while no additional terms of the transaction are being disclosed. Executive Vice President ... Read the full article
Aspen in strategic partnership with CBG DS, includes stake in Crop Re
19th December 2017
Aspen Insurance Holdings Limited has entered into a new strategic partnership with CGB Diversified Services, Inc. (CBG DS), under which Aspen has acquired a 23.2% stake in newly established firm, Crop Re Services LLC (Crop Re). Crop Re is responsible for directing the reinsurance placement on behalf of CGB DS, and after Aspen ... Read the full article
Lloyd’s raises £3bn of additional capital to restore market after losses
19th December 2017
Lloyd's of London's Bruce Carnegie-Brown and Inga Beale have underlined the divergent two halves of 2017 for the sector, and praised the market for its ability to provide £3 billion of additional capital following Q3 catastrophe events and changes in capital requirements. The message comes from the Lloyd's Chairman, Carnegie-Brown and ... Read the full article
Chubb names Matt Booker as Senior Vice President of U.S. Major Accounts Property
19th December 2017
Chubb has appointed Matt Booker to Senior Vice President of Major Accounts Property in the U.S. to succeed Brian Church who has moved into a position as Head of International Property for the firm's Overseas General business. Booker will assume responsibility for underwriting, strategy, production, product development, management, and profit and loss ... Read the full article
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