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.
McConachie steps down from CFO role at Fidelis Insurance
13th January 2017
Fidelis Insurance, the total-return style insurance and reinsurance start-up launched by ex-Lancashire executives Richard Brindle and Neil McConachie has lost one of its founders, as McConachie has been announced as stepping down from the Chief Financial Officer role. McConachie, who partnered with Richard Brindle to launch Fidelis in 2015, is leaving ... Read the full article
Argo Surety names David Layman VP, CUO, Contract Surety
12th January 2017
Argo Surety, a subsidiary of specialty insurer and reinsurer Argo Group International Holdings, Ltd. has announced the appointment of David M. Layman to the newly created role of Vice President (VP) and Chief Underwriting Officer (CUO), Contract Surety, effective immediately. Layman joins Argo Surety with nearly three decades of surety experience in ... Read the full article
Growing protectionism in reinsurance brings pitfalls: Markel Asia
12th January 2017
International speciality insurer Markel Asia says growing regulatory protectionism in the reinsurance industry could defeat the purpose of reinsurance, which is to transfer and to diversify risk. In dealings with financial regulators across the Asian region, Markel Asia points to the growing trend of regulatory protectionism in reinsurance and its potential ... Read the full article
Lloyd’s market reliant on “declining” reserves: Peel Hunt
12th January 2017
After speaking with the Lloyd's of London marketplace during its Lloyd's Insurers Tour in early January, analysts at Peel Hunt have said that the market is relying on reserve releases for profits, and it might not take much more in the way of rate declines before the market ventures into ... Read the full article
U.S. re/insurance companies rethink M&A in Trump era: Reuters
12th January 2017
U.S. insurance and reinsurance companies are rethinking strategic merger or acquisition transactions over a fear of being painted “anti-American” by President-elect Donald Trump, according to a Reuters report. Recent developments in U.S. business show how market developments and volatility - a risk ranked second place in global top threats to the ... Read the full article
Enstar completes reinsurance of QBE’s legacy business
12th January 2017
Bermuda-based legacy and run-off insurance and reinsurance specialist Enstar Group has closed on its previously announced transaction that sees it reinsure a legacy book for QBE Insurance Group Limited. The deal saw Enstar reinsure the legacy multi-line property and casualty business of QBE, enabling the insurer to achieve finality on those ... Read the full article
Business Interruption remains top on list of threats; Allianz
11th January 2017
Business Interruption (BI), exacerbated by the growing threat from supplier failure, cyber incidents and terrorist events, remains the top perceived global insurance risk, according to a survey by Allianz Global Corporate & Specialty (AGCS). After a year of shocks and political perils, companies greatly fear the rising protectionism and anti-globalisation trend, ... Read the full article
PwC names Bichard as new UK insurance leader
11th January 2017
Global insurance, reinsurance, advisory and tax consultancy PwC has named Jim Bichard as its new UK insurance leader, taking charge of a 1,000 strong UK-based practice focused on insurance and reinsurance clients. Bichard has been in charge of PwC’s London Market and Broking team since April 2013 and has been with ... Read the full article
XL Group reveals $245mn preliminary loss estimate for 2016 fourth quarter
10th January 2017
Insurance and reinsurance firm XL Group reported a preliminary $245 million of natural catastrophes loss estimate for 2016’s fourth quarter. These estimated losses are split at about $125 million in insurance and $120 million in reinsurance. The XL Group said the biggest losses came from Hurricane Matthew - with $130 million split ... Read the full article
Austrian terrorism reinsurance pool signs up to IFTRIP
10th January 2017
The Austrian terrorism reinsurance pool, Österreichischer Versicherungspool zur Deckung von Terrorrisiken (VV0), has signed up to support the charter of the International Forum of Terrorism Risk Reinsurance Pools (IFTRIP). The Austrian terror risk reinsurance pool is the seventh sovereign risk pool to sign up to the IFTRIP charter since its inception ... Read the full article
$510m run-off startup Premia launches with Arch & Kelso backing
9th January 2017
Premia Holdings Ltd., a new Bermuda-based property & casualty insurance and reinsurance run-off group, has launched today after a $510 million initial capital raise and with backing from Arch Capital and Kelso & Company. Premia Re has been founded by industry veteran and former ACE / Chubb chief reinsurance officer Bill ... Read the full article
Insured Canadian catastrophe damage nears record $5bn in 2016
9th January 2017
Severe storms, wildfires, and floods ravaged Canada in 2016, making it the highest year on record for insured catastrophe damage payouts. In 2016 insured damage topped $4.9bn Canadian (US $3.6bn) - a figure well over the previous annual record of $3.2bn in 2013 - according to Catastrophe Indices and Quantification (CatIQ), a ... Read the full article
Reinsurance returns need to fall further for prices to rise: RBC analysts
9th January 2017
Reinsurance industry returns need to fall to as low as 5% above the risk free rate before there is any significant stimulus to cause pricing to move materially upwards, according to analysts at RBC Capital Markets. Reinsurance pricing has been softening for almost five years now, with further declines in rates ... Read the full article
Sawyer named Head of Property at AEGIS London
9th January 2017
AEGIS London, the UK-based subsidiary of mutual energy insurance and reinsurance company AEGIS (Associated Electric & Gas Insurance Services Limited), has announced the appointment of Toby Sawyer as Head of Property. Sawyer takes over the Head of Property role at AEGIS London from Alex Powell who will remain Active Underwriter at ... Read the full article
China remains top priority for Lloyd’s re/insurance market growth
9th January 2017
Lloyd’s of London chairman John Nelson told China Daily that China is the most important market for its long-term growth. With dark clouds brewing on the insurance and reinsurance market horizon, in what Nelson describes as a ‘perfect storm’; low interest rates and excessive capital driving down investment returns and premiums ... Read the full article
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