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Reinsurance News

SCOR reinsures Zurich’s longevity swap for Skanska pension fund

3rd July 2017

Zurich Assurance has signed a longevity hedge swap with Skanska Construction Services Trustee covering £300 million of liabilities, with Mercer acting as lead advisor to the trustee on the deal. 75% of the longevity hedge was reinsured by SCOR, with Zurich retaining the rest. Jim Sykes, Chief Executive Officer (CEO) of Zurich ... Read the full article

IAG warns of increased reserve releases for full-year 2017

3rd July 2017

Insurance Australia Group Limited (IAG) has raised its reported margin guidance range for full-year 2017 to 13.5% - 15.5% in response to an expected increase in reserve releases, following the completion of its preliminary review of prior period reserve releases for the financial year ended 30th June, 2017. The insurer's latest preliminary review ... Read the full article

ArgoGlobal expands presence in MGA market with MGAA sponsorship

3rd July 2017

Lloyd's of London insurer and member of Argo Group, ArgoGlobal, is to serve as a gold sponsor of the Managing General Agents' Association (MGAA), as it continues its commitment to expanding its presence in the MGA marketplace. The MGAA is a UK-based not-for-profit organisation that is dedicated to "representing true MGAs," ... Read the full article

No cyber insurance surge following WannaCry: Research

3rd July 2017

The recent ransomware cyber attack named WannaCry has not stimulated much of an uptick in demand for cyber insurance coverage, according to research carried out among brokers. The survey of 250 UK insurance brokerages shows that after the WannaCry cyber attack there has been little increase at all in the number ... Read the full article

Swiss Re Corporate Solutions Brasil Seguros S.A. begins operations

3rd July 2017

A joint venture between Swiss Re Corporate Solutions, the commercial insurance arm of reinsurance giant Swiss Re, and Bradesco Seguros S.A., which was first announced in October 2016, has completed and officially started operations in Brazil.  Bradesco Seguros S.A.'s commercial large-risk portfolio has now been integrated into Swiss Re Corporate Solutions Brasil ... Read the full article

David Edwards to join JLT Re’s credit & political risk team

3rd July 2017

Reinsurance broker and consultancy JLT Re has announced David Edwards will be joining JLT Re's Credit & Political Risk team from Guy Carpenter where he acted most recently as Managing Director of Credit, Bond and Political Risk. Commenting on the appointment Nick Jay, Divisional Head, Marine, Energy & Political Risk, JLT Re ... Read the full article

Compre sets up Malta PCC for legacy deals

3rd July 2017

Independent insurance and reinsurance legacy or run-off transaction specialist Compre has established a protected cell company (PCC) in Malta, which it intends to use for transactions involving portfolios of discontinued non-life insurance and reinsurance business. Compre said this morning that it has received approval from the Maltese Financial Services Authority (“MFSA”) ... Read the full article

Re/insurers advised to prepare for EU’s new citizens data privacy rules

3rd July 2017

Celent has advised insurers to review compliance with the EU's new citizens data privacy rules, the General Data Protection Regulation (GDPR), which is due to be implemented in May 2018. The GDPR is designed to protect EU citizens data privacy and is expected to change the approach firms take to handling data. The ... Read the full article

Robert Childs named Deputy Chairman of Lloyd’s

3rd July 2017

Robert Childs, a Non-Executive Chairman of insurance and reinsurance firm Hiscox, has been appointed to the position of Deputy Chairman of Lloyd’s of London, taking up the position immediately. Childs takes over from Paul Jardine, who retired from the Deputy Chairman role earlier this year following nine years of service. Childs ... Read the full article

Fidelis & former Hiscox Re exec Ashton launch specialty joint venture

3rd July 2017

Fidelis Insurance has announced the creation of a new specialty joint venture with Rob Ashton, former head of specialty at Hiscox Re Specialty, that will have a strong focus on the cyber reinsurance market. The new venture will begin writing business from January 1st, 2018, with a focus on niche specialty ... Read the full article

Munich Re Specialty Group names Celine Ang Head of Asia

3rd July 2017

Munich Re Specialty Group, a division of reinsurance giant Munich Re, has appointed Celine Ang as Head of Asia, effective August 1st, 2017. Ang will be based in the firm's Singapore office, and will take on responsibility for Munich Re' syndicate offices throughout the region. She joins Munich Re Specialty Group from Euler Hermes, ... Read the full article

Reinsurance softening persists at mid-year renewals: Willis Re

3rd July 2017

Despite reinsurers' results continuing to deteriorate in the first-quarter of 2017, mid-year reinsurance industry renewals saw a continuation of the downward trend seen at January 1st and April 1st, according to Willis Re's latest 1st view report. The softening reinsurance market landscape persisted at the mid-year renewals, with buyers ... Read the full article

De-risking the right step for Novae: Peel Hunt

30th June 2017

Recent and ongoing steps taken to de-risk itself will benefit Lloyd's insurance and reinsurance specialist Novae Group, according to analysts at Peel Hunt. Novae "is taking the right actions to ease capital pressure, rebuild tangible equity and crystalize the intrinsic value of the business" the analysts explain, after reviewing the reinsurance ... Read the full article

Nepal Reinsurance Company continues to expand global business

30th June 2017

According to industry reports the Nepal Reinsurance Company (NRC) has been growing its international business, and collected Rs100 million (roughly US$969,500) in the first eleven months of the fiscal year. NRC is Nepal's sole reinsurer, and has clients across 15 countries, which includes United Arab Emirates, Bahrain, Papua New Guinea and a ... Read the full article

Five non-life insurers to close in Phillipines after capitalisation requirements spike

30th June 2017

The Phillipines Insurers and Reinsurers Association (PIRA) said five non-life insurers will be closing down due to being unable to compy with the P1.3 billion capitalisation requirement by the end of the current administration's term, Rappler reported. Eight insurance companies have also announced merger plans, bringing the number of non-life insurers in ... Read the full article

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