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.
Evolving property/casualty industry at inflection point: VJ Dowling
20th June 2017
Disruptive technologies are driving widespread change across the insurance and reinsurance industry and the property/casualty (P/C) sector is now at an inflection point of the ongoing change, Vincent J. Dowling, Jr. told attendees at the Marsh & McLennan Companies Young Professionals’ Global Forum, 2017. "I have been following the property/casualty industry ... Read the full article
Indian regulator to review right to first refusal for international reinsurers
20th June 2017
The rule giving state-owned Indian reinsurer General Insurance Corporation of India (GIC Re) first picks to reinsurance treaties is set to be reviewed in December of this year. The announcement is likely to renew foreign reinsurers' hopes that the Indian playing field will become more level as it moves closer to a ... Read the full article
Cost of UK motor reinsurance to rise on back of Ogden costs: RBC
20th June 2017
Analysts at RBC Capital Markets say that motor insurers operating in the UK are likely to face higher reinsurance renewal costs in January 2018, as the cost of the Ogden Rate change is factored in. The Ogden Rate change is estimated to have cost insurers and reinsurers £3.5 billion in ... Read the full article
Ed makes five appointments as it expands professional and executive risks business
20th June 2017
Reinsurance broker Ed has made five new appointments as it looks to expand its professional & executive risk operations, which will be led by Paul Richards as Managing Director. The broker has named James Baird as Director, Neal Hughes as Divisional Director, Rupert Alabaster as Divisional Director, and James Faith as Producer/Broker. Chris ... Read the full article
R&Q assumes $43m in liabilities from California insurer in reinsurance contract
20th June 2017
Randall & Quilter Investment Holdings (R&Q) has written a loss portfolio transfer reinsurance contract to cover a California-based insurance group's livery, trucking, and contractors’ liability programme issued from 2007 to 2015. The deal includes R&Q assuming about $43 million in undiscounted liabilities as well as the carrier's claims handling. Ken Randall, Chairman ... Read the full article
Florida insurers propped up by reinsurance capacity at all-time high: KBRA
20th June 2017
Abundant reinsurance capacity at ever-decreasing pricing has been a lifeboat for Florida insurers at the 2017 second quarter renewals, after their profitability has been shaken by rising water-loss and fraudulent AOB claims, the Kroll Bond Rating Agency (KBRA) highlighted in its Floridian market report. Floridian primary insurers were given a much-needed boost by ... Read the full article
Ian Carson & Karen Payne appointed to Australian Reinsurance Pool Corporation
19th June 2017
Ian Carson and Karen Payne have been appointed to the Australian Reinsurance Pool Corporation (ARPC) - a government scheme providing terrorism insurance coverage for commercial property, high value residential property from 1st July, and associated business interruption. Carson will take up a role as part-time Chair for a three-year period from 1 July 2017 ... Read the full article
R&Q completes reinsurance loss portfolio transfer with Fortune 500 Insurance Group
19th June 2017
Randall & Quilter Investment Holdings (R&Q), the legacy and run-off acquisition and management specialist, has underwritten a loss portfolio transfer reinsurance contract to assume a bonds portfolio issued by a Fortune 500 Insurance Group. The undiscounted liabilities assumed in the deal are estimated at $46.5 million. Ken Randall, Chairman and Chief Executive ... Read the full article
London re/insurance centre will remain unchallenged by Brexit: Aon Benfield
16th June 2017
An Aon Benfield publication on the potential impact of Brexit on re/insurers states the London specialty re/insurance centre will remain unscathed and unchallenged by EU departure, due to London-based reinsurers' not having to rely on single market access to sell solutions to European clients. This is down to the relative proportion of ... Read the full article
Reinsurers shift from quota share arrangements to directly acess cyber risk: Aon Benfield
16th June 2017
Evolving consumer demand and increased regulation and awareness of cyber risk are driving an expected near-term exponential market growth, and reinsurers who have so far cautiously tread into the cyber space through quota share arrangements with insurers are making bolder moves to directly take on the risk, Aon Benfield said ... Read the full article
United more likely to call on reinsurance after $20 million losses
15th June 2017
United Insurance Holdings (UPC) has announced second quarter pretax losses of about $20 million, meaning any future losses up to another $30 million will automatically be ceded to reinsurers, as its catastrophe aggregate reinsurance programme retention of $30 million has now been blown. The firm's catastrophe aggregate reinsurance programme provides cover for up ... Read the full article
Reinsurers in Florida advised caution over AOB epidemic: Hiscox Re
15th June 2017
If the Assignment of Benefits (AOB) epidemic sweeping Florida continues unchecked, insurers with weaker capitalisation could see rating downgrades or be put out of business entirely, while reinsurers' credit risk skyrockets, Bevis Tetlow, Chair of Hiscox Re’s North America business warned. Florida insurers have been struggling to keep their head above ... Read the full article
Munich Re leads Grenfell Tower reinsurance, fire loss seen at £25m+
15th June 2017
The insurer of the Grenfell Tower apartment building in London's Royal Borough of Kensington and Chelsea, that was the site of a tragic fire this week, has said that the insurance loss is anticipated at over £25 million ($31.8m) and said that Munich Re is its lead provider of reinsurance. The ... Read the full article
GIC to launch $1.44 billion IPO in September
14th June 2017
The General Insurance Corporation of India (GIC) is expected to launch its $1.44 billion (Rs 9,000 crore) initial public offering (IPO) from September to October, money control news reported. This represents a 10% company stake sale issue by the Indian government. GIC reported a gross premium for the financial year at Rs 33,585 ... Read the full article
Brokerage – the most attractive P&C re/insurance subsector: reports
14th June 2017
The broker community has remained a safe haven within the P&C re/insurance market, buoyed up by a hedge of commission rates, near-term positive organic growth prospects, and a strong bargaining position fuelled by the stiffly competitive soft market environment. However, looking farther ahead, the increasingly blurred roles of brokers and re/insurers could ... Read the full article
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