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.
Investments offset underwriting decline at Lloyd’s of London
30th March 2017
The Lloyd's of London market announced its results today, revealing a decline in its underwriting profitability as the combined ratio increased to 97.9%, but pre-tax profits were flat at £2.1 billion as investment returns jumped. The fact that underwriting has become increasingly less profitable at Lloyd's of London, on a market-wide ... Read the full article
Novae & Fidelis announce quota share agreement
29th March 2017
Lloyd’s specialist insurer, Novae Group, announced that it has entered into a quota share reinsurance agreement with Fidelis Insurance Bermuda Limited (FIBL) to cover Syndicate 2007’s US Property Catastrophe Treaty excess of loss portfolio for 2017. Robert Forster, Chief Underwriting Officer at Novae, said; “I am pleased to announce this strategic ... Read the full article
North American P/C re/insurers’ operating earnings continue to fall: Fitch
29th March 2017
A continuation of low investment yields and underwriting deterioration combined with higher catastrophe losses in 2016 to further pressure the operating earnings of North American property/casualty (P/C) insurers and reinsurers, according to Fitch Ratings. In a new report, international financial services rating agency, Fitch Ratings, reviews the 2016 GAAP results for ... Read the full article
Sompo completes Endurance buy, creates Sompo International brand in Bermuda
29th March 2017
Sompo Holdings Inc. has successfully completed its acquisition of Bermudian insurance and reinsurance group Endurance Specialty Holdings Ltd. and has announced a rebranding and rearrangement of its commercial insurance and reinsurance in Bermuda. The total price of the acquisition of 100% of Endurance's outstanding shares was $6.3 billion and as a ... Read the full article
First run-off portfolio transfer insurer established in Rhode Island
28th March 2017
The first insurance license allowing a company to undertake run-off portfolio transfer solutions has been granted in Rhode Island, a first for the state. ProTucket Insurance Company has been granted a license that sees it become the first Rhode Island domestic insurer established specifically for providing run-off portfolio transfer solutions, thanks ... Read the full article
Coastal MGA Orchid announces new CEO and Chairman
28th March 2017
Specialty underwriter Orchid announced the promotion of Brad Emmons to Chief Executive Officer and Steven Carlsen as new Board of Orchid Chairman succeeding retiree Ken LeStrange. Emmons previously served as President of Orchid, and under his leadership, the firm reported more than doubling its size, expanding in geographic reach and product ... Read the full article
Cyclone Debbie catastrophe declared
28th March 2017
The Insurance Council of Australia (ICA) has declared a catastrophe for severe tropical cyclone Debbie, which made landfall in northern Queensland as a major Category 4 storm, with the potential to cause billions in losses. Severe tropical cyclone Debbie came ashore between Bowen and Airlie Beach after having raked the Whitsunday's ... Read the full article
Cyclone Debbie likely to hit international reinsurers
27th March 2017
International re/insurers are preparing for the impact of cyclone Debbie, which is expected to hit Australia's North Queensland coast as a Category 4 storm on Tuesday morning local time, with reinsurance cover likely to cover some of the loss. Currently a Category 4 storm, cyclone Debbie is expected to make landfall between Cape Upstart ... Read the full article
One phase of London’s PPL launch brought forwards another delayed
27th March 2017
One of the phases of integration for the London market's PPL electronic trading platform has been brought forward, while another has been delayed as the existing timeframe was deemed too ambitious. Phase 1 of integration, which includes the alignment of Placing Platform Limited (PPL) technology with a market data capture initiative ... Read the full article
Endurance appoints cyber insurance product leader
24th March 2017
Bermuda-based insurance and reinsurance group Endurance Specialty Holdings Ltd. has named Brad Gow as its cyber insurance product leader. Gow has been with Endurance since March 2011, as a Senior Vice President with product responsibilities for the firm's Endurance Pro professional liability and cyber risk insurance businesses. As Global Cyber Product Leader for Endurance ... Read the full article
AXA promotes Braverman to lead its Legacy business
23rd March 2017
AXA has announced the promotion of Josh Braverman, Chief Investment Officer (CIO) and Treasurer to head its Legacy Book Business, and the promotion of Steven M. Joenk to CIO. Braverman joined AXA in 2009 to lead its Derivatives & Hedging teams, which included the development and implementation of the company's derivatives and hedging strategies. Three years after joining the ... Read the full article
DBRS’ insurer ratings to be available on the MSA Researcher Platform
23rd March 2017
Global, independent credit rating agency DBRS ltd., the largest credit rating agency in Canada, has collaborated with MSA Research Inc. (MSA) to provide its insurer ratings on the MSA Researcher Platform and its printed reports. Joel Baker, Chief Executive Officer (CEO) of MSA, said; "We’re excited to be working with DBRS, ... Read the full article
Drinker Biddle adds Dan Brown as a partner
23rd March 2017
International law firm Drinker Biddle & Reath LLP has added Dan Brown as a partner, as it looks to bolster its insurance regulatory and transactional capabilities. Brown will be based in the firm's San Francisco office and becomes a member of the company's Insurance Regulatory and Transactional Team. Andrew C. Kassner, ... Read the full article
XL Catlin names Tuplin International Head of Cyber & Tech, Media & Telecoms
23rd March 2017
Insurer and reinsurer XL Catlin has named James Tuplin Head of Cyber & Technology, Media and Telecoms, International, based in the firm's London office. In his new role Tuplin will be responsible for the underwriting of cyber insurance and professional indemnity insurance for the technology and media sectors. Tuplin has roughly 15 years ... Read the full article
XL Catlin appoints Fischbach to head E&S binding
22nd March 2017
Insurer and reinsurer XL Catlin has announced the appointment of Karl Fischbach in a newly added role, as head of Binding Authority and Brokerage for its Excess & Surplus (E&S) insurance division. Fischbach has been in the insurance and reinsurance industry for 24 years, and assumes his new responsibilities in addition to ... Read the full article
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