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.
Ascot Group launches Ascot Re with $1 billion seed capital
27th November 2017
Ascot Group has launched reinsurance division Ascot Re, with a $1 billion seed capital injection, after receiving approval from the Bermuda Monetary Authority (BMA). The reinsurer has an "A" rating by A.M. Best reflecting the strength of its $1 billion capital base, Ascot's performance, and its access to long-term funding through ... Read the full article
Slovene reinsurer Sava Re reveals ambitious growth-plan
27th November 2017
One of Southeast Europe's largest insurance groups, Sava Re, has revealed ambitious plans to strengthen its position in the Western Balkan markets and expand internationally while transforming its internal processes with digitalisation throughout 2017-2019. The carrier said it would increase its allocation to investment property and infrastructure projects in the near-term ... Read the full article
U.S. P&C insurers suffer $20bn underwriting loss so far in 2017
23rd November 2017
Reflecting the impact of major catastrophes in 2017, the U.S. property and casualty insurance industry has fallen to a net underwriting loss of $20 billion for the first nine months of the year, according to rating agency A.M. Best. The data is based on P&C insurers preliminary results, but the number ... Read the full article
Bermuda reinsurers pay out $209bn to U.S. customers since 1997
22nd November 2017
Reinsurers in Bermuda have paid out a stunning $209 billion in losses to U.S. customers since 1997, including around $31 billion for losses from the recent hurricanes, according to data collected by the Bermuda Monetary Authority (BMA). The figure of $208.7 billion paid out to U.S. policyholders and cedants for losses ... Read the full article
Emerging markets to drive re/insurance premium growth over next two years: Swiss Re
22nd November 2017
Global reinsurer Swiss Re is expecting non-life premiums to grow by at least 3% annually over the next two years and life premiums to grow by 4%, with the majority being driven by emerging markets. The reinsurance giant has said that an improved economic outlook is expected to fuel demand for ... Read the full article
Reinsurers should prepare for flood risk market without NFIP in its current form
22nd November 2017
The tens of thousands of homes in the U.S.'s fourth-largest city of Houston that were semi-submerged by Harvey floods highlighted the lack of take-up for flood risk and with the NFIP on shaky grounds with no viable reauthorization bill ready for bipartisan support, industry experts believe its time for the global ... Read the full article
PartnerRe seeks license to write reinsurance onshore in China
21st November 2017
Bermuda-headquartered reinsurance firm PartnerRe is looking to gain more seamless access to business from China, as it seeks a license to underwrite reinsurance onshore in the country. <PartnerRe has been underwriting reinsurance in China, as an offshore reinsurer, for more than 25 years. But the firm recently sent its U.S. arm, ... Read the full article
Hiscox underwriters told to push for price rises, even if top line shrinks
21st November 2017
Underwriters at insurance and reinsurance firm Hiscox have been told by senior management that they must push for price rises, following recent major catastrophe losses, even if it is at the expense of top line. Hiscox has been among the most bullish in pushing for price increases across insurance and reinsurance ... Read the full article
MAPFRE RE strengthens Asia presence with Tokyo office
20th November 2017
MAPFRE RE plans to strengthen its Asia presence with a new representative office in Tokyo, to be led by Jun Matsuoka, a Japan-based re/insurance veteran. MAPFRE RE’s APAC regional manager, Jesús Galeote, said; “this opening allows us to consolidate even further our already close relationships with companies in the Japanese market, ... Read the full article
Florida experts say reinsurance pricing could rise by 10%
17th November 2017
Florida experts believe reinsurance pricing in the $500-$700 million market could rise by 10%, according to the Buckingham Research Group. Kapil Bhatia, head of Raymond James’ Insurance Advisory Group, noted that while a meaningful change doesn't appear to be on the cards for Citizens book, reinsurance pricing for companies primarily domiciled in Florida ... Read the full article
Reinsurance profits will fall to six-year low on catastrophes: A.M. Best
16th November 2017
Reinsurance company profits are expected to fall to a six-year low on the back of recent catastrophe losses, but while the catastrophes are a drag on earnings, they aren't expected to meaningfully change market dynamics and pricing, A.M. Best says. "In some respects this is a dreaded scenario, where losses are ... Read the full article
Cyber risk influence on re/insurer ratings mostly gradual: Fitch
15th November 2017
Despite the fact that the cyber insurance and reinsurance market is forecast to grow rapidly, rating agency Fitch believes that the influence of cyber risks on the ratings it gives will be mostly gradual. The reason is that, so far, cyber risks only make up a relatively small proportion of re/insurers ... Read the full article
JP Morgan says pricing turn “inevitable”
15th November 2017
JP Morgan analysts expect upcoming price rises to be most acute in loss-hit contracts and capital-intensive businesses, but rate increases could also filter down to other specialty and commercial insurance markets after one of the most costly periods for natural catastrophes on record became a capital event for the global reinsurance industry. JP ... Read the full article
Earnings outlook to improve for Lloyd’s companies
15th November 2017
After Lloyd's companies were hit with incurring material losses in 2017, the earnings outlook for coming years has turned optimistic with price increases expected to benefit existing books of business and new opportunities arising from increased exposure. This will come as encouraging news to Lloyd's firms' after earnings have been hard hit ... Read the full article
Reinsurance execs optimistic about upcoming rate increases
14th November 2017
Amidst industry-wide speculation on the impact the heavy Q3 losses will have on global reinsurance pricing, 46% of 2017 Bermuda Reinsurance Conference attendees believe a pricing upturn will be solely reflected in U.S. markets, while 30% said they expect to see some spill-over into other parts of the world. In light ... Read the full article
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