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Reinsurance News

PICC receives approval for Shanghai public offering

7th June 2018

State-owned re/insurer the People’s Insurance Company of China (PICC) has received approval from China’s securities regulator regarding an application for an initial public offering (IPO) on the Shanghai Stock Exchange. PICC has applied to issue up to 4.6 billion shares on the Shanghai Stock Exchange, according the prospectus the company filed ... Read the full article

SCOR & Paris School of Economics create Macroeconomic Risk research chair

7th June 2018

SCOR’s Corporate Foundation for Science has worked with the Paris School of Economics (PSE) in the creation of a research chair on Macroeconomic Risk. The SCOR-PSE announcement is a commitment to better understand and develop macroeconomic risk research by the France-headquartered reinsurer. French economist and governmental advisor Gilles Saint-Paul will provide scientific ... Read the full article

Navigators completes takeover of specialty underwriting agency BDM and affiliate

7th June 2018

The Navigators Group, Inc. has completed its acquisition of specialty underwriting agency Bracht, Deckers & Mackelbert NV (BDM) and its affiliated insurer Assurances Continentales (ASCO), which includes ASCO's  Luxembourg domiciled reinsurer, Canal Re SA. The acquisition has now completed after the receipt of all necessary regulatory approvals, with Navigators paying €35 million in cash as consideration ... Read the full article

Ryan Specialty announces launch of MGU, RyanRe

7th June 2018

Ryan Specialty Group has announced the launch of a reinsurance managing general underwriter (MGU) called RyanRe Underwriting Managers (RyanRe), which is led by Executive Chairman Michael O'Halleran and Chief Executive Officer (CEO) and President, Brian Boornazian. The launch of RyanRe expands the company's managing underwriting strategy, and working through reinsurance brokers, ... Read the full article

Reinsurance price levels at risk of declining in 2019: Deutsche Bank

7th June 2018

Following meetings with large European reinsurers, analysts at Deutsche Bank have warned that the current pricing dynamics in the industry will result in a muted pricing effect through 2018 with the risk of rates declining in 2019. During Deutsche Bank's 2018 Global Financials Conference, global reinsurers suggested a need to scale ... Read the full article

Stone Point & Karfunkel-Zyskind increase AmTrust merger offer price

7th June 2018

Stone Point Capital, the Karfunkel Family, and Barry Zyskind, Chief Executive Officer (CEO) of AmTrust Financial Services, have increased their bid for the acquisition of AmTrust Financial Services for a second time, now offering $14.75 per share in cash for all outstanding shares. This offer represents an increase of $1.25 per share, or ... Read the full article

Global economic output at risk from man-made events larger than nat cats: Lloyd’s

7th June 2018

A collaborative study by Lloyd’s of London and Cambridge University suggests man-made risks like cyber-crime, interstate conflicts and market crashes are a bigger threat to global economic output than natural disasters such as hurricanes, floods, earthquakes and volcanoes. Lloyd's City Risk Index, mapping 22 threats across 279 cities - the "key ... Read the full article

Arch to expand Irish operations in preparation for Brexit

7th June 2018

Arch Capital Group has revealed that it plans to expand its underwriting operations in Ireland to ensure continuity following the UK’s scheduled departure from the European Union (EU) in March 2019. The group has applied for regulatory approval from the Central Bank of Ireland to allow its UK insurer, Arch Insurance ... Read the full article

Rapid growth of home healthcare market prompts new ISO insurance program

7th June 2018

The Insurance Services Office (ISO) has announced a new home healthcare program that provides insurers with a robust coverage and rating solution in an effort to meet the rapidly growing market. The drivers of this growing market include, but are not limited to, an ageing population. Projections by the U.S. Census ... Read the full article

PartnerRe acquires assets of Claims Analytics

7th June 2018

Bermuda-domiciled reinsurer PartnerRe has acquired the assets of Claim Analytics, a Canadian-headquartered provider of insurance-based analytics solutions founded in 2001. It's expected that Claim Analytics' staff will join an existing PartnerRe analytics team currently working out of its Toronto offices, and will continue to do business as PartnerRe Analytics. PartnerRe hopes the ... Read the full article

P&C industry pricing and profits to remain mixed through 2018: KBW

7th June 2018

The domestic property and casualty (P&C) industry experienced direct written premium growth (DWP) of almost 6% in Q1 2018, while the aggregated industry's loss ratio improved by more than 270bps. However, analysts at Keefe, Bruyette & Woods (KBW) expect pricing and profits to be mixed throughout the year. During the quarter, ... Read the full article

Darin Scanzano named CEO of Everest Insurance, Canada

7th June 2018

Bermudian insurer and reinsurer Everest Re Group, Ltd. has announced that Darin Scanzano has been appointed Chief Executive Officer (CEO) of Everest Insurance Company of Canada, effective later this summer. He will report to David Sandler, Head of the Everest Insurance® Risk Management Group, and will based in the company's Toronto, Canada office. Sandler, commented: ... Read the full article

BIMA elects AIG’s Kathleen Bibbings as new President

7th June 2018

The Bermuda Insurance Management Association (BIMA) has appointed Kathleen Bibbings, current head of AIG’s Bermuda captive operations, as its new President. BIMA announced shortly after its Annual General Meeting (AGM) that Bibbings would succeed outgoing President Grainne Richmond, who has now completed his allotted two year term. Bibbings is a Bermudian and Canadian ... Read the full article

Information and education critical to tackling U.S flood risk, says Swiss Re’s Junge

6th June 2018

Tackling the challenge of U.S flood risk will require re/insurers to focus on educating property owners while at the same time developing more detailed resources, such as flood maps and risk models, according to Swiss Re Senior Treaty Underwriter Matt Junge. Although floods cause around $15 billion of economic damage every ... Read the full article

The Schinnerer Group announces rebrand as Victor

6th June 2018

Maryland-headquartered Managing General Underwriters (MGU) The Schinnerer Group has officially been rebranded as Victor. The move is part of a wider strategy that includes The Schinnerer Group’s businesses - Victor O. Schinnerer & Company in the US, ENCON in Canada, Bluefin Underwriting in the UK, Mees & Zoonen in Italy and the ... Read the full article

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