Reinsurance News
Heritage to acquire NBIC Holdings for $250 million
9th August 2017
Heritage Insurance Holdings, Inc. is to acquire NBIC Holdings, Inc., the parent company of Narragansett Bay Insurance Company, for $250 million in a deal that is expected to close in the fourth-quarter of 2017. The acquisition price will be financed with $210 million in cash and $40 million of the firm's common stock, ... Read the full article
Flooding in Asia drives $10 billion economic loss in July: Aon
9th August 2017
During the month of July severe flooding in Asia contributed to economic losses of $10 billion in the region, according to the July 2017 Global Catastrophe Recap report from Impact Forecasting, the catastrophe risk modelling arm of reinsurance broker Aon Benfield. Across numerous parts of Asia throughout the second-half of June ... Read the full article
2017 H1 catastrophe losses in U.S. reach six year peak: PCS
9th August 2017
At $15 billion U.S. catastrophe losses for the first half of the year were at their highest since 2011 - the trend of natural catastrophe events increasing in frequency continued with H1 seeing the highest number of severe weather events since 1980, according to PCS' H1 2017 Catastrophe Review. Four of ... Read the full article
CoreLogic adds property underwriting offering with addition of Myriad platform
9th August 2017
Analytics and data-enabled solutions provider CoreLogic has announced the addition of Myriad Development's automated underwriting platform which will be combined with CoreLogic property data to create an enhanced tool for speedy and cost-efficient underwriting. CoreLogic said Myriad platform users have experienced between four-to-seven times return-on-investment due to cost savings from fewer physical ... Read the full article
Third Point Re announces senior executive team changes
9th August 2017
Third Point Reinsurance, the hedge fund strategy reinsurer backed by Daniel Loeb's Third Point LLC, has announced a series of changes to its executive team, subject to Bermuda Department of Immigration and regulatory approval. Daniel Malloy was promoted from Chief Underwriting Officer to Chief Executive Officer (CEO) of Third Point Reinsurance Company ... Read the full article
Investment in automation helping insurance margins stay resilient: J.P. Morgan
9th August 2017
The increasing trend among insurance companies to invest in automation, particularly around the claims handling process, has disrupted the insurance cycle and is the main reason margins are higher than some would have expected at this point in the cycle, according to analysts at J.P. Morgan. Margins in the non-life insurance ... Read the full article
Munich Re beats expectations, although reinsurance clearly pressured
9th August 2017
Reinsurance giant Munich Re reported a decline in its second-quarter profits this morning, as lower reinsurance profitability eclipsed improved performance in its Ergo primary division. However the reinsurer beat analyst expectations and remains on track for its 2017 targets. Pressures in the reinsurance market continue to be evident in the largest ... Read the full article
Argo expands in reinsurance thanks to Ariel Re acquisition
8th August 2017
Argo Group International Holdings, Ltd. has expanded its reinsurance portfolio with the help of the scale and reach added following the acquisition of Ariel Re. Overall Argo has increased its gross written premiums by almost 23% to $687.2 million in Q2 2017, but in its international business the reinsurance growth ... Read the full article
Hedge fund reinsurers’ performance lags behind traditional players: S&P
8th August 2017
Despite increasing numbers of hedge fund reinsurance (HFRs) start-ups entering the soft P&C reinsurance marketplace, their performance lags behind that of traditional Bermudian reinsurers with many yet to generate an underwriting profit, Standard & Poor's (S&P) said in a recent report. This calls into question how sustainable the HFR strategy will be ... Read the full article
London market data capture solution launched by the LMG
8th August 2017
The London Market Group (LMG) has announced that one of the core solutions within the London Market Target Operating Model (LM TOM), called Structured Data Capture (SDC), is now live for terrorism, financial lines, marine, and property and casualty. SDC is an online service that converts the policy wordings of a ... Read the full article
Fitch expects Asian reinsurers to increase use of debt capital
8th August 2017
Fitch Ratings expects the Asian bond market to gain traction in the near to medium term as the persistent low-interest rate environment fuels reinsurers in the region to look at debt capital over equity funding. The majority of reinsurance companies across Asia are equity-funded, but in a low-interest rate environment, which ... Read the full article
Susan Lane joins Willis Towers Watson’s Global Captive practice in Bermuda
8th August 2017
Global insurance and reinsurance broker, Willis Towers Watson, has announced the appointment of Susan Lane as director, consulting and development for North America and senior captive consultant, based in Bermuda. Lane was previously the co-Chief Executive Officer (CEO) of Tokio Solution Management, and her new role sees her form part of Willis' ... Read the full article
Global life reinsurance industry poised for continued growth momentum: S&P
8th August 2017
Global ratings agency Standard & Poor's (S&P) expects emerging life insurance regions, such as the Asia-Pacific, and continued growth in the longevity risk transfer space to drive the expansion of the international life reinsurance sector. Over the last three years S&P has observed strong growth momentum in the longevity risk transfer space, ... Read the full article
Aon Netherlands to acquire UMG from Aegon for €295 million
8th August 2017
Netherlands-based subsidiary of insurance and reinsurance brokerage Aon, Aon Groep Nederland, has announced that it will acquire Unirobe Meeùs Groep (UMG) from Aegon for €295 million (US$348.4 million). The deal is expected to close in the fourth-quarter of this year, and remains subject to council advice and approval from Dutch regulators. The ... Read the full article
Insurance sector M&A declines in H1 but expected to rebound: Clyde & co
8th August 2017
The volume of insurance mergers and acquisitions (M&A) in the first-half of 2017 declined by 8.6% to 170 deals when compared with the preceding six months, although more deals are expected in the remainder of the year, according to Clyde & Co. Clyde & Co's recently published mid-year 2017 Growth Report ... Read the full article
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