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Reinsurance News

Japan’s three largest non-life insurers profitable despite Faxai, Hagibis

17th October 2019

AM Best analysis suggests that, barring any further major catastrophes in the next five months to fiscal year-end, Japan’s three largest non-life insurance groups are unlikely to report an overall loss despite the recent impacts of typhoon Faxai and Hagibis. In fact, due to effective catastrophe risk management and strong capitalisation, ... Read the full article

United Insurance anticipating $46m Q3 cat hit

17th October 2019

Property and casualty insurance holding company United Insurance Holdings (UPC) is anticipating pre-tax catastrophe losses of approximately $46 million in the third quarter of 2019. The company has attributed the net retained cat losses from tropical storms Barry and Imelda, hurricane Dorian and increased retention from non-tropical events related to its ... Read the full article

Rate divergence continues for upstream & downstream energy: Marsh JLT Specialty

17th October 2019

A new report from Marsh JLT Specialty has highlighted the ongoing divergence in rates between upstream and downstream energy markets, as the upstream market continues to struggle to achieve meaningful increases. In contrast, downstream energy rates are gaining more traction, driven by withdrawals and cutbacks in capacity. Other specialty lines – including ... Read the full article

Gard’s Christian Pritchard-Davies appointed CFO

17th October 2019

Gard, the Norwegian shipowner-controlled provider of P&I, marine and energy insurance, has named Christian Pritchard-Davies Chief Financial Officer (CFO), effective January 1st, 2020. Currently, Pritchard-Davies serves as Vice President - Head of Infrastructure & Operations at Gard, having joined the firm in 2014 from Skretting Group in Stavanger, Norway, where he ... Read the full article

Up to 85% of insurtechs could fail, says Starr CEO Greenberg

17th October 2019

Maurice R. Greenberg, Chairman and Chief Executive Officer (CEO) at Starr Insurance Companies, believes that up to 85% of budding insurtech firms are likely to fail. Speaking in an interview with AM Best TV, Greenberg explained that Starr was embracing technological change via investments into new start-ups, but remained realistic about ... Read the full article

Concerns about climate, cyber & political risks intensify: AXA survey

16th October 2019

Climate change, cybersecurity risks, and geopolitical instability are viewed as the three emerging risks most likely to have a significant impact in the near future, according to a new report from AXA. The report, which was based on the results of AXA’s 2019 Emerging Risks Survey, highlighted the “sheer number and ... Read the full article

Castel Specialty enters construction & engineering market

16th October 2019

Castel Specialty, a division of club-style MGA formation platform Castel Underwriting Agencies, has entered the construction & engineering market and appointed Beazley's Colin Rose to lead the effort. The new proposition will primarily be aimed at the UK, North America, Australia and Canada as well as other key territories. Rose joins from ... Read the full article

Dorian, Faxai drive $280mn of cat losses for Everest in Q3

16th October 2019

Bermuda-based reinsurer Everest Re Group, Ltd. has announced a preliminary pre-tax catastrophe loss estimate of $280 million for the third-quarter of 2019, net of reinsurance recoveries and reinstatement premiums. Net of tax, and Everest Re's catastrophe loss estimate for the third-quarter falls to an estimated $225 million. The catastrophe losses recorded in ... Read the full article

RenRe estimates Q3 cat losses at $155 million

16th October 2019

Bermudian reinsurance firm RenaissanceRe Holdings Ltd. (RenRe) is anticipating that its catastrophe losses will total $155 million for the third quarter of 2019. The figure consists of $100 million in costs from Typhoon Faxai, and $55 million from Hurricane Dorian. RenRe added that it is also in the preliminary stage of assessing ... Read the full article

FedNat forecasts Q3 cat losses at $11mn, with no reinsurance triggered

16th October 2019

Florida-based primary insurer FedNat Holding Company has estimated that it will incur gross catastrophe losses of $11.0 million in the third quarter of 2019. This figure includes $8.0 million from FedNat’s non-Florida property business, which is subject to a 50% profit-sharing agreement with the non-affiliated managing general underwriter that writes FedNat ... Read the full article

AXA looking at potential sale of Central European business, says Reuters

16th October 2019

Reuters has reported that a number of sources have claimed that French insurance giant AXA is considering the sale of its Central European business as part of a restructuring to exit markets where the firm does not have sufficient scale. Reportedly, information packs regarding the sale have been sent to potential ... Read the full article

Quarter of UK pension schemes unprepared for cyber attack: Aon

16th October 2019

Almost a quarter of trustees of UK pension schemes have still had no training on the risk of cyber crime, according to a new survey by re/insurance brokerage Aon. While 95% of respondents to Aon’s Global Pension Risk Survey 2019 said their schemes had not been affected by cybercrime, a handful ... Read the full article

Swiss Re, Munich Re may exceed Q3 cat budgets: analysts

16th October 2019

Global reinsurers Swiss Re and Munich Re may exceed their large loss budgets for Q3 2019, and may be at risk for Q4, according to analysis by Barclays. Meanwhile, London market players such as Hiscox may consider the impact in Japan substantial enough to warn the market. Overall, analysts expects all large ... Read the full article

EPIC Insurance Brokers welcomes Prime Risk to platform

16th October 2019

EPIC Insurance Brokers and Consultants, a retail property and casualty broker and employee benefits consultant, is set to welcome Prime Risk Partners to its national insurance platform. Prime Risk is headquartered in Atlanta and manages a range of risks across the US. The firm will initially operate as Prime Risk Partners – ... Read the full article

AXIS to limit thermal coal, oil sands underwriting & investments

16th October 2019

Bermudian insurer and reinsurer, AXIS Capital Holdings Limited, has announced a new policy which addresses the firm's underwriting of, and investments in, thermal coal and oil sands-related business. Amid ongoing global pressure to mitigate the impacts of climate risks and transition to a low-carbon economy, numerous insurers and reinsurers have taken ... Read the full article

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