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Reinsurance News

Pacific Life Re partners with Australian insurance consultancy NEOS Life

28th June 2018

Pacific Life Re Australia has become the partner reinsurer to NEOS Life, a life insurance consultancy service and new market entrant, in order to create smarter application processes for both advisors and customers in the Australian market. NEOS Life has also chosen Pacific Life Re’s joint underwriting venture, UnderwriteMe, as its ... Read the full article

P&C rate increases to continue despite volatility: KBW

28th June 2018

Commercial property and casualty (P&C) rate increases are likely to continue to increase despite monthly volatility in some lines, according to analysts at Keefe, Bruyette & Woods. KBW said that it “explicitly disagreed” with the proposition that current commercial rates increases are likely to fade, asserting that market hardening would unfold ... Read the full article

JLT Capital Markets completes placement of $45mn Oak Leaf Re cat bond

28th June 2018

Jardine Lloyd Thompson Capital Markets (JLTCM), an affiliate of reinsurance brokerage firm JLT Re (North America), has completed another private placement catastrophe bond, Oak Leaf Re 2018-1, which closed at $45.26 million. Oak Leaf Re 2018-1, which was sponsored by Southern Oak Insurance Company, is an Ultimate Net Loss (UNL) indemnity-based ... Read the full article

AXIS Capital announces new addition to Board of Directors

28th June 2018

AXIS Capital Holdings has announced the addition of Barbara A. Yastine to its Board of Directors, effective July 1. She is also set to join the Board’s Audit Committee, effective September 1. Yastine brings over 30 years’ experience to the Board and was previously the Chief Executive Officer (CEO) at Ally ... Read the full article

Prem Watsa-backed Digit Insurance takes over India’s ITI Reinsurance

28th June 2018

Prem Watsa's Digit Insurance, which is backed by insurance and financial services holding company, Fairfax Financial Holdings, has acquired India's first privately owned reinsurer, ITI Reinsurance, from Fortune Financial Services of Sudhir Valia, according to reports. Through Digit, Watsa, the Founder, Chairman and Chief Executive Officer (CEO) of Fairfax Financial, ... Read the full article

Prudential develops digital claims solutions for hospitals

28th June 2018

Prudential Hong Kong Limited has developed two new digital solutions to streamline the way consumers and medical professionals manage hospital claims in Hong Kong. Its new ‘Hospital to Prudential’ portal is designed to provide a simple, paperless hospital claims process for both customers and operators, while its Chatbot Claims platform aims ... Read the full article

Product innovation key to MENA insurance penetration: PartnerRe’s Orlando

28th June 2018

The reinsurance industry needs to support insurers in creating and developing new products to address low insurance penetration in the Middle East & North Africa (MENA) region, according to Salvatore Orlando, Head of Middle East, Africa and Russia at PartnerRe. "Low levels of insurance penetration are a global problem, but one ... Read the full article

PRA approves Folgate licence to write primary insurance business

28th June 2018

London-based Folgate Insurance Company has received approval from the Prudential Regulation Authority (PRA) to start writing primary insurance, as well as reinsurance. “We believe this is the first time a UK insurer has been set up to operate like a Lloyd’s syndicate, by using APC as a managing agent,” said Chief ... Read the full article

Insurers hopeful M&A will transform their business models: KPMG report

28th June 2018

A large number of global insurance industry executives are actively looking at acquisitions and partnerships in an effort to offset limited organic growth opportunities in an increasingly competitive landscape, which is being transformed by technological advances. This is according to the findings of a recent survey and accompanying report conducted by ... Read the full article

ESG investments improve risk-adjusted return profile, says Swiss Re CIO

27th June 2018

Environmental, Social and Governance (ESG) investment practices "Improve the risk-adjusted return profile over the long term," according to Swiss Re's Group Chief Investment Officer (CIO), Guido Fürer. Swiss Re were one of the earliest re/insurers to adopt the criteria - which is now applied to nearly 100% of its investment portfolio - ... Read the full article

U.S P&C earnings volatile following equity accounting changes: Fitch

27th June 2018

Re/insurance companies that report under U.S Generally Accepted Accounting Principles (GAAP) may be subject to earnings volatility over 2018 due to a change in accounting for equity securities, according to Fitch Ratings. In an effort to promote convergence with international accounting practices, from January 1, 2018, companies have had to recognise ... Read the full article

MiCRO launches new parametric microinsurance product in El Salvador

27th June 2018

The Microinsurance Catastrophe Risk Organisation (MiCRO), a reinsurance company established in Barbados, has launched ‘Produce Seguro’, a new index based insurance product in El Salvador that protects small businesses and low-income families against natural disasters. “Anyone who may be affected by a catastrophic weather or earthquake event will be able to get the ... Read the full article

Everest appoints new Head of Specialty Insurance Group

27th June 2018

Everest Insurance, the specialty insurance division of Everest Re Group, has appointed David Nikolai as President of its Specialty Insurance Group (SIG). Everest's contingency business was unified under the SIG name in June and offers a variety of solutions for event cancellation, non-appearance, and several other customised insurance coverages. Nikolai will report ... Read the full article

Hannover Re U.S reinsures OneAmerica’s Asset Care LTC business

27th June 2018

Hannover Life Reassurance Company of America (Hannover Re U.S), a subsidiary of global reinsurer Hannover Re Group, has entered into a reinsurance agreement with OneAmerica related to the Asset Care long-term care (LTC) business written by its subsidiary, The State Life Insurance Company. Asset Care refers to a combination of whole ... Read the full article

MAPFRE and Banco do Brasil update insurance business alliance

27th June 2018

Spanish insurer MAPFRE has formally updated its strategic alliance with Banco do Brasil, which originally gave rise to BB MAPFRE in 2010, now one of the largest insurance groups in Brazil. Under the terms of the updated agreement, MAPFRE will increase its control of BB MAPFRE’s Non-Life business from 50% to ... Read the full article

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