News

Europe’s reinsurers warned on 1.1 pricing

The recent trend for European insurers to cede more into the reinsurance markets could stall at 1.1 if reinsurers are too aggressive on rate rises and treaty terms, buyers have been warned at Baden Baden this week.

Peak Re: fill the protection gap by sowing seeds

The 3Q losses and the state of the retro markets may have dislodged the “protection gap” as the lead topics of conversation at Baden Baden but Peak Re CEO Franz Josef Hahn has reminded reinsurers that they have to “sow the seeds” if they wish to benefit in the long-term.

Europe’s reinsurance buyers face paying price for global losses but will they?

Second only to the state of the retro markets as a theme at Baden Baden this week is the willingness of European reinsurance buyers to stomach 1.1 rate increases justified by cat losses 5000+miles away.

No ‘‘hyperbolic reaction’’ at 1.1 with retro up 25 percent

Industry experts gathered at Reinsurance’s Baden Baden 2017 Roundtable were sceptical about some of the “hyperbolic” predictions being bandied around for 1.1 cat reinsurance and retro renewals but acknowledged that the pricing trajectory has changed following the third quarter loss events.

The flood threat

The issue of flood insurance and how it is tackled is a hot topic following the recent cat events. The insurance and reinsurance market has been working to find a solution that complements the National Flood Insurance Program and also helps to close the flood insurance gap. Bevis Tetlow, Head of North American Underwriting and Katy Sivyer, North American Underwriter, at Hiscox Re and ILS, discuss how the market is addressing the issue.

Munich Re: Global rate increases will happen

The days of falling reinsurance rates are over, according to Munich Re with a warning that price corrections will be on a global basis in 2018.

Transformation is now inevitable, Munich Re

The reinsurance industry must undergo a digital transformation if it is to keep pace with the changing shape of world business.

ILS investors expecting ‘‘payback’’

Despite the billions of dollars of capital that is now trapped in collateralised reinsurance and retro vehicles following the recent roll-call of brutal cat events, investors in the alternative sector remain committed to the market but they now expect “payback.”

Axis hires Swiss Re’s Arora to lead $2.2bn reinsurance arm

Axis Capital has hired long-serving Swiss Re executive Steve Arora to become head of its $2.2bn reinsurance arm, Axis Re, following the departure of Jay Nichols earlier this year.

Arnoldussen to join RMS in German push

Hot on the heels of news that Giuseppina Albo left the Munich Re Board of Management to become the new CEO of Hamilton Insurance Group, a second former board member has unveiled a new role.

The great 2018 capital reload

London counts potential Brexit cost in millions

On the eve of Baden Baden, the International Underwriting Association has issued new figures highlighting that billions of pounds of London market business is threatened by the current uncertainty over the terms of the UK’s withdrawal from the European Union.

Credit Suisse raises $282.5mn for new ILS legacy funds

Leading ILS manager Credit Suisse Asset Management (CSAM) is raising up to $800mn for two new funds that will invest in securitised legacy assets.

London company market wrote £22.725bn in 2016

The London (re)insurance market reached a record size in 2016 after the International Underwriting Association (IUA) revealed today (20 October) that its members increased their business written in 2016 by 2.9 percent to £22.725bn.

Swiss Re estimates 3Q losses at $3.6bn

Swiss Re says the roll-call of recent catastrophe losses - including Hurricanes Harvey, Irma and Maria - will cost the group $3.6bn in net losses.

Snr Munich Re exec to head up HIG

Giuseppina Albo is to become the new CEO of Hamilton Insurance Group after resigning from her role on the board of management at Munich Re.

Piracy numbers continue to fall in 2017

Despite the number of maritime piracy attacks continuing to decline, the International Maritime Bureau (IMB) has urged vigilance and greater collaboration from agencies and shipping companies to tackle the continued threat in a number of hotspots.

GIC Re IPO raises $1.5bn

The state-owned General Insurance Corp of India (GIC Re), has seen its initial public offering (IPO) oversubscribed but possibly not as high as the government would have wished for.

California’s $4.6bn wildfires cost add to reinsurers’ H2 2017 loss tally

The wildfires that have swept through California’s wine making region will add a further $4.6bn in H2 2017 losses to the (re)insurance industry, rating agency Moody’s estimates.

Africa’s nascent $5.2bn P&C reinsurance market tempts overseas carriers and protectionism

The potential of Africa’s nascent $5.2bn reinsurance market to expand rapidly on the back of the continent’s improving economic prospects is continuing to tempt both overseas reinsurers and also governments from imposing protectionist measures.