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Reinsurance News

Brit posts $166mn loss in 2018, driven by catastrophes

15th February 2019

Global specialty re/insurer Brit Limited has posted a loss after tax of $166.5 million for full-year 2018, driven primarily by $196.8 million of natural catastrophe losses. These included $98.6 million of losses from the California wildfires, $56.3 million from Hurricane Michael, $27.1 million from Hurricane Florence, $26.0 million from Typhoon Jebi, ... Read the full article

Bill could see California take out insurance for nat cat costs

15th February 2019

California officials have proposed new legislation that could see the introduction of a state insurance policy to help cover the costs associated with natural catastrophes including wildfires, earthquakes and floods. Senator Bill Dodd, Insurance Commissioner Ricardo Lara, and Treasurer Fiona Ma say California Disaster Insurance (SB 290) would function like home ... Read the full article

ICA estimates current industry Townsville losses at $606mn

15th February 2019

The Insurance Council of Australia (ICA) has recorded 15,571 insurance claims from the flooding in Townsville, Queensland so far, with current industry losses estimated to be around AUD $606 million (US $429 million). Rob Whelan, Chief Executive Officer (CEO) of the ICA, today briefed the Queensland Deputy Premier on the re/insurance ... Read the full article

Allianz posts highest net income for 10 years, P&C performance improves

15th February 2019

Allianz has reported its highest net income of the past decade for 2018, of €7.5 billion (USD 8.5bn), helped by increased operating profit within its property and casualty (P&C) business, despite strong market volatility. A higher overall operating profit of €11.5 billion and reduced income taxes more than offset Allianz's non-operating ... Read the full article

Markel adds trade credit underwriter from Coface

15th February 2019

Specialist re/insurer Markel International has announced the appointment of Ramzi El Kadi as an underwriter within its trade credit, political risk and surety operation in Dubai. El Kadi brings five years’ experience in the trade credit insurance industry and was most recently the credit risk underwriter at Coface, Dubai. “2018 was a ... Read the full article

Increase of alt investment managers in insurance industry mutually beneficial: Fitch

15th February 2019

An increased involvement in the insurance industry by alternative investment managers (Alt-IMs) throughout 2019 could provide benefits to both sides, with Alt-IMs gaining a steadier source of investment capital from premiums and insurers seeing higher investment returns in a lower-rate environment, according to analysts at Fitch Ratings. 2019 is expected to ... Read the full article

NZ public insurer EQC shakes up coverage

15th February 2019

Significant changes to the law designed to enhance the level of protection provided by New Zealand’s Earthquake Commission (EQC) will see the cap for residential building cover raised from NZ$100,000 (US$68,300) to NZ$150,000 (US$102,409). Lawmakers also removed the NZ$20,000 (US$13,654) EQC cover for contents, a move that Megan Woods (the minister ... Read the full article

Cyber risks spare no market, sector, or company: Munich Re’s Martin Kreuzer

14th February 2019

The growing cyber threat is proving to be a challenge for all industries, markets and companies, no matter the shape or size, according to reinsurance giant Munich Re. Commenting on the Ryuk ransomware (an updated version of the HERMES ransomware family by North Korea APT Lazarus Group), Martin Kreuzer, a cyber ... Read the full article

Gen Re develops facial analytics app for insurance buyers

14th February 2019

Global reinsurer Gen Re has developed a new mobile application that uses facial analytics technology to help customers purchase Life, Hospital Cash and Accidental Death insurance policies. The NOW app uses technology by Lapetus Solutions to quickly estimate factors such as a user’s age, gender and BMI based on an uploaded ... Read the full article

P&C broker Amanda Lee joins Miller in Singapore

14th February 2019

Global insurance and reinsurance broker, Miller, has announced the appointment of Amanda Lee to its Singapore division, a move that further strengthens the broker's specialty lines offering in Asia. Working closely with the broking teams in both Singapore and London in order to support growth plans with both existing and new ... Read the full article

TT Club appoints Andrew Peers as Senior Underwriter

14th February 2019

TT Club, a provider of insurance and risk management services for the international transport and logistics industry, has appointed Andrew Peers as Senior Underwriting for its UK, Benelux and Nordic underwriting team. Peers joins the Club from RSA, where he has spent the last 17 years, most recently leading a team ... Read the full article

Aon highlights greatest cyber security challenges for businesses

14th February 2019

Global insurance and reinsurance broker Aon has published a new report that details the greatest cyber security threats and challenges to organisations in 2019, highlighting both the significant opportunities and risks that new technologies bring. The 2019 Cyber Security Risk Report identified eight key areas where business are likely to face ... Read the full article

Townsville flooding triggers Suncorp’s aggregate reinsurance program

14th February 2019

Australian primary insurer Suncorp Group has revealed that catastrophe losses resulting from the recent flooding in the city of Townsville, Queensland have triggered its Natural Hazards Aggregate Protection (NHAP) reinsurance program. The company explained that, while it is still too early to estimate the gross costs of the flooding, its losses ... Read the full article

RGA strikes deal with Manulife to reinsure longevity risk of 45,000 annuitants

14th February 2019

RGA Life Reinsurance Company of Canada (RGA Canada), a subsidiary of global life and health reinsurer RGA, has announced the completion of a transaction with The Manufacturers Life Insurance Company (Manulife) that will see it reinsure longevity risk from an in-force block of Canadian group payout annuities. In aggregate, RGA Canada ... Read the full article

Hannover Re’s Glencar Insurance receives A+ rating from A.M. Best

14th February 2019

Glencar Insurance Company (GIC), a newly established subsidiary of German reinsurer Hannover Re, has received a financial strength rating of A+ (Superior) from A.M. Best. The rating agency also assigned GIC a long-term issuer credit rating of “aa”, in addition to a stable outlook. A.M. Best explained that the ratings reflected GIC’s ... Read the full article

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