Reinsurance News
Reinsurance News
Reinsurance industry news, analysis, insight and interviews.
Reinsurance market news coverage provided everyday, on the top reinsurers and insurers, covering news topics of relevance to the reinsurance sector, as well as commercial and specialty insurance.
Re/insurers in South Africa adapt to growing severe weather risk after Cape Town fire
24th July 2017
South Africa re/insurers and government will have to adapt pricing and policies and step up risk mitigation efforts after the recent Cape Town wildfire, that's expected to cause a hardening of the market, demonstrated the growing risk of increasing size and scale of severe weather events. Christo Rautenbach, a coastal modeller at ... Read the full article
UK seeks to keep reinsurance market competitive with new ILS rules
24th July 2017
The UK government has announced updates to its regulatory and tax regime for Insurance Linked Securities (ILS) as it seeks to ensure the re/insurance business environment remains competitive throughout the transition out of European Union membership. The regulatory reforms cover how to set up an ILS vehicle, the associated taxation system ... Read the full article
Inaugural IFTRIP a defining moment for terror risk pools: Pool Re’s Enoizi
21st July 2017
Speaking ahead of the inaugural International Forum of Terrorism Risk Pools' (IFTRIP) conference, held in Paris on June 28th, 2017, Pool Re Chief Executive Officer (CEO), Julian Enoizi said that as the first formal collaboration event between the world's terrorism re/insurance entities it would be a defining moment for national ... Read the full article
Proportion of 2017 cat losses covered by re/insurance up 10%: Aon
20th July 2017
The first-half of 2017 brought catastrophe losses to the global economy of $53 billion, 42% of which, or $22 billion was covered by re/insurance protection, according to Aon Benfield unit, Impact Forecasting's latest catastrophe report. 76% of total global catastrophe losses were from U.S. events, making the U.S. the only region ... Read the full article
Border-adjustment tax would drive higher insurance premiums across the U.S.
19th July 2017
The implementation of a border-adjustment tax (BAT) in the states would eliminate the ability of U.S. insurers to utilise vital foreign reinsurance to manage exposures and drive higher premiums, especially in areas like California that are highly susceptible to significant catastrophe risks, warns R Street and the Pacific Research Institute ... Read the full article
Re/insurance can help close Eastern Canada quake protection gap: Swiss Re
18th July 2017
A recent Swiss Re report highlighted the vulnerability of Eastern Canada to earthquake risk where it said a lack of awareness has led to a high protection gap in a region vastly exposed to high economic and social losses in the case of a major earthquake. A magnitude 7.3 earthquake in ... Read the full article
Pioneer hires Anand Hari to Head Catastrophe Risk & Exposure Management
18th July 2017
Pioneer Underwriters, part of the Minova portfolio of insurance and reinsurance holdings, has appointed Anand Hari as its new Head of Catastrophe Risk and Exposure Management. Hari joins Pioneer from his most recent role as Head of Direct and Facultative Modelling at Faraday Syndicate 435. He will report directly to Graeme ... Read the full article
U.S. gives stamp of approval for U.S.- E.U. Covered Agreement for re/insurance
17th July 2017
The U.S. Department of the Treasury and the Office of the U.S. Trade Representative have agreed to sign the U.S.-European Union (EU) Covered Agreement on prudential measures for insurance and reinsurance business. The bilateral agreement will be finalised in coming weeks and a U.S. policy statement on its implementation issued. The U.S. treasury ... Read the full article
Hong Kong set to become link for local re/insurers’ overseas expansion
17th July 2017
In response to questions from a member of the Legislative Council of Hong Kong, Hon Chan Kin-por, the Hong Kong Secretary for Financial Services and the Treasury, James Lau, shared his perspective on where Hong Kong needs to focus to further develop its insurance market, 7thspace reported. Lau said in ... Read the full article
Probitas 1492 signs MOU with Saudi Re to acquire nearly 50% of its Bermuda holding firm shares
17th July 2017
Probitas 1492 - a Lloyd's underwriting syndicate specialising in property, construction and casualty insurance and reinsurance solutions has signed a Memorandum of Understanding with Saudi Re to acquire nearly 50% of the Ordinary Shares of its holding company Probitas Holding Bermuda Ltd (PHBL). Ash Bathia, CEO Probitas, commented that the substantial involvement of ... Read the full article
Florida market pressured at mid-year as players push for 2017 targets: Willis Re
17th July 2017
The mid-year renewals season saw continued softening of pricing in Florida with stable market demand, but pressure on traditional players is growing as they make a final push for 2017 premium targets, but are squeezed into a tighter space by greater alternative capital influx. John Cavanagh, Global Chief Executive Officer (CEO) of Willis ... Read the full article
Australian Reinsurance Pool to consider adding cyber terrorism
17th July 2017
The Australian government terrorism reinsurance agency, the Australian Reinsurance Pool Corporation (ARPC), will consider expanding its terrorism coverage to include cyber terrorism in its 2018 tri-annual review. The ARPC is a public financial corporation which manages the terrorism reinsurance scheme - which offers reinsurance for insurers covering commercial property and associated business interruption ... Read the full article
Indonesian reinsurers’ competitiveness improves with OJK capacity optimisation policy: Fitch
14th July 2017
Indonesia's reinsurance industry premiums have increased in the past few years with a three-year average growth of 33%, after the Indonesian Financial Services Authority (OJK) optimised local capacity, enabling the sector to retain more risk domestically. OJK requires all reinsurers to purchase enough protection to cover a 250-year return period; most of ... Read the full article
Genworth & China Oceanwide complete reinsurance agreements & refile CFIUS notice
14th July 2017
Insurer Genworth Financial and China Oceanwide Holdings have announced the completion of internal reinsurance agreements and have again withdrawn and re-filed their joint voluntary notice with the U.S. Committee on Foreign Investment (CFIUS), to allow the committee more time to review the firms' proposed transaction under their merger agreement. A new ... Read the full article
National Surety Underwriters secures $8mn i2B Capital funding for reinsurance subsidiary
14th July 2017
i2B Capital has closed an $8 million structured term loan to National Surety Underwriters (NSU) to fund the capitalization of a new reinsurance subsidiary and the merger of McCabe and Independent Corporate Underwriters. NSU - a special-purpose surety reinsurance captive and underwriting agency headquartered in Philadelphia - is the sole owner ... Read the full article
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