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Barclays closes £7 billion UK longevity transaction with Aon as lead advisor
16th December 2022
The Trustee of the Barclays Bank UK Retirement Fund has insured £7 billion of liability against longevity risk, with reinsurance provided by an insurance subsidiary of Prudential Financial Inc. Global professional services firm Aon acted as lead advisor on the transaction, while Allen & Overy provided legal counsel and Willkie Farr ... Read the full article
China’s yuan and the Japanese yen “most vulnerable to climate change” – Barclays
24th June 2022
China's yuan and the Japanese yen are the currencies most vulnerable to climate change, according to a new report by Barclays. The bank looked at the effects of climate change on exchange rates, saying rising temperatures and associated economic costs could tank the value of the Chinese ... Read the full article
SCOR and Barclays settle dispute
14th June 2021
The dispute between global re/insurer SCOR and British multinational universal bank, Barclays, has reached an end as the pair settled their dispute before the High Court in London on mutually beneficial terms. SCOR was seeking to sue Barclays in London for breach of confidence when the bank advised the re/insurer's largest ... Read the full article
Uri could signal above-average cat loss year: Barclays
15th March 2021
Analysts at Barclays believe that the unprecedented level of losses caused by February’s Winter Storm Uri in the US could be “setting the stage” for another above-average catastrophe year for re/insurers. Current industry loss estimates put the cost of Uri in the $15 billion to $18 billion range, which Barclays notes ... Read the full article
Re/insurers’ Q4 results to show effects from COVID: Barclays
2nd February 2021
Analysts at Barclays predict the Q4 2020 results season will show continuing effects surrounding COVID-19 losses, pricing and dividends. Barclays expects the uncertainty around COVID-19 losses and dividends to start to decrease throughout 2021. Retail motor insurers are expected to see the more immediate earnings upgrades and could perform better in the ... Read the full article
RGA in £5bn longevity swap for Barclays pension scheme
14th December 2020
Reinsurance Group of America (RGA) has completed a £5 billion longevity swap transaction with the Trustee of the Barclays Bank UK Retirement Fund (UKRF). RGA and Barclays expect the deal to help protect the UKRF from the financial risk of an unexpected increase to life expectancy for current pensioners. “RGA is delighted ... Read the full article
Outlook positive for reinsurance top-line and pricing: Barclays
12th June 2020
Analysts at Barclays expect reinsurers to enjoy the best overall top-line outlook in the European insurance market, with decent rate momentum and growth in demand also set to benefit the sector. The firm noted that the P&C re/insurance market came into 2020 in a strong position, with an estimated combined capital ... Read the full article
Barclays names Gautam Chawla as Vice Chairman for FIG Banking
8th June 2020
Barclays has announced the appointment of Gautam Chawla as Vice Chairman, Financial Institutions Group (FIG) Banking. He joins Barclays with more than 28 years of experience in banking, most recently as Co-Head of Global Insurance & Co-Head of North American FIG at Citigroup, where he started his career. Chawla has led the ... Read the full article
Typhoons to boost Japanese reinsurance rates, but not market-wide: Barclays
17th October 2019
The substantial industry losses stemming from Japanese typhoons in 2019 will provide a boost to affected regional lines, but are unlikely to trigger a sharp recovery in wider property and casualty (P&C) reinsurance prices, according to analysts at Barclays. With insured losses from Typhoons Faxai and Hagibis now pegged at between ... Read the full article
Reinsurance pricing thought to have increased 2-3% across lines at July renewals: Barclays
17th July 2019
Analysts at Barclays have reported evidence of reinsurance price hardening across geographies and lines of business at the recent July renewals, with rate increases likely to have averaged around 2-3%. The strongest pricing response is expected in loss-affected areas of the U.S and Asia, as well as in lines that saw ... Read the full article
SCOR sues Barclays, demands access to Covéa acquisition docs
25th February 2019
French reinsurer SCOR has gone through with it’s plans to prosecute Barclays, who acted as the financial advisor and financing bank to Covéa during its failed attempt to acquire SCOR in 2018, according to reports from the Financial Times. SCOR previously announced that it intended to sue Covéa and its ... Read the full article
Hardening rates expected as industry losses exceed 20 year average: Barclays
24th December 2018
Reinsurers look set to shoulder another quarter of “extraordinary” natural catastrophe losses following increases in industry estimates for the California wildfires and hurricane Michael, leading to hardening rates in 2019, according to analysts at Barclays. They expect a 1-3% increase for large players and believe this year’s industry losses may reach ... Read the full article
European reinsurance pricing to continue improving through 2019: Barclays
18th December 2018
Reinsurance prices in the European market should continue to gradually improve throughout 2019 as demand goes up and capacity becomes more constrained, according to analysts at multinational investment bank Barclays. Barclays estimates that the reinsurance industry is set to incur around $70 billion in large loss claims this year, which is ... Read the full article
EY hires Barclays Deputy Head of Insurance as a Director
5th September 2017
Dan Broome has joined EY from Barclays Bank as a Director to support the development of an additional insurance sector offering as part of its Financial Services Debt Advisory division. EY launched its Financial Services Debt Advisory team in September 2015, which now consists of seven people, and the appointment of ... Read the full article
MetLife announces Bryan Boudreau as new Global Chief Actuary
24th March 2023
MetLife, Inc. has announced the appointment of Bryan Boudreau as Executive Vice President and Global Chief Actuary. Boudreau succeeds Andy Rallis, who will retire on the 10th of May 2023, after a 39-year career at MetLife where he was the Global Chief Actuary for the last 11 years. In the new ... Read the full article
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