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.
Progressive recovers $80mn from reinsurance in August
18th September 2020
Property and auto-focused insurance group Progressive recovered a total of $80 million from its reinsurance during August. $70 million was recovered after its 2020 cat losses and associated allocated loss adjustment expenses (ALAE) in its property business exceeded the $375 million annual retention threshold. An additional $10 million was recovered because the Property ... Read the full article
AIG’s Zaffino eyeing more strategic purchasing within reinsurance
16th September 2020
AIG's reliance on reinsurance will continue to be strategic but, since the company has repositioned its portfolio, it should be able to do more things with reinsurance without taking more risk, according to President and Chief Operating Officer Peter Zaffino. This could give AIG opportunities for less spend, but more strategic ... Read the full article
Helios announces launch of African market-focused reinsurer ASR
16th September 2020
Helios Investment Partners has announced the launch of a reinsurance business formed in partnership with Mikir Shah, former CEO of AXA Africa Specialty Risks, and Bryan Howett, former CEO of Old Mutual’s pan-African reinsurance operations. Africa Specialty Risk Group will create tailored solutions for local and global customers, using Africa-specific pricing ... Read the full article
More rate needed for industry to be sustainable: Swiss Re CEO Mumenthaler
14th September 2020
The reinsurance industry needs to secure more in the way of rate increases for it to be sustainable, according to Swiss Re's Group Chief Executive Officer (CEO) Christian Mumenthaler. Speaking in a video interview for the Artemis Live series from our sister website, ... Read the full article
Fitch stays negative on global reinsurance for 2021 amid COVID-19 impacts
10th September 2020
Fitch has said that the outlook for the global reinsurance sector for 2021 remains negative, amid growing COVID-19 losses, the global economic contraction, and the lower for longer interest rate environment. The ratings agency's outlook for the global reinsurance industry turned negative back in March, and while reinsurance companies are ... Read the full article
Prospectus 2021 – a new conference for the traditional & alternative markets
2nd September 2020
We're excited to announce the launch of our first conference brought to you by both Artemis and Reinsurance News, Prospectus 2021 - a new annual reinsurance and insurance-linked securities (ILS) event held from November 12th to the 18th 2020. By bringing together both of our titles, Prospectus 2021 ... Read the full article
Hurricane Laura onshore insured property loss close to $9bn: KCC
31st August 2020
Onshore property insurance market losses in the United States and Caribbean will be close to $9 billion, according to an estimate from Karen Clark & Company (KCC). Karen Clark & Company's industry loss estimate includes $8.7 billion of insured losses in the U.S., driven by hurricane Laura's wind and storm surge ... Read the full article
Hurricane Laura onshore insured losses estimated up to $8bn by AIR
31st August 2020
Catastrophe risk modelling specialist AIR Worldwide has estimated that onshore insured property losses from recent hurricane Laura will fall between $4 billion and $8 billion. The estimate, which is the first of the official post-landfall figures from a catastrophe risk modeller, is based only on industry insured losses to onshore property ... Read the full article
Chubb is “leaning into” reinsurance firming: CEO Greenberg
17th August 2020
Global re/insurer Chubb is "leaning into" the reinsurance business opportunity as rates firm, according to its CEO Evan Greenberg. In the current hardening market environment global players like Chubb are upsizing on their reinsurance underwriting portfolios to capitalise on improved and more risk-adequate rates. Speaking during his firms second-quarter earnings call recently, ... Read the full article
American Life signs key agreement with Seneca Re
12th August 2020
American Life, a wholly owned subsidiary of Midwest Holding, has entered into a reinsurance agreement with a newly-formed reinsurance company established by Seneca Re and capitalized by Crestline Management. The agreement was entered into pursuant to a Master Letter among American Life, Seneca Re and Crestline and will support American Life’s ... Read the full article
AIG expands pension risk transfer reinsurance activities in Q2
6th August 2020
American International Group (AIG), the global insurance and reinsurance player, has expanded its activities in the pension risk transfer space during the second-quarter of this year. Reporting its results recently, AIG highlighted the Life and Retirement business segment as one experiencing strong premium growth. AIG explained that its Life and Retirement division ... Read the full article
Carlyle and Korean Re partnering on co-reinsurance
5th August 2020
According to reports in the Korean press, private equity company, Carlyle Group, has joined hands with Korean Re, the largest reinsurer in South Korea, to partner as co-reinsurance providers. This will make the companies the first co-reinsurance providers in a market estimated to grow to 60 trillion won to 100 trillion ... Read the full article
Hiscox falls to H1 loss, as Covid-19 reserves rise to $232m
3rd August 2020
Hiscox Group, the specialist insurance and reinsurance underwriter, has fallen to a $138.9 million loss for the first-half of 2020, as it lifted its Covid-19 reserves to $232 million across the group. Previously, Hiscox had estimated that it faced roughly $150 million in claims from the Covid-19 pandemic, but this ... Read the full article
WR Berkley CEO eyeing reinsurance division growth
23rd July 2020
WR Berkley's President and Chief Executive Officer W. Robert Berkley says we will see his company grow its reinsurance division more and more as discipline returns to the market. Berkley stated that this growth will likely have an impact on how much business the company chooses to cede to the marketplace. In addition ... Read the full article
APCIA examines implications of Argentina-Panama reinsurance dispute
9th June 2020
The American Property Casualty Insurance Association has released a white paper examining recent developments in financial services trade jurisprudence resulting from a reinsurance dispute between Argentina and Panama at the World Trade Organization. The dispute led to the examination of the “prudential exception” to financial services trade commitments for the first ... Read the full article
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