Reinsurance News
Rupert Evans joins Aon Benfield’s Credit & Financial Risks division
12th December 2017
Rupert Evans will join reinsurance broker Aon Benfield from Liberty Speciality Markets (LSM) as a broker within its Credit & Financial Risks team, effective immediately. Evans has specialised in underwriting political risk, credit & surety business, and also has experience within other crisis management lines. He joins Aon Benfield from LSM, where ... Read the full article
Thomas Deane joins Stonybrook from JLT Capital Markets as a Director
12th December 2017
Thomas Deane has joined insurance industry-focused strategic advisory and investment banking firm, Stonybrook Capital from JLT Capital Markets, according to an announcement by Stonybrook's Principal and Managing Director (MD), Jospeh Scheerer. Deane joined JLT Capital Markets, a division of insurance and reinsurance broker JLT Group, in 2010, and was most recently ... Read the full article
Reinsurance investment in InsurTech rises to $1 billion in Q217: Valen Analytics
12th December 2017
Reinsurance investment into InsurTech rose to $1 billion in Q2 2017 - an indicator that reinsurers are accelerating the pace of innovation in an industry rife with disruption, according to a report on InsurTech market dynamics by Valen Analytics. After Google, Overstock, and other large platforms tried to enter the re/insurance ... Read the full article
“The soft market feels over for now”: RBC Capital Markets
12th December 2017
2018 should be the end of the soft market for European re/insurance in catastrophe loss affected lines, with property lines, in particular property direct and facultative re/insurance forecast to see the best price increases in excess of 10%, according to RBC Capital Markets. "We expect prices to increase – the soft market ... Read the full article
Zurich buying ANZ’s Australian life insurance business for AU $2.85bn
12th December 2017
Insurance giant Zurich is making a strong move to strengthen its business in Australia, lining up an acquisition of ANZ’s life insurance businesses, OnePath Life, in Australia for AU $2.85 billion (US $2.14 billion). The acquisition will leave Zurich as the market leading retail life insurer in Australia and the company ... Read the full article
Liberty Specialty Markets to move insurance headquarters to Luxembourg
11th December 2017
Liberty Specialty Markets (LSM), has revealed plans to move its insurance headquarters from the UK to Luxembourg, while maintaining a substantial London presence through a UK branch. LSM said the decision was taken in preference to setting up a separate insurance company. LSM’s President & Managing Director Matthew Moore, said; “the structure that ... Read the full article
European Big Four retrocession largely intact despite heavy loss year: CreditSights
11th December 2017
Although SCOR and Swiss Re have dramatically increased their exposure to U.S. natural catastrophes in recent years, all of the European big four reinsurers still boast ample capacity with retrocession cover largely intact, according to a CreditSights report. Analysts explained that in 2005, Swiss Re had incurred about €1 billion from ... Read the full article
Florida market forecast for growth into 2018: KBW
11th December 2017
Florida (FL) homeowners insurers’ underwriting margins are forecast for expansion next year, with assignment of benefits (AoB) related loss inflation expected to stabilise and Florida insurers passing reinsurance rate increases onto policyholders, according to Keefe, Bruyette & Woods (KBW). Although Florida insurers will see reinsurance rates rise, KBW said they can pass ... Read the full article
Bullish investors will be disappointed by 1/1 renewals: KBW
11th December 2017
Keefe, Bruyette & Woods (KBW) expects January 1 renewal rate increases to mostly disappoint bullish investors due to ample traditional and alternative capacity limiting rate increases in loss affected lines. KBW places retro rate increases at 20 - 30%, but is less hopeful for affected reinsurers, saying "bigger rate increases will ... Read the full article
R&Q Insurance enters underwriting agreements with Xpekt & Blagrove
11th December 2017
R&Q Insurance (Malta) (RQIM), a unit of Randall & Quilter, has entered into delegated underwriting agreements with UK motor MGA Xpekt (Xpekt) and UK fleet specialist Blagrove Underwriting Agency (Blagrove). Xpect specialises in rural private and commercial vehicles, motorcycles and specialist vehicles with anticipated annualized Gross Written Premiums of £15.6 million whilst ... Read the full article
U.S. P/C insurers’ catastrophe losses triple YOY: Fitch
11th December 2017
U.S. property and casualty (P/C) insurers reported a sharp decline in results as catastrophe losses for the group nearly tripled from 2016, according to Fitch Ratings in a new report. Fitch believes that 2017 may see a record for insured catastrophe losses for the U.S. P/C market after Hurricanes Harvey, Irma ... Read the full article
Defective product risk among biggest perils to business: Allianz
11th December 2017
Tougher regulation, global supply chains, materials from fewer suppliers and consumer awareness are contributing to a rise in recalls making defective product risk an increasing peril for companies, according to Allianz Global Corporate & Specialty (AGCS) report. While the average cost of significant recall is $12 million, "ripple effect" events can ... Read the full article
GCube Middle Eastern clean energy facility to be led by Trust Re
11th December 2017
GCube Underwriting has acquired a new underwriting facility for the Middle Eastern clean energy markets, to be led by reinsurer Trust Re. The setting up of the new facility was largely driven by changes to domestic policy in the Middle East that encourage the expansion of the renewable energy sector and ... Read the full article
86,000+ homes at risk from Southern California wildfires: CoreLogic
11th December 2017
Analysis by catastrophe risk modelling specialist, CoreLogic, reveals that over 86,000 homes in Southern California are at some level of risk from the Thomas, Rye and Creek wildfires, with a combined reconstruction value (RCV) of $27.7 billion. Of the 86,242 homes at risk, the majority, 72,716 or 84%, are at either ... Read the full article
Fitch remains negative on reinsurance, but underwriting results to improve in 2018
8th December 2017
In light of catastrophe losses experienced in the second-half of 2017, Fitch Ratings has maintained its negative outlook for the reinsurance sector, while the majority of reinsurer rating outlooks remain stable. As the January 1st, 2018 renewals fast approach, global reinsurance companies are expecting rate increases to improve the profitability of ... Read the full article
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