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.
Argentina changes regulation to lift limitations on foreign reinsurers
18th May 2017
The Argentine Superintendence of Insurance has announced amendments to the reinsurance regulatory framework which will see barriers to foreign reinsurers operating in the region lift, to further open up the market to international players. The changes will allow admitted foreign reinsurers to take on more risks, and will remove requirements for foreign ... Read the full article
Re/insurance essential in the management of rising, global flood risk: Guy Carpenter
18th May 2017
International reinsurance brokerage, Guy Carpenter, recently held a forum in Berlin, Germany that underlined the importance of utilising efficient and effective re/insurance capacity and solutions to improve flood risk management, one of the world's most costly perils. Flood risk is one of the world's most advancing and evolving perils, driving high ... Read the full article
Reinsurance buying driven by expansion into new lines: A.M. Best
18th May 2017
Europe's 20 largest cedants have been increasing their reinsurance purchasing as they grow their product offerings with new lines of business that typically require greater technical and financial support, said A.M. Best Senior Director, Carlos Wong-Fupuy, commenting on the rating agency's latest reports on large European insurers' reinsurance ceding trends. As cyber, ... Read the full article
Peak Re targets globally diversified growth
18th May 2017
Global expansion and diversification both by territory and line of business is seen as key for Hong Kong headquartered reinsurer, Peak Reinsurance Company Limited (Peak Re). With a portfolio that was predominantly Asia Pacific focused just a year or two ago, Peak Re has been taking steps to grow into new ... Read the full article
Lord Turner appointed as new Chubb non-executive Chairman of key European boards
17th May 2017
Chubb has announced the appointment of Adair, Lord Turner, as non-executive Chairman of its key European companies, Chubb European Group and Chubb Underwriting Agencies. In his new position, Turner will work alongside Andrew Kendrick, Regional President for Chubb in Europe, who continues to have executive management responsibility for Chubb’s operations across ... Read the full article
Fitch predicts challenging year ahead with soft reinsurance market conditions
17th May 2017
Fitch Rating has set a negative forecast for the year ahead in its 2017 outlook report, predicting a continued decline of premium rates, with soft pricing prevailing in the global reinsurance market. The soft pricing is driven by a continued over demand of capital, sluggish reinsurance purchasing, and several years of below-average ... Read the full article
Lloyd’s agrees to pay compensation for South Korea Sewol ferry victims
17th May 2017
Lloyd's of London and Korean Re have reached an agreement to pay more than 100 billion won (US$89 million) for South Korea's Sewol ferry accident victims after two years of negotiating whether or not insurance claims were valid due to the ferry owner failing to operate according to regulations, the ... Read the full article
WannaCry could be a catalyst for a new approach to cyber risks: Sciemus
17th May 2017
The global cyber attack caused by the virulent new strain of self-replicating ransomware known as Wanna Decryptor, WannaCry, or WCry, could be just the catalyst that the insurance and reinsurance market needs to stimulate a new approach to cyber risks, according to experts at Sciemus. The WannaCry ransomware has impacted more ... Read the full article
Swiss Re & Taiwan Fire & Marine Insurance launch first parametric insurance for Taiwan fisheries
16th May 2017
Swiss Re and Taiwan Fire & Marine Insurance have worked together to offer the first parametric aquaculture insurance solution to provide cover against extreme rainfall for onshore fisheries, in Taiwan's Ping Tung Country. The parametric insurance solution will provide cover for 120,000 hectares of Grouper fish ponds, making Taiwanese fisheries more ... Read the full article
InsurTech firm Sherpa & Gen Re partner to disrupt traditional re/insurance model
16th May 2017
InsurTech firm Sherpa has announced plans to collaborate with reinsurer Gen Re to offer customer-driven insurance cover to provide clients with a single underwriting process and account for all risks insured, replacing and simplifying traditional methods of insuring on a product by-product basis with separate policies and processes. The new business ... Read the full article
Ransomware attacks spur cyber demand, could be a $14bn market: Fitch
16th May 2017
As we wrote yesterday, the recent cyber attacks that struck more than 150 countries across the globe with ransomware will stimulate new demand for cyber insurance and reinsurance coverage, and Fitch Ratings agrees, saying today that re/insurers are in a unique position to respond to assist customers faced by ... Read the full article
China’s PICC to self reinsure with PICC Re
16th May 2017
China's PICC Property & Casualty (P&C) Company Limited has entered into a reinsurance arrangement with the parent owned PICC Re reinsurance company. PICC P&C is part of the People's Insurance Company (Group) of China Limited, which also owns the reinsurer PICC Re. The paid have entered into an agreement which will see ... Read the full article
Global ransomware attack highlights the growing need for cyber re/insurance
15th May 2017
Last weekend's devastating global ransomware attack has refocused attention on the need to mitigate against growing risks of cyber threat with greater protection and re/insurance cover, and prompted a cybersecurity stock purchase by European investors. The cyber attack locked up more than 200,000 computers in over 150 countries - disrupting hospitals, businesses, ... Read the full article
U.S. property/casualty insurers fall to $4.7bn underwriting loss in 2016: ISO, PCI
12th May 2017
U.S. property/casualty (P/C) insurers recorded a $4.7 billion net underwriting loss in 2016 with a combined ratio of 100.7%, compared with an underwriting gain of $8.9 billion and a combined ratio of 97.8% a year earlier, as higher catastrophe losses and less favourable reserve development impacted profitability, according to ISO, ... Read the full article
Validus Re CEO Driscoll named President of Validus Holdings
10th May 2017
Validus Re Chief Executive Officer Kean Driscoll has been named President of the parent company Validus Holdings, Ltd., effective immediately. Driscoll will remain in his CEO role at the reinsurance unit. Driscoll has been CEO of Validus Re since since 2012. With 17 years of reinsurance industry experience, Driscoll was a ... Read the full article
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