Specialist insurer Markel International has completed the transfer of the EU business of its London-based insurer, Markel International Insurance Company Limited, to its German insurer, Markel Insurance SE (MISE). Markel formed MISE in July of last year to ensure continuity for clients in light of the UK’s vote to leave the European Union (EU). After… Continue reading Markel’s Part VII Transfer for EU Business Gets Approval
Tag: reinsurance
Rational 1.4 Pricing Highlights Reinsurance Market’s Stability and Maturity: Willis Re 1st View
Reinsurers have adopted a rational rating approach at the 1 April 2019 renewal with price increases of up to 25% targeted towards loss-affected contracts and programs. These rate increases were balanced by flat renewals for loss-free classes and programs, according to the latest 1st View renewals report from Willis Re, the reinsurance division of Willis… Continue reading Rational 1.4 Pricing Highlights Reinsurance Market’s Stability and Maturity: Willis Re 1st View
Ed Bolsters Credit, Political Risks & Surety Solutions Team in Asia Pacific
Reinsurance broker Ed has appointed Abhishek Chhajer as Head of Credit, Political Risks and Surety Solutions, Asia Pacific. Chhajer’s appointment is effective April 1 and will see him based in Singapore. He reports to Stephen Britten, the company’s Chief Executive Officer of Asia Pacific. He brings more than 16 years industry experience and joins from… Continue reading Ed Bolsters Credit, Political Risks & Surety Solutions Team in Asia Pacific
Swiss Re to See 10% Rate Increases at April Renewals: Deutsche Bank
Analysts at Deutsche Bank are anticipating that Swiss Re will have experienced price increases of around 10% at the April renewals, due to the reinsurer’s high exposure to Japanese catastrophe events in 2018. The firm believes that Swiss Re was the most affected among European reinsurers by losses from Asia/Japan, which should be a reflection… Continue reading Swiss Re to See 10% Rate Increases at April Renewals: Deutsche Bank
Citizens Property Insurance Will Purchase $200M in Inland Reinsurance
For the first time in 14 years, Citizens Property Insurance Co. is purchasing reinsurance for its inland customers for this year’s hurricane season. The state-run “insurer of last resort” plans to purchase about $200 million in additional coverage, spurred by “mounting losses” from claims unrelated to storms and litigation over those claims, as well as… Continue reading Citizens Property Insurance Will Purchase $200M in Inland Reinsurance
SCOR Rejects “Unfounded” Calls for Kessler to Leave Board
French reinsurer SCOR has called on its shareholders to reject a draft resolution that was presented by investment management firm CIAM yesterday, which recommended that Denis Kessler be removed from the Board of SCOR. CIAM contended that Kessler should step down from his role as Chairman of SCOR and continue as CEO without a Board… Continue reading SCOR Rejects “Unfounded” Calls for Kessler to Leave Board
Willis Re Appoints Steve Robson as Head of London Market Reinsurance Claims
Claims veteran Steve Robson has joined Willis Re as head of London Market Reinsurance Claims, effective today. He brings extensive client-side experience and perspectives, and supports the closer alignment of the servicing and placement teams of Willis Re, the reinsurance division of Willis Towers Watson, a leading global advisory, broking and solutions company. During his… Continue reading Willis Re Appoints Steve Robson as Head of London Market Reinsurance Claims
FEMA Returns to Capital Markets for NFIP Risk Transfer
The U.S. Federal Emergency Management Agency (FEMA) has returned to the capital markets as it looks to transfer $300 million of risk from the National Flood Insurance Program (NFIP). FEMA is seeking at least $300 million of collateralised reinsurance protection from insurance-linked securities (ILS) investors through its second catastrophe bond transaction in as many years,… Continue reading FEMA Returns to Capital Markets for NFIP Risk Transfer
Munich Re Sees Profit Growth In FY19, FY20
German reinsurer Munich Re announced Wednesday that it expects profits for 2019 and 2020 will continue to rise following the significant increase in profit last year. The company projects an increase of 200 million euros in fiscal 2019 profit to around 2.5 billion euros. The company expects to reach medium-term profit guidance of 2.8 billion… Continue reading Munich Re Sees Profit Growth In FY19, FY20
Demotech Increases Floridian Insurer Reinsurance Requirements
After reviewing several years of past reinsurance purchases by Floridian insurers within its rated universe, Demotech, Inc. has decided to increase its first-event reinsurance requirements to protect against a 1-in-130 year loss event. The increase in 2019 compares to a previous mandate that required Floridian insurers to have catastrophe reinsurance protection on a first event… Continue reading Demotech Increases Floridian Insurer Reinsurance Requirements