Reinsurance News
Specialty re/insurer Argo reveals digitally-driven growth
22nd March 2017
Specialty insurer and reinsurer Argo attributed much of its $49 million underwriting income success to leveraging digital tools to drive growth across specialty commercial lines, in its 2016 annual review. Chief Executive Officer (CEO), Mark Watson, said the firm's technology and engineering teams had closely worked together to achieve better underwriting through improved analysis and ... Read the full article
Mike Mitchell named Head of Property and Specialty Reinsurance at Swiss Re
22nd March 2017
Reinsurance giant Swiss Re has announced that Mike Mitchell, currently Head of Property Underwriting and Property & Casualty Facultative, Asia, will assume the role of Head of Property and Specialty Reinsurance, replacing Edouard Schmid, effective July 1st, 2017. The reinsurer announced previously that Edouard Schmid was to replace Mathias Weber as Group Chief Underwriting Officer (CUO), ... Read the full article
JLT Re brings Essent Re and U.S. reinsurer together in mortgage risk sharing deal
22nd March 2017
JLT Re Global Mortgage Solutions, a division of JLT Re, has announced the successful negotiation of a public-private partnership advisory risk sharing transaction which will see the reinsurer deliver Government Sponsored Enterprise (GSE) risk expertise to a U.S. reinsurer working together with Essent Reinsurance. The reinsurer said the GSE’s mandate to reduce ... Read the full article
Some evidence reinsurers taking on more risk to maintain profits: S&P
22nd March 2017
Rating agency Standard & Poor's highlights the importance of strong enterprise risk management (ERM) at this point in the reinsurance cycle in a recent report. Reinsurance firms can be tempted to take on more risk in a soft market environment, as they try to offset price declines by holding greater amounts ... Read the full article
Qatar General Insurance and Reinsurance to focus on real estate expansion
22nd March 2017
Qatar General Insurance and Reinsurance Company (QGIRCO) announced a strategic focus on real estate insurance expansion in an Annual General Assembly (AGM) meeting yesterday at Doha Mariott Hotel, Qatar. Addressing shareholders at the AGM, Chairman of QGIRCO, Sheikh Nasser bin Ali bin Saud Al Thani, said; "Our main objective is to ... Read the full article
Beazley appoints Stephen Vivian as new head of U.S. marine
22nd March 2017
Specialist insurer Beazley has appointed long-time marine insurance expert Stephen Vivian to head up its U.S. marine business. Vivian most recently served as Managing Director of new business production and marketing for reinsurance brokerage Guy Carpenter, in New York. He boasts a distinguished career of over 30 years’ as a marine insurance ... Read the full article
Hannover Re pays £142.5 million for Argenta: Reports
22nd March 2017
Germany domiciled reinsurance giant Hannover Re reportedly paid £142.5 million to acquire UK holding firm Argenta Holdings, according to a recent heraldscotland.com article. The acquisition of Argenta Holdings, the owner of managing agent Argenta Syndicate Management, Argenta Private Capital, and a pro rata share of the Lloyd’s syndicate Argenta Syndicate 2121, was announced ... Read the full article
XL Catlin appoints Fischbach to head E&S binding
22nd March 2017
Insurer and reinsurer XL Catlin has announced the appointment of Karl Fischbach in a newly added role, as head of Binding Authority and Brokerage for its Excess & Surplus (E&S) insurance division. Fischbach has been in the insurance and reinsurance industry for 24 years, and assumes his new responsibilities in addition to ... Read the full article
Changes in reinsurance cessions not sufficient to impact ratings: A.M. Best
22nd March 2017
Changing patterns in reinsurance cessions from major insurers to reinsurers are not sufficient alone to impact ratings, according to A.M. Best. Rated reinsurers tend to be the largest companies and the changes being seen in cession rates from insurers to them are not going to be sufficient to affect their standing. ... Read the full article
R&Q acquires captive insurer ICDC
22nd March 2017
Randall & Quilter Investment Holdings (R&Q) has announced its acquisition of American Fortune 500 captive insurer, ICDC. ICDC reinsured its parent company for workers' compensation, commercial general liability, business auto liability, business auto physical damage and property risks. As of 31st December 2016 it had a total net asset value of $7.95 million, ... Read the full article
Brazilian reinsurers benefit from investments and regional expansion: S&P
22nd March 2017
Despite intense competition from international players, economic turmoil and price softening in the Brazilian reinsurance market, domestic firms have maintained adequate profitability driven by high investment yields and the expansion into underserved markets across Latin America, according to Standard & Poor's (S&P). Brazil is now in the third year of a ... Read the full article
Reinsurance key to Floridian insurer’s survival
22nd March 2017
Rating agency Demotech has highlighted reinsurance as one of the key’s to Floridian insurer’s survival as companies continue to be thrown into unchartered waters with the ongoing repercussions of AOB’s and the Johnson and Sebo court ruling. Demotech advised insurers to focus on adequate reserves, realistic pricing, and a catastrophe reinsurance programme, ... Read the full article
Reinsurance News – Wednesday 22nd March 2017
22nd March 2017
Here’s your daily Reinsurance News for Wednesday 22nd March 2017: Swiss Re reinsurance chief cites tailored deals as opportunity Reinsurance giant Swiss Re recently said that it sees success in higher returns from specialised reinsurance products, and has plans to offset competition by growing this smaller-scale but more lucrative line of business. ... Read the full article
Have to be “determined” to let business go: Munich Re CEO
21st March 2017
There's ample opportunity for insurers and reinsurers in emerging markets in both developed and developing countries, but it's important to be able to walk away from business where the margin simply isn't adequate in a softening landscape, according to outgoing Munich Re Chief Executive Officer (CEO), Nikolaus von Bomhard. During the ... Read the full article
U.S. wildfire acreage burned running ten times ahead of average in 2017
21st March 2017
A staggering 2.1 million of U.S. acreage has burned as a result of wildfires from January 1st to March 17th, 2017, which is roughly ten times ahead of the average for the period, according to industry reports. Analysis from the National Interagency Fire Center shows that the 2006-2015 annual average U.S. fire ... Read the full article
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