Reinsurance News
Berkshire Hathaway Specialty opens London office, expands exec team
8th February 2017
Berkshire Hathaway (BHSI) today announced the creation of a new affiliate London office, its key executive roles have already been filled with industry experts joining from Allied World, Travelers Europe and AIG. The new office will serve brokers and customers in the UK and Southern European countries, including Ireland, Spain, France ... Read the full article
Enstar in £957m legacy UK employers’ liability reinsurance deal with RSA
8th February 2017
A subsidiary of Bermuda based insurance, reinsurance and run-off specialist Enstar Group has entered into a reinsurance agreement with RSA Insurance Group PLC to reinsure £957 million of its legacy UK employers’ liability business. The legacy reinsurance deal will see Enstar's subsidiary assuming £957 million (approximately $1.2 billion) of RSA's gross ... Read the full article
Reinsurance News – Wednesday 8th February 2017
8th February 2017
Here’s your daily Reinsurance News for Wednesday 8th February 2017: SCOR finds U.S. reinsurance growth at 1/1 Insurer and reinsurer SCOR has revealed that it found opportunities for reinsurance premium growth at the recent January renewals, despite continued market pressures. Enstar in £957m legacy reinsurance deal with RSA A ... Read the full article
SCOR finds U.S. reinsurance growth at 1/1
7th February 2017
French reinsurance company SCOR found opportunities for premium growth at the January 1st 2017 renewals, with the U.S. driving much of its increase despite that market being the most under pressure. SCOR has been targeting expansion into the U.S. over recent reinsurance renewals, with the way it has historically diversified its ... Read the full article
Argo to retain Ariel Re brand, names Mather Global Head of Reinsurance
7th February 2017
In the wake of its successful acquisition of Ariel Re, global specialty insurance and reinsurance underwriting company Argo Group International Holdings, Ltd. has named former Ariel Re chief executive officer, Ryan Mather as its Global Head of Reinsurance. Argo Group completed its acquisition of Ariel Re just yesterday, in a ... Read the full article
Tokio Millennium Re licenses Praedicat’s Oortfolio for casualty analytics
7th February 2017
Multi-line reinsurance firm Tokio Millennium Re has signed up to license Praedicat's casualty catastrophe risk modelling solution Oortfolio, as it seeks to enhance its analytical focus on this class of risk. Oortfolio is the world’s first exposure-based and forward-looking casualty catastrophe risk modelling tool, which Praedicat launched in October 2016. Oortfolio ... Read the full article
Demotech warns Florida insurers could face rating actions
7th February 2017
Rating agency Demotech has announced it will suspend its recommendations for Florida property insurers after two recent court decisions, Johnson and Sebo, have intensified the impact from the assignment of benefits (AOB) epidemic. The rating agency has advised Florida insurers to review their protocols, saying the court decisions had revised claims ... Read the full article
$332m insurance loss reported for Address Hotel, Dubai fire
7th February 2017
The fire that ripped through the Address Hotel in Dubai on New Year’s Eve of 2015 is expected to result in an insurance claim of just over $332 million, according to the property developer. Emaar Properties, which also developed the world's tallest building the Burj Khalifa said in a stock market ... Read the full article
Markel appoints Towner as reinsurance placement head
7th February 2017
Markel International, the specialist insurance and reinsurance division of Markel Corporation, has appointed Warren Towner as its new head of underwriting management and reinsurance placement, making him responsible for all outwards reinsurance buying. Towner was previously general manager of Markel’s reinsurance division, so has the experience required to take on responsibility ... Read the full article
Charles Taylor launches catastrophe deductible scheme for LatAm SMEs
7th February 2017
Insurance service provider Charles Taylor has announced the launch of an innovative Insurance & Asset Protection Program for Latin American Small and Middle Sized Enterprises (SMEs), designed to help cover catastrophe deductibles. The programme offers SME’s immediate insurance payment for deductibles, the option of building up US Dollar reserves to protect ... Read the full article
Argo closes on acquisition of Ariel Re
7th February 2017
Argo Group International Holdings, Ltd., the specialty insurance and reinsurance underwriting firm has announced the completion and closure of its previously announced acquisition of Ariel Re, another global underwriter of insurance and reinsurance business. Argo acquired Ariel Re for around $235 million in cash, as a way to advance its strategic ... Read the full article
Munich Re beats target for year, but misses consensus, combined ratio in Q4
7th February 2017
Global reinsurance giant Munich Re has achieved its full-year 2016 profit target, reporting a EUR 2.6 billion result, compared to its guidance of above EUR 2.3 billion, but for the fourth-quarter major catastrophe losses hit the firm and it missed target and the P&C reinsurance combined ratio was 101.9%. In the ... Read the full article
Hannover Re expects to beat profit guidance for 2016
7th February 2017
German reinsurance firm Hannover Re has issued provisional guidance on its 2016 results this morning, saying that it anticipates beating profit guidance by around 23%. Based on provisional figures released this morning, Hannover Re says it could see as much as EUR 1.17 billion of profit for the 2016 financial year, ... Read the full article
Reinsurance News – Tuesday 7th February 2017
7th February 2017
Here’s your daily Reinsurance News for Tuesday 7th February 2017: Munich Re beats target for year, but misses consensus, combined ratio in Q4 Global reinsurance giant Munich Re has achieved its full-year 2016 profit target, but for the fourth-quarter major catastrophe losses hit the firm and it missed target ... Read the full article
Re/insurers facing triple challenge of climate change: IAIS
6th February 2017
The International Association of Insurance Supervisors (IAIS) outlined a three-pronged set of climate-change related risks facing insurers and reinsurers, in a report released yesterday. The report demonstrates re/insurers' uniquely vulnerable position; the resources used for underwriting risks may be simultaneously invested in assets that are vulnerable to these risks and come ... Read the full article
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