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.
Industry flags litigation as biggest issue facing Florida’s re/insurance market
16th April 2021
An approach of Reinsurance News’ industry contacts has found abusive litigation practices to be the biggest issue currently facing Florida’s insurance and reinsurance market. For several years Florida's property insurance market is perceived to have been plagued by abusive, even underhanded behaviour that has led to elevated loss and litigation costs, ... Read the full article
Will there ever be an oversupply of cyber capacity, asks Gallagher Re white paper
16th April 2021
Gallagher Re's global head of cyber Ian Newman has questioned whether the cyber risk market will ever be short of capital, in a white paper examining the broader implications for the industry. “The principal ingredient required for softening a market is an oversupply of capacity, but cyber has to date not ... Read the full article
ICA declares tropical cyclone Seroj an insurance catastrophe
14th April 2021
The Insurance Council of Australia (ICA) has officially declared Tropical Cyclone Seroj an insurance catastrophe. Seroj impacted parts of Western Australia after making landfall late Sunday April 11. The ICA says the coastal town of Kalbarri took the brunt of the tropical cyclone, as did the community of Northampton. The ICA’s Catastrophe declaration ... Read the full article
Aon / WTW: Concessions show willingness to complete partial deal, say analysts
12th April 2021
In offering deal-related concessions to the European Commission, Aon and Willis Towers Watson have shown their “willingness to complete even a partial deal,” according to equity analysts at Keefe Bruyette & Woods (KBW). As we reported earlier this morning, the European Commission has restarted the clock on the Aon and ... Read the full article
Aon / Willis Towers Watson: EC restarts clock as concessions offered
12th April 2021
The European Commission (EC) has restarted the clock on its investigation into the proposed combination of Aon and Willis Towers Watson (WTW), after concessions were submitted on April 9th, but the deadline for completion has now been pushed into the second-half of the year. The regulators have been looking into the ... Read the full article
Global reinsurance capital up 7% to $658bn in 2020: Willis Re
12th April 2021
Strong investment market appreciation helped global reinsurance industry capital grow 7% to $658 billion at year-end 2020, according a new report from Willis Re. While new capital raised by both incumbents and new entrants added to the final total, Willis Re says capital returns to shareholders exceeded those new investments. Willis Re's ... Read the full article
QBE expands US FINPRO, adds Swiss Re’s Salvatore Samà to lead
9th April 2021
QBE Re, the reinsurance arm of Australian insurer QBE, has expanded its US Casualty treaty hub and appointed Salvatore Samà as Senior Vice President, Treaty Underwriting - FINPRO. Based in New York, Samà will take charge of driving the development and advancement of QBE Re’s US Financial and Professional Lines treaty ... Read the full article
Bermudian reinsurer Varney Re launches with COO Tod Austin at helm
1st April 2021
Varney Insurance Agency has announced the formation of Varney Re, a new Bermudia-based reinsurer led by Tod Austin as Chief Operating Officer. Austin was formerly president for the Atlantic Region at MEMIC Group and will now lead a specialist alternative risk transfer reinsurer as it looks to drive enhanced value for its North ... Read the full article
The Ever Given freed, all valid claims to be considered
30th March 2021
Stranded container ship the Ever Given has been freed from the Suez Canal after five days spent blocking traffic along the vitally important trade route. Egyptian officials expect the backlog of ships to be cleared in around three days, while experts say the knock-on effect on global shipping could take months ... Read the full article
US P&C reinsurer’s net premium hit $65bn in 2020: RAA
29th March 2021
Data from the Reinsurance Association of America (RAA) shows that a group of 17 U.S. property and casualty (P&C) reinsurers wrote $65 billion of net premiums during 2020, an increase from the $57.7 billion recorded in 2019. However, despite writing more premiums the combined ratio of the collective did rise from ... Read the full article
Australia’s flood loss hits $438m, IAG & SUN likely to exceed cat budget
29th March 2021
A new report from Morgan Stanley states that Australian insurers IAG and Suncorp are now likely to exceed their catastrophe budgets for 2021 by a modest amount, after it was announced that the country has so far been inflicted with flood losses of $438 million. As of this morning, 29,213 insurance ... Read the full article
Aon / WTW: Reports say EC remedy package in development, progressing
29th March 2021
Aon and Willis Towers Watson (WTW) are making progress in developing a remedy proposal for European Commission regulators, as the pair look to be proactive in making concessions to get the merger completed, according to reports. As we've previously written, competition related concerns are said to be rising, with the ... Read the full article
2021 Monte Carlo Rendez-Vous cancelled
19th March 2021
The annual Rendez-Vous de Septembre (RVS) in Monte Carlo has been called off for the second year in a row, due to the ongoing COVID-19 pandemic. According to an official statement from the historic conference’s organisers, the next RVS is planned to take place in 2022. However, it’s worth noting that on ... Read the full article
Swiss Re & Hannover Re warn of COVID-19’s claim tail & litigation risk
17th March 2021
Two of the world's largest reinsurance firms are warning that while the immediate losses caused by the global COVID-19 coronavirus pandemic may be largely reserved for, both expect a longer-tail of exposure to develop over time. There is great uncertainty over the potential for the COVID-19 pandemic to drive losses to ... Read the full article
Aon / WTW: Reports suggest US DOJ may have reinsurance concerns
17th March 2021
The pending acquisition of rival Willis Towers Watson (WTW) by its larger rival Aon continues to generate headlines, with recent reports in specialist antitrust publications suggesting concerns from the US government may have a reinsurance focus, as well as in other areas like benefits and large corporate clients. While concerns raised ... Read the full article
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