The global reinsurance market as a whole has exhibited more underwriting control as evidenced by a holding back of capacity at the midyear 2019 renewals; however, questions remain over the sustainability of this newfound discipline, according to a new AM Best report. The new Best’s Market Segment Report, “Global Reinsurance: Fighting the Last War,” notes… Continue reading More Favorable Pricing Permeates Global Reinsurance Industry, But Is It Sustainable?
Tag: reinsurance
Oscar Health Lands Berkshire Hathaway Deal Ahead of Obamacare Expansion
Oscar Health reported an “underwriting profit” of $128 million and disclosed a key new reinsurance partner as the health plan prepares to expand deeper into the business of providing individual coverage under the Affordable Care Act. Oscar, which made its name as a startup focused on providing Obamacare coverage, Thursday reported a second-quarter “underwriting profit… Continue reading Oscar Health Lands Berkshire Hathaway Deal Ahead of Obamacare Expansion
Reinsurers Adjusting Risk Appetite after Califorina Wildfires: S&P
Reinsurers have reassessed their risk appetites following successive above-average catastrophe years, especially those from the California wildfires, according to S&P Global Ratings analysts. The California wildfires of 2017 and 2018 caused roughly $33 billion in insured losses, surprising re/insurers as losses were outside of the market understanding of the risk and affected both property and… Continue reading Reinsurers Adjusting Risk Appetite after Califorina Wildfires: S&P
Investments Help Hiscox to Profit, London Market, Hiscox Re & ILS Challenged
Global insurer and reinsurer Hiscox has reported that its H1 2019 profit before tax increased slightly to $168 million, despite the firm’s group combined ratio weakening to 98.8% as loss deterioration from prior year events hit its London Market and Hiscox Re & ILS segments. At $168 million, Hiscox’s profit increased by just more than… Continue reading Investments Help Hiscox to Profit, London Market, Hiscox Re & ILS Challenged
Markel Corporation to Launch New Retrocessional ILS Platform
Markel Corporation today announced that it intends to establish a new retrocessional Insurance Linked Securities (ILS) fund platform in Bermuda, comprised of a reinsurance company, fund entity and investment manager. The new platform is expected to allow Markel to expand on its current range of ILS capabilities, drawing on the deep talent and resources from… Continue reading Markel Corporation to Launch New Retrocessional ILS Platform
W. R. Berkley Appoints Daniel Westcott as President of Berkley Re America
W. R. Berkley has announced the appointment of Daniel R. Westcott as President of Berkley Re America, its specialty property and casualty (P&C) reinsurance underwriter. Westcott arrives from The Navigators Group, where he most recently served as Chief Operating Officer (COO), Reinsurance. He has more than 20 years’ experience in the P&C reinsurance market, having… Continue reading W. R. Berkley Appoints Daniel Westcott as President of Berkley Re America
AIG Consolidates Assumed Reinsurance Operations to Form Global Business AIG Re
American International Group, Inc. on Wednesday announced the formation of AIG Re, which consolidates the company’s assumed Reinsurance operations, including Validus Re, AlphaCat and Talbot Treaty into one global business. The company also announced that Christopher Schaper has been appointed CEO of AIG Re, effective July 1, 2019. In this new role, Mr. Schaper will… Continue reading AIG Consolidates Assumed Reinsurance Operations to Form Global Business AIG Re
TWIA Secures $2.1B of Private Market Reinsurance & Cat Bonds for 2019
The Texas Windstorm Insurance Association (TWIA) has completed its 2019 reinsurance program, securing $2.1 billion of private market reinsurance and catastrophe bond protection for the 2019 Atlantic hurricane season. TWIA’s 2019 reinsurance program is effective June 1st, 2019 and provides total aggregate funding of $4.2 billion. 50% of this is from the private reinsurance market… Continue reading TWIA Secures $2.1B of Private Market Reinsurance & Cat Bonds for 2019
Liberty Mutual Re Launches Reinsurance Unit in Mexico
Liberty Mutual Reinsurance, the reinsurance unit of Liberty Specialty Markets, has launched a new reinsurance operation in Mexico under Lloyd’s registration, to serve clients in both Mexico and Central America. The new unit will be led by General Manager Rosa Flores, who joins Liberty Mutual Reinsurance from her role as Chief Executive Officer (CEO) of… Continue reading Liberty Mutual Re Launches Reinsurance Unit in Mexico
Aon and Guy Carpenter Partner with The Institutes RiskStream™ Collaborative to Streamline the Reinsurance Placement Process
The Reinsurance Solutions business of Aon plc, and Guy Carpenter, a subsidiary of Marsh & McLennan Companies, are pleased to announce a joint effort with The Institutes RiskStream™ Collaborative to bring greater efficiency to the reinsurance placement process through distributed ledger technology (DLT). The collaboration leverages advancements in blockchain and DLT technology and existing industry… Continue reading Aon and Guy Carpenter Partner with The Institutes RiskStream™ Collaborative to Streamline the Reinsurance Placement Process