Reinsurance News
Insurance news
Insurance news of relevance to the reinsurance market.
Our focus is on insurance and reinsurance news for large account, commercial and specialty lines, as well as pure reinsurance and retrocession news, analysis, insight and interviews.
Aon to sell Benefits Admin & HR BPO platform to Blackstone
10th February 2017
Global insurance and reinsurance broker Aon has agreed to sell the Benefits Administration & HR Business Process Outsourcing (BPO) platform of its Aon Hewitt division to Blackstone, for up to $4.8 billion. The broker announced that it's signed a definitive agreement to sell the business units to investment giant Blackstone for ... Read the full article
Price adjustment for longevity re/insurance forecasted: Aon
9th February 2017
Retirement and health broker and advisory Aon Hewitt, part of the insurance and reinsurance Aon plc group, said there's been a sooner than expected reduction in mortality improvement rates resulting in adjustments to UK longevity insurance and reinsurance capacity pricing. The carrier has urged pension schemes to review these emerging lower ... Read the full article
Validus insurance unit Talbot launches terror facilities
9th February 2017
Bermudian re/insurer Validus' insurance unit Talbot has launched three enhanced terror facilities in the Singapore, Latin American and Dubai markets, after seeing growing global demand for terror coverage. The Facilities offer a full range of coverage against war and other political violence perils, Talbot's Global Practice Leader for Political Violence, Steven Tebbutt, commented; ... Read the full article
Fairfax Financial heads to New Zealand with $197m Tower acquisition
9th February 2017
Prem Watsa's Fairfax Financial, which owns Brit Insurance and is in the process of acquiring re/insurer Allied World, is entering the New Zealand insurance market with the acquisition of Tower Insurance. Announced today, Fairfax Financial has made an all cash offer at $1.17 per share, so valuing the insurer at ... Read the full article
Arthur J. Gallagher targets cyber coverage gaps for manufacturers
9th February 2017
With a newly launched cyber insurance product broker Arthur J. Gallagher is targeting some of the gaps in existing cyber coverages, a step that could help to open up some of the untapped cyber exposure to the market which could generate significant reinsurance demand. Backed by A rated Lloyd's of London ... Read the full article
U.S. weather & Chile fires lead January Catastrophe losses: Aon Benfield
8th February 2017
U.S. severe weather and Chile wildfires have led January’s catastrophe loss events, with U.S. weather losses exceeding $1 billion and Chile following with $890 million in losses after its worst wildfire event in modern history. Aon Benfield’s monthly Global Catastrophe report has released figures for January, revealing a month ... Read the full article
Aspen appoints Matthew Botein to Board as Class I Director
8th February 2017
Specialty insurance and reinsurance provider Aspen has appointed Matthew Botein to its Board of Directors as a new Class I Director, and as a member of the Board’s Investment Committee. Botein is a Managing Partner of private investment and advisory firm Gallatin Point and has extensive experience in the financial services industry, having ... Read the full article
Cost of climate change highlights important role of re/insurance
8th February 2017
A report published by the European Environment Agency (EEA) stated that economic losses to the region could rise to as much as €190 billion per year by the end of the 21st century - highlighting the growing role reinsurers will likely play in mitigating climate change loss. The report assesses the ... Read the full article
Re/insurers in Middle East see drop in credit ratings: A.M. Best
8th February 2017
Reinsurers and insurers in the Middle East have seen a slight drop in credit ratings, largely due to lower market demand brought on by a sluggish economy, according to A.M. Best’s 2016 performance report. “Commercial activity is highly correlated to oil demand and the recent period of low energy prices has depressed ... Read the full article
Berkshire Hathaway Specialty opens London office, expands exec team
8th February 2017
Berkshire Hathaway (BHSI) today announced the creation of a new affiliate London office, its key executive roles have already been filled with industry experts joining from Allied World, Travelers Europe and AIG. The new office will serve brokers and customers in the UK and Southern European countries, including Ireland, Spain, France ... Read the full article
Enstar in £957m legacy UK employers’ liability reinsurance deal with RSA
8th February 2017
A subsidiary of Bermuda based insurance, reinsurance and run-off specialist Enstar Group has entered into a reinsurance agreement with RSA Insurance Group PLC to reinsure £957 million of its legacy UK employers’ liability business. The legacy reinsurance deal will see Enstar's subsidiary assuming £957 million (approximately $1.2 billion) of RSA's gross ... Read the full article
Tokio Millennium Re licenses Praedicat’s Oortfolio for casualty analytics
7th February 2017
Multi-line reinsurance firm Tokio Millennium Re has signed up to license Praedicat's casualty catastrophe risk modelling solution Oortfolio, as it seeks to enhance its analytical focus on this class of risk. Oortfolio is the world’s first exposure-based and forward-looking casualty catastrophe risk modelling tool, which Praedicat launched in October 2016. Oortfolio ... Read the full article
Demotech warns Florida insurers could face rating actions
7th February 2017
Rating agency Demotech has announced it will suspend its recommendations for Florida property insurers after two recent court decisions, Johnson and Sebo, have intensified the impact from the assignment of benefits (AOB) epidemic. The rating agency has advised Florida insurers to review their protocols, saying the court decisions had revised claims ... Read the full article
$332m insurance loss reported for Address Hotel, Dubai fire
7th February 2017
The fire that ripped through the Address Hotel in Dubai on New Year’s Eve of 2015 is expected to result in an insurance claim of just over $332 million, according to the property developer. Emaar Properties, which also developed the world's tallest building the Burj Khalifa said in a stock market ... Read the full article
Charles Taylor launches catastrophe deductible scheme for LatAm SMEs
7th February 2017
Insurance service provider Charles Taylor has announced the launch of an innovative Insurance & Asset Protection Program for Latin American Small and Middle Sized Enterprises (SMEs), designed to help cover catastrophe deductibles. The programme offers SME’s immediate insurance payment for deductibles, the option of building up US Dollar reserves to protect ... Read the full article
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