Reinsurance News
California wildfires drive 80% of XL Group’s $250mn Q4 nat cat losses
7th December 2017
Global insurer and reinsurer XL Group Ltd has announced preliminary estimated natural catastrophe losses of around $250 million for the fourth-quarter of 2017, the majority of which is from the California wildfires and will be mostly assumed by its reinsurance segment. The $250 million estimates for the fourth-quarter are pre-tax and ... Read the full article
UK insurance sector ‘resilient’ but cautioned over risk modelling practices: PRA
7th December 2017
The Bank of England's Prudential Regulation Authority's General Insurance Stress Test (GIST) exercise found that the UK general insurance sector is largely resilient to Solvency II regulatory scenarios, but cautioned firms to understand and account for the limitations of their catastrophe modelling. The Bank stated; "results suggest few firms go beyond a ... Read the full article
Hiscox sets up virtual business unit to drive cyber innovation
7th December 2017
Hiscox has set up a virtual Business Unit (vBU) to pool the expertise of its group of 70 cyber staff to enhance collaboration and drive progress in the cyber sector. Hiscox said the cyber vBU will provide dedicated cyber resource and be responsible for ensuring a consistent Group-wide approach to product ... Read the full article
Reinsurers’ upwards loss provisions in 2018 to fill $20bn loss gap: Jefferies
7th December 2017
Remaining catastrophe losses still unaccounted for are estimated by Jefferies to be in the $20 billion ballpark - a disparity likely to fuel reinsurance price rises when some companies' provide upwards loss provisions in 2018. "At first glance, it appears that the industry midpoint estimate of $95bn may have overestimated the ... Read the full article
Ascent expands cyber solution for medical billings cover
7th December 2017
Specialist niche-product managing general agent, Ascent Underwriting, has enhanced its CyberPro Regulatory Billings product to offer protection from social engineering and computer crime, and also now offers its cyber cover on a nil deductible basis. When first launched in 2014, the product offered financial protection against U.S. healthcare billing and coding regulation ... Read the full article
Brit to relocate reinsurer from Gibraltar to Bermuda
7th December 2017
Specialty insurance and reinsurance firm Brit Ltd. is to relocate its Gibraltar domiciled reinsurer Brit Insurance (Gibraltar) PCC Limited, to Bermuda. After the process of moving the reinsurer's domicile is complete, Brit said that its Brit Insurance (Gibraltar) company will be renamed to Brit Reinsurance (Bermuda) Limited (Brit Re). Matthew Wilson, Brit, ... Read the full article
AIR Worldwide reduces Hurricane Maria estimates to $27-$48 billion
7th December 2017
Catastrophe modelling firm AIR Worldwide has updated its loss estimates for Hurricane Maria to between $27 billion and $48 billion, a stark reduction from initial estimates of $40 billion - $85 billion. Losses in Puerto Rico are estimated at between $25 billion and $43 billion, in line with previous estimations that ... Read the full article
Neon appoints Tim Overton as Head of Pricing
7th December 2017
Tim Overton of Novae has been appointed to the newly created role of Head of Pricing at Neon Underwriting. Overton brings more than 13 years of industry experience in technical London Market pricing to his new role, and will report to Neon's Chief Underwriting Officer (CUO), Darren Lednor. Overton has previously held ... Read the full article
Property catastrophe reinsurers set for rate hikes at 1/1 renewals: Morgan Stanley
7th December 2017
Property catastrophe reinsurers are set to see the first pricing increase in years as they race towards the January 1st renewals, Morgan Stanley said after speaking to 9 re/insurers at Bermuda meetings. “Jan 1 renewals have been slower than normal but early transactions indicate +20-30% rate increases in retro, +10-20% in ... Read the full article
Declan Durkan named Commercial & Placement Director of THB UK Risk Solutions
7th December 2017
Specialist re/insurer THB has named Declan Durkan as commercial and placement director of THB UK Risk Solutions, the combined fleet and commercial operation of THB in the UK. Durken will take up his new role on 2 January 2018, reporting to Darren Nightingale, CEO of THB UK Risk Solutions. Nightingale commented on the ... Read the full article
After losses, primary carriers may use more reinsurance: Fitch
6th December 2017
Following the major catastrophe losses of recent months in the United States, Caribbean and Mexico, primary insurance carriers may be inclined to use an increased amount of reinsurance to manage their exposures. Fitch ratings believes that an increased demand for catastrophe and property reinsurance protection could be one of the outcomes ... Read the full article
Loss gap could come from greater counterparty diversification
6th December 2017
With global re/insurance industry losses from Q3 2017 natural catastrophes estimated at $100 billion, and just $30 billion reported in re/insurers' losses so far, experts have been speculating on whose pockets could yet be emptied to fill the insured loss gap. CreditSights has said that reinsurers may have reported ... Read the full article
Aspen Insurance Holdings appoints David Schick to Group Chief Operating Officer
6th December 2017
Aspen Insurance Holdings has named David Schick, who joins from Mayback, as Group Chief Operating Officer, set to succeed Richard Thornton who is leaving the business after nearly four years. Chris O’Kane, Group Chief Executive Officer, said; “David brings with him a wealth of business and strategic leadership as well as ... Read the full article
RenaissanceRe reveals $90mn California wildfires Q4 impact
6th December 2017
RenaissanceRe has revealed an estimated $90 million net negative impact to Q4 results from the California wildfires which caused widespread damage to personal and commercial property and continue to rage through Southern California. Kevin O’Donnell, CEO of RenaissanceRe, said; "this catastrophe once again highlights the critical role that the insurance and ... Read the full article
UAE insurance regulator revises framework for reinsurance use
6th December 2017
The United Arab Emirates' (UAE) Federal Insurance Authority (IA) has published draft regulations for a new reinsurance regime that revises requirements for local insurers' management of reinsurance. Tom Bicknell, a Dubai-based specialist in insurance regulation at Pinsent Masons, said the recognition of reinsurance as a distinct category of risk carriers is an ... Read the full article
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