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.
Philippines’ Speaker urges House Committee to investigate GSIS reinsurance contracts: Reports
19th December 2017
Pantaleon Alvarez, current Speaker of the House of Representatives of the Philippines, has called for the House Committee on Government Enterprises and Privatization to investigate reinsurance contracts awarded to domestic insurers by the Government Service Insurance System (GSIS), according to reports from the country. The Manila Bulletin reports that Alvarez is ... Read the full article
China reinsurance market challenges to continue: A.M. Best
18th December 2017
China's reinsurance market remains challenging for non-life reinsurance companies and is in fact becoming an increasingly difficult place to operate, according to rating agency A.M. Best. A.M. Best highlights a number of issues that face both non-life and life reinsurance companies operating in China, although the prospects for the life side ... Read the full article
The Covéa Group enters €90 million reinsurance agreement with Hexagon Re
18th December 2017
The Covéa Group has entered into a €90 million reinsurance agreement with Hexagon Re, an Irish Designated Activity Company that will provide the mutual insurance society with windstorm reinsurance cover across Metropolitan France. The agreement is set to begin from January 1st, 2018 and provides fully collateralised protection with two €45 ... Read the full article
B3i platform gains traction as it prepares to launch legal entity
18th December 2017
As B3i, the Blockchain Insurance Industry Initiative, prepares to launch as a legal entity in early 2018, independent research shows a strong business model with adoption potential for re/insurers across all lines of business with an estimated average 12% efficiency improvement of cost in scope across the value chain. Market analysis commissioned ... Read the full article
BMS Re expands team with two senior appointments
14th December 2017
Reinsurance specialist broker BMS Re US (BMS), has expanded its team with two senior appointments, naming Chang Liu as Director of Catastrophe Analytics Technical Development and Bradley Parent, an Associate of the Casualty Actuarial Society, as Assistant Vice President / Actuary. BMS said the new hires show its continued commitment to incorporate actuarial ... Read the full article
InsurTech Quantemplate announces new CEO & £2.5mn of funding
13th December 2017
Quantemplate has appointed industry veteran David Lungren as Chief Executive Officer (CEO) and announced ambitious growth plans after receiving an injection of £2.5 million (US$3.34mn) in new capital from Lake Columbia Partners. The InsurTech provider offers reinsurers data transformation and analytics tools; it boasts a five fold increase in revenue in the ... Read the full article
Reinsurance reduces operational costs for life insurers: Swiss Re
13th December 2017
To improve profitability and value of life insurance products, life insurers have been effectively leveraging reinsurance and capital markets by transferring longevity risk exposures, according to Swiss Re's latest sigma report. Reinsurance and capital market solutions have made life insurers more competitive, improving profitability through reducing mortality, morbidity and longevity risk ... Read the full article
Bermudians’ reinsurance price increases may not live up to expectations: KBW
12th December 2017
Bermudian investors' expectations for reinsurance rate increases at the January renewals may not live up to expectations, although optimism remains for improving casualty reinsurance rates, said Keefe, Bruyette & Woods (KBW) analysts after holding meetings with key re/insurers last week. KBW said it remains “cautious on the Bermudians” as the initial ... Read the full article
European Big Four retrocession largely intact despite heavy loss year: CreditSights
11th December 2017
Although SCOR and Swiss Re have dramatically increased their exposure to U.S. natural catastrophes in recent years, all of the European big four reinsurers still boast ample capacity with retrocession cover largely intact, according to a CreditSights report. Analysts explained that in 2005, Swiss Re had incurred about €1 billion from ... Read the full article
UK insurance sector ‘resilient’ but cautioned over risk modelling practices: PRA
7th December 2017
The Bank of England's Prudential Regulation Authority's General Insurance Stress Test (GIST) exercise found that the UK general insurance sector is largely resilient to Solvency II regulatory scenarios, but cautioned firms to understand and account for the limitations of their catastrophe modelling. The Bank stated; "results suggest few firms go beyond a ... Read the full article
Reinsurers’ upwards loss provisions in 2018 to fill $20bn loss gap: Jefferies
7th December 2017
Remaining catastrophe losses still unaccounted for are estimated by Jefferies to be in the $20 billion ballpark - a disparity likely to fuel reinsurance price rises when some companies' provide upwards loss provisions in 2018. "At first glance, it appears that the industry midpoint estimate of $95bn may have overestimated the ... Read the full article
After losses, primary carriers may use more reinsurance: Fitch
6th December 2017
Following the major catastrophe losses of recent months in the United States, Caribbean and Mexico, primary insurance carriers may be inclined to use an increased amount of reinsurance to manage their exposures. Fitch ratings believes that an increased demand for catastrophe and property reinsurance protection could be one of the outcomes ... Read the full article
Loss gap could come from greater counterparty diversification
6th December 2017
With global re/insurance industry losses from Q3 2017 natural catastrophes estimated at $100 billion, and just $30 billion reported in re/insurers' losses so far, experts have been speculating on whose pockets could yet be emptied to fill the insured loss gap. CreditSights has said that reinsurers may have reported ... Read the full article
UAE insurance regulator revises framework for reinsurance use
6th December 2017
The United Arab Emirates' (UAE) Federal Insurance Authority (IA) has published draft regulations for a new reinsurance regime that revises requirements for local insurers' management of reinsurance. Tom Bicknell, a Dubai-based specialist in insurance regulation at Pinsent Masons, said the recognition of reinsurance as a distinct category of risk carriers is an ... Read the full article
SOBC Sandall acquires American Safety Risk Retention Group
6th December 2017
SOBC Sandell has announced the acquisition of 100% of American Safety Risk Retention Group of Vermont as of December 1st, following regulatory approval for Change of Control in Vermont Department of Financial Regulation (DFR). SOBC Sandell said it worked closely with the Vermont DFR on the transaction. Stephanie Mocatta, SOBC Sandell CEO, ... Read the full article
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