Reinsurance News
12th October 2020
Analysts at Credit Suisse have raised their full-year COVID-19 mortality estimate for the US to 275,000, having previously issued a figure of 210,000 in July. The firm says the significant increase in mortalities due to the pandemic could increase the impact to US life re/insurers. Credit Suisse’s estimates now reflect roughly 80,000 ... Read the full article
5th October 2020
Moody's Investors Service has placed a negative outlook on the UK life insurance sector amid concerns that a further decline in gilt yields could increase pressure on solvency levels. A new report by Moody's also noted how the shrinking UK economy is impacting sales of discretionary life insurance product, resulting in ... Read the full article
5th October 2020
Moody’s has warned that US life re/insurers face the potential for rating downgrades due to pandemic-related exposures in their fixed income investment portfolios. The rating agency noted that many insurers have significant exposures in consumer sensitive sectors that have been heavily affected by coronavirus related shutdowns and laggard demand. Airlines, restaurants, lodging, ... Read the full article
30th September 2020
Global investment firm GIC and mutual life insurer Massachusetts Mutual Life Insurance Company (MassMutual) have agreed to acquire a 36% shareholding in Rothesay Life from investor Blackstone in a deal valued at £5.75 billion. Under the terms of the transaction, GIC and MassMutual will each become equal 49% shareholders. Blackstone, GIC and ... Read the full article
9th September 2020
Empower Retirement is set to acquire the retirement plan business of mutual life insurer MassMutual in a reinsurance transaction for a ceding commission of $2.35 billion. In addition, the balance sheet of the transferred business will be supported by $1 billion of required capital when combined with Empower’s existing US business. Through ... Read the full article
25th August 2020
Life reinsurance and insurance holding company, Monument Re, has reached an agreement to acquire Charles Taylor Group's Isle of Man businesses. The purchase mostly consists of Charles Taylor's life insurance entity, LCL International Life Assurance Company Limited, and Charles Taylor Holdings Limited. Financial terms of the deal were not disclosed and the ... Read the full article
12th August 2020
Life reinsurer Reinsurance Group of America, Incorporated (RGA) has decreased its estimate of extra pre-tax mortality claim costs for the COVID-19 pandemic by approximately $200 million. In Q1, RGA provided an illustration of the potential impact of the pandemic on global mortality claims, based on a scenario that included 100,000 deaths ... Read the full article
30th July 2020
Life reinsurer, Pacific Life Re, has announced the appointment of Sarah Teehan as Head of Protection in Europe. Teehan’s appointment comes after James Tait’s move from the beginning of this year from Head of Protection at Pacific Life Re to CEO at UnderwriteMe. Teehan is a qualified Actuary and joins Pacific Life ... Read the full article
22nd July 2020
Data analytics provider Verisk has announced the release of Life Risk Navigator, a cloud-based stochastic risk modelling platform to inform risk selection, quantify changes in mortality rate, and improve hedging strategies. The analytics provided by Life Risk Navigator are driven by Verisk’s Life Risk Models, a set of probabilistic risk models ... Read the full article
7th July 2020
Life reinsurer, Reinsurance Group of America, Incorporated (RGA) has reached an agreement to sell its Dutch life insurance firm, Leidsche Verzekering Maatschappij N.V. (Leidsche), to De Goudse N.V., an all-round insurer. Terms of the transaction have not been disclosed and the deal remains subject to approval of the Competition Authority, De ... Read the full article
11th June 2020
National Guardian Life Insurance Company (NGL) has announced an agreement to sell certain closed-block businesses to Prosperity Life Assurance Limited (Prosperity Life). The businesses in question have combined net statutory reserves of approximately $400 million and consist of life, annuity and A&H lines. “This reinsurance transaction with NGL launches Prosperity Life Assurance ... Read the full article
10th June 2020
The four major Japanese life insurers reported a 5.8% decline in their combined core profits over the fiscal year 2019, according to analysts at Moody’s. The rating agency attributed the decrease to a revision in mortality table, and warned that capital and profitability remain at risk in the current environment. The four ... Read the full article
28th May 2020
European insurance giants Allianz and Generali could be preparing to sell billions of euros of life insurance assets in order to free up capital amid the COVID-19 pandemic, according to reports from Bloomberg. Sources told the publication that Allianz has been working with Morgan Stanley to divest as much as €9 ... Read the full article
21st May 2020
L&G Re, the global reinsurance arm of L&G, has experienced rapid growth in recent years, and the life reinsurer’s increased focus on advanced technology points to continued expansion for the company and the wider pension risk transfer (PRT) market, according to Chief Executive Officer (CEO), Thomas Olunloyo. In an interview with ... Read the full article
13th May 2020
RGAX, a subsidiary of Reinsurance Group of America, Incorporated (RGA), has partnered with insurtech firm Socotra to help develop new life insurance products. Using Socotra as its policy administration system, RGAX will look to develop new products for its subsidiary, Greenhouse Life Insurance (Greenhouse Life). RGAX first partnered with Socotra in 2017 ... Read the full article
