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.
$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
Guy Carpenter advises caution on terrorism coverage in 2017 forecast
6th January 2017
With global political volatility on the rise, terrorism coverage will require extra vigilance, while new technologies shift the landscape of challenges and opportunities for re/insurers, according to broker Guy Carpenter. New technologies, big data and predictive analytics, coupled with the "sharing" economy are some of the major emerging factors ... Read the full article
Compre acquires UK run-off re/insurance business of AG Insurance SA
6th January 2017
Independent insurance and reinsurance legacy specialist Compre has today announced its decision to purchase all of the run-off insurance and reinsurance business of the UK branch of AG Insurance SA for an undisclosed sum. The transaction is structured as a loss portfolio transfer and is awaiting relevant approvals in Belgium, Finland ... Read the full article
Energy reinsurance cedents continue to improve renewals: JLT
5th January 2017
Ceding insurers in the energy insurance market have continued to make advances in improving their reinsurance program coverage at the recent January 2017 renewals, as the market remained one favoring buyers. "Chronic overcapacity" continues to affect the energy insurance and reinsurance market, according to the latest update from Lloyd & Partners, ... Read the full article
Navigators hires leadership team for Asia region from Chubb
4th January 2017
The Navigators Group, Inc., a global specialty insurance and reinsurance firm, has appointed a new leadership team for the Asia region, with three senior hires all coming over to the firm from competitor Chubb. Jon Doherty has been hired as Managing Director of Asia, Sang Kyoun (S.K.) Kim as Chief Underwriting ... Read the full article
Swiss Re Corporate Solutions appoints new head of MENA
4th January 2017
Swiss Re Corporate Solutions, the corporate insurance arm of the global reinsurance firm, has appointed Falk Schmaler as its new Head of Middle East and North Africa (MENA). In his Dubai-based role, Mr. Schmaler will head-up the company’s business strategy and market presence in the MENA region. Tony Buckle, Swiss Re Corporate ... Read the full article
Mitsui Sumitomo Marine Management has licensed RMS Exposure Manager
4th January 2017
Commercial property and casualty insurer Mitsui Sumitomo Marine Management (MSMM) has licensed the RMS Exposure Manager, a move that aims to strengthen its risk accumulation management. One of the world’s leading catastrophe risk modelling and management firms, RMS, today announced that MSMM has licensed its Exposure Manager solution, the first solution ... Read the full article
Lloyd’s Market Association (LMA) publishes cat model guide
4th January 2017
The Lloyd’s Market Association (LMA) has published a new guide on catastrophe risk models today, as it seeks to bring more clarity to the subject, as the use of, range and complexity of catastrophe models has increased. The guide focuses on uncertainty in catastrophe risk modelling and is targeted at helping ... Read the full article
Arch completes acquisition of mortgage insurer United Guaranty
4th January 2017
Arch Capital Group, the Bermudian headquartered insurance and reinsurance firm, has today announced its completed acquisition of United Guaranty Corporation (UGC) from American International Group (AIG). The acquisition of UGC will further expansion of Arch’s existing mortgage insurance businesses by combining UGC’s position as the market leader in the U.S. private ... Read the full article
Berkshire Hathaway in $1.5bn reinsurance agreement with The Hartford
3rd January 2017
Warren Buffett’s National Indemnity Company (NICO), a Berkshire Hathaway Inc subsidiary, has entered into a $1.5 billion aggregate excess of loss reinsurance agreement with The Hartford. With a reinsurance premium set at $650 million, the agreement will provide $1.5 billion of reinsurance covering adverse net loss reserve development on ... Read the full article
QBE signs deal to licence RMS Cyber Accumulation Management System
3rd January 2017
QBE Insurance Group has agreed a multi-year deal to licence the RMS Cyber Accumulation Management System, with catastrophe risk management firm RMS. The risk modeller explains that the agreement will allow the insurer's cyber business to model a variety of cyber catastrophe events. The growing threat of cyber attacks across the ... Read the full article
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