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.
Colorado experiences costliest catastrophe on record
24th May 2017
The Rocky Mountain Insurance Information Association has provided a preliminary insurance industry loss estimate of $1.4 billion for the large hailstorm that struck Colorado on the 8th May, 2017. The event is set to be the most costly catastrophe event ever recorded in the state, after surpassing the $845.5 million loss ... Read the full article
Tower to pass more NZ catastrophe & weather losses to reinsurers
24th May 2017
Tower Insurance, the New Zealand insurer that is in the process of selling itself, has reported that loss creep due to the 2010 and 2011 Canterbury earthquakes, plus impacts from the Tasman Tempest storm, the Kaikoura earthquakes and recent storm events will result in further reinsurance claims being made. Tower ... Read the full article
Berkshire Hathaway’s Nico drives $2.4bn net loss for group of U.S. reinsurers
24th May 2017
Analysis from the Reinsurance Association of America (RAA) reveals that a group 18 U.S. reinsurers fell to a net income loss of $2.4 billion in the first-quarter of 2017, driven largely by National Indemnity Company (Nico) recording a net income loss as its combined ratio surpassed 100% coupled with over $5.8 ... Read the full article
M&A activity to increase as foreign firms move into international markets: Fitch
23rd May 2017
Rating agency Fitch highlighted in its report on last year’s reinsurance trends that Merger and acquisition (M&A) activity is not only growing in response to limited organic expansion options, but also as firms with reinsurance operations increasingly become the target of foreign companies seeking to move capital and operations into ... Read the full article
Re/insurance to take minimal share of $8 billion WannaCry economic loss: A.M. Best
23rd May 2017
Insurance industry focused cyber-security firm, Cyence, has pegged the WannaCry ransomware attack economic loss at an estimated $8 billion, although insurance and reinsurance protection is expected to cover just a fraction of this, warns A.M. Best. The recent, global ransomware attack that impacted 150 countries and that was felt across a number of ... Read the full article
Pool Re says will work to pay any Manchester attack claims as quickly as possible
23rd May 2017
UK terrorism reinsurance backstop Pool Re has said that it will work with its various members to respond to any claims arising after last night's horrific attack in Manchester. The northern UK city of Manchester was struck by a terrorist attack last night, after a suspected suicide bombing at a pop ... Read the full article
Swiss Re sets up combined Property & Casualty Underwriting Hub in Asia
23rd May 2017
Global reinsurance giant Swiss Re has announced today that it is setting up a new combined Property & Casualty (P&C) Reinsurance Underwriting Hub for the Asia Pacific region. The new Hub will be led by Sharon Ooi, as Head P&C Underwriting for Asia, Australia & New Zealand. Ooi will be tasked with ... Read the full article
Insurance leaders concerned at London’s ability to attract capital & talent post-Brexit: DWF
23rd May 2017
FTSE 100 insurance leaders have voiced concern over London's position as a global financial hub in a post-Brexit world, after a recent survey and accompanying report from law firm DWF highlights doubts about the city's ability to attract capital and talent once the UK leaves the European Union (EU). While no one can be ... Read the full article
Solvency II “may not provide a reliable picture of the underlying economics”: A.M. Best
22nd May 2017
Rating agency A.M. Best has said that it does not intend to use the Solvency II regime disclosures of solvency and financial condition as inputs for its own rating methodology, saying they "may not provide a reliable picture of the underlying economics of an insurer’s balance sheet at either the ... Read the full article
Re/insurers’ financial accounts reporting set for major change with IFRS 17 release
22nd May 2017
The International Accounting Standards Board (IASB) has released a new global basis for insurance contracts accounting, with the issuance of the International Financial Reporting Standards (IFRS) 17, which industry experts have called "the biggest shake-up of financial reporting for decades." IFRS creates a common global language for business, enabling easy understanding of company accounts across ... Read the full article
Aegon selling its two largest US run-off businesses to Wilton Re
22nd May 2017
Global insurance and financial services specialist Aegon is selling its two largest U.S. run-off insurance businesses to Wilton Re, the U.S. life re/insurer that specialises in the acquisition of in-force portfolios. Aegon is selling its payout annuity business and Bank Owned / Corporate Owned Life Insurance business (BOLI/COLI), to Wilton Re, ... Read the full article
IRB Brasil Re to pursue initial public offering (IPO)
22nd May 2017
Brazilian reinsurance firm IRB Brasil Resseguros S.A. (IRB Brasil Re) is resuming the process of going public having received approval from shareholders to register for an initial public offering (IPO). The reinsurer is backed by the Brazilian government, which owns 27% of IRB Brasil Re, and a number of major financial ... Read the full article
Reinsurer reserve redundancies continue to deteriorate
19th May 2017
Reinsurance market conditions have remained challenging in 2017 as the soft pricing environment persists, and analysts at Fitch Ratings have noted further deterioration of overall reserve redundancies across the non-life space, suggesting companies are less able to utilise reserves to bolster weak underwriting returns. The decline in reinsurance industry reserves has ... Read the full article
JLT Re hires Messenger as EVP in North America team
18th May 2017
JLT Re (North America) Inc., part of the reinsurance broking arm of JLT Group, has announced the hire of Greg Messenger as Executive Vice President in Chicago, Illinois. Messenger was most recently with Guy Carpenter, before which he worked at Aon Benfield and has over 35 years of industry experience, having ... Read the full article
Terms & conditions show signs of weakening in 2017: Fitch
18th May 2017
The persistent soft reinsurance market environment is again resulting in the weakening of terms and conditions (T&Cs), as market participants increasingly utilise multiyear protection, extended hours clause, and the inclusion of risks that aren't fully understood by the industry, according to Fitch Ratings. Throughout the softening reinsurance market cycle there have ... Read the full article
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