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.
Mexican insurers’ profitability shaken by rising claims ratios
5th October 2017
Mexican insurers will take a hit to profitability from rising claims ratios after the September 19 earthquake struck central Mexico, though it's still early to judge whether the disaster will also impact the carriers' capital or ratings, said Fitch Ratings. Despite the growing insured losses from Q3 natural disasters, the general ... Read the full article
PCS partners with NFIP to report flood insurance loss estimates
5th October 2017
Property Claim Services (PCS) and the National Flood Insurance Programme (NFIP) have agreed to partner for the first time to offer flood insurance loss estimates, after the recent series of severe weather events left the re/insurance industry bracing in anticipation of their full insured fall-out. After Hurricane Harvey battered parts of the ... Read the full article
RenaissanceRe says catastrophes to have $625m net impact to Q3 results
5th October 2017
RenaissanceRe has revealed a significant initial estimated net negative impact from recent severe catastrophe events of hurricanes Harvey, Irma and Maria and the Mexico City earthquake of $625 million. Losses from hurricanes Harvey and Irma will have an expected net negative impact of approximately $225 million and $175 million, respectively, on ... Read the full article
Randall & Quilter looks to fund growth with £49.3m capital raise
5th October 2017
Non-life insurance, reinsurance legacy and run-off acquisition and management, and investments specialist Randall & Quilter Investment Holdings Ltd. is seeking to raise close to £50 million in order to fund future growth. The capital raise will feature a £45 million placement of new ordinary shares with institutional shareholders and Directors, as ... Read the full article
Reinsurers’ opportunity to make underwriting more scientific – Swiss Re CUO
5th October 2017
Swiss Re Group Chief Underwriting Officer (CUO) Edi Schmidt highlighted the need for reinsurers to take a more scientific and forward-looking approach to underwriting to drive down cost of re/insurance at the firm’s 2017 Monte Carlo conference press briefing. “Today we have much more capabilities to use more sources to make ... Read the full article
Reinsurance capacity could be reduced to 2013 levels by heavy cat losses
4th October 2017
The current supply of reinsurance capacity could be reduced to 2013 levels of $300 billion after paying out 2017 catastrophe losses, according to J.P. Morgan analysts. Analysts explained that if $140 billion reflects 2017 cat losses, and 50% of this is borne by the reinsurance/insurance-linked securities (ILS) market, then this figure ... Read the full article
AmTrust Financial Services reveals Q3 exposure of $40-65 m
4th October 2017
AmTrust Financial Services revealed an estimated third quarter 2017 catastrophe activity net loss exposure of between $40 and $65 million. Most of AmTrust's losses from Hurricanes Irma, Harvey, and Maria and the recent Mexico earthquake were related to contracts bound by AmTrust at Lloyd's, which has multi-event catastrophe cover for losses ... Read the full article
American Financial Q3 catastrophe losses estimated at $105 million
4th October 2017
American Financial Group’s (AFG) initial third quarter losses for catastrophe events including Hurricanes Harvey, Irma and Maria and the Mexico earthquakes are estimated at $105 million net of reinsurance coverage, pretax, and inclusive of reinstatement premiums and other associated offsets. On an after-tax basis, this amount represents $0.95 per share. AFG is backed ... Read the full article
Reinsurers to cover majority of Farmers Insurance’s hurricane losses
3rd October 2017
Reinsurers will cover the brunt of Farmers Insurance's Hurricane Harvey and Irma losses, with a total of about $500 million in claims recoverable under the firm's reinsurance programme. The carrier said it expects Hurricane Irma claims to reach about $140 million - which is fully recoverable by reinsurance - Farmers Insurance ... Read the full article
AIG hires Charles Fry to head reinsurance & operations in General Insurance
3rd October 2017
Global insurance player American International Group (AIG) has named Charles Fry (most recently of Novae) to the role of Head of Reinsurance, Operations and Transformation, General Insurance, effective immediately. Fry, who was most recently Group Chief Financial Officer at Novae Group plc, will oversee AIG's Global Reinsurance, Shared Services, Transformation and ... Read the full article
Reinsurers urged to investigate cedants financial profile
3rd October 2017
Reinsurers could place lines of business at risk by failing to properly investigate the financial profile of cedants before taking on their risks, Litmus Analysis warned. Proper investigation into ceding companies' financial position is an integral but often overlooked part of the reinsurance underwriting process. "There’s a general consensus among reinsurers that ... Read the full article
Conifer Holdings & Swiss Re enter into reserve development reinsurance agreement
3rd October 2017
Conifer Holdings, Inc. has signed a new adverse reserve development reinsurance agreement with global reinsurer Swiss Re, as well as implementing some other strategic initiatives in an effort to boost its financial position. The agreement with Swiss Re is effective September 28th, 2017, and provides Conifer with up to $17.5 million ... Read the full article
Reinsurance lines bring in more profits than primary
3rd October 2017
The initial response of reinsurers to the soft market was to move further into primary lines, however, A.M. best highlighted that for most firms, results for primary business are around break even and lag far behind the reinsurance side, which still brings in the majority of profits. With a return on ... Read the full article
S&P warns reinsurers’ earnings based on “luck”
2nd October 2017
S&P analysts have warned that reinsurers earnings are based partly on luck, supported heavily by benign catastrophe experience and significant prior-year reserve releases. Reinsurers have been able to maintain a thin margin of profitability levels in excess of cost of capital, but these are artificial returns buoyed up by reliance on ... Read the full article
Everest becomes latest firm to gain Ireland approval amidst Brexit fallout
2nd October 2017
In response to the UK's vote to leave the European Union (EU) and to support expansion plans, Everest Re Group, Ltd. has announced that its Dublin-based subsidiary has received authorisation in principle to operate as a non-life insurer in Ireland. The new unit will be led by Stephen Cross, who has ... Read the full article
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