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Reinsurance News

Post-catastrophe rate hikes could make reinsurance M&A more attractive

3rd November 2017

Reinsurance merger and acquisitions (M&A) activity has been in the doldrums somewhat in recent quarters, as the continued pressure on reinsurers has made them less attractive over time. With tepid demand growth, pressure from high levels of excess traditional reinsurance capital, as well as growing competition from alternative capital providers, coupled ... Read the full article

Emerging Asia speeds ahead in InsurTech race: Willis Towers Watson

3rd November 2017

Emerging markets are the potential forerunners of the innovation race - often able to bring new solutions to the market at a faster pace than peers operating in highly developed markets - according to Willis Towers Watson's Q3 InsurTech briefing. With an emphasis on the China and Emerging Asia operating environment, ... Read the full article

RenRe says California wildfire loss will be significant, could be material

2nd November 2017

Bermudian reinsurance firm RenaissanceRe warned its shareholders that the devastating wildfires that have impacted the state of California in recent weeks could result in a significant, perhaps material, impact to the company. Based on its risk modelling and an initial assessment of the California wildfires, RenaissanceRe said that it anticipates that ... Read the full article

Social engineering attacks on the rise but hacking & malware still dominate: Beazley

2nd November 2017

Social engineering attacks are on the rise across numerous industries as cyber attackers increasingly look to deceive in order to scam, according to London re/insurer Beazley's Q3 2017 Breach Insights report. The most prevalent cause of data breach during the first nine months of 2017 remains hacking and malware, which amounted ... Read the full article

A quarter of Southern Brazilian cities in state of emergency following adverse weather

2nd November 2017

In Southern Brazil one-quarter of cities are in a state of emergency after being hit by a series of droughts and excessive downpours, according to a survey by Folha based on Brazil's Ministry of National Integration. 1,296 of Southern Brazilian cities have asked the federal government for aid to deal with ... Read the full article

Analysts explain $70bn Q3 catastrophe loss gap: Morgan Stanley

2nd November 2017

At an estimated $100 billion, Q3 re/insurance losses could hit records, but with just $30 billion of this reported in company losses, so far, investors are concerned over the potential knock-on consequences the giant $70 billion loss gap could have on the market. A recent Morgan Stanley report said the gap ... Read the full article

German government-backed platform offers global climate risk database

2nd November 2017

A global online database platform to share good practices and innovative solutions in climate risk insurance has been launched by the Global Index Insurance Facility (GIIF), the Munich Climate Insurance Initiative (MCII), and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ). The German government commissioned platform promotes risk transfer as an approach ... Read the full article

Knighthead Annuity announces new Chief Actuary

2nd November 2017

Brian O'Neill has been appointed as the new Chief Actuary at Knighthead Annuity and Life Assurance Company, a Cayman Islands domiciled primary fixed annuity insurer. As a member of the firm's executive management team, O'Neill will have responsibility for enterprise-wide corporate oversight of Knighthead's actuarial practices. He brings extensive industry experience to the role, ... Read the full article

Reinsurance pricing to return to 2015 levels: Analysts

2nd November 2017

Re/insurance market analysts expect pricing in the reinsurance sector to improve to levels seen in 2015, resulting in higher 2018/2019 profit estimates and improved combined ratios for Europe's big four, on the back of one of the costliest quarters on record for global natural catastrophe losses. Citing recent comments from reinsurer ... Read the full article

CCRIF SPC to payout $7mn for Trinidad & Tobago heavy rainfall

2nd November 2017

The Caribbean Catastrophe Risk Facility, CCRIF SPC, will make a US$7 million payout to Trinidad & Tobago on its Excess Rainfall (XSR) policy for heavy late October rainfall. Local officials and technocrats in Trinidad have referred to the recent rainfall, which caused widespread flooding, as "unprecedented." The Trinidad & Tobago government purchased ... Read the full article

Liberty Specialty hires Jennie Beard as Senior Underwriter

2nd November 2017

Liberty Specialty Markets (LSM), a division of Liberty Mutual Insurance, has appointed Jennie Beard, who joins from Sompo Canopius, to Senior Underwriter of War and Terrorism. Based in LSM’s London headquarters, she will report to Paul Beattie, Underwriting Manager of War & Terrorism. Michael Burle, LSM’s Head of Marine, welcomed Beard to ... Read the full article

Lancashire to take advantage of more positive 2018 as market shifts

2nd November 2017

On the back of a very challenging third-quarter for reinsurers, Lancashire Holdings expects to take advantage of a return to more disciplined underwriting practices and improved pricing that reflects true risks and exposures. Like numerous insurers and reinsurers, Lancashire reported a loss for the third-quarter of 2017, as the combined impacts ... Read the full article

Mexican government backed £14mn grant approved for Caribbean risk facility

2nd November 2017

A Mexican government backed $14 million grant has been approved by the Caribbean Development Bank (CDB) to provide the Caribbean Catastrophe Risk Insurance Facility, (CCRIF SPC) member countries with enhanced insurance cover. The grant provides cover that protects against tropical cyclone, earthquake and excess rainfall risks as well as contributes to ... Read the full article

AIG rebrands freshly acquired Hamilton USA tech-subsidiary

2nd November 2017

American International Group (AIG) has rebranded its newly purchased Hamilton USA technology-focused subsidiary to Blackboard, after having completed its acquisition on October 2nd. The Blackboard vision is to reimagine commercial insurance through digital technology, data analytics, and automation. The name represents a clean slate and alternative solution for those in the industry seeking ... Read the full article

Swiss Re to push for better pricing in wake of nine month loss

2nd November 2017

Reinsurance giant Swiss Re is hoping that pricing conditions will improve in both property & casualty reinsurance and its commercial insurance arm in wake of recent catastrophe losses, which drove the firm to a net loss of $468 million for the first nine months of 2017. Swiss Re suffered most in ... Read the full article

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