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.
PICC Reinsurance gets capital injection from owners People’s Insurance & PICC
30th August 2017
Chinese reinsurance firm PICC Reinsurance Company limited is getting a capital injection from its two owners, People’s Insurance Company (Group) of China Limited and its subsidiary PICC Property and Casualty (P&C) Company Limited. The pair are contributing a combined RMB 2 billion (approx $303.4m) to increase the share capital of PICC ... Read the full article
Harvey impact on reinsurance pricing to be regionally limited
30th August 2017
Impact on reinsurance pricing from hurricane Harvey is likely to be limited to the regions and policies directly affected by the storm as the heaviest losses are expected to be felt by property & casualty re/insurers with a strong regional focus, according to S&P. Experts had previously predicted that reinsurance pricing ... Read the full article
Harvey hit re/insurers unlikely to be rewarded with rate increases: Credit Suisse
30th August 2017
Hurricane Harvey, in isolation, was not "the catastrophe" the reinsurance industry has been waiting for to reverse the softening of market pricing, according to analysts at Credit Suisse. Joining other analysts and observers, the Credit Suisse team of Ryan Tunis and Crystal Lu are sceptical of the ability of hurricane Harvey ... Read the full article
Regional P&C insurers face heavy Harvey blow: Moody’s
29th August 2017
The devastating Texas floods triggered by hurricane Harvey are set to worsen into early September, triggering heavy losses for property & casualty re/insurers with primary insurers with a regional focus feeling the heaviest impact due to their geographical density, according to Moody's recent Credit Outlook. Moody’s named State Farm Mutual Automobile Insurance, The ... Read the full article
Harvey could slash European reinsurers’ net income by 1/3
29th August 2017
Hurricane Harvey could slash European reinsurers’ net income by nearly one third with insured losses reaching up to $10-20 billion, or more given the extent of flood damage, analysts predict this could stabilise but not significantly impact the soft market pricing cycle. European reinsurers could see a net loss of 27% ... Read the full article
Continued liberalisation of Brazilian market will expand reinsurance lines: Capsicum Re
29th August 2017
Brazil's insurance industry regulator, Superintendencia de Seguros Privados (Susep), is expected to increase permitted foreign reinsurer market share in stages over the next three years, meaning certain business lines are expected to grow, but challenges and uncertainty remain in the country, according to Capsicum Re. Widespread economic and political uncertainty in ... Read the full article
Harvey’s wind & storm surge insured losses at $1.2 bn to $2.3bn: AIR Worldwide
29th August 2017
AIR Worldwide has estimated Hurricane Harvey’s initial Texas wind and storm surge insured losses will range from $U.S. 1.2 billion to $U.S. 2.3 billion. This figure doesn't include the growing impact of the increasing levels of catastrophic flooding or business interruption losses resulting from the closure of oil refineries in the ... Read the full article
Hurricane Harvey floods could bring NFIP reinsurance into play
29th August 2017
The flooding caused by hurricane Harvey's torrential rainfall continues and is in many cases worsening, with it being termed "catastrophic" and the worst rainstorm in American history. Flood losses to residential homes are of course dealt with by the National Flood Insurance Program (NFIP), where coverage has been purchased and that ... Read the full article
SCOR opens non-life reinsurance office in Kenya
24th August 2017
French reinsurance firm SCOR is opening a new SCOR Global P&C SE representative office focusing on non-life reinsurance in Nairobi, Kenya. Following up on an initial approval granted in April 2016, the Insurance Regulatory Authority of Kenya (IRA) has now confirmed that it approves the opening of a SCOR Global P&C ... Read the full article
Peel Hunt warns of modest hurricane losses as Harvey approaches Texas
24th August 2017
As Tropical storm Harvey continues to track towards the state of Texas, analysts at Peel Hunt have warned that despite the benign catastrophe experience witnessed in 2017, so far, a series of modest hurricane losses could push some Lloyd's players to a loss as the soft market persists. According to the National ... Read the full article
Re/insurers could see earnings pressured by rising mortality rates
23rd August 2017
Rising mortality rates among the younger population in the U.S. could impact revenues for insurers and reinsurers that cater to lower-income markets, A.M. Best warned. In the last two years there's been an increase in mortality rates among younger age groups which could translate into earnings pressure on firms operating in the ... Read the full article
Brexit to create opportunities in the UK annuities market
23rd August 2017
The uncertainties of Brexit could create further opportunities in the bulk annuities market for pension schemes and reinsurers as a weaker pound makes buy-out more affordable for schemes with overseas sponsors, said Hymans Robertson in a recent report. The UK's well-developed and highly competitive bulk annuities market could see more mergers ... Read the full article
European reinsurers scrape by with help of low CAT losses
23rd August 2017
The big four European reinsurers' profitability has been kept afloat by a first half of 2017 that's seen catastrophe loss levels at well below the ten-year average, but Fitch ratings warned that under normal circumstances Munich Re and Hannover Re would have made losses. On a global scale, 2017 has been ... Read the full article
Compre acquires Norwegian insurer Gjensidige’s legacy portfolio
21st August 2017
Independent reinsurance legacy specialist Compre has announced the acquisition of a legacy portfolio from major Norwegian insurer Gjensidige Forsikring ASA for an undisclosed sum. The legacy portfolio is made up of U.S. asbestos, pollution and health hazard (APH) risks underwritten between 1983 and 1985. Its purchase by Compre was structured as a loss portfolio ... Read the full article
Capsicum Re hires Steven Rance to lead new mortgage indemnity reinsurance unit
21st August 2017
Specialist reinsurance broker Capsicum Re has announced Steven Rance, former JLT Group executive vice president, as head of a new mortgage indemnity reinsurance business division, with effect from February 2018. Rance will report to Rupert Swallow, CEO of Capsicum Re, who welcomed Rance to his new role; “Capsicum Re is no longer ... Read the full article
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