Menu

Reinsurance News

AXIS expects $130mn catastrophe loss bill & $42mn tax charge in Q4 2017

17th January 2018

AXIS Capital Holdings Limited has reported a preliminary catastrophe loss estimate of $130 million as a result of fourth-quarter 2017 catastrophe and weather-related events. The total is net of tax and estimated recoveries from both reinsurance and retrocessional covers, and is also inclusive of reinstatement premiums. The estimate includes a change in ... Read the full article

Collaboration needed to support reinsurance market revolution: Johansmeyer, PCS

17th January 2018

The current dynamics of the global reinsurance market suggests a "revolution is brewing," but in order for the market to take advantage of the opportunities ahead, a collective mentality might be what's needed, according to Tom Johansmeyer, Assistant Vice President (AVP), PCS Strategy and Development. "The global reinsurance market shows all ... Read the full article

Extreme weather seen as top 2018 global risk: WEF

17th January 2018

Environmental risks are at the top of the World Economic Forum's (WEF) Global Risk Perception Survey for the second year running, though the interconnected nature of risks observed in 2018 are believed to threaten the system on which economies and international relations are based. The WEF's Global risks report highlighted the ... Read the full article

Sompo Canopius subsidiary names William Kelly as Senior Vice President of U.S. unit

17th January 2018

Canopius has named William Kelly as Senior Vice President (SVP) of the U.S. management & professional lines team. In his New York based role, Kelly will report to head of U.S. management & professional lines, Laurie Banez. Banez, said; “Bill is widely respected by brokers and clients and has a diverse background ... Read the full article

Non-life run-off market will continue to grow after exceeding $700bn: PwC

17th January 2018

The trend of strong non-life run-off transaction activity continued in 2017 with the global insurance run-off market exceeding U.S. $700 billion and PwC predicts disposal of legacy business will continue in coming years. The majority of all global respondents in the PwC survey say they will undertake restructuring or exit activity in the ... Read the full article

AmWINS reveals new CEO & leadership changes

17th January 2018

AmWINS Group, Inc. has announced the appointment of Scott M. Purviance as its new Chief Executive Officer (CEO), replacing M. Steven DeCarlo, effective May 1st, 2018. Currently the firm's Chief Operating Officer (COO), Purviance has been part of the AmWINS leadership team since 2001, and served as Chief Financial Officer (CFO) from ... Read the full article

Growing prevalence of risk-based capital regimes to drive reinsurance demand: Aon Benfield

17th January 2018

Aon Benfield's 2018 reinsurance market outlook forecasts a continued modest upturn in reinsurance demand globally driven by the growing prevalence of risk-based capital regimes and emerging areas of risk transfer. Reinsurance demand could also benefit from modest global economic growth alongside heightened risk awareness following a record-setting catastrophe loss year. Additional demand ... Read the full article

Beazley hopes for 2017 profit despite catastrophes

17th January 2018

Specialist and Lloyd’s focused re/insurer Beazley plc has said that it expects to record a pre-tax profit for the full-year 2017, in a trading update, despite the impacts of major catastrophe loss events. Beazley had previously reported that there was a chance that it would record an underwriting loss for ... Read the full article

Tax changes in Italy could boost catastrophe reinsurance demand

16th January 2018

Catastrophe reinsurance demand from Italian cedants could increase as insurers benefit from the new taxation regime, which gives catastrophe insurers premium exemption from the 22.5% insurance premium tax and makes 19% of premium tax-deductible. Fitch Ratings said the changes to the tax regime will offer new incentives for customers in Italy ... Read the full article

General Electric hit with $6.2 billion charge on legacy insurance portfolio

16th January 2018

General Electric has been hit with a GAAP after-tax charge of $6.2 billion, or $7.5 billion when adjusted to the new tax rate, tied to a legacy insurance portfolio. In addition, the company's finance unit will make statutory reserve contributions of $15 billion over seven years to fill a shortfall in ... Read the full article

Report highlights CRO role shift from technical expert to business advisor

16th January 2018

The role of the Chief Risk Officer (CRO) has rapidly evolved in both scope and importance in the years since the financial crisis to now play a more centric role in shaping business strategy, according to a joint paper by the Lloyd's Market Association’s (LMA) Chief Risk Officer Committee and ... Read the full article

Specialty insurer JenCap Holdings acquires MGA Genesee General

16th January 2018

Specialty insurer JenCap Holdings LLC (JCH) has announced plans to acquire privately-held managing general agency (MGA) and broker, Genesee General. Financial terms for the transaction, which is expected to close this month, were not disclosed. John Jennings, President and Chief Executive Officer (CEO) of JCH, said; "Genesee President Roger Ware has created a leading ... Read the full article

Alternative capital driving potentially flatter underwriting cycle: Fitch

16th January 2018

Fitch Ratings believes the expansion of alternative, or third-party capital has changed the dynamics of the reinsurance market, resulting in modest rate increases at the recent January 1st renewals and driving a potentially flatter underwriting cycle. The extremely active 2017 Atlantic hurricane season combined with powerful earthquakes in Mexico and devastating ... Read the full article

Thomas Miller Specialty in exclusive talks over Navigators’ indemnity unit purchase

16th January 2018

Navigators Management (UK) and Thomas Miller Specialty have entered into exclusive discussions over Thomas Miller Specialty's acquisition of Navigators’ fixed-premium protection and indemnity business. Guy Pierpoint, Chief Executive Officer, Thomas Miller Specialty, said; “This is a logical and progressive step for Thomas Miller Specialty, enabling us to create scale in a ... Read the full article

Inga Beale confirms January 2019 as launch date for Lloyd’s Brussels subsidiary

16th January 2018

Lloyd's of London Chief Executive Officer (CEO) Inga Beale confirmed that the marketplace is set to begin operations in Brussels next January. Lloyd's announced in March 2017 that it had selected Brussels, Belgium, as its European Union home with the aim being to be ready to underwrite business there for the 1st ... Read the full article

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.