Reinsurance giant Hannover Re expects to generate net income of around €1.28 billion in 2019 and grew its premium volume in traditional property and casualty reinsurance by 14% at January 1 renewals, with the price increase for the renewed business amounted to 2.3%. At 15.5%, the strongest growth in the renewals was seen from proportional… Continue reading Hannover Re Posts 2.3% Rate Rise at ‘Solid’ January Renewal
Tag: reinsurance
K2 Insurance Services to Acquire Pioneer Underwriters in First Transaction Outside the U.S.
Pioneer Underwriters, (“Pioneer”), the underwriting services organization, today announces that it has agreed commercial terms for a transaction with specialty insurance services holding company, K2 Insurance Services LLC (“K2”). The transaction will be the first acquisition for K2 outside the US. Pioneer will form the cornerstone for a new international platform of K2. This will… Continue reading K2 Insurance Services to Acquire Pioneer Underwriters in First Transaction Outside the U.S.
W.R. Berkley Reports $114M Q4 Underwriting Profit, 9% Rate Increase
Reinsurance holding company W.R. Berkley Corporation saw its fourth quarter underwriting income increase 71.1% against the prior year quarter to $114.7 million, while average rate increases excluding workers’ compensation were approximately 9%. The company noted that, as rate increases remain robust, it expects continued opportunities to grow the top line. Gross and net premiums written… Continue reading W.R. Berkley Reports $114M Q4 Underwriting Profit, 9% Rate Increase
Willis Re Reports on Insured Losses and Economic Impact Due to Natural Disasters
Willis Re’s insured loss estimates from major natural catastrophes in 2018 of about USD 69.5 billion are one of the highest since the 2011 annual market losses of USD 120 billion. This report from Willis Re summarizes economic and insured losses from the most relevant natural catastrophe events that occurred during 2018. The loss values… Continue reading Willis Re Reports on Insured Losses and Economic Impact Due to Natural Disasters
DARAG Announces Reinsurance Agreement with Lloyd’s Syndicate
DARAG Group Limited (“DARAG”), a leading legacy acquirer, today announces the conclusion of a transaction with a leading Lloyd’s syndicate to provide reinsurance for a US liability book. The reinsurance will be provided via DARAG’s Maltese risk carrier, DARAG Malta Insurance and Reinsurance PCC Ltd. This innovative deal, concluded by a Lloyd’s Syndicate with a… Continue reading DARAG Announces Reinsurance Agreement with Lloyd’s Syndicate
AXA XL Announces Changes to Reinsurance Leadership Team
AXA XL announced additional changes within its Reinsurance Leadership Team (“RLT”). The changes are part of AXA XL Reinsurance’s simplified Reinsurance organizational structure, which was announced in September. The structure is aligned around AXA XL Reinsurance’s key markets and intended to enhance the focus on its Payer to Partner strategy. January 1, 2020, in addition… Continue reading AXA XL Announces Changes to Reinsurance Leadership Team
Brit Announces Launch of New Lloyd’s ILS Fund
Global specialty insurer and reinsurer Brit has announced the launch of a new Lloyd’s of London focused insurance-linked securities (ILS) fund, Sussex Specialty Insurance Fund (SIF). Brit states that the new fund offers ILS investors access to Brit Syndicate 2988 and that it is the first fund structure of its type to offer access to… Continue reading Brit Announces Launch of New Lloyd’s ILS Fund
Swiss Re Agrees to Sell ReAssure to Phoenix Group
Swiss Re announced today an agreement to sell its subsidiary ReAssure Group plc to Phoenix Group Holdings plc. As part of the agreement, which values ReAssure at GBP 3.25 billion, Swiss Re will receive a cash payment of GBP 1.2 billion, shares in Phoenix representing a 13% to 17% stake and be entitled to a… Continue reading Swiss Re Agrees to Sell ReAssure to Phoenix Group
Swiss Re Confirms Strategy, Targets; Plans Further Growth In Reinsurance
Reinsurer Swiss Re on Monday confirmed its strategy, targets and capital management priorities. At Investors’ Day, the company noted that the Reinsurance Business Unit, which remains the core engine of profitability, is pursuing a targeted profitable growth strategy, with strong contribution from Transactions and Solutions. Transactions, which contributed about 30% to the unit’s economic profit… Continue reading Swiss Re Confirms Strategy, Targets; Plans Further Growth In Reinsurance
Market Conditions Shift as Reinsurance Adjusts to the Changing Nature of Risk
The growing complexity of risk is manifesting itself in the reinsurance sector as underwriting assumptions are being challenged, and capital inflow levels and risk appetites respond accordingly. Crucially, the accumulation of losses from a range of diverse natural catastrophe perils in 2017 and 2018 has brought an end to years of soft reinsurance market conditions… Continue reading Market Conditions Shift as Reinsurance Adjusts to the Changing Nature of Risk