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.
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
Reinsurers 2017 earnings to fall 80%+ due to catastrophes, say analysts
2nd October 2017
According to some equity analysts that track the insurance and reinsurance sector, reinsurers should anticipate losing 80% or more of their 2017 earnings due to the impacts of the hurricane season and other catastrophe events. Having analysed some of the industry loss estimates, including the one for hurricane Maria from ... Read the full article
SCOR enters into catastrophe reinsurance agreement for Iran
2nd October 2017
Global reinsurer SCOR has reached an agreement with the Central Insurance of Iran (CII) to provide catastrophe excess of loss reinsurance protection in the country, a move that supports the development of the country's insurance and reinsurance industry. Since the lifting of sanctions in Iran in January, 2016, the CII has ... Read the full article
Hiscox estimates loss from hurricanes Harvey & Irma at $225m
2nd October 2017
Specialist insurance and reinsurance firm Hiscox Ltd. has estimated its combined net loss from hurricane Harvey and hurricane Irma as approximately $225 million. Hiscox had previously pegged its hurricane Harvey only loss at around $150 million, suggesting that hurricane Irma is currently only thought to have added approximately $75 million ... Read the full article
ABIR reinsurers contribute $900m to Bermuda economy
29th September 2017
The Association of Bermuda Insurers and Reinsurers (ABIR) members contributed nearly $900 million to Bermuda’s Economy in 2016, according to the 12th annual member survey results published today by ABIR. This is up $52 million or 6% from 2015, however, the real impact of re/insurers on economy is “a multiple of that ... Read the full article
Lloyd’s struggles on expenses, costs making it less competitive
29th September 2017
The Lloyd's of London specialist insurance and reinsurance market is struggling due to its high expense base and the cost of doing business there, which is driving up its combined ratio above the average of its competitors. Speaking during an analysts presentation yesterday, John Parry, Chief Financial Officer at Lloyd’s, explained ... Read the full article
Insured losses from August Canada floods reach $124 million
28th September 2017
Late August flooding in Canada's Windsor region has caused more than $124 million in insured damage, according to the Insurance Bureau of Canada (IBC). Rains of up to 290 millimetres brought major flooding to Windsor, Tecumseh, and other parts of Essex County. The Windsor Airport broke a rainfall record, receiving 100 millimetres ... Read the full article
Florida Citizens expects $1.23 billion Hurricane Irma losses
28th September 2017
Hurricane Irma will generate up to 70,000 claims and about $1.23 billion insured losses to the Citizens Property Insurance Corporation, according to initial estimates presented to Citizens' Board of Governors. The national carrier's surplus is amply capitalised to deal with these losses and still retain a remaining budget of $6.4 billion ... Read the full article
Signing of covered agreement levels the reinsurance playing field: Insurance Europe
27th September 2017
With the news that the ‘covered agreement’ between the U.S. and the European Union (EU) on prudential reinsurance measures was signed on Friday, the playing field has been levelled in reinsurance, according to Insurance Europe. The European insurance and reinsurance federation said that it welcomed the signing of the agreement, ... Read the full article
Bermudian reinsurers payout almost $73 billion to EU customers in 20 years
27th September 2017
Demonstrating the vital role played by Bermuda in helping to ensure global insurance and reinsurance market stability, the local market's reinsurers have paid out almost $73 billion to cedents from the European Union over the last 20 years. The Bermuda Monetary Authority (BMA) has collected and analysed commercial market claims data ... Read the full article
Chinese insurers to settle over $1.5 billion Tianjin blast claims
27th September 2017
According to China's insurance regulator, the countries insurance firms will settle more than 10 billion yuan of claims related to damage caused by the Tianjin port explosion. The Tianjin Bureau of the China Insurance Regulatory Commission (CIRC) said on Tuesday that 8.1 billion yuan (US $1.22 billion) of claims had already ... Read the full article
Munich Re, HDI, Everest Re, Lloyd’s most exposed to Puerto Rico hurricane loss: KBW
27th September 2017
Analysts at Keefe, Bruyette & Woods (KBW) have provided an updated list of the reinsurers they deem likely to take the biggest share of the losses from hurricane Maria's devastating impact on Puerto Rico. Top of the list of those assuming risk from insurers operating in Puerto Rico is global reinsurance ... Read the full article
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