Reinsurance News
London Market welcomes approval of ILS regulations
30th November 2017
The London Market has welcomed the news that the proposed UK legislation to reform its regulatory and tax regime for Insurance Linked Securities has received parliamentary approval. William Hogarth at Clyde & Co called the new legislation a "great step forward" for the London market. The final formalities allowing it to pass into ... Read the full article
Munich Re CEO says profits to remain stable, but lower than previous years
30th November 2017
Munich Re CEO Joachim Wenning told journalists at an informal meeting yesterday that the reinsurance firm aims to keep profits stable at EUR 2 billion or more, but that it is unlikely to return to levels seen in prior years. For 2017 Munich Re is only forecasting a small profit, following ... Read the full article
Pension Insurance Corporation concludes $975mn UK pension fund buy-in
30th November 2017
Pension Insurance Corporation has concluded a £725 million ($975mn) full buy-in with the Trustee of the Former Registered Dock Workers Pension Fund. The buy-in fully removes the Fund's pension liabilities risk along with its existing insurance policies. The Former Registered Dock Workers Pension Fund is a multi employer pension scheme covering dock ... Read the full article
Guy Carpenter Chairman Britt Newhouse to retire at the end of 2017
30th November 2017
The Chairman of reinsurance broker Guy Carpenter, Britt Newhouse, is to retire from his position at the end of 2017, according to ratings agency A.M. Best. Britt Newhouse's retirement was confirmed to A.M. Best's News Service by Guy Carpenter's Assistant Vice President (AVP), Marketing and Communications, Gray Newhouse. Britt Newhouse has been ... Read the full article
Lloyd’s welcomes UK government drones’ legislation
30th November 2017
The Lloyd's Market Association (LMA) has welcomed the UK government's proposal for drone legislation which will place new responsibilities on owners of drones weighing more than 250g, such as mandatory registration and the requirement to take a safety awareness test. Paul Maguire, Chair of the LMA Aviation Committee and Head of ... Read the full article
Chubb puts Q4 cat losses, including CA wildfires, at $320m net of reinsurance
30th November 2017
Global insurance and reinsurance firm Chubb has estimated its fourth-quarter 2017 catastrophe losses at $320 million before tax, with $280 million of the loss attributable to the recent California wildfires. After tax the total Q4 catastrophe loss comes down to $249 million, $215 million of which is from the ... Read the full article
Markel CATCo raises over $2.3bn of fresh capital for 1/1
29th November 2017
Collateralized reinsurance and retrocessional investment fund manager, Markel CATCo Investment Management Ltd., has raised a huge $2.343 billion of new capital across its private and listed funds, placing the manager in a good position to meet demand at the key January 1st, 2018 renewals. Markel CATCo announced at the end ... Read the full article
Motor premiums must reflect improved safety from tech advances
29th November 2017
Using Tesla as a case in point, GlobalData has underlined the need for motor premium pricing in the UK for owners of vehicles that are equipped with the latest technological advances, such as autopilot, to reflect the improved safety of driving. Elon Musk's U.S. automotive and energy storage company, Tesla, is ... Read the full article
U.S. reinsurers’ profits fall as combined ratios spike in 2017: RAA
29th November 2017
Data on the performance of a group of U.S. property and casualty (P&C) reinsurers for the first nine months of 2017 reveals deterioration of the combined ratio in light of an increased loss ratio when compared with the previous year, according to the Reinsurance Association of America (RAA). RAA's latest update ... Read the full article
LMG proposes UK-EU post-Brexit Free Trade Agreement
29th November 2017
The London Market Group (LMG) has issued a proposed Free Trade Agreement (FTA) that follows the EU-U.S. covered agreement model to enable post-Brexit mutual market access for UK and EU re/insurers. The FTA would ensure that UK and EU governments maintain control over their regulatory systems, with a Solvency II equivalence ... Read the full article
Lloyd’s of London’s Harvey, Irma, and Maria payouts reach $1.7 billion
29th November 2017
The specialist Lloyd's of London insurance and reinsurance marketplace has now paid out $1.7 billion in claims following hurricanes Harvey, Irma, and Maria. A couple of weeks into October and the Loyd's market said it had paid claims worth $738 million from the three hurricanes, which devastated parts of the ... Read the full article
Navigators promotes Michael McKenna to Chief Underwriting Officer, U.S. Insurance
29th November 2017
Navigators has promoted Michael McKenna to Chief Underwriting Officer (CUO) for the U.S. Insurance segment, from his role as President of U.S. Marine. In the newly created role, McKenna will work with the U.S. Insurance divisional leaders to advance the growth and profitability of the segment's business, including expanding the portfolio into new ... Read the full article
Reinsurance price surges will be dampened by excess capital
29th November 2017
CreditSights anticipates a hardening of the rate environment going into the January 2018 renewals in the natural catastrophe affected lines of business, but not within the overall reinsurance market owing to excess capacity. Analysts suggest that price changes will follow patterns seen after 2005 when reinsurance capital was significantly depleted by ... Read the full article
UnipolRe automates internal systems with NIIT Technologies’ Navigator
29th November 2017
UnipolRe has adopted NIIT Technologies' Navigator portal solution - an underwriting platform which delivers full pre-bind workflows with submission and quote administration capabilities. The Navigator system allows UnipolRe to simplify its pre-bind business processes and automatically integrate with its back office post-bind system. Manuela Mangiagalli, Chief Operations Officer (COO) of UnipolRe, said the ... Read the full article
ERGO management withdraw sale of life insurance firms
29th November 2017
The Board of Management of ERGO Group has decided to close discussions on the sale of its German life insurance companies with traditional life insurance portfolios, saying offers weren't high enough. The decision follows an in-depth assessment of non-binding offers submitted by potential buyers. Markus Rieß, Chairman of the Board of Management of ... Read the full article
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