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.
Asta invest in new London and Dubai reinsurance MGA, Arma Underwriting
27th February 2017
Specialist Lloyd's of London third party managing agent and specialist MGA investor, Asta, has announced a new investment in London and Dubai reinsurance MGA, Arma Underwriting Limited. Backed by Lloyd's of London market capacity, Arma is designed to underwrite a wide spectrum of business lines and will look to support local ... Read the full article
SCOR grows longevity reinsurance business in 2016
27th February 2017
French insurer and reinsurer SCOR reported growth in its longevity business during 2016 driven by a strong fourth-quarter for the segment, with the company highlighting growth potential with life business in the UK and elsewhere. The majority of insurance and reinsurance companies have now reported their results for the fourth-quarter and ... Read the full article
Re/insurance set for lower returns as higher-yielding assets mature: Warren Buffett
27th February 2017
Warren Buffett’s annual letter to the shareholders of Berkshire Hathaway is always peppered with insights, and this years edition was no different. Buffett pointed out a number of interesting trends affecting the reinsurance industry today and even made the odd forecast for the future. One of his forecasts was something he has ... Read the full article
Reinsurance ensures Western Pacific’s Canterbury policy holders receive first payouts
24th February 2017
Reinsurance capacity is ensuring that some Western Pacific Insurance Limited policy holders are finally receiving their first payouts from the 2010 and 2011 Canterbury, New Zealand earthquakes, according to the insurer's liquidators. The shareholders of Western Pacific placed the firm into liquidation in April 2011, after the insurer was found to ... Read the full article
SCOR makes changes to retrocession reinsurance leadership
24th February 2017
Global insurer and reinsurer SCOR has announced leadership changes within its retrocession reinsurance business, revealing that Emmanuel Fierens is to replace Augustin Gas and take charge of SCOR's retrocession reinsurance operations. Emmanuel Fierens is leaving his role as Head of SCOR Business Solutions to take on the role of Deputy Head ... Read the full article
Poor year forecast for Lloyd’s of London underwriters
24th February 2017
As results for the last fiscal year roll in RBC Capital Markets equity analysts project a further year of dragging results for Lloyd's underwriting, after 2016 reports have continued to show declines in what's been a year on year deterioration. “The Lloyd's market posted a 98% combined ratio at 1H16, and ... Read the full article
SCOR appoints Rachel Conran to Head of Business Solutions
23rd February 2017
Reinsurance firm SCOR Global P&C has appointed Rachel Conran as its new Head of SCOR Business Solutions - the business unit dedicated to large corporate risks. In her new role, Conran will report to Benjamin Gentsch, Deputy CEO of SCOR Global P&C and Head of Specialty Lines, she succeeds Emmanuel Fierens, ... Read the full article
L&G’s U.S. pension risk transfer business approaches $1 billion
23rd February 2017
UK insurer Legal & General (L&G) has revealed that its U.S. pension risk transfer (PRT) business witnessed further growth in 2016 and the unit expects to surpass $1 billion in transaction volume in the near future, citing increased demand for its services across the states. The UK domiciled insurer entered the ... Read the full article
Lloyd’s “absolutely committed” to Latin America: Inga Beale
23rd February 2017
The specialist Lloyd's of London insurance and reinsurance marketplace is "absolutely committed" to Latin America and will continue to expand its presence and capabilities in the region, ultimately helping to increase insurance penetration levels, according to Lloyd's Chief Executive Officer (CEO), Inga Beale. In a keynote speech delivered at Lloyd's of London's ... Read the full article
Stephen Robb to succeed Peter Porrino as XL Chief Financial Officer
23rd February 2017
XL Group announced recently that Group Controller Stephen Robb will succeed retiring Peter Porrino as Chief Financial Officer (CFO), effective May 1st, 2017. Following his retirement, Porrino will continue to work as an advisor to Chief Executive Officer (CEO) Mike McGavick on a part-time basis. Commenting on the announcement, McGavick said; “First ... Read the full article
“Inflection point” nears as reinsurers adapt to “softer for longer,” says S&P
22nd February 2017
2017 is expected to be an "inflection point" for the challenging U.S. property/casualty (P/C) sector as claims increase and pricing and reserves diminish further, causing reinsurers to adapt to the "softer for longer" environment, says Standard & Poor's (S&P). The international ratings agency recently provided an update on the U.S. insurance ... Read the full article
Morocco and Ghana to cooperate on re/insurance
22nd February 2017
The African countries of Morocco and Ghana are set to establish closer ties on insurance and reinsurance, as the paid signed a raft of agreements designed to make cooperation easier between governments and the private sector. Insurance and reinsurance feature as part of the agreements signed, of which there were 25 ... Read the full article
Sydney storms could further strain IAG’s peril costs budget
22nd February 2017
Insurance Australia Group (IAG) has received over 13,000 claims, predominantly motor, after the severe February 18th Northern Sydney hailstorm; the costs of these rising claims could place the insurer's already strained 2017 fiscal year budget under further pressure, making a fall-back on reinsurance cover increasingly likely as the year rolls ... Read the full article
AMTrust appoints Underwriting Director of ANV Global Services
22nd February 2017
North American Managing General Underwriter (MGU), ANV Global Services, owned by multinational insurance and reinsurance group AmTrust Financial Services, has appointed James Pittinger to the role of Underwriting Director, effective immediately. In his New Jersey-based role, Pittinger will be responsible for the North American MGU business, Management Liability and Professional Lines ... Read the full article
Suncorp looks to beat Fairfax to Tower in New Zealand
22nd February 2017
Australia and New Zealand based insurer Suncorp Group has made a counter-offer to acquire Tower Insurance of New Zealand, seeking to beat Prem Watsa's Fairfax to the deal. Prem Watsa's Fairfax Financial made an all cash offer at $1.17 per share, so valuing Tower at $197 million, which was a ... Read the full article
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