Reinsurance News
One of our major competitors seems to be governments: Lloyd’s CEO Beale
5th December 2017
According to Lloyd's of London Chief Executive Inga Beal, the governments of both mature and emerging markets are increasingly competing with the insurance and reinsurance industry, as governments take the lions share of catastrophe losses. Speaking to Bloomberg in a recent interview, Beale said that the disaster load in 2017 highlights ... Read the full article
Wind hedges could protect European wind energy from growing market risks
5th December 2017
By 2030 just 6% of European wind energy capacity will be protected against market risks by government support schemes compared to 75% today, raising new opportunities to transfer the growing financial risk from wind volatility, according to a Swiss Re study. Wind hedges, in the form of a derivative or insurance ... Read the full article
UK motor insurers set for fortune reversal with revised Odgen rate: EY
5th December 2017
The UK motor insurance market’s profitability is expected to approach break even this year and see a strong uplift in 2018 due to the revised Ogden discount rate, according to EY’s latest UK motor insurance analysis. The revised Ogden rate is expected to be between 0%-1% - sharply reducing bodily injury ... Read the full article
“2017 Hurricane season looks like a foretaste of the future”: Munich Re
5th December 2017
2017 has been the costliest hurricane season on record as well as the busiest since 2005 with overall losses estimated at $215 billion. According to Munich Re, this could be a foretaste of the increased intensity of natural catastrophes that reinsurers face in the future. Within a span of just four weeks, Harvey, ... Read the full article
Kading to retire from ABIR, former NAIC chief John Huff to replace
5th December 2017
Brad Kading is to retire from the Association of Bermuda Insurers and Reinsurers (ABIR) after 12 years leading the organisation that represents the public-policy interests of Bermuda's international property and casualty insurers and reinsurers. Stepping in to replace Kading and take the lead at ABIR is John Huff, the immediate Past ... Read the full article
Senate vote makes tax reform more likely: KBW analysts
4th December 2017
Analysts at Keefe, Bruyette & Woods (KBW) said that following the United State Senate's vote on the tax reform bill in the early hours of Saturday in which the reform passed the legislation. The tax bill has implications for the U.S. and global insurance and reinsurance sector, with some concerns over ... Read the full article
Global Atlantic to reinsure $9bn piece of The Hartford’s sale of Talcott Resolution
4th December 2017
Global Atlantic Financial Group said today that it will provide reinsurance to back a $9 billion portfolio of fixed annuities and other spread-based reserves following The Hartford’s sale of Talcott Resolution to a group of investors, which was announced today. Life insurance and reinsurance firm Global Atlantic said the deal ... Read the full article
InsurTech Gateway launches as first start-up “accelerator”
4th December 2017
InsurTech Gateway has launched as the first 'InsurTech' accelerator - an enterprise with the aim to leverage expertise and resources from a panel of reinsurers and angel investors from the insurance sector to offer InsurTech start-ups a kickstart into the market. InsurTech Gateway is a co-investment from Hambro Perks and Robert ... Read the full article
The Hartford to sell run-off life and annuity unit Talcott Resolution
4th December 2017
U.S. insurance group The Hartford has entered into a definitive agreement to sell run-off life and annuities business Talcott Resolution to investors led by Cornell Capital LLC, Atlas Merchant Capital LLC, TRB Advisors LP, Global Atlantic Financial Group, Pine Brook and J. Safra Group. The sale will net The Hartford $2.05 ... Read the full article
Active underwriter Megan McConnell to depart Paraline
4th December 2017
According to a statement from third-party managing agent Asta, active underwriter Megan McConnell will be departing the Paraline Group in 2018 and as a result giving up her active underwriter role for Lloyd's syndicate 4242. McConnell has a new opportunity in the London insurance and reinsurance market lined up and is ... Read the full article
R&Q’s Accredited in $10mn programme agreement with The Hotaling Group
4th December 2017
Accredited Surety and Casualty Company (ASC), a subsidiary of Randall & Quilter (R&Q), has entered into an agreement with the Hotaling Group of up to $10 million annual gross written premium for its Tradesman Program Managers contractor business in New York and New Jersey. ASC plans to pass on 100% of ... Read the full article
Athene secures $900mn pension risk transfer from Molson Coors Brewing
4th December 2017
Athene Holding has secured its fourth pension risk transfer deal in 2017, after its subsidiary Athene Annuity and Life Company (AAIA) agreed to a pension buyout with Molson Coors Brewing Company and its subsidiary MillerCoors. Under this deal, MillerCoors is transferring over $900 million in pension obligations to Athene; AAIA will assume ... Read the full article
Munich Re CFO Schneider calls for IFRS 17 delay: FT
4th December 2017
According to the Financial Times, the CFO of German reinsurance giant Munich Re has joined other companies calling for a delay to the implementation of the IFRS 17 (International Financial Reporting Standards) international accounting regime. IFRS 17 is an international IFRS Standard for the accounting of insurance contracts. The rules are ... Read the full article
Opportunities for reinsurance in India set to increase into 2018
4th December 2017
2018 is forecast to be a big year for the India re/insurance sector, with newly relaxed capital rules that allow well-established Indian insurers to attract capital with an initial public offering (IPO) and the government increasingly opening the grounds to foreign reinsurers, according to Clyde & Co. The renewed focus ... Read the full article
Tryg to acquire Danish P&C insurer Alka for $1.3bn
4th December 2017
Scandinavian insurer Tryg has agreed to acquire Danish P&C insurer Alka Forsikring (Alka) for a total consideration of about $1.3 billion, in a move that brings its Danish market share up to 22%. The deal values the operations of Alka, the 8th largest Danish P&C insurance business, at about $908 million ... Read the full article
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